KANSAS CITY, Mo., Dec. 8 /PRNewswire/ -- An investor group in Trinity Biotech plc (Nasdaq: TRIB), an Irish based developer and manufacturer of diagnostic products, has reconfigured the slate of replacement directors it will propose for election at a special meeting of the company's shareholders that the group is seeking to have convened. Tom Reidy, speaking on behalf of the group, announced that Robert S. Winter, the founding managing member of daVinci Capital Group, would replace Steven Mock on its slate of proposed directors.
In October, the investor group, who all hold company American Depository Receipts ("ADRs"), demanded that the Board call a special meeting of company shareholders to consider the removal of the current directors. The investor group also demanded that company shareholders be granted an opportunity to vote on a slate of replacement directors. At that time, the proposed slate consisted of:
-- Dr. Jack C. Chow, M.D., M.B.A.-Partner, CRV Capital, LLC and adjunct professor at Carnegie Mellon University's Heinz School of Public Policy and Management; -- Mr. Mike Gausling-Managing Partner, Originate Ventures; -- Dr. John H. Halsey, Ph.D.-Chief Executive Officer, Director, Founder, ProGene Biomedical, Inc. (dba IBT Laboratories); -- Mr. Steven A. Mock, CPA-Partner, BKD, LLP; -- Mr. Thomas Reidy; and -- Mr. Clint Severson, Chairman, President, and CEO, ABAXIS Corporation.
The current directors responded by refusing to honor these demands based on the board's determination that under Irish law only the ordinary share into which the ADRs can be converted, but not the ADRs themselves, have the authority to call for the convening of a special meeting. The current directors also refused to take alternative steps proposed by the investor group to convene the special meeting.
Following these refusals, the investor group initiated a campaign for conversion of company ADRs into ordinary shares to bring about the special meeting. This campaign is continuing.
Commenting on the group's ongoing campaign for conversion of Trinity Biotech ADRs to company ordinary shares, Tom Reidy stated that, "The current Board decision forcing shareholders to convert their ADRs to bring about a special meeting of shareholders has been met with considerable outrage and a wide-spread call to action. Despite the cost and inconvenience involved in this process, we are pleased with the number of shareholders who are stepping forward to take this important action to impose accountability on company management. Like us, they have come to the conclusion that a board controlled by independent directors is essential to an increase in company share value. We anticipate reporting very soon that our collective efforts will have brought about an opportunity to finally vote and be heard."
Speaking on Mr. Winter's qualifications to serve on the Trinity Biotech board, Mr. Reidy stated, "Robert's understanding of the medical device markets, especially of an international nature, brings important transactional expertise to the team. His background in capital formation and investment strategy, together with his extensive record in devising new and unique partnership opportunities, make Robert an important addition to our independent team."
Tom Reidy, 816-260-8476, firstname.lastname@example.org
|SOURCE KC Investor Group|
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