BAD OEYNHAUSEN, GERMANY — Bad Oeynhausen Local Court has appointed an independent lawyer to chair Balda AG's extraordinary general meeting, following Balda's disagreements with shareholder Elector GmbH.
Medical injection molder Balda announced Aug. 26 that the court has appointed Christoph Seibt, a Hamburg-based partner in London law firm Freshfields Bruckhaus Deringer LLP, as chairman of the extraordinary general meeting, which will be held Sept. 4-5.
By making the appointment, the court is upholding a petition from Berlin-based Elector to appoint a chairman other than Balda Chairman Michael Naschke.
Balda said it believes the court's decision is wrong. However, Balda said it thinks Seibt will be impartial and it will not appeal the decision.
The sole purpose of the meeting is to replace the supervisory board with candidates of Elector GmbH, which holds less than 30 percent of the company's share capital, according to Balda.