Rotterdam, February 11, 2005 - AND Automotive Navigation Data (AEX: AND) has learned that Euronext N.V. intends to issue a serious written warning in connection with an alleged violation of the Listing and Issuing Rules.
In its response to this development, AND has announced that it does not agree with what it believes to be an arbitrary judgement. To start, Euronext's accusation does not sufficiently take into account the size of the company, nor do the established facts prove beyond a shadow of a doubt that a reasonably competent administrator (acting reasonably) should have or could have informed the market any earlier. Finally, the reaction of AND shares on the exchange in response to the announcement of revised profit expectations clearly shows that the market was indeed sufficiently informed.
Due to a lack of adequate appeal options against this judgement, the company has no choice but to acquiesce and focus its energy on creating shareholder value by means of the strategy announced earlier. The first cautiously positive results of these efforts, as well as the wide base of support from shareholders regarding the new policy, confirm the company's expectations that the latest efforts will ultimately pay off.
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