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Rebel Conwert investor takes board bid setback to court
June 16, 2014 / 12:46 PM / 3 years ago

Rebel Conwert investor takes board bid setback to court

VIENNA, June 16 (Reuters) - Rebel investor Alexander Proschofsky has filed suit in a bid to overturn his narrow failure last month to join the administrative board of Austrian property group Conwert, which he wants to shake up.

He said his Cube Invest vehicle asked the Commercial Court in Vienna to nullify resolutions passed at a turbulent Conwert annual meeting on May 7.

“A success of Cube’s legal action will immediately result in the retroactive appointment of Peter Hohlbein and Alexander Proschofsky as of May 7, 2014 - a repetition of the annual general meeting will not even be required,” a statement said.

Hohlbein is a Berlin property consultant and Proschofsky ally who also lost his bid for a board seat to the company’s preferred candidate.

Conwert believes that the election result was legal, a company spokesman said.

Proschofsky had promised to mitigate the influence of major Conwert shareholder Hans Peter Haselsteiner, a powerful industrialist, and bring more transparency to the company, which has been through upheavals in its portfolio and personnel. (Reporting by Angelika Gruber and Michael Shields, editing by Louise Heavens)

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