| To: Business Editor | For immediate release |
Members' Resolutions to be Proposed at Jardine Matheson
Annual General Meeting
8th May 2000 -- Jardine Matheson Holdings Limited today announced that it had received notice on behalf of certain shareholders of their intention to propose members' resolutions at the Annual General Meeting to be held on 1st June 2000. The notice has been received from Brandes Investment Partners, L.P. ("Brandes"), a US registered investment advisory firm.
The resolutions deal with the role of the Directors of the Company who are also directors of Jardine Strategic Holdings Limited, require the Directors to vote the shares held by the Company in Jardine Strategic in favour of members' resolutions which have been submitted by Brandes for consideration at the annual general meeting of Jardine Strategic, recommend the Board consider making an offer for Jardine Strategic and propose an amendment to the Bye-Laws of the Company regarding the Directors' retirement by rotation provision. The members' resolutions are set out in the Addendum to the Notice of Annual General Meeting, which has been sent to shareholders together with the Company's 1999 annual report.
"The Board of Jardine Matheson welcomes dialogue with shareholders on such matters, and remains very conscious of the need to create shareholder value," said Managing Director, Percy Weatherall. "However, we believe the stability that the Group structure provides enables our businesses to compete effectively in their chosen marketplaces and plan for the long term in what remains a volatile region."
The Board of Jardine Matheson is of the opinion that none of the members' resolutions to be proposed at the Annual General Meeting is in the long-term best interests of the shareholders, other stakeholders or the Company. Accordingly, shareholders are being recommended to vote against these resolutions, as the Directors intend to do in respect of their own beneficial shareholdings.
Jardine Matheson is a multinational group of eight prime businesses focused primarily on the Asia-Pacific Region. Its operations employ some 150,000 people and its activities are leaders in the fields of financial services, supermarkets, consumer marketing, engineering and construction, motor trading, property and hotels. The Group is building its core businesses largely in Asia Pacific with the goal of enhancing shareholder value for the long term.
For further information, please contact:
Jardine Matheson Limited
| Neil M McNamara | Tel: (852) 2843 8227 (office) |
Forrest International Limited
| Sue Gourlay | Tel: (852) 2501 7936 (office) |
The Annual Report and the Addendum to the Notice of Annual General Meeting will be available on www.jardines.com after 9:00 am tomorrow.
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