PARIS, Nov. 15, 2013 (GLOBE NEWSWIRE) --
Confronted by the destabilization tactics of MI 29 against Société de la Tour Eiffel, the President of the Paris commercial court has dismissed all MI 29 demands stating that ".in deciding to increase the capital participation in such a way, MI 29 deliberately waived the possibility of negotiating a shareholder's agreement or a stable investment accord which could have assured representation [on the Board]". Furthermore, the President noted that " . nothing justifies MI 29's thesis that the Board is no longer qualified to manage the company. the initiation of legal proceedings is not in itself sufficient to warrant such accusations". Finally, the President added ". it would be paradoxical to accept that it suffices for a new shareholder holding a quarter of the capital to become hostile and announce his ambitions then to pretext the ensuing conflict in justifying a request for a judge to interfere with the normal company management and to modify the normal schedule of the ordinary general meetings." MI 29 is condemned to pay Société de la Tour Eiffel 10 000 euros compensation in relation to costs. " Société de la Tour Eiffel's management welcomes this ruling which will facilitate continued execution of our strategic plan in the Company's interest contrary to the destabilization attempt of MI 29 ", Chief Executive Officer, Renaud Haberkorn declares. About Societe de la Tour Eiffel A listed real estate investment company (SIIC) on NYSE Euronext Paris, the company pursues a strategy focused on the ownership and the development of quality offices in Paris and its region capable of attracting a wide range of tenants in both established and emerging locations. The company's portfolio stood at over 809 million Euros of assets as at 30 June 2013. Societe de la Tour Eiffel is listed on NYSE Euronext Paris (compartment B) - ISIN code: 0000036816 - Reuters: TEIF.PA - Bloomberg EIFF.F. Indexes: GIEIF Foncières, IEIF Immobilier France. Press contact www.societetoureiffel.com Jean-Philippe MOCCI Capmot Tel :+33 (0)1 71 16 19 13/+33 (0)6 71 91 18 83 jpmocci@capmot.com Société de la Tour Eiffel : judgement: http://hugin.info/143560/R/1743700/586612.pdf [HUG#1743700]
