The Regional Court has dismissed both actions by three minority shareholders of Paramo (which is a part of the Unipetrol Group), which these three companies brought against Paramo at the end of 2006.Prague, 29 May 2007 – The Luxemburg company MIDDEN EUROPESE BELEGGINGSMAATSCHAPPIJ S.A., the Dutch company MEI-Tsjechië en Slowakije Fonds N.V. and the Czech company BLUE MOUNTAIN, s.r.o., all shareholders of PARAMO, a.s., brought against PARAMO, a.s. an action for the declaration of invalidity of resolutions of its Extraordinary General Meeting held on 5 October 2006 and an action for the authorisation to convene an Extraordinary General Meeting of the Shareholders of PARAMO, a.s., claiming that the company did not discuss its annual report for 2005 at the respective Extraordinary General Meeting of Shareholders.
The Pardubice department of the Regional Court in Hradec Králové dismissed both actions in full, holding that the procedure followed by PARAMO, a.s. was considered to be in compliance with Czech law and the Articles of Association. “We have strictly adhered to the law and acted in compliance with the company’s Articles of Association at all times, and we are glad that by its decision, the court has acknowledged our procedure as correct,” commented on the court’s ruling Ivan Ottis, PARAMO, a.s. Chairman and CEO. Decisions of the court have not yet become final.
A copy of the decision of the Pardubice department of the Regional Court in Hradec Králové on the dismissal of the legal action of 12 December 2006 is available on PARAMO’s website. A copy of the decision of the Pardubice department of the Regional Court in Hradec Králové on the dismissal of the legal action of 28 December 2006 will be available on PARAMO’s website after the service of the decision in writing on PARAMO, a.s.
UNIPETROL is a group of companies operating in the petrochemical industry in the Czech Republic. In 2005 UNIPETROL became part of the PKN ORLEN Group, the largest downstream oil company in Central Europe. UNIPETROL primarily focuses on crude oil processing, fuels distribution and petrochemical production. In all these areas UNIPETROL is one of leading players in both the Czech and Central European markets. It has about 4,000 employees. In 2006 UNIPETROL recorded revenues amounting to CZK 95 billion and a net profit of CZK 1.6 billion.
Contact:
Michaela Lagronová
Spokesperson
Unipetrol, a.s.
Mobile: +420 602 304 708
E-mail: michaela.lagronova@unipetrol.cz
www.unipetrol.cz