Statement From The Board Of Primedia Following The
Primedia Limited
Statement from the Board of Primedia following the EGM held on, Friday, 11th
May, 2001.
The Board of Primedia welcomes the vote by shareholders to reject all the
resolutions tabled by Active Value Fund (AVF) at the Extraordinary General
Meeting held today.
The results of the voting were as follows:
Total number of shares presented for voting = 151 million (72%) out of a total
of 209 million in issue.
Treating the Ordinary and N shares equally, the results were:
- 61% voted against all the resolutions proposed by AVF.
- 34% voted in favour of all the resolutions proposed by AVF.
- 5% abstained from voting.
Taking into account the lower voting power of the N shares (one N share = one
vote; one Ordinary share = one hundred votes), the results were:
- 53.64% voted against all the resolutions proposed by AVF.
- 43% voted in favour of all the resolutions proposed by AVF.
- 3.36% abstained from voting.
The Board views the vote as a strong endorsement by the vast majority of
shareholders of its current strategy and time frames for implementation. The
Board's focus continues to be on the delivery of that strategy which is
critical to enhancing shareholder value.
The Board remains willing to engage constructively with AVF and any other
significant shareholder.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
