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UPDATE 1-Orient-Express says proxy firm backs co on vote rights

Mon Oct 6, 2008 9:39am EDT

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Oct 6 (Reuters) - Orient-Express Hotels Ltd (OEH.N) said a proxy advisory firm, Glass Lewis & Co, recommended that the company's stockholders vote against proposals by dissident shareholders to amend its voting structure at a special meeting on Oct. 10.

Shareholders DE Shaw and SAC Capital had proposed that Orient-Express amend its by-laws to treat Class B shares as "treasury shares" under Bermuda law, which would result in Orient-Express Holdings 1 Ltd -- the owner of all Class B shares -- losing its voting rights.

The shareholders also proposed that the Hamilton, Bermuda-based company cancel its Class B shares.

According to Reuters Data, as of Sept. 25, DE Shaw owns 7.6 percent stake in Orient-Express, which operates luxury hotels, restaurants, tourist trains and river cruise businesses.

The company's stock was up 25 cents at $21.06 in early morning trade on the New York Stock Exchange. (Reporting by Dilipp S. Nag in Bangalore; Editing by Amitha Rajan)



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