EANS-News: Meinl International Power Ltd. / Board of Directors convenes Extraordinary General Meeting (EGM) in Vienna for April 21, 2009

Board to receive authorisation to return free cash to certificate
holders – Further future returns shall be made possible by sale of
PI’s portfolio of assets

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investments/EGM

St. Helier, Jersey (euro adhoc) - Jersey, 27 March 2009 - The Board
of PI Power International (PI) announces the Notice of an EGM in
Vienna for 21 April 2009, 10 am, in accordance with the requisition
of a group of shareholders.

The resolutions presented to certificate holders at the EGM include:

• an authorisation of the Board to return free cash to certificate
holders in one or more tranches, with the expectation of an initial
return of approx. EUR 300 million in total or such other amount as
can be lawfully and economically distributed, • the change to the
investment objectives of the Company whereby the Board is authorised
to sell or otherwise dispose of all or any assets of the Company and
no investments in new projects can be made without certificate
holders´ approval, • an authorisation of the Board to distribute to
certificate holders proceeds of the sale of the Company´s assets.

"These proposed changes enable us to fulfil what we have promised to
our certificate holders before our election as independent Board of
Directors: To minimise the losses of our certificate holders caused
by the previous board and the Meinl Bank Group", the Chairman of the
Board of Directors, Wolfgang Vilsmeier, explains. The Board has now
substantially finished the review of the existing portfolio assets
and has taken into consideration the dramatically changed economic
and investment conditions compared to those prevailing at the time of
the initial public offering. In addition the Board has evaluated the
economically unfavourable impact upon PI´s business of the
contractual relationships between PI and Meinl Bank AG or its
associates like Meinl Power Management Limited. The management
contract with Meinl Power Management Limited will cause substantial
cash out flows in the future and will negatively affect
profitability, which will result in unsatisfying returns on equity.

The Board has drawn the following conclusions:

PI is not ideally suited to act as a long-term investor for its
investments, especially as many of the projects approved by the
previous Board of Directors involve major financial risks. Many of
the projects can be developed profitably only at a high level of
leverage. In addition the currently unfavourable conditions on the
international credit markets make leveraging of PI´s projects
additionally more expensive and negatively affect a profitable
development of these projects. Also the Company´s structure is
extremely complex and has turned out to be very inefficient. Chairman
of the Board of Directors Wolfgang Vilsmeier adds: "To be honest,
under these circumstances PI investors are taking `equity-like´ risk
while getting only `bond-like´ returns".

In addition the proposed resolutions cover, amongst others, a change
of the name of the Company to "PI Power International Limited" and
changes to the Articles of Association of the Company and the
election of a smaller Board of Directors. Several of the proposed
resolutions will also require the consent of the Jersey Financial
Services Commission. Detailed information on the content of all
proposed resolutions will be available at the Company's website
www.powerinternational.eu.

Finally Vilsmeier invites all certificate holders of PI to take part
at the EGM. As the Company is subject to Jersey Company Law all
certificate holders who intend to attend and vote at the EGM have to
complete and sign the Form of Proxy that will be available for
download - both in German and English - on the website of the Company
www.powerinternational.eu.

More information on PI Power International is available at:
www.powerinternational.eu

end of announcement euro adhoc
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ots Originaltext: Meinl International Power Ltd.
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Mick Stempel

Hochegger Financial Relations GmbH

T: +43 1 504 69 87 - 385

M: m.stempel@hochegger.com

Mag. Stephanie Cekon

Hochegger Financial Relations GmbH

T: +43 1 504 69 87 - 338

M: s.cekon@hochegger.com

Branche: Energy
ISIN: AT0000A05W59
WKN:
Index: other listings
Börsen: Wiener Börse AG / Third Market