Velcro Industries N.V. Announces That Default Judgment has Been Rendered in Proceeding by Cohere Limited to Acquire All Shares.Netherlands Antilles Netherlands Antilles, island group, an autonomous part of the Netherlands (2005 est. pop. 220,000), 371 sq mi (961 sq km), West Indies. Formerly known as the Dutch West Indies and Netherlands West Indies, they are divided into two groups. , April 9 /PRNewswire-FirstCall/ -- Velcro Industries N.V. ("VINV") , holding company of the Velcro companies and the industry leader in hook and loop fasteners fasteners
In construction, connectors between structural members. Bolted connections are used when it is necessary to fasten two elements tightly together, especially to resist shear and bending, as in column and beam connections. , today announced that on April 6, 2009, the Court of first instance of the Netherlands Antilles sitting in Curacao (the "Court") rendered a default judgment (the "Default Judgment") in the proceeding by Cohere cohere (kōhēr´),
v to stick together, to unite, to form a solid mass. Limited to acquire all outstanding VINV common shares not held by Cohere Limited (the "Curacao Proceeding").
On September 1, 2008, Cohere Limited ("Cohere"), then the record holder of in excess of 95% of VINV's common shares, filed a petition under Article 2:250 of the Civil Code of the Netherlands Antilles seeking to compel the transfer to Cohere of all of the VINV common shares not held by Cohere at US$21.00 per share or such other price as determined by the Court (the "Petition"). Pursuant to the Default Judgment, the shareholders of VINV, other than Cohere, have been ordered by the Court to transfer their shares to Cohere in exchange for payment of US$21.00 per share by Cohere.
VINV, which is not a party to the Curacao Proceeding, will make available copies of the Petition and the Default Judgment (in Dutch with English translation) to any shareholder of record, or any previously identified Non-Objecting Beneficial Owner Beneficial Owner
A person who enjoys the benefits of ownership even though title is in another name.
For example, when shares of a mutual fund are held by a custodian bank or when securities are held by a broker in street name, the true owner is the beneficial of VINV common shares, upon written request. VINV recommends that shareholders review carefully the Petition and the Default Judgment and consult with their own legal, tax and financial advisors.
VINV has notified both the NASDAQ NASDAQ
in full National Association of Securities Dealers Automated Quotations
U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on and Computershare Investor Services Inc., VINV's transfer agent, of the Default Judgment. No determination has yet been made as to when VINV's common shares will cease trading on the NASDAQ or when instructions to stop effecting transfers in the shares will be given to the transfer agent.
Questions or written requests for a copy of the Petition or the Default Judgment may be directed to Peter A. Pelletier, VINV's Secretary and Treasurer, c/o Velcro Group Corporation, 406 Brown Avenue, Manchester, New Hampshire This article is about the city in New Hampshire. For other uses, see Manchester (disambiguation).
Manchester is the largest city in the U.S. state of New Hampshire and the largest city of northern New England, an area composed of Vermont, New Hampshire and Maine. 03103, USA, telephone (800) 225-0180, extension 4884, or may be directed to VINV via email at email@example.com.
About Velcro Industries N.V.
Velcro Industries N.V. is incorporated and domiciled in Curacao, Netherlands Antilles as a Naamloze Vennootschap Naamloze Vennootschap (usually abbreviated NV) is the Dutch terminology for a public limited liability corporation. The company is owned by shareholders, and the company's shares are not registered to certain owners, so that they may be (public limited liability company) and acts as the holding company of the Velcro companies, which are primarily involved in the manufacturing and sales of VELCRO(R) and TEXACRO(R) brand fasteners, ULTRA-MATE(R) brand hook fasteners, and ONE-WRAP(R) brand straps throughout the world. For more information about Velcro Industries N.V., including annual and quarterly reports, proxy statements and other materials required to be electronically published under Rule 12g3-2(b) of the U.S. Securities Exchange Act of 1934, visit http://www.velcroindustriesnv.com/.
This press release and the documents referenced herein may contain "forward-looking" statements and information, which involve risks and uncertainties. Actual future results may differ materially. Statements indicating that VINV "expects," "estimates," "believes," "is planning" or "plans to" are forward-looking, as are other statements concerning future financial results or other events that have not yet occurred. There are several important factors that could cause actual results or events to differ materially from those anticipated by the forward-looking statements.
CONTACT: Peter A. Pelletier, Velcro Industries N.V., 1-800-225-0180
Web Site: http://www.velcroindustriesnv.com/
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|Date:||Apr 9, 2009|
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