Micrel, Incorporated (Nasdaq:MCRL) today announced that IVS Associates, Inc., the independent inspector of elections for the Company’s special meeting of shareholders held on May 20, 2008, has released the final tabulations of the votes cast at the meeting and confirmed that shareholders rejected all the proposals made by Obrem Capital Management (“OCM”), which owns approximately 15% of the outstanding shares.
To be approved, the first three of OCM’s proposals each required an affirmative vote from a majority of the 71,370,628 shares entitled to vote, and the last proposal required the affirmative vote from a majority of the shares voting at the meeting. 90.54% of the shares entitled to vote were cast at the special meeting. OCM did not obtain the requisite majority of votes on any of its proposals. The following table indicates the votes cast in favor of OCM’s proposals, expressed as a percentage of outstanding shares, in the case of the first three proposals, and a percentage of shares voting, in the case of the last proposal.
| OCM Proposal | % of Shares Voted FOR OCM’s Proposals | |
Remove all of Micrel’s board of directors and replace them with OCM’s board slate | 17.83% | |
| Set the Board size at a minimum of four, a maximum of seven | 38.96% | |
| Set the Board size to six members | 38.85% | |
| Remove the Shareholder Rights Plan | 30.54% |
These results are final and will be reported in more detail in Micrel’s next 10-Q filing with the Securities and Exchange Commission.
“The outcome of the special shareholder meeting was a clear victory for Micrel, and we are encouraged that Micrel and OCM are continuing to work together for the mutual benefit of all shareholders,” stated Ray Zinn, president and CEO of Micrel.
About Micrel, Incorporated
Micrel, Incorporated is a leading global manufacturer of IC solutions for the worldwide analog, Ethernet and high bandwidth markets. The Company's products include advanced mixed-signal, analog and power semiconductors; high performance communication, clock management, Ethernet switch and physical layer transceiver ICs. Company customers include leading manufacturers of enterprise, consumer, industrial, mobile, telecommunications, automotive, and computer products. Corporation headquarters and state-of-the-art wafer fabrication facilities are located in San Jose, California with regional sales and support offices and advanced technology design centers situated throughout the Americas, Europe and Asia. In addition, the Company maintains an extensive network of distributors and reps worldwide. Web: http://www.micrel.com.
Contacts:
Micrel, Incorporated
Richard Crowley
408-944-0800
or
MacKenzie
Partners, Inc
Amy Bilbija
650-798-5206
or
Media
Sard
Verbinnen & Co
Paul Kranhold/Andrew Cole/Diane Henry
415-618-8750
