Theolia: Support for the financial restructuring plan
As previously announced, THEOLIA has called a general shareholder meeting on March 19, 2010 at 10h at the Centre de Congrès d’Aix en Provence, 14 boulevard Carnot in Aix-en-Provence in order to approve the financial restructuring plan as well as the composition of THEOLIA’s Board of Directors.
A dialogue has been initiated between the representatives of THEOLIA on the one hand and on the other Michel Meeus, Pierre and Brigitte Salik and CRC Active Value Fund Ltd. (CRC), the members of the new concert announced today, representing 9.08% of the capital and 8.76% of the voting rights of THEOLIA (the “Concert”) with a view to building together a future that will create value for THEOLIA and its shareholders.
As such, all the members of the Concert are committed to voting in favor of the financial restructuring plan submitted to the general meeting. They also declare themselves in favor of the completion of the capital increase planned in the context of the restructuring plan.
For this reason, THEOLIA’s Board of Directors decided, at its meeting of March 11, 2010, to support the draft resolutions submitted by Michel Meeus proposing as Board candidates Fady Khallouf and Gérard Creuzet, as independent directors, and also Michel Meeus, as a shareholder board director, (resolutions A to C submitted to the general meeting of March 19, 2010). The Board thereby invites the Company shareholders to vote in favor of these resolutions.
In addition, THEOLIA’s Board of Directors has decided to approve the idea of opening the Board to three new members who represent the largest shareholders in the Company (not including members of the Concert) when the ordinary general shareholder meeting is held to approve the accounts of the financial year ending December 31, 2009.
With all these aspects in mind, CRC, Michel Meeus and Pierre and Brigitte Salik, who would like shareholders’ interests to be represented on the Board of Directors and understood in the context of the progress of the restructuring, have agreed to ask, during the general meeting, for the removal of the draft resolutions proposed by Michel Meeus which call for the removal of certain THEOLIA Board directors.
The Company welcomes the support of a significant group of THEOLIA shareholders for the financial restructuring plan announced on December 29, 2009 and for the expansion of the Board of Directors favoring representatives of shareholders in the Company.
THEOLIA is an independent international developer and operator of wind energy projects. THEOLIA is active primarily in France, Germany and Italy, and also in India, Brazil and Morocco. THEOLIA trades on the compartment B of Euronext Paris, regulated market of NYSE Euronext, under the symbol TEO. The THEOLIA stock is part of in the CAC Small 90 index.
Edward F. McDonnell
Tél : +33 (0)4 42 906 594