Balch Hill & Potomac Capital are pushing to sell STEC this month (WSJ)
"Management has already taken decisive action during the last few months to achieve cost reductions that are expected to yield savings of $8.8 million annually. Moreover, we continue to implement aggressive measures to reposition the company from an OEM-focused business model to an approach that also derives significant sales from direct enterprise customers, which in our view will create meaningful additional value for STEC's shareholders. In contrast, we believe the dissident slate is committed to advancing a narrow, self-serving agenda to take control of STEC and potentially auction off the company for a price significantly below the company's value, which clearly would not be in the best interests of all STEC shareholders.
"STEC's Board and management team remain fully committed to creating value for all shareholders through the successful execution of the company's strategy."
The date for the 2013 annual meeting of shareholders has not yet been announced and shareholders are not required to take any action at this time with respect to the Balch Hill/Potomac Capital nominees or otherwise. Additional information regarding the 2013 Annual Meeting will be provided at the appropriate time.
STEC's Board and management team will be fully committed to create value for the shareholders by successful execution of the company's strategy. This rediculous $4.8/shares is much below its real value