[A-List] Conrad Black

["Michael Keaney" <michael.keaney@xxxxxx>]

Hollinger chief rounds on critics
By Ken Warn in Toronto
Financial Times; Jun 26, 2003

Conrad Black yesterday rounded on critics of management practices within his
newspaper empire and pledged to improve the share price of Hollinger Inc,
his holding company.

Allegations that he was using the newspaper businesses' complex ownership
structure to run them as a personal fiefdom were "absolute bunk", he told
Hollinger Inc's annual meeting.

Lord Black, who has taken the title of Lord Black of Crossharbour, also said
a proposed deal between operating company Hollinger International and
Southeastern Asset Management, the company's biggest shareholder, was still
on track.

Hollinger Inc's biggest asset is a 30 per cent equity stake - and 73 per
cent voting control - in Hollinger International, which in turn owns The
Daily Telegraph, the Jerusalem Post and the Chicago Sun-Times.

Lord Black has been criticised by institutional minority shareholders over
what they claim are over-generous payments made from the Hollinger
businesses to Ravelston, his private company.

New York investment firm Tweedy Browne has urged the return to shareholders
of "non-compete" fees paid to Lord Black and other executives following the
C$3.2bn (US$2.4bn) sale of most of Hollinger's Canadian media assets to
CanWest Global Communications. Lord Black said yesterday such fees were
standard.