HAMILTON, Bermuda, September 29 /PRNewswire-FirstCall/ -- Orient-Express
Hotels Ltd. (NYSE: OEH) (http://www.orient-express.com), owners or
part-owners and managers of 51 luxury hotels, restaurants, tourist trains and
river cruise businesses operating in 25 countries, issued the following
statement today:
'We have reviewed the proxy statement of shareholders DE Shaw and SAC
Capital relating to the special general meeting to be held on October 10,
2008. This proxy statement merely restates the arguments that these
shareholders have previously made concerning the Company's corporate
structure. These arguments have been previously considered and rejected by
the Board of Directors.
'This structure was implemented in order to preserve the Board's ability
to oppose any proposals that are contrary to the best interests of the
Company and its shareholders, including coercive or unfair offers to acquire
the Company, and thus preserve the value of the Company for all of its
shareholders. It has been consistently described in the Company's public
filings and investors in the Company have been aware of this structure since
2000. The Company is confident that its corporate structure, which has been
thoroughly analyzed by both Bermuda counsel and Queen's Counsel in London, is
valid and proper under Bermuda law and strongly disagrees with any suggestion
to the contrary.
Specifically, DE Shaw and SAC Capital have repeatedly asserted that the
class B common shares of the Company owned by Orient-Express Holdings 1 Ltd.
are actually treasury shares of the Company and, as such, may not be voted.
This assertion is false as a matter of law and contrary to an established
Bermuda Supreme Court precedent - a precedent which the Bermuda legislature
has not overturned despite many opportunities to do so. The Company intends
to defend vigorously any legal challenges to its corporate structure.
'The Board of Directors urges that all shareholders discard the
requisitioning shareholders GREEN proxy card. Shareholders are urged to vote
on the Company's WHITE proxy card AGAINST the resolutions being considered at
the special general meeting of shareholders scheduled for October 10, 2008.'
SOURCE Orient Express Hotels Ltd
