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BWT: Higher regional court confirms legal view of BWT AG on merger and delisting. Registration of merger remains postponed for the time being.

3.8.2016 14:15   Mondsee

Today BWT Aktiengesellschaft (in the following also the "Company") was served the judgment by the Higher Regional Court Linz, by which it dismissed the claims brought by shareholders of the Company for annulment of the resolutions adopted in the 25th ordinary shareholders' meeting of the Company on 25 August 2015 in relation to the merger of the Company with its 100% subsidiary BWT Holding AG and the associated delisting of the Company. The Higher Regional Court Linz qualifies the merger – the registration of which in the Companies Register would cause the delisting of BWT AG – as implemented in accordance with the law.

 

However, the judgment is not yet legally binding. The claimants have the opportunity to appeal against the judgment by the Higher Regional Court Linz. Due to the fact that the proceedings in relation to the registration of the merger in the Companies Register had been suspended until final legal conclusion of the claims for annulment, from today's perspective of the Company, it is to be expected that the registration of the merger in the Companies Register and, subsequently, the delisting will in any event not be effected prior to the lapse of the period for appeal (thus, until Mid-September). Further, it cannot be ruled out that a judgment by the Austrian Supreme Court will be necessary.