Gold Colette Neuville President of the Adam it vote against

Judge Renaud Van Ruymbeke had promised to quickly complete its investigation of Gecina operations reported as suspicious. In fact, the record that he instructed since the beginning of the year ahead forced March. According to our information, the businessman Spanish Joaquim Rivero, former CEO of the land French and still 16 shareholder, was charged in April 12 for, inter alia, abuse of social goods, presenting inaccurate accounts, dissemination of false information and Declaration of threshold crossing.

The ex-PDG of Gecina must now give justice its defence elements, a priori this month. Several Gecina operations conducted by Joaquim Rivero, including the purchase of M'Bami - a land Office Madrid owned as well as to Bautista Soler, another shareholder of Gecina-, or the purchase of land in Marbella to Bamolo society (of which the shareholders are unknown), were the subject of a criminal complaint against X formed by the Association for the defence of minority shareholders (Adam), in the light of the 183 million euros depreciation that they generated in Gecina 2009 accounts.

It is in this context that the land, which attempts to turn the page with a new management team, today held its annual general meeting in which shareholders will have to pronounce on number of topics related to the prosecution. Thus, the acquisition of M'Bami, approved by the Board of Directors and conducted last year, still requires the green light.

"Vote against".

Gold, Colette Neuville, President of the Adam, "it vote against.""This will not cancel the purchase but will, legally, to possibly cause the liability of Directors has approved the". To try, if possible, cancellation in justice to this transaction further EUR 100 million if the vote was not held properly.

Two major shareholders, the Spanish Metrovacesa and Predica (subsidiary of Crédit Agricole) opposed in Council for the purchase of M'Bami. "They have so no reason to vote in the Assembly, continued Colette Neuville." I asked on the other hand the Council votes blank proxies are counted as opposing. "Gecina, for its part, already began to turn the page, by dedicating the land Spanish.

Adam also recommends as the Enterprise Committee of Gecina, to oppose the appointment as independent Director of Helena Rivero, the daughter of former Chief Executive. Proposed by the Council, it would be intended to preserve the negotiated balances year last among the major shareholders. "Strengthen the camp of Mr. Rivero does not appear in the social interest of the company", note the President of the Adam, who is also considering request to the Assembly the removal of the latter as an administrator.

Another sensitive issue, the approval of the golden parachute of 2,269 million euros paid to Antonio Truan, the delegated Director General appointed by the former CEO and replaced six months by Christophe Clamageran (former leader of Hammerson France). Finally, the Enterprise Committee of Gecina, which alerted the justice on suspicious operations more than a year before Adam, denounced the proposal of the Council to renew the mandate of Pricewaterhouse and Mazars, the two statutory auditors that Certified Auditors integrating operations subject to criminal complaints. For this Assembly, Joaquim Rivero and his partner Bautista Soler will still have to limited to 20 voting rights. They have to recover (30) to July 1.