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©tom-schmucker-dreamstime.com Electronics Production | February 07, 2012

Balda shareholder Octavian suffers loss at court

Octavian Special Master Fund L.P., a U.S hedge fund, has failed to have supervisory board chairman Dr. Michael Naschke dismissed as chairman of the upcoming extraordinary general meeting.
The Higher Regional Court (OLG) Hamm confirmed the initial decision of the Local Court Bad Oeynhausen and dismissed the motion. The decision is final.

The OLG Hamm concluded that there is no doubt "that the chairman of the supervisory board will conduct the meeting dutifully and without any impairment of the rights of the petitioner (i.e. Octavian, n.b.) or any other shareholders."

Also the fact that the supervisory board chairman adopted "certain positions", relating to the agenda items of the meeting, did not mean that Dr. Naschke would fail to act as an independent and neutral chairman of the meeting.

A extraordinary general meeting has been requested by Octavian. The hedge fund, which hold 5.22 % of the voting rights in Balda AG, has demanded the dismissal of the current three supervisory board members and proposes its own three candidates.

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