Sirius Real Estate Sets Requisitioned EGM, Says Reject Proposals

12th Jul 2010 07:28

LONDON (Dow Jones)--Sirius Real Estate Ltd. (SRE.LN), property investment company focused on business parks, offices and industrial complexes across Germany, said Monday it has posted a circular to shareholders in relation to the requisitioned EGM announced June 21, and recommends shareholders vote against all of the resolutions. MAIN FACTS: -Company received a requisition notice on June 18, sent on behalf of Weiss Asset Management LP settings out resolutions for the removal as Directors of the Company of Dick Kingston (Non-Executive Chairman) and Walter Hens (Non-executive Director), and for the appointment as Directors of Rolf Elgeti, Michael Neuburger and Eitan Milgram. -Board still expects to deliver continued improvement over 2010 and 2011. -In June, the Company continued good progress with new lettings of 15,218 square meters, or sqm, taking total lettings for the first quarter to 35,774 sqm (2009 Q1: 15,008 sqm), with net lettings of circa 15,000 sqm for the first quarter of 2010. -Improved momentum behind the business continues with both sales enquiry levels and website traffic remaining strong. -The requisitioned EGM will be held July 30, at 0800 GMT. -Weiss Asset management is interested in 20.7% of the Company's issued share capital. -Shares closed Friday at 0.28 cents valuing the company at EUR83.11 million. -By Ian Walker, Dow Jones Newswires; 44-20-7842-9296; [email protected] (END) Dow Jones Newswires July 12, 2010 02:28 ET (06:28 GMT)