DGAP-News

PNE WIND AG: Management focus on finding solutions, non-binding results of Annual General Meeting on June 16, 2015 now published

DGAP-News: PNE WIND AG / Key word(s): AGM/EGM
PNE WIND AG: Management focus on finding solutions, non-binding
results of Annual General Meeting on June 16, 2015 now published

13.07.2015 / 12:41

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Cuxhaven, July 13, 2015 - The Management Board and Supervisory Board of PNE
WIND AG are working to find a solution to the conflicts of interest between
individual shareholder groups as well as make preparations for the
necessary General Meeting of Shareholders. Despite a large percentage of
our investors - 46% of the company's share capital - taking part on the
Annual General Meeting the results could not be announced. For some of the
agenda items, the results of the vote clearly illustrate the views of our
investors. On the agenda items were only a narrow majority resulted, the
administration is currently working on new proposals which will clearly win
the support of our investors.

The administration is focused on nominating an independent Supervisory
Board which will have the full confidence of our shareholders and at the
same time have the necessary expertise to oversee the operational
performance of the company on a regular basis by both questioning as well
as working constructively with the company. By doing so, the current
administration is sending a clear signal highlighting its willingness to
resolve conflicts. With this step, the possibility to elect a new
Supervisory Board at the upcoming General Meeting should be created.

The administration would also like to address the suggestions of
shareholders and therefore intends to propose an amendment to change
Supervisory Board remuneration. Instead of the current policy which has a
fixed and variable component, the administration's proposal will reduce the
Supervisory Board remuneration and be based solely on a fixed component. A
proposal is to be put on the agenda for the upcoming meeting.

The Management Board has now opened the results after they were returned
from the State Attorney office. Up to this point, the results were sealed.
The results have been disclosed for information purposes only. A new agenda
- which among other items will include resolutions on the appropriation of
profits, the discharge of the Management and Supervisory Board, the future
composition of the Supervisory Board, the remuneration of the Supervisory
Board and control and profit transfer agreements - is being prepared.