LONDON, July 16, 2003 (PRIMEZONE) -- On 16 July Cordiant was notified by Messrs Wheatly and Davidson that they do not intend to stand for election as Cordiant Directors at the Extraordinary General Meeting requisitioned by a nominee for funds advised by Active Value ("the Requisitioned Meeting").
The resolutions proposed by Active Value for consideration at the Requisitioned Meeting to be held on 23 July, included Resolutions Nos. 4 and 5 to elect Richard Wheatly and Stephen Davidson, respectively, to the Cordiant Board, as Chairman and Finance Director and Resolution No. 6, to establish a committee of the Board comprising Messrs Wheatly and Davidson and authorise them to appoint a new Chief Executive.
As a result of the withdrawal of Messrs Wheatly and Davidson it will not be possible for any of Resolutions 4, 5 and 6 to be passed at the Requisitioned Meeting and they have now been removed from the agenda.
The remaining requisitioned resolutions are still capable of being proposed at the Requisitioned Meeting. However, the withdrawal of the management team recommended by Active Value confirms the view of the Cordiant Board that none of the resolutions proposed by Active Value represent a viable alternative to the existing strategy that has been recommended by the Board to shareholders, namely the proposed acquisition of Cordiant by WPP Group plc by means of a statutory scheme of arrangement (the "WPP Offer").
Accordingly, the Cordiant Board continues to recommend Shareholders to vote AGAINST all of the surviving Active Value requisitioned resolutions, and in FAVOUR of the WPP Offer.
16 July 2003
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College Hill Tel: +44 (0) 20 7457 2020 Alex Sandberg Adrian Duffield