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Biovail to reconvene annual meeting Aug. 8
By Angela McDaniels
Tacoma, Wash., July 21 - Biovail Corp. said it will reconvene its annual meeting of shareholders at 10 a.m. ET on Aug. 8 in Toronto.
The meeting was held on June 25 and then adjourned after company founder and former chief executive officer Eugene Melnyk went to court seeking a declaration that the meeting was held illegally.
Melnyk alleged that Biovail's board met behind closed doors to amend the company's bylaws to reduce the quorum needed for the meeting after proxies representing 6 million Biovail shares were revoked.
As a result of the revocation, a quorum of at least 51% of the issued and outstanding shares of common stock would not have been present at the meeting as required under Biovail's bylaws before they were amended.
According to Melnyk, the purported amendment did not have the effect of reducing the quorum required for the meeting.
As part of the Concerned Shareholders of Biovail group, Melnyk had sought the election of a dissident slate of 10 nominees for election to the Biovail board.
In mid-July, the Ontario Superior Court gave Biovail until Sept. 23 to reconvene the adjourned meeting.
On Monday, Biovail said the Aug. 8 date of the reconvened meeting was confirmed by an order of the court, which also stipulated that:
• The record date for the meeting remains April 28;
• All proxies submitted to date remain valid;
• Shareholders who did not submit proxies for the original June 25 meeting may still vote; and
• Votes by proxy must be received by 10 a.m. ET on Aug. 6. This deadline also applies for shareholders who have already voted and choose to change their vote.
Biovail is a specialty pharmaceutical company based in Toronto.
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