Wednesday, July 23, 2008

Zarlink Semiconductor

Zarlink, a company that provides semiconductors adapted to wireless communication in the health care industry, is holding its annual meeting today.

It faces a challenges from shareholders who call themselves the Leckie Group.

Apparently, last-minute talks aimed at producing a settlement have failed. Zarlink had offered the Leckie Group -- led by Scott Leckie -- two seats on its board. But these would be two seats on an expanded board, and Leckie wouldn't have unfettered say on who would fill them. The idea was that Zarlink would agree in principle to create two new positions for independent directors, and the two sides would then collaborate on a list of candidates for them.

Leckie has refused. He wants three seats, without expansion/dilution, and $600,000 for costs of the proxy fight.

We'll just have to wait and see what, if anything, he gets.

Although my Wednesday morning post here is usually my last for the week, until Sunday -- I'll post again when I have some results regarding Zarlink. Frankly I'm not sure what the issues are and I'm trying to get some traction. Issues and results, them, to come....

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