Interesting read. Besides announcing donating MFC shares, paragraph 7 is where the important information is.
Recently, Mr. Kellogg has become concerned about the corporate governance practices of MFC. As a result, in September 2013, Mr. Kellogg approached Michael Smith, the Chief Executive Officer of MFC, concerning the appointment of an additional independent director to the board of directors of MFC (the “Board”).
Mr. Kellogg may take such future actions with respect to his investment in MFC as he deems appropriate. Mr. Kellogg intends to, among other things, closely evaluate the performance of MFC and the value of the Shares, including but not limited to the continued analysis and assessment of MFC’s business, assets, operations, financial condition, capital structure, management and prospects, as well as its corporate governance practices.
Depending upon such factors that Mr. Kellogg may from time to time deem relevant, Mr. Kellogg may, among other things: (i) communicate with the Board and management of MFC, as well as other shareholders of MFC, or persons who may desire to become shareholders of MFC, regarding the composition of the Board and management of MFC; (ii) solicit proxies or consents, to be used at either MFC’s regular annual meeting of shareholders, or at a special meeting of shareholders, or otherwise, with respect to the matters described in clause (i) above, including possibly the election of one or more nominees of Mr. Kellogg and/or such other shareholders to the Board; (iii) acquire additional Shares; (iv) dispose of some or all of his Shares; and/or (v) take such other actions with respect to MFC as Mr. Kellogg may from time to time determine appropriate.
Looks like MFC is about to get a whole lot more "interesting"...
Kellogg's got A LOT of muscle to flex and I don't think MS is Kamakazie enough to ignore any "suggestions" Kellogg may tend to offer...I think we (the shareholders) are in for an interesting ride.
From these price levels "value will be realized", and we think that "value" will be significantly higher than today's pricing...Sounds like a bit of a roller coaster coming-up.
Of course, what has happened is that Smith has for whatever reason become less responsive to Kellogg. You need to read between the lines here. The corporate governance can only have improved since the NYSE listing and was truly abysmal before.