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Orco Germany Seeks to Overturn Court Decision on Stock Issuance 2013-12-06 09:14:21.114 GMT
By Lenka Ponikelska Dec. 6 (Bloomberg) -- Orco Germany will seek to overturn court order to sequester 114,600,000 shares issued to Tandis AS based on request filed by 5 shareholders of parent co. Orco Property Group, daughter co. says in e-mailed statement * Co. will take all legal actions available to challenge order: statement * Actions of Orco Property Group shareholders Kingstown and Alchemy in filing sequester request to court “significantly” impair Orco Germany’s ability to act in “best corporate interest:” statement * Orco Germany needs equity to achieve its business goals: statement * NOTE: Tandis, affiliated with Czech billionaire Radovan Vitek, subscribed to 114,600,000 shrs for EU53,862,000 as part of planned capital increase on Dec. 4. * NOTE: Five shareholders of Orco Property Group, parent of Orco Germany, filed request to Luxembourg court to suspend board decision on capital increase and sequester stock on Dec. 5
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To contact the reporter on this story: Lenka Ponikelska in Prague at +420-2-2442-2106 or lponikelska1@bloomberg.net
To contact the editor responsible for this story: James M. Gomez at +420-2-2442-2103 or jagomez@bloomberg.net