TECHNICOLOR : Technicolor and Vector Capital terminate their Governance Agreement and their legal dispute
(Thomson Reuters ONE) -
March 2, 2015 - Technicolor (Euronext Paris: TCH; OTCQX: TCLRY) announces today
that it has entered into an agreement with Vector Capital and its affiliates for
the purpose of terminating the Governance Agreement signed in July 2012. Vector
Capital, Technicolor's largest shareholder with 12.9% of the total share
capital, has publicly stated its support of Drive 2020, Technicolor's new
strategic plan as approved by the Board of directors on February 18, 2015 and
looks forward to working within the Board of directors on creating shareholder
value.
Pursuant to this agreement and given Vector's position as the largest
shareholder of the Company, the Board of directors will propose to the
Shareholders' Meeting of April 9, 2015 to renew the term of office of Mr. David
Fishman, a Vector representative, as the terms of office of the two Vector
representatives expire at the Shareholders' Meeting. Vector Capital has also
agreed that it shall vote in favor of resolutions submitted by the Board of
directors to the 2015 and 2016 Shareholders' Meetings, unless they relate to
dilutive equity issues or unless the average share market price of Technicolor
over a 20-day period goes below 5? and Mr. Fishman steps down from the Board at
that time. Pursuant to this settlement, the two parties shall also put an end to
all ongoing legal disputes between them.
Didier Lombard, Chairman of the Board stated "We are pleased to have reached an
agreement with Vector who helped stabilize Technicolor's shareholder base in
2012 and was instrumental in helping the Company deliver its financial
objectives one year early. We will now focus our efforts on implementing the
Drive 2020 strategic plan and on continuing to deliver value to Technicolor's
stakeholders."
David Fishman commented "Vector continues to see great potential at Technicolor
and we continue to support the Company and its management team. We support the
implementation of the Drive 2020 strategic plan and we look forward to
collaboratively working within the Board on its shareholder value creation
aspects."
***
About Technicolor
Technicolor, a worldwide technology leader in the media and entertainment
sector, is at the forefront of digital innovation. Our world class research and
innovation laboratories enable us to lead the market in delivering advanced
video services to content creators and distributors. We also benefit from an
extensive intellectual property portfolio focused on imaging and sound
technologies, based on a thriving licensing business. Our commitment: supporting
the delivery of exciting new experiences for consumers in theaters, homes and
on-the-go. www.technicolor.com
Technicolor shares are on the NYSE Euronext Paris exchange (TCH) and traded in
the USA on the OTCQX marketplace (TCLRY).
Contacts
Press: +33 1 41 86 53 93
technicolorpressoffice(at)technicolor.com
Investor relations: +33 1 41 86 55 95
investor.relations(at)technicolor.com
PDF version:
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Source: TECHNICOLOR via GlobeNewswire
[HUG#1898843]
Unternehmensinformation / Kurzprofil:
Datum: 02.03.2015 - 18:41 Uhr
Sprache: Deutsch
News-ID 375447
Anzahl Zeichen: 4155
contact information:
Town:
Issy-les-Moulineaux Cedex
Kategorie:
Business News
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