Bacardi Shareholders Approve Bye-Law Amendment.Business Editors HAMILTON, Bermuda--(BUSINESS WIRE)--Feb. 24, 2004 At a special shareholder meeting held today, Bacardi Limited shareholders approved a bye-law amendment by the affirmative vote of more than two-thirds of all outstanding shares. The bye-law amendment gives the Company's Board of Directors the authority to issue a second class of shares, previously authorized in May of 2003. However, the Board would still have to vote by a two-thirds majority to actually issue the second class of shares. In the case of an initial public offering, the Board cannot issue the shares until January 1, 2005 at the earliest. The Board has no current plans to issue the second class of shares. Ruben Rodriguez, Chairman of the Board, said, "With this positive vote, the Company has secured the financial flexibility that it may need to continue to grow in this competitive environment and to maximize shareholder value. This completes the cycle that has taken more than two years and included enhancing the Company's corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. to much higher standards." Bacardi Limited, a privately held company privately held company A firm whose shares are held within a relatively small circle of owners and are not traded publicly. , produces and markets a variety of internationally recognized spirits. The company's brand portfolio consists of more than 250 brands and labels including: BACARDI rum, the world's number one selling premium spirit; MARTINI AND ROSSI vermouth vermouth (vərm  th`), blend of white wines fortified with additional alcohol and flavored with aromatic herbs, spices, and roots. It contains up to 19% alcohol. , the world leader in vermouth; DEWAR'S scotch whisky Scotch whiskyn. A whiskey distilled in Scotland from malted barley. Noun 1. Scotch whisky - whiskey distilled in Scotland; especially whiskey made from malted barley in a pot still , the number one selling blended scotch whisky in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ; BOMBAY SAPPHIRE Bombay Sapphire is a brand of gin distributed by Bacardi, launched in 1987, having been named via a competitive process whereby a number of leading Madison Avenue agencies were played off against each other. The name hints at the origins of gin's popularity in the British Raj. gin, one of the fastest growing brands in the spirits industry; CAZADORES BLUE AGAVE tequila, ranked fourth globally in its category. |
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