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Investing

Katelia Capital Hammers Tekelec Board

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By Douglas A. McIntyre Published

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Katelia Capital Investments, which owns a large number of shares in Tekelec (NASDAQ: TKLC), has begun a push to add a new board member which the fund has virtually hand-picked. Tekelec engages in the design, development, manufacture, marketing, sale, and support of telecommunications products and services. Its stock trades at $8.60 near a 52-week low on a range of $19.89/$8.14. It is clear why Katelia Capital wants a board change.

Tekelec’s fourth quarter numbers were abysmal as was its forecast of next year.

The letter filed as an attachment to a 13D:

Chairman Tekelec 5200 Paramount ParkwayMorrisville, NC 27560 USA

Copy:  By email in PDF to Mr. Mark Floyd , Mr. Krish Prabhu , Mr. Stuart Kupinsky

Dear Mr. Floyd:
We are writing to you on behalf of Katelia Capital Investments Ltd. (KCI), which, as you may be aware, owns 6,133,922 shares (approximately 8,94%) of Tekelec’s outstanding stock. We would respectfully request that you consider nominating Mr. Jean-Yves Courtois to serve as a member of Tekelec’s Board. We would also highly recommend the size of the Tekelec Board of Directors be set at a maximum of eight Directors, which number should include Mr. Jean-Yves Courtois and the CEO that the Company is currently recruiting.

Representatives of KCI were able to get to know Mr. Jean-Yves Courtois during his tenure as Chairman and CEO of Orolia, a listed company on Nyse Euronext (ALORO), during the past few years and believe that he has an excellent understanding of Tekelec’s challenges. KCI believes that Mr. Jean-Yves Courtois would be a great addition to Tekelec’s Board. Representatives of KCI have recently had discussions with Mr. Jean-Yves Courtois and confirm that Mr. Jean-Yves Courtois would be interested in serving as a member of Tekelec’s Board of Directors. To that end, Mr. Jean-Yves Courtois has signed a consent to serve as a member of the Tekelec Board, a copy of which is attached as Annex A hereto. We have also attached as Annex B a summary of Mr. Jean-Yves Courtois’ background and qualifications.

If you would like to discuss further, please contact Mr Jean-Yves Courtois directly. He can be reached at +33 6 08 36 81 48 ([email protected]).

With kind regardsYours sincerelyFor and on behalf of Katelia Capital Investments Ltd

Douglas A. McIntyre

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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