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MPL Communications Inc.: MPL Communications Inc.: Court Releases Decision in Minority Shareholder Action

^{Published on 2009-02-23 10:51:53, Last Modified on 2009-02-23 10:52:33 - Market Wire}
 

TORONTO, ONTARIO--(Marketwire - Feb. 23, 2009) - MPL Communications Inc. (TSX VENTURE:MPZ) announces that a court decision has been released in connection with a claim commenced in 2003 by certain minority shareholders.

The Alberta court examined management fees paid by MPL to Marpep Publishing Limited from 2001 to 2004. Marpep provided direct marketing and management services to MPL and is owned by MPL's President and Chairman, Barrie Martland and Stephen Pepper. The court determined that $1.96 million of the fees paid were excessive and must be repaid to MPL, plus interest at LIBOR plus 1%. The court did not accept the applicants' claim that amounts paid to Messrs. Pepper and Martland since 2004 were oppressive to the interests of shareholders.

Other remedies requested by the minority shareholders were refused, granted in part or made the subject of different relief. Two items of relief were that the applicants will be entitled to appoint one MPL director and interest on an existing loan from MPL to Marpep will be retroactively applied from June 1, 2003 through June 30, 2005.

MPL will work towards improved corporate governance and executive compensation practices, as recommended or mandated by the court.

MPL is an internationally recognized independent investment advisory publisher of nine investment advisory newsletters, an investment newspaper published twice monthly, an investment advisory web site and an on-line equity research service. MPL also publishes two non-financial newsletters for health and dental professionals. Almost all subscribers are located in Canada.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.