The statutory Annual General Meeting and the Extraordinary General Meeting of shareholders of Property Group S.A. , held in Capellen, Luxembourg, approved the capacity to increase the existing authorized share capital to 410 million Euros and to grant to the Board of Directors of the Company the requisite powers to carry out capital increases within the framework of the authorized capital. The Board will deal with the opportunity to cancel, limit or compensate the preferential subscription right of the shareholders.
The Annual General Meeting, with 24,5% of the total voting rights of the Company attending, approved all resolutions with a majority between 83% and 100% of the votes. AGM appointed three new seasoned directors namely Mr. Gabriel Lahyani, Mr. Bertrand Des Pallieres and Mr Richard Lonsdale-Hands and granted to the Company to acquire its own shares and approval of the terms and conditions defining such authorization. AMG also approved 2010 statutory and consolidated accounts and the replacement of PricewaterhouseCoopers by Deloitte S.A. as auditor of the Company, subject to the final approval of the CSSF. "By an overwhelming majority, the shareholders gave our management board a clear mandate to continue the turnaround of the Company," declared CEO Jean-François Ott.
The Extraordinary General Meeting, with 20,5% of the total voting rights of the Company attending, approved all resolutions with a majority between 90% and 100% of the votes. Except of capital increase ext. approved the amendment of Articles 2 (registered office), 8 (treasury shares), 10 (mandate of directors) and 26 (threshold declaration rights and obligations of the shareholders) of the articles of association of the Company. „The shareholders have given the management the necessary instruments to strengthen Orco's balance sheet through cash or in kind capital increases at a maximum discount of 10 percent of the previous 30 days trading average,“ said CEO of the company, Jean-François Ott.
Orco in Prague jumped up to 7,5 pct. - 226 CZK/share after ordinary and extraordinary general meeting results.