ABLON Group Limited ("ABLON" or "the Company") announces that further to its announcement dated 11 June 2012 (the "Initial Announcement") regarding the proposed requisition of an extraordinary general meeting of the Company (the "EGM") by a substantial shareholder of the Company (the "Requisition") it has taken legal advice as to the validity or otherwise of the Requisition.
The Requisition proposes that certain resolutions (as detailed in the Initial Announcement) (the "Proposed Resolutions") should be put to shareholders at the EGM as ordinary resolutions. Each of the Proposed Resolutions would, if passed, require the Board to undertake certain actions as to the management and direction of the business of the Company.
The Company has been advised by legal counsel that the Proposed Resolutions may not be properly moved as ordinary resolutions and would, if passed as ordinary resolutions, be ineffective as a matter of Guernsey law. The Company has been advised that the Proposed Resolutions would only be effective if passed as special resolutions. As a result, the totality of the business of the proposed meeting is ineffective.
The Company has discussed the Requisition with the requisitioning party and has advised such shareholder that it considers the Proposed Resolutions as proposed to be passed to be invalid under the Companies Law. The Company will continue its discussions with such shareholder and shall ask the requisitioning party to withdraw the Requisition as proposed given its invalidity.
Unless the Requisition is withdrawn the Company will convene an EGM to consider the Proposed Resolutions but proposing such resolutions in a form that can be properly moved and will serve a notice to convene the EGM within 21 days after the receipt of the Requisition, treating the Requisition as being effective only for the purposes of convening an EGM.
The Company will make a further announcement in due course.
For further information, please contact:
ABLON Group Limited
Kristóf Skwarek Tel. +36 1 225 6600
Arden Partners plc
Adrian Trimmings / Justine Waldisberg Tel. +44 (0)20 7614 5900
Newgate Threadneedle (Financial PR)
Graham Herring Tel. +44 (0) 20 7653 9858
Terry Garrett Tel. +44 (0) 20 7653 9845
NOTES TO EDITORS
About ABLON Group Limited
Founded in 1993 in Budapest (Hungary), ABLON and its subsidiaries (together the "ABLON Group") has properties at 34 locations, of which there are 15 completed projects, one project in the construction phase and 23 development projects in Budapest, Prague, Bucharest, Warsaw and Gdansk. Its portfolio comprises a diversified mix of office, residential, retail, logistics and hotel developments valued at €484 million by external independent appraiser (GVA), as at 31 December 2011. The ABLON Group had, as at 31 December 2011, 202,000 square metres of existing and income generating office, residential, hotel, retail and logistics assets (at 15 locations) in Budapest and Prague, with a significant development land bank comprising a further 1,236,300 square metres (at 24 locations) in Budapest, Prague, Bucharest, Warsaw and Gdansk. ABLON's shares are traded on the Main Market of the London Stock Exchange under the ticker 'ABL'.
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