FRANKFURT (Thomson Financial) - Meinl European Land (MEL) said it has
commissioned Merrill Lynch to evaluate "comprehensive measures" to revamp the
company's corporate structure, strategy and capital markets standards.
"The evaluation of all measures and their implementation will require
several months," and will be geared toward developing Meinl Land as a leading
property company in central and eastern Europe, it said.
The results of the evaluation will be disclosed "promptly," the property
investment company said in a statement.
The measures may include "changing the entire corporate structure,"
expanding management, complying with Austrian securities regulations, and
evaluation of future dividend payments as well as of "strategic options and
partnerships".
MEL is under investigation by Austrian regulator FMA. The regulator is
studying whether the company violated Austria's stock exchange laws by failing
to disclose in a timely fashion that it had repurchased 52.3 mln of its own
certificates during the first six months of the year.
All companies listed on Austria's regulated markets must disclose within two
days any changes in their shareholding structure that extend beyond established
5 pct increments.
MEL said it is supporting the investigation and is interested in a rapid
resolution of the matter.
The company "at all times complied with regulations and is confident that
the investigation will show that," it said.
maria.sheahan@thomson.com
mas/cm2
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