TORONTO, July 28 /CNW/ - Eugene Melnyk and EM Holdings B.V. (the
"Concerned Shareholders") announced today that they do not intend to contest
the election of directors at the upcoming reconvened Biovail Annual General
On July 16, 2008, the Ontario Superior Court of Justice denied an
application brought by Biovail Corporation for an order validating the
election of its board of directors at the shareholder meeting convened on June
25, 2008. The Court also determined that the meeting was improperly
constituted, lacked a quorum, and had to be re-convened in order to allow for
the election of directors at a meeting complying with corporate law and the
Biovail has set August 8, 2008 as the date for the reconvened Biovail
Annual General Meeting and the April 28, 2008 record date for shareholders
entitled to receive notice of and vote at the reconvened Annual General
Meeting has been maintained.
"While we were pleased with the Court's finding, the reality is that
almost 90 million Biovail shares have been traded since April 28, 2008", said
Eugene Melnyk. "As a result, we wanted a new record date to best position the
future of the company to be determined by its current shareholder base.
However on July 20th, the Court affirmed the April 28th record date for the
meeting. Largely as a result of this, I have determined that it is in
everyone's best interest - particularly the shareholders of Biovail - to let
Doug Squires, Bill Wells and their management move forward with their plan."
"Biovail has said that their new plan will return the company to
greatness. As the company's largest shareholder, I hope they are right. It is
time for excuses to stop and for them to perform. I will continue to monitor
the actions and progress of the Biovail Board and will take such action as I
feel is appropriate in the interests of myself and the remaining Biovail
Mr. Melnyk will now proceed with executing on the plan he had proposed to
Biovail shareholders under a new private company - Trimel Biopharma. Bruce
Brydon will lead the company.
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