Micrel, Inc. (MCRL)

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Micrel shareholder plans to nominate board members
Friday April 18, 1:48 pm ET
Obrem Capital Management sends Micrel notice it plans to nominate candidates to board


SAN JOSE, Calif. (AP) -- Micrel Inc., a producer of circuits, said Friday its has received notice from an outside shareholder of its plans to nominate directors for the company's board.
Micrel received a notice from Obrem Capital Management LLC that it plans to nominate directors for election during the company's 2008 annual shareholders meeting.


Obrem Capital is one of Micrel's two largest shareholders, according to Thomson Financial.

Last month, Obrem called for a special meeting of shareholders as it looks to create better value for shareholders. That meeting is scheduled for May 20. Micrel has created a dedicated Web site to provide shareholders with details about the meeting and to ask shareholders to vote against Obrem Capital's proposals.

At that special meeting, Obrem will ask shareholders to expand the board to six members and elect its slate of candidates.

The board currently has five members.

Micrel said its nominating and corporate governance committee will review the request.

Micrel shares rose 45 cents, or 4.8 percent, to $9.84 in afternoon trading. The stock is down 25 percent in the past 52 weeks.

(This version CORRECTS the number of board members the company currently has to five.)


http://biz.yahoo.com/ap/080418/micrel_personnel.html?.v=3