[Leica] Leica status

[kenlass at gate.net (Ken Lassiter)]

This was posted on PMA Newsline today 4 August:

Leica Camera AG major shareholders hold up on further investment; 
restructuring at risk


Leica Camera AG, <http://www.leica-camera.com/> Solms, Germany, cannot 
currently preclude the implementation of the capital increase resolved 
by its Extraordinary General Meeting on May 31 will fail due to five 
actions for avoidance, the company says in a press release.

  Major shareholders Herm?s International SCA, Paris, France, and ACM 
Projektentwicklung GmbH, Salzburg, Austria, have informed Leica 
Camera that, as long as actions are pending in court, they will not 
participate in the capital increase and will not subscribe for new 
shares. Against this background, there is a danger that the capital 
increase cannot be implemented and that, consequently, the 
rehabilitation and restructuring of the company cannot be realized.

  According to the information currently available to Leica Camera, five 
actions for avoidance of these capital measures have been brought. 
Although the lawyers representing four of the plaintiffs have handed 
over their actions for avoidance to Leica Camera AG, the company has not 
been formally served any actions for avoidance by the regional superior 
court up to now.

  The plaintiffs are the shareholders Veit Paas, Peter Eck, EO Investors 
GmbH, Reinhold Str?bele jointly with Leasing- und Handelsservice 
Heinrich GmbH. Leica Camera has issued a total of 4.5 million no par 
value shares.

  The central point of the actions is the alleged violation of the 
subscription rights of all shareholders. From the point of view of the 
company all of the points put forward in this respect by the plaintiffs 
are unfounded, the company says. Leica Camera AG had talks with the four 
plaintiffs in order to come to an agreement with them. So far these 
talks have been without result. Leica Camera AG remains open for 
dialogue and hopes for a quick solution, in order to be able to carry on 
with the restructuring, the company says.

...Ken Lassiter