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Spreadtrum Communications, Inc. Message Board

  • g_noh g_noh Sep 4, 2013 9:37 AM Flag

    Does Anybody Else Find the Vote Results Odd?

    Only 58% of the shares outstanding were voted and of these 99% voted in the affirmative. Insiders owned about 40% and Morgan Stanley, which was SPRD's advisor owned about 7%. All 47% obviously voted yay. This means only 11% of remaining 53% of shares outstanding were voted. It's hard to believe so many institutional investors, who owned almost 50% of the shares out, didn't bother to vote.

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    • Not odd to me, they spent the least effort to solicit the necessary votes from institutions to approve the deal and then stopped. Now let's hope they will close the deal soon.

    • I don't find them odd. I don't find them even. But, I do find them done. Time to move on, and Good Luck.

    • Chill out. Only 1/3 of total shares are needed to vote in order for the vote to be valid. Here is from the Proxy Statement:

      Q: What constitutes a quorum for the extraordinary general meeting?
      The presence, in person or by proxy, of one or more shareholders representing at least one-third of the
      outstanding Company Ordinary Shares as of the close of business in the Cayman Islands on the Record
      Date for voting at the extraordinary general meeting will constitute a quorum for the extraordinary
      general meeting.

    • Yes. Very unusual. However, it doesn't matter if the remaining had all voted 'no'. I think the new CEO was brought in (from BRCM if I remember correctly) to unload SPRD. In the interim he did a great job increasing its value, but I would have preferred Mediatek's incredible management, looking back.

      • 1 Reply to jjjinglehimersmith
      • Actually, it would have mattered greatly since two-thirds of the shares voted had to be in the affirmative for the deal to be approved. It's hard to believe: 1) only 58% voted when more than 90% were owned by insiders and institutions; 2) 99% of the votes were for the deal; 3) so few institutions apparently voted, especially when the price is so ridiculously low; and 4) the stock is down the day after such an overwhelming vote and the deal will probably close in a few days. The whole thing reeks....

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