ABL Ablon

TIDMABL

RNS Number : 0701F

Ablon Group Limited

11 June 2012

FOR IMMEDIATE RELEASE

Receipt of EGM Requisition

ABLON Group Limited ("ABLON" or "the Company") announces that on 8 June 2012 it received a letter dated 6 June 2012 from a substantial shareholder of the Company, which seeks to requisition an extraordinary general meeting of the Company (the "EGM").

The purpose of the EGM is to consider resolutions (each of which is proposed as an ordinary resolution) (the "Requisition Proposal") as follows:

1. To appoint a leading international forensic accounting firm (other than KPMG) to undertake an assessment of the Group's activities in the last five years (the "Period") to review and analyse the financial, management and accounting practices undertaken by the Group during the Period in respect of the properties and projects of the Group.

2. To appoint a leading property valuation firm (being either Cushman & Wakefield, CB Richard Ellis or Jones Lang LaSalle) to assess the current market value of the certain of the Group's properties and to review and analyse the reasonableness of any valuation reports prepared or commissioned by the Group in respect of such properties during the Period.

3. To convene a further extraordinary general meeting of the Company (the "Further EGM") to enable shareholders to discuss the accounting and property valuation reports prepared pursuant to resolutions 1 and 2 (the "Reports").

4. That the notice of the Further EGM includes (a) a summary of the Reports and (b) details of remuneration of the directors and members of senior management during the Period.

The Company is considering the Requisition Proposal (including its validity) and will seek to discuss the Requisition Proposal with the requisitioning party. The Company will make a further announcement in due course.

For further information, please contact:

ABLON Group Limited

Kristof Skwarek                                                           Tel. +36 1 225 6600 

Arden Partners plc

   Adrian Trimmings / Justine Waldisberg                          Tel. +44 (0)20 7614 5900 

Newgate Threadneedle (Financial PR)

   Graham Herring                                                            Tel. +44 (0) 20 7653 9858 

Terry Garrett Tel. +44 (0) 20 7653 9845

NOTES TO EDITORS

About ABLON Group Limited

Founded in 1993 in Budapest (Hungary), ABLON and its subsidiaries (together the "ABLON Group") has properties at 34 locations, of which there are 15 completed projects, one project in the construction phase and 23 development projects in Budapest, Prague, Bucharest, Warsaw and Gdansk. Its portfolio comprises a diversified mix of office, residential, retail, logistics and hotel developments valued at EUR484 million by external independent appraiser (GVA), as at 31 December 2011. The ABLON Group had, as at 31 December 2011, 202,000 square metres of existing and income generating office, residential, hotel, retail and logistics assets (at 15 locations) in Budapest and Prague, with a significant development land bank comprising a further 1,236,300 square metres (at 24 locations) in Budapest, Prague, Bucharest, Warsaw and Gdansk. ABLON's shares are traded on the Main Market of the London Stock Exchange under the ticker 'ABL'.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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