Mr. Reidy stated, "Management's refusal to honor our request or to take the alternative steps proposed to bring our proposal before the company's shareholders can only be viewed as a further step by management to remain entrenched in their positions and beyond any accountability to the owners of the company."
Mr. Reidy continued, "Trinity Biotech management has benefited by accessing American and European equity capital markets through the sale of ADRs. As a result over 90% of the company's ownership is evidenced by ADRs. Management has welcomed our investment but now chooses to disenfranchise us when their performance is called into question and their jobs are on the line. Apparently, management has concluded that their past performance is such that they would be unable to convince a majority of shareholders to vote for their retention."
Mr. Reidy went on to say, "This latest decision only further demonstrates that this board has lost touch with its fiduciary responsibilities. As we have said in the past, this board needs to be removed and replaced by directors who are committed to acting in the best interest of the company and its owners."
Mr. Reidy stated that he would continue in his efforts to bring about the special shareholder meeting. Such efforts might include converting ADRs into the ordinary shares they represent. Mr. Reidy anticipated that other ADR holders would join him in these efforts.
Safe Harbor Statement
Statements in this release that are not historical are forward-looking
statements, including statements regarding Mr. Reidy's beliefs,
expectations, hopes or intentions regarding the future. It is important to
note that actual outcomes and results could differ materially from
forward-looking statements. Mr. Reidy assumes no obligation to update any
|SOURCE Thomas J. Reidy|
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