Lionsgate Announces Preliminary Voting Results for 2010 Annual General Meeting of Shareholders; Results Confirm the Election of all Twelve Lionsgate Directors

Dec 16, 2010, 16:43 ET from Lionsgate

SANTA MONICA, Calif. and VANCOUVER, British Columbia, Dec. 16, 2010 /PRNewswire-FirstCall/ -- Lionsgate (NYSE: LGF) announced today that IVS Associates, Inc., the independent Inspector of Elections, has released its preliminary report for Lionsgate's 2010 Annual General Meeting of Shareholders held on December 14, 2010.

Based on the preliminary tabulation by IVS Associates, Lionsgate shareholders have elected to the Lionsgate Board of Directors all twelve of the Company's director nominees by a clear and convincing margin: Norman Bacal, Michael Burns, Arthur Evrensel, Jon Feltheimer, Frank Giustra, Morley Koffman, Harald Ludwig, G. Scott Paterson, Mark H. Rachesky, Daryl Simm, Hardwick Simmons and Phyllis Yaffe.

Lionsgate issued the following statement:

"These results are a clear indication that Lionsgate shareholders understand our vision for Lionsgate and the tremendous potential for continued value creation under this Board and management team.  With the right leadership in place, Lionsgate is focused on continuing to build on the momentum over the last year, in which we achieved record results across our business.  We thank our shareholders for their strong support throughout this process and we look forward to continuing to execute on our strategy for the benefit of all shareholders."  

With 93.92% of the total eligible shares voted, the results as a percentage of shares voted on directors are as follows:

Proposal:

Board Members

Number of Votes

Percent of Votes Cast

Lionsgate Nominees:

Norman Bacal

123,726,272

97.86%

Michael Burns

71,750,085

56.72%

Arthur Evrensel

121,969,580

96.48%

Jon Feltheimer

121,450,541

96.06%

Frank Giustra

125,899,304

99.58%

Morley Koffman

123,853,573

97.97%

Harald Ludwig

69,714,060

55.14%

G. Scott Paterson

71,743,964

56.75%

Mark H. Rachesky

71,747,090

56.75%

Daryl Simm

121,971,722

96.48%

Hardwick Simmons

69,713,625

55.14%

Phyllis Yaffe

125,895,568

99.58%

Icahn Group Nominees:

Number of Votes

Percent of Votes Cast

Michael Dornemann

53, 607,251

42.40%

Jay Firestone

52,923,494

41.86%

Christopher McGurk

46,263,119

36.59%

Daniel Ninivaggi

49,728,321

39.33%

Harold Shapiro

46,099,167

36.46%

Prior to the closing of the polls at the Annual General Meeting, all proxy cards received by the Company and the Icahn Group were turned over to the independent inspector of elections, IVS Associates, Inc., for final tabulation and certification. Final results will be announced once they have been certified, which is expected to occur in the coming days.

In addition, at the Annual General Meeting, shareholders voted to reappoint Ernst & Young LLP as auditors of the Company at remuneration to be fixed by the audit committee.

Morgan Stanley & Co. Incorporated is serving as financial advisor to Lionsgate and Heenan Blaikie LLP is serving as legal advisor. Perella Weinberg Partners LP is serving as financial advisor to the Special Committee of the Lionsgate Board of Directors and Wachtell, Lipton, Rosen & Katz is serving as U.S. legal advisor.

About Lionsgate

Lionsgate is the leading next generation studio with a strong and diversified presence in the production and distribution of motion pictures, television programming, home entertainment, family entertainment, channels, video-on-demand and digitally delivered content. The Company has built a strong television presence in production of prime time cable and broadcast network series, distribution and syndication of programming through Debmar-Mercury and an array of channel assets.   Lionsgate currently has 15 shows on more than 10 networks spanning its prime time production, distribution and syndication businesses, including such critically-acclaimed hits as "Mad Men", "Weeds" and "Nurse Jackie" along with new series such as "Blue Mountain State" and "Running Wilde" and the syndication successes "Tyler Perry's House Of Payne", its spinoff "Meet The Browns", "The Wendy Williams Show" and the recently announced "Are We There Yet?".

