Thursday, 09. February 2012

:: Home > Business > MAI and MIP will be liquidated

M	T	W	T	F	S	S
30	31	1	2	3	4	5
6	7	8	9	10	11	12
13	14	15	16	17	18	19
20	21	22	23	24	25	26
27	28	29	1	2	3	4

Add your event FREE

Today

Polls

no picture available

27. 03. 09. - 13:00

MAI and MIP will be liquidated

Airports International (AI) and Power International (PI) have said they are to be liquidated this year.

The two companies, formerly known as Meinl Airport International (MAI) and Meinl International Power (MIP), announced today (Fri) they would make no new investments, sell their existing investments and return 500 million Euros to people who had invested in them.

In a first step, holders of AI certificates will receive 3.50 Euros per certificate and holders of PI shares 4.20 Euros a share.

AI will hold an extraordinary shareholders� meeting on April 22. PI will do the same one day earlier.

Meinl International Power (MIP)�s new board of directors decided last December to save the firm�s cash rather than spend it on planned investment projects.

MIP issued a press release then in which it said an examination of the projects by outside experts had led to the conclusion that many projects authorised by the former board posed "huge financial risks."

The release added MIP had engaged global bank holding company Goldman Sachs to conduct a further evaluation of the projects.

MIP said it might pay out some of the cash it would hoard rather than spend on projects in the form of a special dividend to shareholders. A figure of 360 million Euros or six Euros a share had been rumoured to be under consideration.

Austrian Times

Write your comment to this article here

Tag cloud:
Meinl shareholders Sachs risks investments global Goldman holders Euros projects holding certificates consideration cash Airports International liquidated dividend rumoured bank

Latest News

Set up tax on financial transactions soon, says Katzian
The head of the Association of Private Employees (GPA-djp) has called for a quick introduction of a tax on financial transactions.

P�hringer rejects U-turn on rightist ball
Young Social Democrats (SP�) have appealed to Upper Austrian Governor Josef P�hringer not to attend the Burschenbundball in Linz this Saturday.

FP� under fire after trip to Grozny
The Freedom Party (FP�) has been harshly criticised for meeting with Chechen President Ramzan Kadyrov.

WKO boss wants pension age hike incentives
Federal Economy Chamber (WKO) President Christoph Leitl has identified attempts to raise the average retirement age as the key issue regarding Austria�s budget.

Woman and child run over in Vienna
A woman and child have died in a road accident in Vienna, Austria. The lorry driver was making a right turn when he drove into a group of pedestrians leaving a 59-year-old and a 12-year-old dead. The mother of the school girl was left with serious injuries.

Schlecker says Austrian jobs are safe
The son of Schlecker founder Anton Schlecker has claimed that the company has no plans to sell its Austrian affiliate.

SP� sees smaller parliament as key signal
The general secretary of the Social Democrats (SP�) has argued his support for a reduction of the size of the parliament.

Austrian food to feature in organic trade fair
Austria is expected to be well represented at next week�s BioFach 2012 international organic trade fair in Nuremberg, Germany. Some 90 companies and organisations from the Austrian organic good sector will feature at the fair from 15 to 18 February.

Brothel for the homeless in Vienna
Homeless people are queueing up for free rooms in an Austrian brothel after owner Peter Laskaris said it would be unfair not to do everything he could during the current cold spell.

Deep-freeze snacks for orangutans in Sch�nbrunn
The lucky orangutans who take up residence in Europe�s oldest zoo have been indulging in a twice weekly take-away. Despite the trees in Sch�nbrunn Zoo in Vienna, Austria now being completely bare the fury friends have fresh branches and leaves delivered twice a week.