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Merger Decision Due Today

February 14, 2002
Amidst the nail-biting tension of P&O Princess' long awaited shareholders meeting, currently underway in London, the process is still ongoing. The delay -- the first vote is for adjournment, which Carnival has been lobbying for -- is caused by a bigger turnout than expected along with the arrival of shareholders who'd already voted by mail (and whose votes today will be considered final).

The vote, which has now gone on into the early morning hours in London, is still not clear. We expect the results to be announced overnight with details on the next steps. If the vote is against an adjournment, another vote is slated for 10 a.m. (G.M.T.) tomorrow: that one this meeting's original purpose, which is to cast approval (or disproval) on P&O Princess' plans to merge with Royal Caribbean.

In the meantime, Royal Caribbean shareholders, gathered in Miami to cast their votes on the merger plans, have taken a break as no vote can be taken until it is known whether the P&O Princess meeting will adjourn or not.

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