Boskalis and Fugro Go to Court

Fugro said it has received a writ of summons from Boskalis to force a shareholder vote at its annual shareholders meeting scheduled for April 30, 2015 on a recommendation in respect of one of Fugro’s three protective measures, i.e. the Foundation Continuity Fugro (“Stichting Continuïteit Fugro”).

Fugro said it is willing to discuss the item in its shareholders meeting with its shareholders. According to the company, this ensures that all shareholders will have ample opportunity for discussion if they want to. Boskalis, however, wants to table it as a voting item which according to Fugro is not in line with the law.

Fugro reiterates that it highly values its position as an independent geotechnical and survey services and data provider, which is the foundation of Fugro’s market leadership in these areas and core to Fugro’s strategy. Fugro notes that like most Dutch listed companies it has protective measures since many years in order to secure its independent position, and that these measures have been in place long before the unsolicited stake building by Boskalis in Fugro.

“Fugro is disappointed by the position of Boskalis and opposes the action taken by Boskalis. This legal action is neither justified nor in the interest of Fugro’s stakeholders, and there is no legitimate interest for Boskalis given its repeated and explicit public statements that its holding in Fugro is not a step towards making an offer for Fugro,” the company said in a statement.

The case will be heard by the Dutch District Court on 17 March 2015 and the decision may be handed down relatively soon thereafter.