(Vienna) Today, the Management Board of Wiener Börse AG, Michael Buhl and Heinrich Schaller announced that Meinl European Land Ltd. (MEL) would remain listed on the prime market of Wiener Börse for the time being.
Meinl European Land Ltd. has agreed to fully comply with all of the strict requirements imposed on companies listed on the prime market as interpreted by Wiener Börse AG for as long as the company is listed in this segment; these requirements include compliance with the disclosure rules of the Austrian Stock Exchange Act. According to the facts known at present, no breaches of the rules by MEL were ascertained during the period since MEL joined the prime market as of 20 August 2007. This was confirmed by the investigation conducted by Wiener Börse of MEL’s inclusion in the prime market. Furthermore, it was also ascertained that the allegations raised against MEL refer to the period prior to inclusion in the prime market, and Wiener Börse had no knowledge of any controversial activities of MEL during that time.
Specifically, a contractual agreement was reached by Wiener Börse AG and Meinl European Land Ltd. in the past few days regarding the following:
- Shares and partly paid shares (PPS) are considered to belong to one and the same class of shares. Bearers of securities of this share class must be treated equally irrespective of whether the shares are PPS, shares or share certificates (ADCs, Austrian Depositary Certificates).
- MEL will disclose inside information that relates directly to MEL immediately (ad hoc) to the general public. Inside information includes, for example, price-sensitive buybacks of PPS, shares or share certificate, information on shareholdings and any other facts that relate to Meinl European Land Ltd. and/or PPS or shares (share certificates).
- MEL will treat shares, share certificates and PPS equally as regards reporting on shareholdings. It has been understood by all that persons who buy or sell shares, PPS and/or share certificates must report such changes in their shareholdings in accordance with the provisions of the Austrian Stock Exchange Act. Wiener Börse recommends revealing the owners of the PPS as soon as possible in the interest of all market participants.
The investor interests have priority
After reaching these results, the management board of Wiener Börse took the decision not to exclude MEL from the prime market for now in the interest of investor protection and to immediately announce this decision – irrespective of the results of the investigation by the Financial Market Authority.
The Joint CEOs of Wiener Börse AG emphasized that should the exchange gain knowledge of any breach of rules by MEL during its listing in the prime market, Wiener Börse AG would immediately initiate an investigation with a possible consequence being the exclusion of MEL from listing in the prime market. Mr. Buhl and Mr. Schaller further stated that “Likewise, Wiener Börse AG will reassess the inclusion of MEL in the prime market should the FMA ascertain any major breach of law by MEL during the period prior to the listing on the prime market.
The prime market is and shall remain the premium segment of Wiener Börse. The strict disclosure rules apply to all companies listed in this segment. Only those company that comply fully and without restrictions with all prime market rules may remain listed on the prime market,” stressed the Joint CEOs of Wiener Börse.