special situations investing

Monday, October 05, 2009

Athris Holding AG - Sept 21 & 22 Email Inquiry & Response











Date:
Tue, 22 Sep 2009 14:43:26 +0200 [09/22/2009 08:43:26 AM EDT]
From: Raymund Scheffrahn Switzerland
To: chris@steinwaycapital.com
Cc: Raymund Scheffrahn
Subject: RE: Composition of Athris Holding Board of Directors
Headers: Show All Headers
Dear Mr. Schulz,
We confirm receipt of your e-mail containing various questions related
to public and non-public information. Please use the usual public
sources such as the ATHRIS website, media or the public commercial
register to satisfy your requirements of publicly available information.
Obviously, ATHRIS cannot share non-public information at any time, but
even less so at this or any other stage of the takeover process. The
ATHRIS media release dated 18 September 2009 summarizes the position of
ATHRIS until further notice.
Regards,


Dr. Raymund Scheffrahn
Managing Director



Dr. Raymund Scheffrahn
Managing Director

O +41 41 560 1110
F +41 41 560 1119


-----Original Message-----
From: chris@steinwaycapital.com [mailto:chris@steinwaycapital.com]
Sent: Montag, 21. September 2009 18:20
To: Raymund Scheffrahn
Subject: Composition of Athris Holding Board of Directors

Dear Mr. Scheffrahn,

I am writing to you in my capacity as a private Swiss investor with an
investment stake in Athris Holding AG. You are aware that I have in my
capacity as independent financial analyst and principal of Steinway
Capital Inc. advised hedge funds of an investment in your company. I
do not know to what degree Athris Holding AG represents a credible
stake with any of my past and present clients.

Just to clarify. The Athris Board of Directors is presently composed
of 3 members, Messieurs Von Opel, Dennler and Joos.

Messieurs Von Opel and Joos are Directors of Pelham.

Please clarify that I have my facts here straight.

I am still surprised that Athris explicitly states in the Half-Year
report
that it will not do any further share-buybacks, but at the same time
the Chairman of the company buys all the shares he can. Isn't the Half
Year report undersigned by the Chairman himself? How can he preach one
thing on behalf of fellow shareholders, and do something entirely
different for himself?

As a shareholder of Athris, I am requesting a roster of shareholders
plus the final version of statutes and bylaws of the company so we can
clarify any Obligationenrechtliche aspects to any proposed transaction.

Has an independent committee been formed to evaluate this offer?
I will provide you soon with my own independent view of value and
provide this analysis to any decision making bodies of competence with
an interest in the situation.

Has the company been shopped around to the highest bidder and are
there competing offers for the company that have been evaluated. Has
an investment bank been hired to shop the company around to the
highest bidder?

I think I have a potentially interested party that has the capacity to
purchase all the shares of Athris at a better price than the proposed
CHF 1050, subject to certain conditions.

Please provide me with a mailing address for each of the 3 board members
to
receive separate, registered mailings informing them of certain
procedural steps to be taken to increase shareholder value for all
shareholders.


Respectfully Yours,

Christopher Schulz
Principal
Steinway Capital Inc.

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