TORONTO, July 16 /PRNewswire/ - Eugene Melnyk and EM Holdings B.V. (The "Concerned Shareholders") said today that they were pleased with the decision of the Ontario Superior Court of Justice released this morning. The Court denied the application brought by Biovail Corporation and its CEO, William Wells, for an order validating the election of the board of directors at the shareholder meeting convened on June 25, 2008. Further, the Court determined that the Biovail Annual General Meeting was improperly constituted and must be re-convened in order to allow for the election of directors at a meeting complying with corporate law and the company's by-laws.
"Biovail's AGM was not properly constituted and there was no quorum present, as the court recognized," stated Mr. Brydon. "Remember, a majority of shareholders did not cast their votes. This is a strong indication that shareholders are deeply frustrated with the status quo at Biovail. Today's court ruling means all shareholders will have an opportunity to further evaluate the two very different visions for the future of Biovail."
The Court ordered that the Annual General Meeting be re-convened as soon as reasonably possible, but in any event, by September 23, 2008.
Mr. Melnyk and Mr. Brydon are so confident in the strength of the plan proposed by the Concerned Shareholders that they will move it forward no matter what the outcome at Biovail's re-convened Annual General Meeting. The plan will either be implemented through Biovail, if the Concerned Shareholders' nominees are elected at the re-convened Annual General Meeting, or through a new company, Trimel Biopharma, that Eugene Melnyk and Bruce Brydon have already announced they will form if the Concerned Shareholders are unsuccessful at the re-convened Annual General Meeting. Mr. Brydon will be reaching out to Biovail shareholders during the coming weeks to further discuss this plan, the opportunity to support it and benefit from its success and the plan's ability to protect investment and enhance value for all Biovail shareholders.
In the coming days, the Concerned Shareholders encourage all shareholders to visit http://www.betterbiovail.com to meet the proposed board members and review the proposed plan that they believe will help secure the future of the Company. The plan consists of four components with two overarching themes: a commitment to excellence in corporate governance, and a commitment to enhance shareholder value.
|SOURCE Concerned Shareholders of Biovail|
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