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From | Templeton Asset Management, Ltd. |
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contact | Bill Weeks |
Telephone | (212) 632-3204 |
London, 11 December 2009 - Templeton Asset Management Ltd. ("Templeton Emerging Markets Team") today announced that it intended to vote its shares AGAINST the proposal to increase the indemnification of directors and management of Taro Pharmaceutical ("Taro") and AGAINST the re-election of the management slate of directors. Templeton Emerging Markets Team called for all Taro shareholders to take urgent action to withhold support of management and incumbent directors, reject indemnification and demand audited financial statements.
Mark Mobius, executive chairman of Templeton Asset Management, said: "The current board and management of the company have proven unwilling or unable to run the company in the interest of its shareholders; and, in our view, they do not deserve the support of Taro's shareholders. We urge shareholders to block the proposed indemnification requested by Taro’s Chairman and to demand the disclosure of audited financial accounts. After independent and dispassionate analysis, we have come to the conclusion that it is time for a replacement of the management of Taro Pharmaceuticals, which can only be introduced by a change of control. All shareholders should push for full transparency, re-listing of Taro’s shares on NASDAQ, and the introduction of a new, professional board that acts in the interest of all shareholders and releases audited accounts."
In support of this proposal, Mobius noted the following:
Templeton Asset Management Ltd. is a wholly owned subsidiary of Franklin Resources, Inc. [NYSE:BEN], a global investment management organization operating as Franklin Templeton Investments. Franklin Templeton Investments provides global and domestic investment management solutions managed by its Franklin, Templeton, Mutual Series, Fiduciary Trust, Darby and Bissett investment teams. The San Mateo, CA-based company has more than 60 years of investment experience and over $539 billion in assets under management as of 30 November 2009. For more information, please visit franklintempleton.com.uk.
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Franklin Templeton Distributors, Inc.
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Client Use: | (FINRA Letter) |
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