Belvedere gets approval from 90% of shareholders to amend warrants

By Jennifer Chiou

New York, Feb. 8 - Belvedere SA announced that it received approval from over 90% of its shareholders for the proposed amendments to its share purchase warrants dated 2004 and 2006.

The company also noted that it took into account a notice from l'Autorité des marchés financiers from Jan. 29 to exclude the votes of directors of the company. That said, votes associated with Jacques Rouvroy and Christophe Trylinski were excluded from the quorum of holders.

On Jan. 28, the company responded to allegations from Colette Neuville, president of l'Association de défense des actionnaires minoritaires, regarding the proposed exclusion of holders of its refundable share purchase warrants, or obligation à bons de souscription en actions remboursables, series A and B.

As already reported, in Les Echos, Neuville reportedly made a request to AMF asking that holders of the Obsars be shut out of the vote at Monday's general meeting on the conditions of the exercise of the warrants.

ADAM previously stated that the holders controlling over 40% of the securities in question comprise the company's president, general director and their families, thus affecting 35% of the share capital.

Neuville had said that that Belvedere did not go through any processes with an independent financial adviser. In its reply, Belvedere pointed out that AMF never asked for a report from an independent adviser, adding that the terms of its securities were published with complete transparency.

Belvedere previously pointed out that Neuville is the holder of a single share of its stock.

This follows the Nov. 10 approval of the company's plans of reorganization in the Court of Dijon.

Belvedere previously said that holders representing about €100 million of its Obsars had unanimously approved the plan.

Based in Beaune, France, Belvedere is a producer and distributor of alcoholic and non-alcoholic beverages.

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