LONDON, June 4, 2003 (PRIMEZONE) -- Cordiant Communications Group plc: ("Cordiant") (NYSE:CDA) (LSE:CRI) Cordiant confirms receipt of a letter requisitioning an Extraordinary General Meeting consistent with yesterday's announcement by Active Value Advisors ("Active Value") and also notes comments made to the media by Mr. Myerson of Active Value.
Following the announcement at the end of April of the loss of a major client, the Board of Cordiant announced that it was conducting a twin tracked strategy: to carry out an orderly disposal of a number of non-core assets and at the same time to evaluate a range of strategic options concerning the future of the remainder of the Group. Throughout this process the Board has worked closely with its lenders, who have been supportive of the Board's strategy. Management has also maintained a continuous dialogue with the Group's major clients who have indicated their clear preference for the Group to seek an industry partner.
Both of these processes have now reached an advanced stage. The disposal of the Group's Australian business has already been announced and the disposals of Scholz & Friends and FD International are both expected to be announced shortly.
During the management changes announced last year and subsequently, the Board of Cordiant has maintained an open dialogue with all its major shareholders including Active Value. More recently, Active Value made known its support for a proposal from WestLB regarding the appointment of a new management team and a possible equity injection. The Board has cooperated with WestLB and continues to furnish them with information to enable them to rework their proposal.
Separately the Board continues to advance its discussions with various parties and is seeking to bring them to a conclusion in the very near future in the best interests of the stakeholders of the Group and its clients.
4 June 2003 Enquires: College Hill Tel: +44 (0) 20 7457 2020 Alex Sandberg Adrian Duffield