QLT reduces stock option request to shareholders
ISS/Fairvest Now Recommends QLT Shareholders Vote 'FOR' Amended Option
and Shareholder Rights Plan
VANCOUVER, April 11 /CNW/ - QLT Inc. announced today that at the
Company's upcoming Annual Meeting on April 25, 2002, it will be requesting
fewer stock options than it had originally asked shareholders to approve. In
response to the Company's planned reduction in the number of options being
requested and amendments to the shareholder rights plan, Fairvest Securities
Corporation, the Canadian division of ISS, today issued a formal
recommendation that QLT shareholders vote in favor of all of the proposed
recommendations including the options and shareholder rights plans.
ISS is widely recognized as a leading independent proxy advisory firm.
Its analyses and recommendations are relied upon by hundreds of major
institutional investment firms, mutual funds and other fiduciaries.
"In response to discussions with Fairvest/ISS, QLT has reduced the
proposed 4.3 million increase in the number of common shares that may be
issued under the 2000 Stock Option Plan to 2.0 million common shares," said
Paul Hastings, President and CEO. "The amended Option Plan reflects our
respect for the expectations of our shareholders while at the same time
provides appropriate incentives to recruit and retain employees who are
important for the growth and success of the Company."
This increase represents less than 3% of the current issued and
outstanding shares of QLT. Shareholders will be asked to approve this change
at the Annual Meeting.
Because the Company believes that the incentives provided by the
Company's Stock Option Plan are essential for the growth and success of QLT,
the Company has retained Allen Nelson & Co. to solicit proxies from brokers,
banks and other institutional holders and from beneficial owners and
individual holders of record. For its services the Company has agreed to pay
Allen Nelson & Co. a fee estimated to be between US$10,000 to $15,000.
QLT urges shareholders to sign, date and return the proxy card voting FOR
the options and shareholder plans. All votes made 'FOR' the original 4.3
million increase in the common shares under the Option Plan will be considered
a 'FOR' vote for the 2.0 million increase. Shareholders may obtain additional
information on the Option Plan by referring to the Company's Proxy Statement.
If you have already submitted an Instrument of Proxy and wish to change your
vote, you may obtain an additional Instrument of Proxy from QLT's web site at
www.qltinc.com or by contacting QLT directly at 604-707-7571. |
