SurModics Inc (SRDX)

[Democritus_of_Abdera]

Re Annual Mtg on Feb 7...

I’m planning on going to the Annual Mtg this year... It will be the first time, as I have never been able to justify the expense of travel and lodging before (approx $500). Personal contact helps me get judge character (albeit sometimes limited contact in stereotyped situations are of limited value). The recent changes in leadership throughout the company and board will have a significant impact on the future of the company (in my opinion). My evaluation of the character and commitment of the various players will impact my investment decisions.

I doubt that I will be able to make any meaningful conclusions from the brief exsposue to personnel at an annual meeting, but who knows....

I’m particularly interested in estimating whether or not Phil Ankeny and Arthur Tipton are still energetically engaged with the company.... Often, interim leaders, such as Ankeny, become exhausted when assuming new responsibilities of leadership without relinquishing the full time responsibilities they already have... and leadership inevitably generates enemies (or resentments) which linger after the interim stint has ended and which diminish the satisfaction one gets from their job.... With respect to Tipton, I imagine that he might feel that the decision to seek strategic alternatives for the Company’s Pharmaceuticals business has left him high and dry...

I’m also interested in getting a sense of the character of the Ramius Directors and if they will be constructive or destructive in their interactions with the old guard.

Skip, you have attended these meetings over the years... Are you planning on going to this one?