Navigation Links
Concerned Shareholders of Biovail Pleased with Court Order for Biovail AGM
Date:7/16/2008

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
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:
*Name:
*Comment:
*Email:
(Date:6/22/2016)... 22, 2016  According to Kalorama Information, the ... (NGS) market include significant efforts in automation as ... accessible and affordable sequencers, say the healthcare market ... consumables including sample prep materials.  The healthcare market ... Preparation for Next Generation Sequencing (NGS) , highlights ...
(Date:6/22/2016)... DIEGO , June 22, 2016   ViaCyte, ... first pluripotent stem cell-derived islet replacement therapy for the ... presentations at ISSCR 2016 Annual Meeting.  ISSCR 2016, the ... to 25th at Moscone West in San Francisco.  ... of the presentations are as follows:Event: , Focus Session: ...
(Date:6/22/2016)... June 22, 2016  Mesa Biotech Inc., a ... testing platform designed specifically for point-of-care (POC) infectious ... scientific advisory board (SAB). Approved by the executive ... is chartered to advise on the development and ... Led by Dr. Steve Young , this ...
(Date:6/21/2016)... , June 22, 2016 Frontier Biotechnologies Inc. ... its novel patch product AB001 met primary endpoint at ... relief against placebo. Conducted at nine clinical centers in ... enrolled 146 patients with chronic low back pain. AB001 ... week-1 (p=0.024), (2) greater reduction than placebo in the ...
Breaking Biology Technology:
(Date:5/3/2016)... , May 3, 2016  Neurotechnology, a provider ... MegaMatcher Automated Biometric Identification System (ABIS) , ... multi-biometric projects. MegaMatcher ABIS can process multiple complex ... any combination of fingerprint, face or iris biometrics. ... SDK and MegaMatcher Accelerator , which ...
(Date:4/19/2016)... DUBAI , UAE, April 20, 2016 ... can be implemented as a compact web-based "all-in-one" system ... in the biometric fingerprint reader or the door interface ... requirements of modern access control systems. The minimal dimensions ... the ID readers into the building installations offer considerable ...
(Date:3/31/2016)... 31, 2016   ... the "Company") LegacyXChange is excited to release ... soon to be launched online site for trading 100% ... ) will also provide potential shareholders a sense of ... to an industry that is notorious for fraud. The ...
Breaking Biology News(10 mins):