euro adhoc: Implenia AG / Annual & Special Corporate Meetings / Implenia general meeting brings clarity Extraordinary general meeting confirms statutory restrictions on share registration by an ove

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Company Information

14.12.2007

D i e t l i k o n, 14 December 2007. An extraordinary general
meeting of Swiss construction services company Implenia AG decided by
an overwhelming majority to keep the company´s existing restrictions
on registering foreign shareholders unchanged. A 86,8 % majority of
the 241 shareholders present rejected the proposal by UK financial
company Laxey Partners, which had made its takeover offer of 5
November contingent on the removal of Implenia´s current rules on
share registration.

According to Switzerland´s "Lex Koller" law and a related ruling by
Bülach District Council, no more than 20% of voting rights in
Implenia may be owned by foreign shareholders. If this threshold is
breached, Implenia would qualify as foreign-controlled. As a result,
a lucrative part of the company´s business - one which is crucial to
its whole business model - would be lost, and a substantial amount of
value would be destroyed. The Board of Directors strongly
recommended, therefore, that shareholders reject the attempt to
remove the relevant restrictions on registering foreign investors.

Virtually all the shareholders present at the meeting followed this
recommendation. Lex Koller means that Laxey´s registered voting
shares currently only amount to 4.9% of Implenia´s total share
capital, but even if it had been able to vote with all the shares it
owns, this would still not have been enough to reach the majority
needed to remove the registration restrictions. Of the other
shareholders represented at the extraordinary general meeting, 98,5
percent voted in favour of the Board of Directors´ proposal. Chairman
of the Board of Directors Anton Affentranger described it as a "clear
decision by the company´s senior body in the fight against Laxey,
which is motivated solely by self-interest". He announced that the
Board of Directors, fortified by this decision, would continue to
work tirelessly in the interests of all shareholders and the company.

end of announcement euro adhoc
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ots Originaltext: Implenia AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Hirzel.Neef.Schmid.Konsulenten

Aloys Hirzel

Tel +41 43 344 42 42

Email aloys.hirzel@konsulenten.ch

Branche: Building materials
ISIN: CH0023868554
WKN: 2386855
Index: SPI, SPIEX, SSCI
Börsen: SWX Swiss Exchange / official market