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Gamma Holdings to convert bank debt into preference shares
Jul '09
After the Extraordinary General Meeting of Shareholders of Gamma Holding N.V. held on 30 July 2009, the Supervisory Board appointed Mr J.H.L. (Jan) Albers as chairman of the Executive Board and CEO of Gamma Holding. Mr Albers succeeds Mr Veninga in this position.

Jan Albers (57 years of age) joined Royal Philips Electronics in 1980, holding various management positions, primarily abroad. During the period 1998 - 2003 he worked for the global technology group GEA AG in Germany, from 2000 as a member of the Executive Board. In his most recent positions Mr Albers has been a member of the Supervisory Board of Vanderlande Industries B.V., chairman of the Royal Dutch Hockey Confederation and chairman of the Supervisory Board of UVA Holding B.V. and Helvoet Holding N.V., among others.

At the same meeting a resolution was passed to alter the articles of association of Gamma Holding, and the Executive Board was designated as the body which is authorised to grant to its syndicate of banks the right to convert a portion of the financing amounting to EUR 30 million into newly issued 12% cumulative preference shares in Gamma Holding N.V.

The dividend on the cumulative preference shares is 12% of the amount paid on those shares. In this way the syndicate of banks can jointly obtain 50.1% of the voting rights in the increased issued share capital of Gamma Holding.

The granting of this conversion right is an important condition for the extension of the term of the existing financing of Gamma Holding to mid-July 2011.

Gamma Holding N.V.

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