KANSAS CITY, Mo., Nov. 7 /PRNewswire/ -- In refusing to a request for a special shareholders meeting to consider the removal and replacement of its current directors, management of Trinity Biotech plc (Nasdaq: TRIB), an Ireland-based developer and manufacturer of diagnostic products whose American Depository Receipts ("ADRs) are traded on NASDAQ, has apparently decided that the preservation of their jobs and positions in the company outweigh the right of shareholders to meet for the purpose of considering their job performance.
On October 16, 2008, a group of Trinity Biotech ADR holders sent a request to Trinity Biotech calling for the convening of a special meeting of Trinity Biotech shareholders to consider the removal of the current Trinity Biotech directors and their replacement by a slate nominated by the ADR holders who requested the meeting. Thomas Reidy, a member of the group, announced today that company management had advised him by letter dated November 5, 2008 that they would not call the special meeting as requested.
In their refusal letter, the Trinity Biotech directors stated that their denial was based on a determination that the ADR holders, as contrasted with the ordinary shares they represent, do not have the authority under Irish law to call the meeting.
Commenting on Trinity Biotech's refusal to call the special meeting,
Mr. Reidy stated that he was "disappointed but certainly not surprised" by
the position taken by current management. Mr. Reidy pointed out that the
group's original letter requesting the special meeting contains a demand
that the Trinity Biotech directors take alternative steps to effectuate the
special meeting if management is of the opinion that the requesting ADR
holders did no
|SOURCE Thomas J. Reidy|
Copyright©2008 PR Newswire.
All rights reserved