Management: Lionsgate heads to Court

The application is scheduled to be heard by the Court of Appeal on 3 May, 2010.

In view of the appeal process, the Board of Directors, in consultation with its financial and legal advisors, has determined, by unanimous vote of the directors present and upon the unanimous recommendation of the Special Committee of the Board, to reschedule the Special Meeting of Shareholders to 12 May, 2010.

The company issued the following statement:

"Lionsgate is filing an application for leave to appeal to the British Columbia Court of Appeal as the Company believes that its shareholders' right to vote is paramount and the BCSC's decision regarding the Shareholder Rights Plan should have been withheld until Lionsgate shareholders had the opportunity to consider and to vote at the Special Meeting of Shareholders.

"The Board is extending the shareholder vote to the date immediately prior to the earliest date the Icahn Group can complete its subsequent offering period under its tender offer. Lionsgate believes that there are shareholders who, without the protection of the Shareholder Rights Plan, may be coerced to tender into the offer. The Company wants to provide shareholders an opportunity to obtain the information necessary to make an informed and non-coerced decision.

"The Board recommends that shareholders vote FOR the approval of the Shareholder Rights Plan at the Special Meeting of Shareholders. In addition, the Board recommends that shareholders reject the Icahn Group's offer by not tendering."

The company says that, due to the rescheduling of the Special Meeting, shareholders may submit proxies until the conclusion of voting at the Special Meeting.

Also, the Board continues to recommend that shareholders reject the Icahn Group's unsolicited offer to purchase up to all of the common shares of Lionsgate for USD7.00 per share because it is financially inadequate, opportunistic and coercive, and is not in the best interests of Lionsgate, its shareholders and other stakeholders. The Board strongly recommends that shareholders protect the value of their investment by NOT tendering their shares into the Icahn Group's offer.

Lionsgate is an independent entertainment company, responsible for, amongst other things, the films "Dear John" and "The men that stare at goats." It has a small independent music label including Company of Thieves, Thriving Ivory and the remarkably listenable country-folk-bluegrass band The Infamous Stringdusters who released their new album "Things That Fly" last week. Earlier this week, it acquired the rights to Michael Connelly's "The Lincoln Lawyer" which will star Matthew McConaughey and will be distributed by mainstream distributor Lakeshore Entertainment.