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Jelmoli (JMLIF.PK) Corporate news announcement processed and transmitted by Hugin ASA. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- --------------
The Chairman of Jelmoli Holding's Board of Directors has received communication from Mr. Walter Fust, a member of the Board of Directors and a significant shareholder, with regards to the strategic plan as communicated on April 9, 2008.
The strategic plan, as agreed by the Board of Directors and communicated, foresees the split of the company into a real estate and an investment company. At the same time, the share structure of the real estate company would be unified and Pelham Investment S.A. will receive a reverse premium in exchange for giving up control. Such premium would be paid through the issuance of new shares to Pelham. The strategic plan in its entirety will be presented to shareholders for approval at an extraordinary shareholders meeting in the fourth quarter.
Mr. Fust, a member of the Board of Directors which voted in favour of the strategic plan, now requests that a premium should be paid not only to Pelham Investment S.A., but to all holders of registered shares of which Mr. Fust is the largest holder after Pelham. Otherwise Mr. Fust would challenge the shareholders resolution in court.
The Board of Directors of Jelmoli believes that a premium should only be paid as compensation to the shareholder giving up control. The request of Mr. Fust puts at risk the success of the strategic plan and is detrimental to bearer shareholders. The Board of Directors is therefore not prepared to entertain this request and strongly advocates that the company proceeds with the implementation of the strategic plan as communicated.
