CPI PROPERTY GROUP

  • WKN: A0JL4D
  • ISIN: LU0251710041
  • Land: Großherzogtum Luxemburg

Nachricht vom 24.06.2019 | 09:42

CPI PROPERTY GROUP: Kingstown claim against CPI Property Group dismissed in Luxembourg

DGAP-News: CPI PROPERTY GROUP / Key word(s): Miscellaneous

24.06.2019 / 09:42
The issuer is solely responsible for the content of this announcement.


CPI PROPERTY GROUP
(société anonyme)
40, rue de la Vallée
L-2661 Luxembourg
R.C.S. Luxembourg: B 102 254

PRESS RELEASE
Luxembourg, 24 June 2019


Kingstown claim against CPI Property Group dismissed in Luxembourg

CPI Property Group (the "Company" or "CPIPG") announces that a judgment was received from the Luxembourg district court on 21 June 2019 which declared that a claim originally filed by Kingstown in 2015 was null and void against CPIPG.

"This judgment reflects the total lack of substance in Kingstown's case against CPIPG in Luxembourg," said Martin Nemecek, CEO of CPI Property Group.

The first instance decision was rendered by the Tribunal d ́Arrondissement de et à Luxembourg (the "Court") in relation to the 2015 lawsuit of Kingstown Partners Master Ltd., Kingstown Partners II, LP and Ktown LP (together referred to as "Kingstown"), seeking the condemnation of CPIPG, together with CPI FIM SA ("CPI FIM," previously ORCO Property Group) and certain members of CPI FIM's board of directors. Kingstown requested that CPIPG, CPI FIM and certain board members of CPI FIM pay damages in the amount of EUR 14.5 million and compensation for moral damages in the amount of EUR 5 million. According to Kingstown, the damages arose because of an alleged violation of CPI FIM's minority shareholders' rights. In October 2018, Kingstown's legal advisers filed an additional submission to increase the amount of the alleged damages to EUR 157 million.

The Court dismissed the claim against CPIPG because the claim was not clearly pleaded ("libellé obscur"). Specifically, Kingstown did not substantiate or explain the basis of their claim against CPIPG and failed to demonstrate how CPIPG committed any fault.

In relation to the admissibility of Kingstown's claim against CPI FIM and other defendants, the Court is expected to rule only after it further examines positions of the remaining parties on certain procedural aspects; until then, the case will continue in a procedural stage. The merits of the case will be pleaded by any remaining defendants only if the Court declares the claim admissible.

For more on CPI PROPERTY GROUP, visit our website: www.cpipg.com


For further information please contact:

INVESTORS

CPI PROPERTY GROUP
David Greenbaum
Chief Financial Officer
d.greenbaum@cpipg.com

CPI PROPERTY GROUP
Joe Weaver
Director of Capital Markets
j.weaver@cpipg.com

MEDIA/PR

Kirchhoff Consult AG
Andreas Friedemann
Borselstraße 20
22765 Hamburg
T +49 40 60 91 86 50
F +49 40 60 91 86 60
E andreas.friedemann@kirchhoff.de



24.06.2019 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de



show this

Anleihe im Fokus

Eyemaxx 5,5%-Anleihe jetzt zeichnen!

Profitables Geschäftsmodell mit wachstums- und margenstarken Geschäftsfeldern in den Bereichen Wohnen und Gewerbe; Kernmärkte sind Deutschland und Österreich


öffentliches Angebot: vom 5. September 2019 bis zum 19. September 2019 (12:00 Uhr MESZ)

Emissionsvolumen: Bis zu 50 Mio. Euro

Umtauschangebot: Frist für Umtausch der Anleihe 2014/2020 bis 13. September 2019

WKN / ISIN: A2YPEZ/DE000A2YPEZ1

Zinszahlung/Zinszahlungsmodalitäten:5,5 % p.a (Kupon), (ICMA actual /actual), erste Zinszahlung am 24. September 2020v

GBC-Fokusbox

Fonds Research 2019: Dt. Mittelstandsanleihen FONDS bietet attraktive Anlagemöglichkeit

Auch 2019 hat die GBC AG unter der Vielzahl an Publikumsfonds neun „Fonds Champions“ herausgefiltert. Darunter den Deutsche Mittelstandsanleihen FONDS (ISIN: LU0974225590), der eine qualitätsorientierte Strategie verfolgt und eine vielversprechende Anlagemöglichkeit in den deutschen Mittelstand bietet. Insbesondere vor dem Hintergrund des aktuellen Niedrigzinsniveaus sehen wir den Fonds als gute Chance, um attraktive Renditen zu erwirtschaften und dies verbunden mit einer traditionell niedrigen Fonds-Volatilität. Wir vergeben 5 von 5 GBC-Falken ein.

Aktuelle Research-Studie

euromicron AG

Original-Research: euromicron AG (von GBC AG): Kaufen

13. September 2019