Concerned Shareholders of Biovail Announce - Independent Nominees for Election to Biovail Board of Directors - A Focused Commitment to Governance at Biovail



    TORONTO, April 27 /CNW/ - In connection with the requisition of Mr.
Eugene Melnyk and EM Holdings B.V. (the "Concerned Shareholders") relating to
the annual and special meeting of shareholders of Biovail Corporation
("Biovail") to be held on May 28, 2009 (the "Meeting"), the Concerned
Shareholders announced today that the two nominees they are putting forward
for election as directors at the Meeting are Mr. Paul G. Haggis and Mr. Frank
Potter (the "Nominees").
    Mr. Haggis served as President and Chief Executive Officer of OMERS for
three and a half years, concluding with record results on March 12, 2007. Mr.
Haggis is currently the Chairman of Alberta Enterprise Corporation, a new
venture fund created by the Alberta Government and he currently serves as
Director and Chair of the Investment Committee of the Insurance Corporation of
British Columbia, is a Director of Advantage Energy Income Fund of Calgary, is
a Trustee and Chair of the Finance Committee of the Royal Ontario Museum in
Toronto, is a Director of Canadian Tire Bank and serves as a Director and
Chair of the Audit Committee of C.A. Bancorp Inc. Mr. Haggis is also certified
as a Chartered Director (C. Dir) through the Directors College at McMaster
University.
    Mr. Potter is Chairman, Emerging Market Advisors, Inc., a consulting firm
dealing with international direct investment and Chairman of Canadian Tire
Bank. He is a Director of Canadian Tire Corporation, Limited, Penn West Energy
Trust, Softchoice Corporation, Sentry Select Capital Corp., a private company
that manages a number of exchange-traded investment trusts, and each of the
trusts and funds in the Sentry Select family. Mr. Potter is also Chairman of
Imagine Group Holdings Limited, a private Bermuda reinsurance company.
    Both Mr. Haggis and Mr. Potter, who had not met Mr. Melnyk before they
were approached to stand for election, have a track record of supporting and
practicing good corporate governance and look forward to having the
opportunity to serve as directors of Biovail. Additional details with respect
to the biographies of Mr. Haggis and Mr. Potter are outlined below.
    Mr. Melnyk remains the single largest shareholder of Biovail. Explaining
the reasons for the requisition, Mr. Melnyk said "this is not about proposing
a strategic plan or replacing the whole board. It is about ensuring that
Biovail has a strong board with independent and qualified directors who will
ensure the company adheres to the highest standards of corporate governance.
As the largest shareholder of Biovail, my interests in this area are fully
aligned with other shareholders and Mr. Haggis and Mr. Potter, who I am
pleased have agreed to stand for election to the board, are exceptional
candidates and would be positive additions to the Biovail board of directors."
    Separately, the Concerned Shareholders stated that they have decided at
this point to focus their efforts on certain key governance proposals and not
the full package of proposals originally set forth in the requisition dated
February 25, 2009 which was filed with Biovail. Accordingly, the Concerned
Shareholders, in addition to nominating the Nominees, will be proposing at the
Meeting and soliciting proxies in respect of the following four key corporate
governance proposals: (1) majority voting, (2) individual director voting, (3)
proxy access and (4) the treatment of severance arrangements under Biovail's
employment agreements. Further details with respect to the proposals will be
set forth in the Concerned Shareholders' proxy circular that is expected to be
mailed to shareholders in the near future.

    The biographies with respect to Mr. Haggis and Mr. Potter are as follows:

    Paul G. Haggis - Paul Haggis is currently the Chairman of Alberta
Enterprise Corporation, a new venture fund created by the Alberta Government.
Previously, Mr. Haggis was President and Chief Executive Officer of OMERS for
three and a half years, concluding with record results on March 12, 2007. Paul
restructured the organization and implemented dramatic operating and cultural
change to lead OMERS to its best year ever in 2006. Under his leadership,
assets grew by $15.8 billion to $48 billion with value added of $2.8 billion.
    Mr. Haggis currently serves as Director and Chair of the Investment
Committee of the Insurance Corporation of British Columbia, is a Director of
Advantage Energy Income Fund of Calgary, is a Trustee and Chair of the Finance
Committee of the Royal Ontario Museum in Toronto, is a Director of Canadian
Tire Bank and serves as a Director and Chair of the Audit Committee of C.A.
Bancorp Inc. Mr. Haggis is also certified as a Chartered Director (C. Dir)
through the Directors College at McMaster University.
    Mr. Haggis was also the interim Chief Executive Officer of the Public
Sector Pension Investment Board (PSPIB) where he also served as a Director.
Mr. Haggis also held the position of Executive Vice President, Business
Development and Chief Credit Officer at Manulife Financial and also served as
Chief Executive Officer and Director of the Alberta Treasury Branches for five
years.

    Frank Potter - Mr. Potter is Chairman, Emerging Market Advisors, Inc., a
consulting firm dealing with international direct investment and Chairman of
Canadian Tire Bank. He is a Director of Canadian Tire Corporation, Limited,
Penn West Energy Trust, Softchoice Corporation, Sentry Select Capital Corp., a
private company that manages a number of exchange-traded investment trusts,
and each of the trusts and funds in the Sentry Select family. Mr. Potter is
also Chairman of Imagine Group Holdings Limited, a private Bermuda reinsurance
company.
    Mr. Potter has an extensive background in international banking and is a
former Executive Director of The World Bank. He has also acted as a senior
advisor at the Department of Finance in Ottawa. Mr. Potter attended the Royal
Military College of Science, and is a Fellow of the Institute of Canadian
Bankers.

    Certain statements contained in this release constitute forward-looking
statements. The words "may", "would", "could", "will", "intend", "plan",
"anticipate", "believe", "estimate", "expect" and similar expressions as they
relate to the Concerned Shareholders, the Nominees, the Company or its current
or future management, are intended to identify forward-looking statements.
Such statements reflect the Concerned Shareholders' or the Nominees' current
views with respect to future events and are subject to certain risks,
uncertainties and assumptions. The Concerned Shareholders and the Nominees
assume no responsibility for any such statements. Many factors could cause the
company's actual results, performance or achievements that may be expressed or
implied by such forward-looking statements to vary from those described herein
should one or more of these risks or uncertainties materialize. Such factors
include, but are not limited to, economic, business, technological,
competitive and regulatory factors. All such factors should be considered
carefully when making decisions with respect to Biovail, and undue reliance
should not be placed on the Concerned Shareholders' or the Nominees'
forward-looking statements. The Concerned Shareholders and the Nominees do not
undertake to update any forward-looking statements, whether written or oral,
that may be made from time to time by or on their behalf, except as required
under applicable securities legislation.





For further information:

For further information: Canadian Media: Joanne Kearney,
Fleishman-Hillard, (416) 804-5949, joanne.kearney@fleishman.ca; US Media:
Michael Sitrick, Sitrick And Company, (310) 788-2850,
mike_sitrick@sitrick.com

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