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 (firstname.lastname@example.org).
With kind regardsYours sincerelyFor and on behalf of Katelia Capital Investments Ltd
Douglas A. McIntyre