Court of Appeal orders investigation of recent decisions at HBG

3 July 2001 15:20 - Royal BAM Group nv

Rijswijk, the Netherlands – The Enterprise Section of the Amsterdam Court of Appeal this afternoon decided – in response to a request by the Dutch shareholders’ lobby association VEB and several other HBG shareholders – to order an investigation of the policy pursued by HBG since 1 January 2000.

The purpose of the inquiry is essentially to ascertain whether the decisions concerned with the merger between HAM and Ballast Nedam Baggeren were properly considered. The Court has also ruled that the implementation of the merger agreement by HBG and Ballast Nedam should be suspended during the investigation.

HBG is confident that the investigation ordered by the Court will show that the Board of Management and the Supervisory Board took proper account of the interests of the shareholders and other stakeholders in arriving at their decisions.

HBG is convinced that the result of the inquiry will permit the formation of Ballast HAM Baggeren to go ahead. HBG finds the temporary halt to preparations extremely regrettable, particularly in view of the commitment and motivation of the two dredging companies’ employees.

For further information, please contact:

Arno C. Pronk at HBG Public Relations, telephone +31 70 3722121.