Creo, Burton Ready for Showdown in February
VANCOUVER, BC—The fireworks surrounding Robert Burton’s bid to wrest control of Creo Inc. from Amos Michelson and the current board of directors will have to wait until February.
Creo’s board has chosen Feb. 10, 2005, as the date for the annual shareholder meeting, as well as for the special meeting requisitioned by Burton’s Capital Management and Toronto hedge fund Goodwood.
The pair, which represent 5.96 percent of Creo’s outstanding shares, seek to remove Michelson and the current board while naming Burton to head the printing technology company. Burton has made a name for himself on the printer side, having held the top posts for printers such as World Color and Moore Corp., companies which have since merged with Quebecor Inc. and RR Donnelley, respectively.
The decision to combine the annual meeting with the requisitioned meeting was based upon the recommendation of a special committee of the Creo board, the company said in a release.
In a letter sent to the requisitioning shareholders, the Creo board noted that in combining the meetings, shareholders will have the opportunity to evaluate the findings of the special committee’s evaluation of strategic alternatives to enhance shareholder value. That report is scheduled to be completed in January.
The Feb. 10 date also gives Burton a chance to build consensus among shareholders. According to the Toronto Globe and Mail, Goodwood Chairman Peter Puccetti is holding meetings with 15 shareholders identified as potential sympathizers. Puccetti told the newspaper that these investors include Creo’s largest shareholders.
Creo’s 2005 fiscal first quarter financial results will be released a week before the meeting.