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SCHIRP & PARTNER RECHTSANWALTE MBB EQS-News: PROJECT denies fund investors an opportunity to speak out

Transparency directive : regulatory news

28/12/2023 11:22

Issuer: SCHIRP & PARTNER Rechtsanwälte mbB / Key word(s): Funds/AGM/EGM
PROJECT denies fund investors an opportunity to speak out

28.12.2023 / 11:22 CET/CEST
The issuer is solely responsible for the content of this announcement.


PROJECT denies fund investors an opportunity to speak out

 

Berlin, 28 December 2023 - PROJECT Fonds Reale Werte GmbH has sent a Christmas message to the PROJECT Group's fund investors, asking them to approve the 2022 annual financial statements by written circulation procedure and to discharge the general partner PROJECT Fonds Reale Werte GmbH and the capital management company (KVG) PROJECT Investment AG just before the holidays.

In view of the ongoing insolvencies at a large number of companies and investment companies in the PROJECT Group and the fact that the KVG had filed a criminal complaint with PROJECT Immobilien Management GmbH just a few days earlier after examining documents and made this public, the request for a written resolution is a provocation. Kerstin Kondert, Chairwoman of Aktionsbund Aktiver Anlegerschutz e.V., sharply criticises the procedure: "The partnership agreements of the funds stipulate that investors can request a meeting in person instead of a written resolution. However, they need 20 per cent of the investor votes for this and only have a few days, which makes it practically impossible to object due to the public holidays. It looks to me as if the general partner and KVG are trying to cheat their discharge."

Kondert is also in dialogue with journalist Stefan Loipfinger, who also criticises the procedure: "Evading the urgently needed debate is unacceptable. This also contradicts the basic idea of circular resolutions, which are intended to replace an in-person meeting if there is little interest due to the normal course of events. In view of the dramatic developments at PROJECT, however, the opposite is the case and a debate is urgently needed."

Investors who demand the convening of shareholders' meetings and wish to object to the written resolution can also use a sample letter for this purpose, which was drawn up with the support of a lawyer and can be downloaded from the Aktionsbund forum under the following link:

https://forum.aktionsbund.de/viewtopic.php?p=24202#p24202

Investors should declare their objection as soon as possible so that the respective quorum of 20 per cent can be reached within the tight deadlines.

 

About the Aktionsbund:

Aktionsbund Aktiver Anlegerschutz e.V., which currently has more than 2,000 members, has been representing investor interests in the grey capital market for more than 20 years and in particular helps to bundle investor interests.

 

Contact: Kerstin Kondert, kondert@aktionsbund.de, Tel. 030/31 51 93 40



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The issuer is solely responsible for the content of this announcement.

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