Action against PNE WIND AG for reversal of the sale of its stake in SSP Technology A/S in 2008

(PresseBox) ( Cuxhaven, )
An action has been brought against PNE WIND AG by SSP Technology Holding ApS, which purchased the PNE WIND AG 67.26% stake in SSP Technology A/S in July 2008 following the conclusion of a share purchase agreement with Ventizz Ltd. The main object of the case being brought before Stade District Court is the reversal of sale of the majority stake in SSP Technology A/S previously held by PNE WIND AG. The plaintiff is demanding that PNE WIND AG repay it not only the purchase price of approx. €34.54 million, but also a further €19.74 million for other expenses, i.e. a total of approx. €54.28 million. The claim brought is based largely on the alleged errors in the corporate planning for SSP Technology A/S submitted during contract negotiations. In the alternative, the plaintiff is demanding a payment of approx. €8.64 million for an alleged breach of a warranty relating to SSP Technology A/S accounts agreed in the share purchase agreement concluded in June 2008.

The firm position of the PNE WIND AG board of directors is that the action is unfounded and therefore unlikely to succeed. This is also the view taken by the legal advisors and auditors called in by PNE WIND AG in his first, preliminary assessment. The PNE WIND AG's view of the case means that the action will not have a significant effect on the results for the current business year. As the situation currently stands, provisions are only to be built up to cover legal costs.
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