Its feature film business has generated such recent hits as THE EXPENDABLES, which was #1 at the North American box office for two weeks this past summer, THE LAST EXORCISM, TYLER PERRY'S WHY DID I GET MARRIED TOO?, KICK ASS and the critically-acclaimed PRECIOUS, which won two Academy Awards(R).   The Company's home entertainment business has grown to more than 7% market share and is an industry leader in box office-to-DVD revenue conversion rate.  Lionsgate handles a prestigious and prolific library of approximately 12,000 motion picture and television titles that is an important source of recurring revenue and serves as the foundation for the growth of the Company's core businesses. The Lionsgate brand remains synonymous with original, daring, quality entertainment in markets around the world.

Additional Information

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. Lionsgate has filed a definitive proxy statement with the Securities and Exchange Commission (the "SEC") and Canadian securities regulators in connection with the annual meeting of shareholders and mailed such proxy statement to the shareholders of Lionsgate.  Lionsgate has also filed a Solicitation/Recommendation Statement on Schedule 14D-9 with the SEC and a directors' circular with Canadian securities regulators regarding the Icahn Group's pending unsolicited tender offer. SHAREHOLDERS ARE STRONGLY ENCOURAGED TO READ THESE AND OTHER DOCUMENTS FILED WITH THE SEC OR CANADIAN SECURITIES REGULATORS IN THEIR ENTIRETY, AS THEY CONTAIN CERTAIN IMPORTANT INFORMATION. Shareholders will be able to obtain the proxy statement, the Solicitation/Recommendation Statement, the directors' circular, any amendments or supplements thereto, and other documents filed by Lionsgate with the SEC and Canadian securities regulators related to the annual meeting or the Icahn Group's unsolicited tender offer for no charge in the "Investors" section of Lionsgate's website at www.lionsgate.com or at the SEC's website at www.sec.gov, or on the Canadian Securities Administrator's website at www.sedar.com. Copies will also be available at no charge by writing to Lionsgate at 2700 Colorado Avenue, Suite 200, Santa Monica, California 90404.

Certain Information Regarding Participants

Lionsgate and certain of its directors and executive officers may be deemed to be participants under the rules of the SEC. Shareholders may obtain information regarding the names, affiliations and interests of Lionsgate's directors and executive officers in Lionsgate's proxy statement filed with the SEC on December 6, 2010, its Annual Report on Form 10-K filed with the SEC on June 1, 2010, and its amendment to such Annual Report on Form 10-K/A filed with the SEC on July 29, 2010. To the extent that holders of Lionsgate securities have changed since the amounts printed in the amendment on Form 10-K, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the interests of these participants in any proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is also included in the proxy statement filed with the SEC on December 6, 2010 and mailed to the shareholders of Lionsgate, and may be included in other relevant materials to be filed with the SEC if and when they become available. These documents (when available) can be obtained free of charge from the sources indicated above.

Forward-Looking Statements

Certain statements in this press release may constitute "forward-looking" statements. Forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements as a result of various important factors, including, but not limited to, actions taken by the Icahn Group, actions taken by shareholders in respect of the offer, the possible effect of the offer on Lionsgate's business (including, without limitation, on Lionsgate's credit facilities and notes), the substantial investment of capital required to produce and market films and television series, increased costs for producing and marketing feature films, budget overruns, limitations imposed by Lionsgate's credit facilities, unpredictability of the commercial success of Lionsgate's motion pictures and television programming, the cost of defending Lionsgate's intellectual property, difficulties in integrating acquired businesses, technological changes and other trends affecting the entertainment industry, and the risk factors found under the heading "Risk Factors" in the Company's 2010 Annual Report on Form 10-K filed with the SEC on June 1, 2010, its amendment to such Annual Report on Form 10-K/A filed with the SEC on July 29, 2010 and in the Company's Quarterly Report on Form 10-Q filed with the SEC on November  9, 2010. As a result, these statements speak only as of the date they were made and Lionsgate undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless such updates or revisions are required by applicable law. Words such as "targets," "positions," "expects," "intends," "plans," "projects," "believes," "provides," "estimates," "forecasts" and similar expressions are used to identify these forward-looking statements.  All estimates and projections used in this press release are based on Lionsgate management estimates and projections, unless otherwise stated.

Contacts:

Peter D. Wilkes 310-255-3726 pwilkes@lionsgate.com

Joele Frank / Annabelle Rinehart Joele Frank, Wilkinson Brimmer Katcher 212-355-4449

SOURCE Lionsgate



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