Independent Inspector Preliminary Report Shows Nelson Peltz Elected To P&G Board

(RTTNews) - Nelson Peltz narrowly won a seat on the board of Procter & Gamble Co. (PG), an official vote tally showed, an embarrassing turn of events for a company that weeks earlier had claimed to have defeated the activist investor.

Trian Fund Management, L.P., whose investment funds beneficially own approximately $3.5 billion of shares of The Procter & Gamble Company, announced that, according to the official preliminary voting tabulation by IVS Associates, Inc., the independent Inspector of Elections, P&G shareholders have elected Nelson Peltz to P&G's Board.

Trian said, "Trian greatly appreciates the support we have received, and we are gratified that the Independent Inspector's tabulation shows that shareholders have elected Nelson Peltz to the P&G Board of Directors. The Inspector's report represents an independent, careful tabulation of all proxies and ballots submitted to the Inspector by both P&G and Trian."

Trian strongly urged P&G to accept the Inspector's tabulation and not waste further time and shareholder money contesting the outcome of the Annual Meeting. Shareholders have voted, and they have indicated that they want Nelson Peltz to join the Board.

Separately, Procter & Gamble said that the proxy voting results tabulated by IVS Associates, Inc., the Independent Inspector of Elections, indicate that Nelson Peltz is leading Ernesto Zedillo in the Director vote by a margin of approximately 0.0016% of shares outstanding or about 42,780 shares. The results are still preliminary and are subject to a review and challenge period during which both parties will have the opportunity to review the results for any discrepancies.

P&G noted that it will disclose the final results after receiving the Independent Inspector of Elections' final certified report, which the company expect in the weeks ahead.