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The following announcement has just been posted on the the Leica website...
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The resolutions of the General Meeting of Leica Camera AG, Solms, on a capital reduction and a subsequent capital increase have been entered into the competent Register of Companies on June 7, 2005.
According to the information currently available to the Company, five actions for avoidance of these capital measures have been brought. Although the lawyers representing four of the plaintiffs have handed over their actions for avoidance to Leica Camera AG, the Company has not been formally served any actions for avoidance up to now.
Immediately after becoming aware of the actions, Leica Camera AG had talks with four plaintiffs in order to come to an agreement with them. So far these talks have been without result.
Hermès International SCA, Paris, France, and ACM Projektentwicklung GmbH, Salzburg, Austria, each a major shareholder of Leica Camera AG, have informed the Company that, as long as the actions are pending in court, they will not participate in the capital increase and will not subscribe for new shares. They will not take a decision on their subscription for shares before the actions for avoidance have ceased to be pending in court.
Against this background, there is a persistent danger that the capital increase cannot be implemented – and that, consequently, the rehabilitation and restructuring of the Company cannot be realised.
The Board of Management of Leica Camera AG cannot currently preclude that the implementation of the capital increase resolved by the Company’s Extraordinary General Meeting on May 31, 2005 will fail due to the actions that have come to its knowledge.
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There is another announcement that goes into greater detail. It looks like Leica might not make itl...
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The resolutions of the General Meeting of Leica Camera AG, Solms, on a capital reduction and a subsequent capital increase have been entered into the competent Register of Companies on June 7, 2005.
According to the information currently available to the Company, five actions for avoidance of these capital measures have been brought. Although the lawyers representing four of the plaintiffs have handed over their actions for avoidance to Leica Camera AG, the Company has not been formally served any actions for avoidance up to now.
Immediately after becoming aware of the actions, Leica Camera AG had talks with four plaintiffs in order to come to an agreement with them. So far these talks have been without result.
Hermès International SCA, Paris, France, and ACM Projektentwicklung GmbH, Salzburg, Austria, each a major shareholder of Leica Camera AG, have informed the Company that, as long as the actions are pending in court, they will not participate in the capital increase and will not subscribe for new shares. They will not take a decision on their subscription for shares before the actions for avoidance have ceased to be pending in court.
Against this background, there is a persistent danger that the capital increase cannot be implemented – and that, consequently, the rehabilitation and restructuring of the Company cannot be realised.
The Board of Management of Leica Camera AG cannot currently preclude that the implementation of the capital increase resolved by the Company’s Extraordinary General Meeting on May 31, 2005 will fail due to the actions that have come to its knowledge.
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There is another announcement that goes into greater detail. It looks like Leica might not make itl...
