Edipresse has a solution for Rhône Media
The Valais-based media group Rhône Media is constantly plagued by internal crises; just recently, the chairman of the board of directors was voted out. To improve the management of the media company, minority shareholder Edipresse is proposing a new approach to solving these problems.
Internal crises are constantly occurring at the Valais media group Rhône Media; only recently the Chairman of the Board of Directors was voted out of office. In order to improve the management of the media company, minority shareholder Edipresse is proposing a new method of problem-solving. In a letter to all Rhône Media board members, the publisher Edipresse proposes a solution to promote the proper management of the media company. Specifically, a new version of the shareholders' agreement is envisaged. According to the press release, the publisher is aware that this is no walk in the park, as such a measure "presupposes that all shareholders are united in their commitment to a complete change and the search for a compromise."
According to Edipresse, the problem stems from the constraints that the Valais shareholders have imposed on themselves in their agreement. This would lead to a dead end, as the shareholders would split up and thus prevent any development. Considering recent developments, however, more far-reaching measures than just a new agreement may be necessary. After Chairman of the Board of Directors Jean-Marie Fournier was not re-elected at the last Annual General Meeting, he announced his intention to fight back. Fournier, who owns 20 percent of the shares in Rhône Media, senses bad intentions at Edipresse. He suspects that behind his dismissal lies a plan to take control of Rhône Media's most important product, Le Nouvelliste.
In its public letter to the Rhône Media Board of Directors, Edipresse undertakes to participate in the process "actively, without prejudice and with the will to find a pragmatic and efficient solution for the company". The Group calls on all shareholders to solve the real structural problems of the media company under the leadership of the Board of Directors and affirms that it continues to have great confidence in the four Board members. Edipresse also recommends considering mediation by a neutral person. The publishing house owns 37.5 percent of Rhône Media shares and is not represented on the Board of Directors. However, it should be noted that Board member Antonin Gross was CFO of Edipresse a few years ago.
According to Edipresse, the problem stems from the constraints that the Valais shareholders have imposed on themselves in their agreement. This would lead to a dead end, as the shareholders would split up and thus prevent any development. Considering recent developments, however, more far-reaching measures than just a new agreement may be necessary. After Chairman of the Board of Directors Jean-Marie Fournier was not re-elected at the last Annual General Meeting, he announced his intention to fight back. Fournier, who owns 20 percent of the shares in Rhône Media, senses bad intentions at Edipresse. He suspects that behind his dismissal lies a plan to take control of Rhône Media's most important product, Le Nouvelliste.
In its public letter to the Rhône Media Board of Directors, Edipresse undertakes to participate in the process "actively, without prejudice and with the will to find a pragmatic and efficient solution for the company". The Group calls on all shareholders to solve the real structural problems of the media company under the leadership of the Board of Directors and affirms that it continues to have great confidence in the four Board members. Edipresse also recommends considering mediation by a neutral person. The publishing house owns 37.5 percent of Rhône Media shares and is not represented on the Board of Directors. However, it should be noted that Board member Antonin Gross was CFO of Edipresse a few years ago.
