Newspaper article The Canadian Press

Bioniche Reaches Agreement with Dissident Shareholders after Proxy Battle

Newspaper article The Canadian Press

Bioniche Reaches Agreement with Dissident Shareholders after Proxy Battle

Article excerpt

Bioniche reaches settlement with shareholders

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BELLEVILLE, Ont. - Bioniche Life Sciences Inc. (TSX:BNC) and a group of dissident shareholders have reached an agreement that will see the company replace its chief executive and some of its directors.

The biopharmaceutical research company announced the settlement after a lengthy proxy battle with so-called "concerned shareholders," led by former Biovail Corp. executives William Wells and Greg Gubitz.

The shareholders were seeking to replace the company's board of directors after accusing management of failing to deliver on past promises in the face of a steady decline in the company's business.

A new slate of directors will be elected at the company's shareholder meeting Nov. 5.

The new board will include two current directors -- James Rae and Rod Budd -- as well as one of the activist shareholders, Gubitz.

The board will also include three new independent directors, who will be chosen from a list of candidates agreed on by the company and the concerned shareholders, and the company's new chief executive, once hired. …

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