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8-K - CURRENT REPORT - CEDAR FAIR L P | d8k.htm |
Exhibit 99.1
For Immediate Release January 11, 2011 |
Contact: | Stacy Frole | (419) 627-2227 |
CEDAR FAIR ANNOUNCES PRELIMINARY RESULTS OF SPECIAL MEETING OF UNITHOLDERS
| Preliminary voting results indicate that unitholders approve proposal to separate chairman and chief executive officer roles |
| Based upon preliminary voting results, the outcome of the proposal to make cash distributions a higher priority than debt reduction is too close to call |
SANDUSKY, OHIO, January 11, 2011 Cedar Fair Entertainment Company (NYSE: FUN), a leader in regional amusement parks, water parks and active entertainment, announced the preliminary voting results of todays Special Meeting of Unitholders to consider two amendments to the partnership agreement as proposed by Q Funding III, L.P. and Q4 Funding, L.P. (Q Investments).
The Company stated that based upon the preliminary results unitholders voted in favor of Proposal #1, to separate the chairman and chief executive officer roles, and that the outcome of Proposal #2, to make cash distributions to unitholders a higher priority than paying down the Companys debt, was too close to call. The Company reminded unitholders that the results are still preliminary and subject to verification by the independent inspector of elections. The Company will announce the official results of todays Special Meeting of Unitholders after verification of the results by the independent inspector of elections.
We understand the concerns our unitholders have on Proposal #1 and intend to implement a policy in regard to the separation of the chairman and CEO roles in a prudent and appropriate manner. In regard to Proposal #2, we will evaluate and act accordingly once a final outcome of the vote has been determined, said Michael D. Kwiatkowski, Cedar Fairs lead independent director.
Cedar Fair Entertainment Company One Cedar Point Drive, Sandusky, Ohio 44870-5259 419-627-2233
CEDAR FAIR ANNOUNCES PRELIMINARY RESULTS OF SPECIAL MEETING OF UNITOLDERS
January 11, 2011
Page 2
About Cedar Fair
Cedar Fair is a publicly traded partnership headquartered in Sandusky, Ohio, and one of the largest regional amusement-resort operators in the world. The Company owns and operates 11 amusement parks, six outdoor water parks, one indoor water park and five hotels. Amusement parks in the Companys northern region include two in Ohio: Cedar Point, consistently voted Best Amusement Park in the World in Amusement Today polls, and Kings Island; as well as Canadas Wonderland, near Toronto; Dorney Park, PA; Valleyfair, MN; and Michigans Adventure, MI. In the southern region are Kings Dominion, VA; Carowinds, NC; and Worlds of Fun, MO. Western parks in California include: Knotts Berry Farm; Californias Great America; and Gilroy Gardens, which is managed under contract.
Cedar Fair Entertainment Company One Cedar Point Drive, Sandusky, Ohio 44870-5259 419-627-2233