Biovail's former CEO nominates two for election to company's board

By Lisa Kerner

Charlotte, N.C., May 14 - Former chief executive officer of Biovail Corp. Eugene Melnyk and EM Holdings BV filed a dissident proxy circular in connection with their solicitation of proxies for the election of Paul Haggis and Frank Potter, according to a schedule 13D/A filed with the Securities and Exchange Commission on Thursday.

As previously reported, Haggis was president and CEO of Omers and is currently the chairman of Alberta Enterprise Corp., a new venture fund created by the government of Alberta.

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

Melnyk wants to replace the current Biovail directors nominated by the company's management, Michael Van Every and Dr. Laurence E. Paul, the filing said.

In April, Biovail sent a letter to its shareholders asking them to vote in favor of the company's director nominees and resolutions at the annual meeting on May 28.

Biovail accused Melnyk of "once again attempting to exert undue influence" over the company.

Melnyk, the Toronto specialty pharmaceutical company's largest shareholder, and EM Holdings announced they would focus their efforts on "certain key governance proposals" and not the full package of proposals set forth in its 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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