MFS sues Universal Life over USB

MFS Holdings Public Company Ltd and Stelios Markides filed on February 7, 2007 legal action against Universal Life Public Co Ltd and its Board of Directors, demanding, among other things, losses caused to them from the breach of Board of Directors’ duties in relation to the Public Offers of (a) Schoeller Holdings Limited and (b) Path Holdings Limited for the acquisition of Universal Bank Public Ltd shares.
Furthermore the company requests a temporary court order, prohibiting Universal Life Public Co Ltd to sell or transfer shares of Universal Bank Public Ltd at a price lower than the higher of Schoeller Holdings and Path Holdings and Aspis Pronia AEGA and Commercial Value AAE, unless it is decided otherwise to an EGM or until the completion of the legal action.
The court set the hearing for Monday, 12.2.2006.