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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

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