The Concerned Shareholders of Zarlink Semiconductor Inc. today filed a proxy circular which nominates an alternativ...
July 7, 2008
The Concerned Shareholders of Zarlink Semiconductor Inc. today filed a proxy circular which nominates an alternative slate of directors, a move they claim can lead the company to greater value creation for shareholders.
In a letter to all Zarlink shareholders that accompanies the circular, the group wrote that “like you, we are concerned by Zarlink’s chronic underperformance over the past several years. The company’s financial results have been poor and its shares have lost approximately 95% of their value since January of 2002.
“As significant long-time shareholders, we believe that new leadership is required to refocus and reinvigorate Zarlink and move it toward its true potential.
“With a new direction and proven leaders, Zarlink can once again generate value for all shareholders. With your help, we will make these changes.”
The Concerned Shareholders are Scott Leckie, who manages funds owning the second-largest holding in the Company, as well as David Banks and Daniel Owen.
Together, they own or control more than 5.9% of Zarlink’s shares.