Orco Property Group : Orco Property Group : Extraordinary and Ordinary General Meetings of Shareholders

Orco Property Group : Orco Property Group : Extraordinary and Ordinary General
                           Meetings of Shareholders

Luxembourg, 4 February 2013
Press Release



                             Orco Property Group
         Extraordinary and Ordinary General Meetings of Shareholders

***

An extraordinary general meeting of  shareholders of Orco Property Group  S.A. 
(the "Company") was held on 4 February 2013 in Luxembourg (the  "Extraordinary 
Meeting"), with  approximately 64%  percent of  the voting  rights present  or 
represented, meeting  the quorum  required to  hold an  extraordinary  general 
meeting.

The Extraordinary  Meeting voted  to  decrease the  corporate capital  of  the 
Company from  its previous  amount of  EUR 442,147,944.20  to EUR  215,681,924 
without cancellation of shares, by decreasing the accounting par value of  the 
existing shares from EUR 4.10 to  EUR 2 per share. The Extraordinary  Meeting 
also  approved  the  corresponding  changes  to  the  Company's  articles   of 
association.

The proposed resolutions concerning the authorized capital and the possibility
to limit shareholders' preferential subscription rights were not passed.

***

An ordinary general meeting of shareholders of the Company was also held on  4 
February 2013 in Luxembourg (the  "Ordinary Meeting"), with approximately  64% 
percent of the voting rights present or represented.

The Ordinary  Meeting voted  to remove  Mr. David  Ummels as  director of  the 
Company and acknowledged the  resignations of Mr.  Bertrand des Pallieres  and 
Mr. Benjamin Colas.

By a  vote of  97.2%  of the  votes cast,  the  Ordinary Meeting  elected  the 
following as new members of the board  of directors as of 4 February 2013  and 
until the annual ordinary general  meeting to be held  in 2013 to approve  the 
annual accounts of the Company for the financial year 2012:

Mr. Guy Shanon of Kingstown Capital Management, LP
Mr. Ian Cash of Alchemy Special Opportunities LLP
Mr. Alex Leicester of Alchemy Special Opportunities LLP
Mr. Radovan Vítek of Crestline Ventures Corp. and Gamala Limited
Mr. Martin Nemecek of Crestline Ventures Corp. and Gamala Limited
Mr. Jirí Dedera of Crestline Ventures Corp. and Gamala Limited

Together with  Chairman  Jean-François  Ott,  Alexis  Juan,  Bernard  Kleiner, 
Nicolas Tommasini and Guy Wallier, the board of directors is now comprised  of 
11 members.

***

Jean-François Ott  stated: "We  thank our  outgoing board  members for  their 
service and wish them continued success. We welcome our new board members who
reflect the new shareholding of the  company and look forward to working  with 
them." 

For more information, visit our shareholder corner on www.orcogroup.com .

OPG: Extraordinary and Ordinary General Meetings of Shareholders

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Source: Orco Property Group via Thomson Reuters ONE
HUG#1675337
 
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