Orco Property shareholders to vote on 'hostile' board replacement

By Caroline Salls

Pittsburgh, April 7 - Orco Property Group SA's board of directors said the company's shareholders will meet on April 26 to vote on replacing the current board of directors with a new team to be chaired by Jean-Pierre Mattei, according to a news release.

The meeting will include Millenius Investments SA, Clannathone Stern SA and Bugle Investments Ltd., which hold 10.9% of voting rights.

According to the release, the board believes the shareholders' intention is "hostile" and was not preceded by any contract between management and shareholder representatives.

Given the current context, the board said it is surprised by such unfriendly and opportunistic process, which it believes is detrimental to the interests of Orco, its teams, its business partners and its shareholders.

The board reiterated its full confidence in the company's management, which it said has put forward a comprehensive restructuring plan that should now be peacefully executed.

Orco Property Group is a Central European developer and asset management company based in Luxembourg.

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