conwert Immobilien Invest AG (Vienna Stock Exchange: CWI, Reuters: CONW.VI, Bloomberg: CWI AV) intends to change its corporate form into a Societas Europaea (SE). The Management Board plans to request the approval of this conversion at an extraordinary general meeting of conwert's shareholders, which is planned for the end of October 2007.
The Management Board of conwert Immobilien Invest AG has set up a conversion plan for this proposed conversion. The conversion plan provides that conwert shall be converted into a SE with a one-tier board system. After the conversion, conwert will therefore have a sole administrative body (the so-called Verwaltungsrat) in accordance with international standards. The conversion from a stock corporation under Austrian law ("Aktiengesellschaft") into a SE will not involve any change in the legal identity of the company or a transfer of the corporate headquarters. Furthermore, there will be no changes in the shareholders' rights, publication requirements under stock exchange law or the shareholders' participation in the company.
The proposed conversion into a SE is a part of the plans announced by the Management Board for the strategic repositioning of conwert. All measures relating to this strategic repositioning will be presented presumably in early October 2007, after the necessary preparations have been finalized.