Orco Property Group said the Luxembourg Court had rejected a claim brought by minority shareholders contesting the validity and effectiveness of a combined €16.2 million in capital raises in April.
Orco welcomed the decision in which the judge in chambers said the capital increases “were undertaken in the interest of the company”.
“This decision shall put an end to the attempts of these isolated shareholders to unhinge the group and its management during a critical period. Moreover, it validates the on-going efforts of the management team over the last 18 months,” Orco said. (MTI – Econews)