Friday, 14 May 2004
Cedar Fair, L.P. Press Release
SANDUSKY, OHIO, May 13, 2004 -- Cedar Fair, L.P. (NYSE: FUN), a publicly traded partnership which owns and operates seven amusement parks and five water parks, today announced that the special meeting of its limited partners has been adjourned until June 8, 2004, in order to allow additional time for the solicitation of proxies.
Dick Kinzel, chairman, president and chief executive officer, noted that voting to date on the plan to permit unitholder voting for directors and its related proposals has been strongly favorable. “A little over 60% of the outstanding units have been voted, and of those, approximately 97% have been voted in favor of the plan. In spite of this overwhelmingly positive response, we still need favorable votes from 7% more of our units to achieve the two-thirds majority for the plan to be approved,” he said.
The re-convened meeting will take place on June 8, 2004, at 11:00 a.m. Eastern Time at the Partnership’s Radisson Harbour Inn in Sandusky, Ohio.
Kinzel continued by commenting, “The Board believes that the existing governance structure, under which management employees of the Partnership elect members of the Board, is no longer consistent with the best practices of publicly traded companies of similar size. Although the structure has served the Partnership and its unitholders well over the years, it is not the most appropriate form of governance today. In its place, the Board is recommending a plan by which unitholders will elect the members of a staggered Board of Directors.”
Kinzel explained that the Partnership’s unitholders have not been called upon to vote on an annual basis in the past, and so the voting process requires more time. In addition, because Cedar Fair’s units are so widely held by individual investors, and because these proposals are of a type that does not allow brokers to cast the votes without instruction from their clients, it takes a significant amount of time to solicit proxies.
“Given the important nature of these proposals, as well as the very positive response we have received so far, we would like to provide every opportunity for the remaining unitholders to cast their votes,” concluded Kinzel.
Cedar Fair’s seven amusement parks are Cedar Point, located on Lake Erie between Cleveland and Toledo; Knott’s Berry Farm near Los Angeles in Buena Park, California; Dorney Park & Wildwater Kingdom near Allentown, Pennsylvania; Geauga Lake near Cleveland, Ohio; Valleyfair near Minneapolis/St. Paul; Worlds of Fun, located in Kansas City, Missouri; and Michigan’s Adventure near Muskegon, Michigan. The Partnership’s water parks are located near San Diego and in Palm Springs, California, and adjacent to Cedar Point, Knott’s Berry Farm and Worlds of Fun. Cedar Fair also operates Camp Snoopy at the Mall of America in Bloomington, Minnesota under a management contract.
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