Looks like the PR has "vanished" from most of the online news websites. It's still in the Dow Jones news database I access. So here's a reprint (with follow up corrections):
InterDigital Communications Shareholders Urge Institutional and Individual Shareholders to Vote 'NO' on ...
14 May 2003 PR Newswire
InterDigital Communications Shareholders Urge Institutional and Individual Shareholders to Vote 'NO' on Increasing Available Options.
PRNewswire-FirstCall RICHMOND, Va. May 14
RICHMOND, Va., May 14 /PRNewswire-FirstCall/ - A group of InterDigital Communications Corporation shareholders is urging institutional holders and other individual shareholders to vote "NO" on proxy measure #2, which would expand the existing stock option plan by an additional 5 million shares. The group points to previously approved options and other instruments that when fully exercised will produce nearly a 50% increase over the share total four years ago. They believe further option grants to be excessive. The measure will be voted on during the company's annual meeting June 4.
Ross Richardson, a spokesman for the group, said, "These investors believe deeply in InterDigital and its future. What they find objectionable is a developing cycle in which the company repeatedly asks shareholders for additional options, producing 'dilution creep.' Incrementally the requests seem reasonable but in the aggregate are seriously dilutive."
At the end of fiscal 1998 the company had 48.4 million shares outstanding. In 2000 a substantial increase in the option plan was approved, as were additional shares in 2002. Through options, warrants and restricted stock, the total of issued and outstanding shares grew to 58.6 million shares by March 31, 2003 and could grow to approximately 72 million shares under the plans already in place.
"These shareholders believe that previous options requests have been approved in a spirit of appreciation for what the management and staff of InterDigital have achieved. As evidenced by the very impressive first quarter 2003 earnings results, these achievements have produced financial strength that renders the continued dependence on option grants unwise and the issue of 5 million additional shares unnecessary," Richardson said.
The group's efforts include lobbying institutional investors, attempting to communicate with management and holding discussions among long-term shareholders. The topic has recently dominated the IDCC message board at InvestorsHub.com, where a poll indicates that 83% of respondents oppose the additional options.
Shareholders may vote by telephone by following instructions in their proxy or by voting electronically at http://www.proxyvote.com/. InterDigital Communications Corporation
CONTACT: Ross Richardson of McKenzie-Owen Public Relations for InterDigital Communications Corporation, +1-804-363-2413
C O R R E C T I O N - InterDigital Communications Corporation
14 May 2003 06:51 PR Newswire
In the news release, InterDigital Communications Shareholders Urge Institutional and Individual Shareholders to Vote 'NO' on Increasing Available Options, issued earlier today by IDCC Shareholders over PR Newswire, the source line of the release should read "IDCC Shareholders" rather than "InterDigital Communications Corporation" as incorrectly transmitted by PR Newswire.
In the news release, InterDigital Communications Shareholders Urge Institutional and Individual Shareholders to Vote 'NO' on Increasing Available Options, issued earlier today by IDCC Shareholders over PR Newswire, the contact line should read "Ross Richardson of McKenzie-Owen Public Relations for IDCC Shareholders, +1-804-363-2413" rather than "Ross Richardson of McKenzie-Owen Public Relations for InterDigital Communications Corporation, +1-804-363-2413" as incorrectly transmitted by PR Newswire.
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