Lagardere Needs to Explain the Financial Solvency of its General Partner
SHAREHOLDERS DESERVE ANSWERS
IS A GENERAL PARTNER WITH EXCESSIVE DEBT OF VALUE TO SHAREHOLDERS?
NEW YORK, April 16 /PRNewswire/ -- Franco-American Financier and Activist Guy Wyser-Pratte noted today that the article published in the Thursday, April 15th Edition of Le Nouvel Observateur magazine raises serious and troubling questions about Arnaud Lagardere's level of indebtedness, and more importantly, his ability to meet his obligations as a General Partner of Lagardere SCA (MMB.PA). Mr. Wyser-Pratte called upon Mr. Lagardere to step forward and clarify for shareholders his financial dealings relating to put options and sale of Lagardere shares reported by Le Nouvel Observateur. Mr. Wyser-Pratte stated: "I am sympathetic that Arnaud Lagardere may be experiencing some personal financial problems but this should not be allowed to interfere with the operation of Lagardere nor the pursuit of maximizing shareholder value. It raises an interesting debate about whether there is any structural benefit to having a General Partner who may not be able to cover the liabilities of the SCA. I also ask Mr. Lagardere to account to shareholders for speculating in his own company's stock, having a put option on approximately half his shares while the share price was sliding, affording him a Euro 106 million profit."
Mr. Wyser-Pratte again urged shareholders to support his two resolutions being presented at the 2010 AGM/EGM to be held on April 27.
VOTE YOUR LAGARDERE SCA SHARES TODAY! |
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Vote FOR resolutions: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 12, 14, A and B |
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Vote AGAINST resolutions: 11 and 13 |
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Your vote is important, no matter how many or how few shares you own. If you have any questions or need any assistance voting your shares, please do not hesitate to contact our proxy solicitor, MacKenzie Partners, Inc., by toll-free telephone in the US at 800-322-2885 or 212-929-5500 (Collect); or in the UK +44 (0)203 178 8057; or in France toll-free at 0800-911181 or via e-mail at [email protected].
SOURCE Wyser-Pratte Management Co.
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