Printer Friendly

EUROPA CRUISES PRELIMINARY RESULTS ANNOUNCED; FOUNDER TO CONTINUE TO PRESS DELAWARE LITIGATION

 PENSACOLA, Fla., Nov. 1 /PRNewswire/ -- Charles Liberis, chairman of the Europa Stockholders Committee, announced today that preliminary results have been issued by CT Corporation, the inspectors of election for tabulation of voting at the Europa Cruises Corp. (NASDAQ: KRUZ) Oct. 29 annual meeting. Mr. Liberis said that although the preliminary results show management's slate prevailed by approximately 7.3 million to 3.75 million shares, he is challenging through litigation in Delaware Chancery Court a sufficient number of votes to reverse the election. Final results will be announced later today or tomorrow following a challenge and review session before the inspectors in Wilmington, Del.
 Specifically, Mr. Liberis is seeking to overturn the vote of approximately 1,826,000 shares of voting preferred stock which was purchased by Serco International Limited for a little more than $1 per share when the common stock was trading substantially higher. Mr. Liberis claims these shares were issued at below fair market price just prior to the annual meeting for the purpose of granting additional votes to Serco. Additionally, Mr. Liberis is challenging certain of 2,786,000 common shares voted by Serco but which had been sold to other buyers, thereby making Serco not entitled to vote these shares at the annual meeting.
 Further, Mr. Liberis is seeking to have 1,417,500 common shares he exercised through an option before the record date count towards the final tally of votes. Mr. Liberis said he will also commence legal action against the company for false and misleading statements made during the solicitation in violation of federal securities laws.
 Mr. Liberis commented, "I will vigorously pursue appropriate actions in court which will reverse the outcome of the inspector's preliminary numbers. Because of the low voter turnout at the annual meeting, I will no longer pursue my consent solicitation to remove the company's board but will rely instead on the Delaware court for a resolution to this election contest."
 Mr. Liberis added, "Contrary to the announcement earlier today by the management of Europa, the company's shareholders did not overwhelmingly endorse management's slate. Unfortunately, it appears that shareholders are not happy with either side since owners of more than 4 million shares did not vote at all."
 -0- 11/1/93
 /CONTACT: Stanley J. Kay of MacKenzie Partners, Inc., 212-929-5940/
 (KRUZ)


CO: Europa Stockholders Committee; Europa Cruises Corp.; Serco
 International Limited ST: Florida IN: LEI SU:


CK -- NY097 -- 9394 11/01/93 18:47 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 1, 1993
Words:408
Previous Article:MBC SET TO LAUNCH PAY TV PACKAGE USING GI'S DIGICIPHER(TM) TECHNOLOGY
Next Article:PLUM CREEK COMPLETES TRANSACTION FOR MONTANA TIMBERLANDS; LOCAL FORESTERS HIRED TO MANAGE LAND
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters