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As proxy contest tactics go, this one doesn't defy belief, or make an investor want to sell everything. But, it does illustrate what companies will do to make one shareholder look bad.
Since mid-2013, activist investor Voce Capital advocated for change at Conmed Corporation, a faltering maker of surgical equipment. Over a few months' time, Dan Plants of Voce met a few times with Conmed executives, and corresponded with Lead Independent Director Mark Tryniski, with no progress. In March 2014 Voce notified Conmed it would nominate five directors at the 2014 annual meeting.
We have no view on the merits of Voce's thesis for the company. We think in one notable instance, Conmed communicated with investors about the situation deceptively. We rather like how Voce responded.
We explain in a current blog post. |
