Cryo-Save Group N.V. (Euronext: CRYO, 'Cryo-Save', or 'the Group'), the leading international stem cell storage company and the largest family stem cell bank in Europe, announces today that it has taken notice of the fact that Salveo Holding S.A. ('Salveo'), the company's minority shareholder with 27%, has convened an extraordinary general meeting of shareholders ('EGM') that shall be proposed to resolve on the appointment of a new executive director (CEO) and the replacement of one non-executive director.
On 3 June 2013, in response to and in view of Salveo's request to convene an EGM and the strategic character of the proposals Salveo made to the company, Cryo-Save exercised its right under the Dutch Corporate Governance Code to invoke a 180-day response time in order to have further deliberations and constructive consultations with Salveo on its proposals and to investigate possible alternatives, as prescribed by the Corporate Governance Code. In this respect, Cryo-Save adds that Salveo has communicated repeatedly to the company that it shall propose its controlling shareholder, Mr. Frédéric Amar, for the position of chief executive officer. As Salveo is a direct competitor, Cryo-Save believes that a nomination of Mr. Amar on its board of directors is likely to cause conflicts of interests and loyalty issues which it does not consider in the interest of its business, its shareholders and its other stakeholders. Cryo-Save has sought to resolve these issues with Salveo through consultations and negotiations, but these have been halted by Salveo for reasons unclear to Cryo-Save.
Cryo-Save believes that Salveo's decision to breach the response time and to convene an EGM violates various core principles of Dutch corporate law and therefor will take legal action against Salveo. In the meantime, the company will continue to explore alternatives, as prescribed by the Corporate Governance Code.
Cryo-Save will keep its shareholders and other stakeholders informed of significant developments and will issue additional statements if and when appropriate.
Enquiries:
| Cryo-Save Group | + 31 (0)575 509 100 |
| Walter van Pottelberge, Chairman |
About Cryo-Save (www.cryo-save.com/group)
Cryo-Save, the leading international family stem cell bank, stores more than 225,000 samples from umbilical cord blood and cord tissue. There are already many diseases treatable by the use of stem cells, and the number of treatments will only increase. Cryo-Save has cryopreserved samples from over 70 countries on six continents, with ultra-modern processing and storage facilities in Belgium, Germany, Dubai, India and South Africa.