Babcock Relents on Wyser-Pratte Demand for Shareholders Meeting; Wyser-Pratte to Nominate Mr. Werner Engelhardt as Supervisory Board Chairman.Business Editors NEW YORK--(BUSINESS WIRE)--June 14, 2002 Wyser-Pratte Management Co. Inc. (WPM wpm abbr. words per minute wpm words per minute Noun 1. wpm - the rate at which words are produced (as in speaking or typing) words per minute ) received word today that Babcock Borsig (BBX-GR) has given in to WPM demands to convene CONVENE, civil law. This is a technical term, signifying to bring an action. an extraordinary general meeting (EGM EGM Electronic Gaming Machine EGM Electronic Gaming Monthly EGM Extraordinary General Meeting EGM Expert Group Meeting EGM Estudio General de Medios (Spanish: General Means Study) EGM Emergency General Meeting ) of shareholders, scheduled for August 14-15. It remained unclear what the formal EGM agenda would be. WPM had previously demanded full shareholder approval of any sale of control of Babcock's shipbuilding subsidiary HDW HDW Hardware HDW Howaldtswerke-Deutsche Werft (German Shipbuilding Company) HDW Harley-Davidson of Washington HDW Hemoglobin Distribution Width HDW Hollow Dielectric Waveguide HDW High density satellite derived wind HDW Harvard Data Warehouse to Bank One Equity Partners. In addition, WPM has obtained two separate court injunctions blocking the deal from proceeding, pending the EGM. Meanwhile, Babcock maintains that the transaction had already been completed. The matter is set for a court hearing June 27, 2002. "Finally, we are going to get to the bottom of this mess", said WPM President, Guy Wyser-Pratte. "Babcock officers and directors continue to act as though they are above the law and can trample on shareholder rights. We believe the court injunctions prevent the HDW sale from occurring and that shareholders must have the opportunity to confirm or reject the sale at the EGM," Wyser-Pratte stated. WPM has made formal demands for an EGM since March but Babcock has refused. WPM then filed suit in German court to force a meeting, calling for a vote of no confidence in Babcock management, submission of the HDW deal for shareholder approval and removal of the supervisory board Supervisory board The board of directors that represents stakeholders in the governance of the corporation. . "We are not sure what agenda Babcock is planning but we will have the right to propose our own agenda items. I can assure you the EGM will be a frank and illuminating il·lu·mi·nate v. il·lu·mi·nat·ed, il·lu·mi·nat·ing, il·lu·mi·nates v.tr. 1. To provide or brighten with light. 2. To decorate or hang with lights. 3. exercise in shareholder rights," said Wyser-Pratte. "I am especially delighted to report that Mr. Werner Engelhardt (56), formerly chairman of the supervisory board of Rheinmetall A.G., has agreed to serve as nominee for chairman of the Babcock supervisory board, replacing Friedel Neuber. We are anxious to help get the Babcock/HDW situation rectified rectified refined; made straight. ," Wyser-Pratte concluded. WPM is a Manhattan based investment fund manager. |
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