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Urge UBS Board and Management to respect the democratic rights of shareholders
TORONTO, June 30 /CNW/ - The UBS ("Unique Broadband Systems, Inc.") Concerned Shareholders "Concerned Shareholders" thank fellow shareholders for the overwhelming support they have demonstrated by voting their YELLOW proxy. Based on proxies received and deposited by the Concerned Shareholders' proxy solicitation firm, Kingsdale Shareholder Services Inc.:
- 35,205,215 YELLOW proxies were voted FOR a resolution removing
incumbent directors Gerald McGoey, Douglas Reeson and Louis Mitrovitch
- 35,426,385 YELLOW proxies were voted FOR the election of the Concerned
Shareholders' director nominees to the UBS Board: Robert Ulicki, Grant
McCutcheon and Henry Eaton
While the final results will only be available at the Special Meeting of Shareholders, the UBS Concerned Shareholders believe that (excluding shares held by those on the Board or Management Team of UBS), the vast majority of all proxies voted were cast in favour of the Concerned Shareholders.
"We are grateful for the support of our fellow shareholders and applaud their efforts to facilitate change at their Company," said Robert Ulicki, President Clareste Wealth Management Inc., speaking on behalf of the Concerned Shareholders.
The Concerned Shareholders' representatives have been in contact with the legal representatives of UBS's Board and Management to lay the groundwork for what they hope will be a non-acrimonious Special Meeting where the democratic rights of shareholders will be respected. The Concerned Shareholders note with increasing concern that its request for an independent chairman to chair the meeting, a standard arrangement when one of the issues in question is the previous conduct of the would-be Chairman, Gerald McGoey, has been denied. A request to review all proxies prior to the meeting has also been denied. Full disclosure of serious issues of a material nature to UBS shareholders is of paramount importance to all shareholders. As this campaign comes to a close, the Concerned Shareholders ask that advisors to UBS ensure that they are free of any undisclosed conflicts and have only the best interests of UBS shareholders in mind, allowing shareholders, in good faith, to make a fully informed decision regarding their Board of Directors on July 5.
"The Concerned Shareholders will not accept any attempt to disenfranchise shareholders and will move quickly, should the need arise, to protect shareholder democracy and hold any party involved in any wrongdoing accountable for their actions," said Ulicki.
About UBS Concerned Shareholders
The UBS Concerned Shareholders are a group of investors, mostly individuals, who came together in response to the publicity that has occurred surrounding the extraordinary $22.7 million of executive and director compensation awarded in 2009 at UBS and LOOK in the face of dismal performance and plummeting share values. These shareholders have spent their time and their own resources over the past months to demand information, alert regulators, assess legal options, and ultimately take action in order to attempt to rectify and improve the situation on behalf of all shareholders of UBS.
Robert Ulicki, Grant McCutcheon and Henry Eaton are the UBS Concerned Shareholders' director nominees. These individuals would bring integrity, experience, and an Action Plan formulated to benefit shareholders to the Board. More information on each of the Concerned Shareholders' director nominees and the Action Plan is contained in the Information Circular dated June 3, 2010.
Unless otherwise noted, the information concerning UBS, Look Communications Inc. ("Look") and their directors and officers contained in this press release has been taken from, or is based upon or derived from, publicly available documents or records on file with Canadian securities regulatory authorities and other public sources. Although, the Concerned Shareholders have no knowledge that would indicate that any statements contained in such publicly filed documents are untrue or incomplete, the Concerned Shareholders do not assume responsibility for the accuracy or completeness of such information or for any failure by UBS or Look to disclose material information which may affect the significance or accuracy of such information.
Certain statements contained in this press 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 Concerned Shareholders' nominees, UBS or Look, are intended to identify forward-looking statements. Such statements reflect the Concerned Shareholders' current views with respect to future events and are subject to certain risks, uncertainties and assumptions. The Concerned Shareholders' nominees assume no responsibility for any such statements. Many factors could cause 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, the financial condition and cash flow of UBS and Look, binding contractual covenants entered into by UBS and/or Look, pending or future litigation involving UBS and/or Look, general market conditions, the market for and regulations surrounding the purchase and sale of tax losses and other general business, technological, competitive and regulatory factors. Neither the Concerned Shareholders nor their director nominees assume any obligation to update or revise the forward looking statements contained in this press release to reflect actual events or new circumstances.
SOURCE UNIQUE BROADBAND SYSTEMS, INC. CONCERNED SHAREHOLDERS
For further information: For further information: Investors: www.saveubs.com, Kingsdale Shareholder Services Inc., 1-866-879-7650; Media: Joel Shaffer, Kingsdale Communications Inc., 416-867-2327