Business News

CeWe Color: Hanover Regional Court dismisses action by Enzo Holding GmbH, Frankfurt, against resolutions passed at the Annual General Meeting in 2007

Friday 02. May 2008 - The Chamber for Regional Matters at Hanover Regional Court yesterday dismissed the Enzo Holding GmbH nullity and voidance action against resolutions passed at the CeWe Color Holding AG Annual General Meeting on 26 April 2007.

The judgement by the court of first instance is not yet final; the finding of the court has not yet been made known. A few weeks ago hedge fund MarCap Overseas Master Fund L.P. had already withdrawn its action against resolutions passed at the Annual General Meeting. No other actions had been brought.

“The rejection of the remaining nullity and voidance action against the majority resolutions passed at the Annual General Meeting in 2007 and the previous withdrawal of the action broughts by hedge fund Marcap Overseas Master Fund, L.P. should see the end of last year’s disputes, so that operative issues can now be the focus of attention”, said Dr. Rolf Hollander, Chairman of the CeWe Color Holding AG Board of Management. Although the judgement passed by the Hanover Regional Court is not yet final, the company nevertheless hopes that Enzo Holding GmbH will accept the judgement of the Regional Court and hence also accept the intention of the majority of shareholders expressed at the Annual General Meeting in 2007.

“In the 2007 accounting period, CeWe Color achieved a 4.4 percent increase in turnover to Euro 413.5 million and stable operative income at Euro 27.8 million. The company intends to once again raise turnover and income in the current accounting period. We have thus proved our case impressively and shown that the strategy chosen in a difficult process of transformation was the right one,” said Dr. Hollander.