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The Board of Directors of Jelmoli Holding Ltd. ("Jelmoli") takes
notice of the announcement of Swiss Prime Site AG ("SPS"), that SPS
has signed a purchase agreement with Pelham Investments SA
("Pelham"), which is controlled by Georg von Opel, to acquire from
Pelham all its Jelmoli registered shares (1,214,981 registered shares
representing 29.8% of the capital of Jelmoli). SPS has announced
further that it intends to make a takeover offer for the remaining
outstanding Jelmoli registered shares. Based on a first analysis of
the information currently available, the board of directors has
reached the conclusion, that the intended takeover offer by SPS
substantially undervalues the Company and contains a number of
uncertainties regarding important company interests. The Board of
Directors therefore recommends its shareholders to take no action.



According to the information provided, SPS has signed a purchase
agreement for all Jelmoli registered shares owned by Pelham for a
purchase price of CHF 392 per share with a total cash consideration
of CHF 250 million and the remaining payment in form of SPS shares.
Furthermore, SPS intends to offer all Jelmoli shareholders 7.7 SPS
shares for one Jelmoli registered share in the context of a public
takeover offer.

Based on a first analysis of the information currently provided, the
Board of Directors has reached the conclusion, that the intended
takeover offer by SPS substantially undervalues Jelmoli and implies a
number of uncertainties regarding important interests of Jelmoli. For
instance, the value potential of Jelmoli, Jelmoli's unique
positioning with a focus on retail real estate compared to the office
focus of SPS, as well as the significantly higher leverage of SPS and
the implications for the financings of Jelmoli, has not been
adequately taken into consideration.

The Board of Directors of Jelmoli will analyze potential courses of
action and will comment on the events with a more detailed opinion as
soon as more information has been made available. Until then, the
Board of Directors recommends its shareholders not to take any action
with regards to their holdings in Jelmoli. Throughout the process,
the Board of Directors will do everything to protect the interests of
its shareholders, employees and other stakeholders in the best
possible manner.


Contact persons

Media:      Dr. Jörg Neef, Hirzel. Neef. Schmid. Konsulenten
            +41 79 405 56 32, eMail: joerg.neef@konsulenten.ch
Analysts:   Michael Mueller, Delegate of the Board and CEO
            Tel. +41 (0)44 220 49 13    Fax +41 (0)44 220 40 10
            Markus Meier, CFO
            Tel. +41 (0)44 220 47 80    Fax +41 (0)44 220 40 10

Internet:   www.jelmoliholding.ch / www.huginonline.ch/JEL
WAP mobile: wap.huginonline.com (Press Releases Jelmoli)
E-mail:     info@jelmoliholding.ch


 
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WKN: 851225; ISIN: CH0000668464; Index: SMCI, SPI, SPIEX;
Listed: 
Main Market in SIX Swiss Exchange;
http://hugin.info/100248/R/1319066/308212.pdf


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