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Belvedere responds to 'unfounded' accusations on treasury share votes
By Jennifer Chiou
New York, Sept. 11 - Belvedere SA said that the treasury shares in question by ADAM are held by Belvedere Group and will, as a result, be denied voting rights at the next general meeting, according to company news release in response to the "unfounded allegations" of the Association des actionnaires minoritaires (ADAM).
The company said it never has intended to take voting rights into account for the aforementioned shares, despite ADAM's impressions otherwise.
In addition, the company said in the release that the shareholder agreement between Jacques Rouvroy and Christophe Trylinski was dissolved on Jan. 14, 2007. Further, a review by the Autorité des marchés financiers (AMF) confirms this.
Belvedere also pointed out that following the private placement to reclassify the shares held by its group, their declarations were regularly carried out, reported and published. The company specifically cited an AMF review dated Aug. 9, 2007.
Going even further, the company said that the AMF would certainly have taken question over the past two years if there was any room for debate on any offre publique d'achat, or bid, concerning the shares.
The company also questioned why ADAM has pursued the "unfounded" accusations against the company, taking into account its recent and ongoing court actions regarding the creditors of its floating-rate notes ahead of its upcoming plan of reorganization hearing.
As already reported, the Court of Dijon will rule on Sept. 14 on the proposed plan probate.
Based in Beaune, France, Belvedere is a producer and distributor of alcoholic and non-alcoholic beverages.
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