Navigation Links
Concerned Shareholders of Biovail Pleased with Court Order for Biovail AGM

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 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
Copyright©2008 PR Newswire.
All rights reserved

Related biology technology :

1. Concerned Shareholders of Biovail seek court order declaring Biovail AGM illegally convened;
2. Biovail Concerned Shareholders Welcome Glass Lewis Evaluation
3. Biovail Concerned Shareholders Want Open Debate
4. Shareholders Approve All Matters Proposed by Cell Therapeutics, Inc. at Special Meeting in Lieu of Annual Meeting of Shareholders
5. Cell Therapeutics, Inc. Special Meeting in Lieu of Annual Meeting of Shareholders Scheduled for Thursday, June 19, 2008
6. Bioheart, Inc. to Host Annual Meeting of Shareholders on Wednesday, July 30, 2008
7. Dragon Pharma Announces June 26, 2008 for 2008 Annual Shareholders Meeting
8. Medco CEO to Shareholders: Delivering Results, Driving Shareholder Value
9. Spherix Holds Annual Shareholders Meeting
10. WorldHeart Reports an Event of Default Under the Note Issued to Abiomed, Resignation of One of Its Board of Directors, and Results of Shareholder Vote at Its Annual Shareholders Meeting
11. Schering-Plough Schedules Webcast for Annual Meeting of Shareholders
Post Your Comments:
(Date:6/27/2016)... , June 27, 2016  Global demand for ... percent through 2020 to $7.2 billion.  This market ... beverages, cleaning products, biofuel production, animal feed, and ... diagnostics, and biocatalysts). Food and beverages will remain ... by increasing consumption of products containing enzymes in ...
(Date:6/27/2016)... ... , ... Parallel 6 , the leading software as a service (SaaS) ... Virtual Patient Encounter CONSULT module which enables both audio and video telemedicine communication between ... Using the CONSULT module, patients and physicians can schedule a face to face virtual ...
(Date:6/27/2016)... Ginkgo Bioworks , a leading organism design company ... as one of the World Economic Forum,s Technology ... companies. Ginkgo Bioworks is engineering biology to manufacture ... the nutrition, health and consumer goods sectors. The ... Fortune 500 companies to design microbes for their ...
(Date:6/24/2016)... ... June 24, 2016 , ... Researchers at the Universita Politecnica delle Marche ... with peritoneal or pleural mesothelioma. Their findings are the subject of a new article ... Diagnostic biomarkers are signposts in the blood, lung fluid or tissue of mesothelioma patients ...
Breaking Biology Technology:
(Date:5/16/2016)... May 16, 2016   EyeLock LLC , a ... the opening of an IoT Center of Excellence in ... expand the development of embedded iris biometric applications. ... of convenience and security with unmatched biometric accuracy, making ... aside from DNA. EyeLock,s platform uses video technology to ...
(Date:4/28/2016)... SAN FRANCISCO and BANGALORE, India ... part of EdgeVerve Systems, a product subsidiary of Infosys (NYSE: ... service provider, today announced a global partnership that ... convenient way to use mobile banking and payment services. ... Mobility is a key innovation area for financial services, but ...
(Date:4/19/2016)... , UAE, April 20, 2016 ... implemented as a compact web-based "all-in-one" system solution for ... biometric fingerprint reader or the door interface with integration ... modern access control systems. The minimal dimensions of the ... readers into the building installations offer considerable freedom of ...
Breaking Biology News(10 mins):