Shareholder Again Urges Fisher To Sell Off Business
March 6, 2013 at 5:22 AM (PT)
FISHER COMMUNICATIONS may be facing another challenge to its operation from dissident shareholders, as FRONTFOUR CAPITAL says in an SEC filing that it sent a letter to the FISHER board in DECEMBER 2012 "expressing, among other things, its concerns with (FISHER's) poor capital allocation decisions" and urging the company to "make a public announcement that it will seek strategic alternatives and work towards a sale of the Issuer."
FRONTFOUR also "stated that if the Board continues down the current path without regard to its shareholders’ interests," it would "push for additional change at the Board level at the next annual meeting of shareholders."
FRONTFOUR gained four seats on FISHER's board after the dissident investment group fought the company in 2011. It has been pushing FISHER to sell off its assets to maximize shareholder value.
Meanwhile. another shareholder, investor MARIO GABELLI's GAMCO INVESTMENTS, has informed the SEC that it sent notice to the company that it will nominate RYAN J. MORRIS and DANIEL R. LEE to the FISHER board.