Alchemy Partners LLP : Open letter to Orco Property Group's shareholders

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| Source: Alchemy Partners LLP

LONDON, Jan. 13, 2014 (GLOBE NEWSWIRE) -- Dear Shareholder,

  • Voting at Orco Property Group ("OPG") Ordinary General Meeting shows strong support for shareholder directors from Alchemy and Kingstown
  • Overwhelming majority of independent shareholders voted against the removal of Alchemy and Kingstown directors from the Board, despite the clear voting agenda set by CPI and other Cyprus-based shareholders
  • In the near future, Alchemy intends to call another Ordinary General Meeting ("OGM") to allow shareholders to vote on a Board which represents all shareholders and not just a minority.
  • Alchemy will continue in its efforts through all legal and regulatory channels to prevent CPI taking effective control of OPG and to prevent valuable assets being stripped out of the Group at an undervalue.
  • In the meantime, we call upon all shareholders to contact Alchemy and when the time comes, to register your shares and to vote in favour of Alchemy's forthcoming resolutions.

Ordinary General Meeting Voting

  • Strong support for Alchemy's and Kingstown's actions to protect the interests of minority shareholders
    • Voting results showed that the vast majority (72%) of the votes cast, excluding those by Radovan Vitek, Alchemy and Kingstown themselves, voted against the removal of Alchemy and Kingstown directors.  Of the 4.4 million shares voting to remove Alchemy and Kingstown directors, we believe a substantial majority were owned by two Cyprus-based entities
    • Without the support of these entities, whose interests would appear to be aligned with Radovan Vitek, resolutions to remove Alchemy and Kingstown representatives would have been defeated
    • Alchemy is seeking to identify the beneficial owners of these entities and establish whether there are any links with Radovan Vitek or CPI

Alchemy would like to thank all of the institutional and individual shareholders who have contacted us pledging their support so far, including those who were unable to register their votes over the holiday period in order to vote on 6th January 2014.  At the next vote, we will ensure there is plenty of notice for shareholders to prepare the necessary paperwork.

Contacts

Should any shareholder wish to discuss this then please contact:

In the UK: Buchanan Communications, Richard Oldworth

+44-20-7466-5000

In France: LPM Strategic Communications, Sophie Ryan  

+ 33 1 44 50 40

Alchemy

Ian Cash, icash@alchemypartners.co.uk

Editor's Note:

Alchemy Special Opportunities ("Alchemy") owns 12.5 million shares of 10.95% of Orco Property Group ("OPG").

Alchemy Partners: open letter to Orco Propery's shareholders http://hugin.info/159452/R/1754229/591886.pdf

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