Sigma Designs (SIGM) Announces Termination of Shareholder Rights Agreement; Adds William J. Almon as Chairman
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Sigma Designs, Inc. (NASDAQ: SIGM) has terminated its Preferred Stock Rights Agreement. Additionally, in connection with its Board's annual review of corporate governance policies, Sigma announced the appointment of William J. Almon, an independent director, as the Chairman of the Board.
Sigma recently amended its Preferred Stock Rights Agreement in April 2012. Sigma subsequently reviewed this action with a number of its institutional shareholders. Based, in part, on their feedback, Sigma's Board of Directors determined to terminate the Preferred Stock Rights Agreement entirely. "We engaged in a collaborative discussion with certain of our shareholders and listened to their views. We believe it is in the best interest of all our shareholders to terminate the Rights Plan at this time," said Thinh Tran, Sigma's President and Chief Executive Officer.
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Sigma recently amended its Preferred Stock Rights Agreement in April 2012. Sigma subsequently reviewed this action with a number of its institutional shareholders. Based, in part, on their feedback, Sigma's Board of Directors determined to terminate the Preferred Stock Rights Agreement entirely. "We engaged in a collaborative discussion with certain of our shareholders and listened to their views. We believe it is in the best interest of all our shareholders to terminate the Rights Plan at this time," said Thinh Tran, Sigma's President and Chief Executive Officer.
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