Biovail shareholder, founder Melnyk names his two director nominees

By Lisa Kerner

Charlotte, N.C., April 27 - Biovail Corp. shareholder and founder Eugene Melnyk, along with EM Holdings BV, will put forth Paul G. Haggis and Frank Potter as nominees for election to the company's board of directors at the annual and special meeting on May 28.

Haggis was president and chief executive officer of Omers and is currently the chairman of Alberta Enterprise Corp., a new venture fund created by the government of Alberta, Canada.

Potter is chairman of Emerging Market Advisors, Inc. and chairman of Canadian Tire Bank.

As previously reported, Melnyk, the Toronto specialty pharmaceutical company's largest shareholder, asked for the special meeting in order to approve corporate governance resolutions and elect his nominees.

Melnyk and EM Holdings said they will now focus their efforts on "certain key governance proposals" and not the full package of proposals set forth in the Feb. 25 requisition filed with Biovail.

As a result, the group will solicit proxies in respect to majority voting, individual director voting, proxy access and the treatment of severance arrangements under Biovail's employment agreements, according to Melnyk.

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