Multiband Corp. (MBND) Holder Red Oak Partners Pushes for Further Changes to Enhance Shareholder Value

August 13, 2012 7:35 AM EDT
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Since July, 2011, Red Oak Partners said it has had discussions with Multiband Corp. (Nasdaq: MBND) regarding ways to improve Board Governance, insider alignment, and rotation so as to reflect the majority change in the Issuer’s shareholder base, which occurred since May, 2011.

On May 18, 2012, the Reporting Persons sent to the Issuer in writing (via fax and via courier) a Letter to nominate three Directors for election to the Board at the upcoming Annual Meeting, and a Letter for Proposals related to improving Director alignment with shareholders.

On August 7th, the Issuer filed a revised Proxy Form Def 14A which included governance changes which partially (but not fully) addressed some of Red Oak’s proposals and concerns. The Issuer and Reporting Persons are currently in dialog regarding these matters.

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