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Lionsgate, Image Issue Election Eve Pleas

9 Oct, 2006 By: Erik Gruenwedel

Citing the ubiquitous pre-election cry that “every vote counts,” Image Entertainment and combative second-largest shareholder Lionsgate Oct. 9 — in separate statements — urged Image shareholders to vote in the distributors' respective slate of board candidates.

Image holds board elections at the shareholder meeting Oct. 10 in Woodland Hills, Calif.

Last week, Santa Monica-based Lionsgate received a boost of sorts when separate proxy advisory firms recommended shareholders vote for the mini-major's candidate Dr. Duke Bristow.

“If you remember only three words from this entire proxy challenge, we believe that those words should be ‘independent' and ‘stockholder value,' said Lionsgate, in a statement, referring to its slate of six candidates.

It is unclear what, if any, impact UCLA economics professor Bristow would have on the Image board other than his past experience with corporate governance research.

Image COO David Borshell previously stated that one elected candidate from Lionsgate would not be able to affect “change on the board and the company.”

Image president, CEO and board incumbent Martin Greenwald, in a statement, said the distributor had a “solid history of delivering shareholder value,” and a 25-year track record of making decisions in best interest of shareholders.

“I urge every Image shareholder to cast their vote in this board election and make their opinion count,” said Greenwald.

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