KANSAS CITY, Mo., Nov. 11 /PRNewswire/ -- An investor group in Trinity Biotech plc , an Irish based developer and manufacturer of diagnostic products whose shares are traded in the form of American Depository Receipts ("ADRs") on NASDAQ, has initiated a campaign for conversion of company ADRs to ordinary shares to bring about a special meeting of shareholders to consider a change in the board.
This campaign follows the recent refusal by Trinity Biotech directors to honor an earlier request by a group of ADR holders for the calling of a special meeting of shareholders to consider the removal and replacement of the company's current directors. The directors' rejection of the request was based on their determination that ADRs have fewer rights under Irish law than the ordinary shares into which they may be converted. The directors also refused to take alternative steps proposed by the requesting group to convene the meeting.
Commenting on the campaign, Tom Reidy stated, "The directors' blatant disregard for our basic rights as owners of the company has only heightened our resolve to impose accountability on company management. We are calling on all ADR holders who believe that a board change is in order to join with us in converting ADRs to ordinary shares. While none of us should be forced to take this unnecessary step, we believe this is the only way we can protect our investment."
Important Next Steps: ADR holders who would like assistance in converting their ADRs should contact Mr. Reidy at
