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Stock Market & Financial Investment News

News Breaks
May 5, 2014
09:33 EDTIVACIntevac issues open letter to stockholders
Intevac issued an open letter to Intevac stockholders regarding its 2014 Annual Meeting of Stockholders to be held on Wednesday, May 14. An activist hedge fund, Voce Catalyst Partners LP, which is affiliated with Voce Capital LLC and Voce Capital Management LLC, has disclosed an ownership of about half of a percent of Intevacís outstanding common stock. Voce Capital is trying to oust three experienced and integral members of Intevacís Board and replace them with Voce Capital nominees. Intevac says "We recently engaged in discussions with Voce Capital in another attempt to agree to a settlement to end Voce Capitalís disruptive proxy contest, so that we could fully focus on running the business and creating value for all stockholders. Although we disagree with the conclusions reached by Institutional Shareholder Services and Glass Lewis, we remain open-minded and, accordingly, we proposed to Voce Capital that Intevac would include Voce Capitalís nominee Marc T. Giles in the pool of candidates being considered as part of our ongoing Board refreshment process... Given Voceís Capitalís refusal to work cooperatively with the Intevac Board, we have concerns as to whether Voce Capital would advance the long-term interests of ALL Intevac stockholders... This Board and this management team are on a good path, a path that is open and responsive to stockholders, a path that is demonstrating real progress, and a path that is poised to deliver long term value."
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