Wednesday afternoon, Oliver Press Partners filed a solicitation statement saying they intend to seek support from fellow Comverse Technology (NASDAQ:CMVT) shareholders having at least ten percent (10%) of Comverse's common stock for the purpose of calling a special meeting to elect directors. Oliver Press Partners said Comverse has failed to hold an annual meeting of shareholders since June 16, 2005.
Oliver Press Partners said they intend to nominate principals Augustus K. Oliver and Clifford Press, for election to the Board along with the Company's current directors assuming they consent.
If elected, Messrs. Oliver and Press intend to encourage the full Board to direct an investment banking firm to work with Comverse's counsel and auditors to develop a value recovery plan for Comverse that can be implemented promptly once Comverse is current in its filing and other requirements under applicable securities regulations.
Clifford Press, a partner in Oliver Press Partners , said:
We have been discussing with members of Comverse's Board the need for shareholder participation since early February, but no action has been taken by them to date. Our corporate law has long recognized that public company boards can not and should not be able to perpetuate themselves in office by simply failing to call and hold a shareholder meeting. It is now twenty two months since shareholders have had any say in who is overseeing their Comverse investment. We believe that shareholders both desire and deserve that say today.
In the SEC filing, Oliver Press Partners noted they began purchasing shares on the company in mid-November and accumulated most of the shares now owned in late November and early December.
Oliver Press Partners has not filed a 13D, indicating they do not have a 5% or more stake in CMVT currently.