25.06.2010

Manitou postpones capital increases

Manitou held its Annual General Meeting for shareholders yesterday at its Ancenis, Headquarters in France.

The meeting chaired by Marcel Braud heard a trading report from chief executive Jean-Christophe Giroux, which said: “After a very difficult 2009, we are very happy with all positive signals since the beginning of 2010. Business is firming up, results are improving and problems are drifting away.”

“At the same time, Manitou is adapting, working, changing – in a nutshell Manitou is progressing. We are on line with our roadmap both in terms of debt reimbursement, breakeven profile and operational improvement. We are proud of these first steps that represent a real promise of success for our customers, our dealers, our partners and our employees.”

In regards to the capital issue, a company statement said: “Family majority shareholders do not wish any notion of capital increase to interfere with their current debates around succession plans. As a consequence, they preferred to postpone all relevant authorizations (resolutions n°7, 8, 9 & 10) to a later shareholder Meeting. All other resolutions have been approved.”