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Zurich, Switzerland, 5 April 2007 – ISS, the leading global provider of proxy voting and corporate governance solutions to the institutional marketplace, recommends that shareholders of Tecan Group AG support all motions of Tecan’s Board of Directors. ISS has also recommended not to support the personnel related motions of BB Medtech / BB Medhealth which would amount to a drastic change in the makeup of Tecan’s Board.
In a report, published 3 April 2007, ISS (Institutional Shareholder Services) points out that according to news reports BB Medtech is critical of Tecan’s current management and strategy but has failed to provide shareholders with any additional information or a detailed rationale for such a radical change in the Board composition. As such, the motions are lacking any clear substantiation.
ISS recommends that shareholders reject BB Medtech’s motion for removal of the current Chairman of the Board, Mike Baronian, to re-elect Peter Ryser as a member of the board and to support the candidates nominated by the Board, Heinrich Fischer and Jürg Meier. ISS recommends not to elect the candidates proposed by BB Medtech, Uwe Bicker and Ernst Zaengerle.
Continuity critical to Tecan
Tecan (www.tecan.com) is a leading global supplier of solutions for the biopharma, forensic and diagnostic industries. The company is a leader in the development, production and distribution of advanced automation and detection solutions for the world’s leading life science laboratories. Through its REMP subsidiary (www.remp.com), Tecan is the premier supplier of large-scale automated laboratory storage and logistics systems. Founded in Switzerland in 1980, the company has over 1100 employees, owns production, research and development sites in both North America and Europe and maintains a sales and service network in 52 countries. In 2006, Tecan achieved sales of CHF 405.9 million (USD 324.7 million; EUR 258.6 million). Shares of the Tecan Group are traded on the SWX Swiss Exchange (TK: TECN/Reuters: TECZn.S/Valor: 1210019).
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Tecan Group Ltd.