Leitch reschedules AGM
TORONTO - Broadcast equipment manufacturer Leitch Technology announced this morning that tomorrow's scheduled annual general meeting has been cancelled due to the recent actions of dissident shareholders.
"This decision has been made as a result of the filing, in the evening of October 16, 2003, of a dissidents' proxy circular proposing an alternative slate of directors and proposing to install a new CEO and Chief Technical Officer," says the press release. "The Board of Directors has rescheduled the meeting in order to permit sufficient time for shareholders to receive full information concerning this key decision in the life of Leitch.
"The last minute filing of the dissidents' solicitation deprived Leitch shareholders of the opportunity to make a fully informed decision on what has become a contested election for directors. Although we have already received proxies overwhelmingly supporting the management slate, the shareholders are entitled to know what is at stake before the election occurs, with sufficient time to make a reasoned decision," said Leitch director and interim CEO Stan Kabala, in a statement.
Subject to regulatory approval of the date, the meeting will proceed on December 8, 2003. Details with respect to the new record date and the location will be released shortly.
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