Zarlink Semiconductor is claiming victory after a proxy contest at yesterday's annual shareholder's meeting.
All management nominess for the board of directors, it appears, have been elected.
As to the underlying issues, they seem to come down to the acquisition of Legerity Holdings Inc., a developer of voice integrated circuits (ICs) for high-voltage, analog mixed-signal semiconductor and software technologies.
It was only 13 months ago that Zarlink (of Ottawa Canada)and Legerity (of Texas) signed the contract providing for the acquisition of the latter by the former. The deal closed last August 3.
After less than a year, then, the Leckie group apparently decided the conjunction had proven a failure, and as a result are proposing sweeping changes in the combined operation's management.
I know the hi-tech world is fast moving, but that does seem to be drawing one's guns too quickly.
Showing posts with label Scott Leckie. Show all posts
Showing posts with label Scott Leckie. Show all posts
Thursday, July 24, 2008
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....
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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