Concerned Shareholders Respond to Biovail's Press Release
TORONTO, July 16, 2008 /PRNewswire/ - Eugene Melnyk and EM Holdings B.V. (the "Concerned Shareholders") are disappointed to see a number of incomplete or inaccurate statements in Biovail 's press release issued earlier today.
"The hallmark of this proxy contest to date has been misinformation coming from Biovail. Once again, we see the Board and management using the same tactics," stated Bruce Brydon, one of the Concerned Shareholders' proposed nominees.
"Biovail is telling shareholders that no action is needed, but their statement does not tell shareholders who haven't yet voted that they may do so and that shareholders who have already voted have a right to change their votes. I urge all Biovail shareholders to carefully consider our proposed plan and cast their votes. If they have already voted in favour of the incumbents, a later-dated proxy in favour of the Concerned Shareholders' nominees will be the one that is counted," continued Mr. Brydon.
The Concerned Shareholders further point out that the reason that the meeting had to be adjourned is because Biovail's quorum requirement was not met. The quorum requirement is 51% and Mr. Melnyk only owns approximately 11.6% of Biovail's shares. "The reality is the holders of less than 51% of Biovail's outstanding shares were represented at the meeting, and it is the current Board and management's fault that the meeting was illegally held, not Mr. Melynk's," said Mr. Brydon. "Furthermore, the status of the vote was much closer than Biovail indicated. A swing of approximately 9 million votes (less than 6% of Biovail's issued and outstanding shares) would have resulted in the election of the Concerned Shareholders' Nominees at 10:00 am on June 25th, 2008 if Mr. Melnyk and EM Holding B.V.'s votes were counted."
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Posted: July 2008
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