Laxey Partners wants more voting rights at Publigroupe

 
The hedge fund Laxey Partners is proposing to Publigroupe's Annual General Meeting that the five percent restriction on registration and voting rights be lifted. The Isle of Man-based fund represents twelve other funds that have held a 4.98% stake in Publigroupe AG since February 2008. The Publigroupe Board of Directors unanimously rejects this proposal and recommends that shareholders reject the proposal at the Annual General Meeting on April 30, 2008. In the invitation to the AGM, it states that a stable and diversified shareholder base maintains the independence of the company and is therefore a key element for the company's success.
In view of the good result for 2007 and the positive outlook for the current year, it also proposes an increase in the dividend from twelve to thirteen francs per share. In addition to the re-election of the existing members of the Board of Directors Christian Budry, Gerhart Isler and Felix Weber, it also recommends the election of Etienne Jornod as a new member of the Board of Directors, who has been Chairman and Delegate of the Board of Directors of Galenica since 1996.