Ablon Group Limited Result of EGM (9743W)

TIDMABL

RNS Number : 9743W

Ablon Group Limited

01 February 2013

FOR RELEASE AT 1 February 2013

Result of Extraordinary General Meetings

The Requisitioned Extraordinary General Meeting (the "Requisitioned EGM") of ABLON Group Limited ("ABLON" or the "Company"), to consider the resolutions put forward following the receipt of the requisition notice on 3 January 2013 at the request of Radovan Vitek (the requisitioning shareholder), was held at its registered office in Guernsey at 10.00 a.m. today.

The resolutions were determined by a poll as follows:

   Resolution 1:    For - 45 338 681 Against - 74 684 598 Percentage - 62.2% Failed 
   Resolution 2:    For - 75 782 619 Against - 44 240 660 Percentage - 63.1% Approved 
   Resolution 3:    For - 120 023 279 Against - 0 Percentage - 100% Approved 
   Resolution 4:    For - 120 023 279 Against - 0 Percentage - 100% Approved 

Accordingly, the resolution to remove Wolfhard Fromwald has failed while Marek Modecki has been removed as a director. Radovan Vitek and Martin Nemecek have been appointed as directors of the Company.

The CVs of Mr Vitek and Mr Nemecek were published within the Notice of the Extraordinary General Meeting and can be found on the ABLON website at www.ablon-group.com

The Board now comprises Alex Borrelli Chairman, Adrienn Lovro Executive Director and Wolfhard Fromwald, Martin Nemecek and Radovan Vitek as Non-Executive Directors.

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The Extraordinary General Meeting convened by the Company on 10 January 2013 ("Company EGM") was held at its registered office in Guernsey at 10.15 a.m. today.

The resolutions were determined by a poll as follows:

   Resolution 1:    For - 79 030 981 Against - 40 860 965 Percentage - 65.9% Approved 
   Resolution 2:    For - 40 853 019 Against - 79 142 757 Percentage - 66.0% Failed 

Accordingly the shareholders approved the termination of the consultancy agreement with Senior Management Services Inc. under which the services of Mr Heller were provided as CEO. Furthermore the resolution for the proposed rights issue was not passed.

Alex Borrelli, Chairman, commented as follows:

"The Board would like to express its sincere gratitude to Uri Heller, who founded the business of the Company in 1993 and then guided its development over the years including its successful listing in 2007. We wish Uri the very best in his future endeavours.

I would like to thank Mr Modecki on behalf of the Board for his contribution as a Non-Executive Director.

The Board welcomes Mr Vitek and Mr Nemecek, whose significant commercial and real estate expertise will add a further fresh perspective to ABLON.

As announced prior to the current EGM, following the termination of the CEO Consultancy Agreement, the Board intends to seek to determine appropriate candidates for the role of CEO and in the meantime to ask Ms Adrienn Lovro to act as interim CEO.

Following the changes to the Board and management of ABLON the Board will meet to review and discuss the Company's strategy taking into account the fresh contributions by the elected new Board members."

For further information, please contact:

ABLON Group Limited

   Adrienn Lovro                                                  Tel. [phone] 

Newgate Threadneedle (Financial PR)

   Graham Herring                                                Tel. [phone] 

NOTES TO EDITORS

About ABLON Group Limited

Founded in 1993 in Budapest (Hungary), ABLON and its subsidiaries (together the "ABLON Group") has properties at 33 locations, of which there are 15 completed projects and 23 development projects in Budapest, Prague, Bucharest and Warsaw. Its portfolio comprises a diversified mix of office, residential, retail, logistics and hotel developments valued at EUR385 million as at 30 June 2012. The ABLON Group had, as at 30 June 2012, 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 1,159,600 square metres (at 23 locations) in Budapest, Prague, Bucharest and Warsaw. ABLON's shares are traded on the Main Market of the London Stock Exchange under the ticker 'ABL'.

This information is provided by RNS

The company news service from the London Stock Exchange

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