Implenia on course
Dietlikon, 27 January 2009 – In its latest letter to shareholders, the Board of Directors of leading Swiss construction firm Implenia Ltd revealed that in 2008 the company matched the previous year's turnover (CHF 2.3 billion) as planned, despite growing uncertainty about the economy in the second half of the year. Owing to the healthy level of orders throughout the group, the board is also confident about prospects for 2009. Implenia publishes its detailed 2008 financial statements on 10 March 2009. As already announced, Werner Karlen (42), formerly CEO of Phoenix Mecano AG, takes over as CEO of Implenia AG on 1 February 2009. He replaces Christian Bubb, who is retiring.
The letter to shareholders also says there are indications that Laxey, a hedge fund domiciled in the Isle of Man, has further increased its stake in Implenia. Switzerland's Federal Banking Commission and Federal Administrative Court both found that Laxey built up its initial investment in Implenia illegally. Implenia's board says that it will keep to its existing registration practice even if Laxey builds up a shareholding of more than 50%. Given Laxey's illegal acquisition of Implenia shares, and based on the decision taken by Implenia shareholders only about a year ago to confirm the restriction on registration of foreign investors, Implenia must continue to refuse to register Laxey's shares. The board of directors also announced that in the interests of the company it has already offered to help Laxey place its Implenia shares. According to the board, Laxey has so far declined to take up this proposal.
Contact:
Hirzel. Neef. Schmid. Konsulenten
Aloys Hirzel
Tel. +41 43 344 42 42
Email aloys.hirzel@konsulenten.ch