Heartland Advisors Issues Statement Calling for New Board Members at Analysts International Corporation
20 Maggio 2013 - 5:36PM
Business Wire
Heartland Advisors, investment advisor to the Heartland Funds,
today filed an updated 13D and called for new members of the Board
of Directors of Analysts International Corporation (NASDAQ:ANLY)
(“AIC”). Heartland Advisors is the largest stockholder of AIC, with
9.4% of shares outstanding.
In a letter to the current AIC Board of Directors (the “Board”),
including independent Chairman Douglas Neve, Heartland Advisors
cited specific issues it believes are causing the company to be
discounted in the marketplace including: lack of a focused business
strategy; failure to adopt corporate governance best practices; and
failure to align the current Board interests with shareholders.
In a letter to current Board members, Heartland wrote: “We are
willing to work constructively with the Board and management to
help resolve these issues; additionally, the company should be open
to all strategic alternatives that would maximize shareholder
value.
“There is an urgent need for change at Analysts International
Corp. Heartland Advisors has identified three highly-qualified,
independent candidates who should immediately be added to the
Board. These candidates will help position the company for success
and work constructively with the Board and management to explore
ways to build value for the benefit of all shareholders.
“We are cognizant of the current by-laws adopted by the AIC
Board. Specifically, it is our understanding that the AIC Board has
the power to appoint two additional individuals to the Board
without calling a special meeting, amending existing by-laws or
incurring costs (that are ultimately borne by shareholders).
Additionally, we are aware of the potential upcoming retirement of
current Board members. In an effort to expedite value creation and
minimize costs, we suggest that the AIC Board either: a) amend its
current by-laws and expand the Board to accommodate three new
members or b) encourage a current Board member to retire and
appoint three new members.”
The letter was signed by Bill Nasgovitz (Chairman, CIO and
Portfolio Manager) and Jason Schacht and Andy Fleming, Research
Analysts. Heartland Advisors occasionally pursues activism to
promote changes that it believes will help unlock currently
unrecognized shareholder value.
About Heartland
Established in 1983, Heartland Advisors, Inc. is an
independently owned equity value investment manager based in
Milwaukee, Wisconsin. As of March 31, 2013, the Firm managed
approximately $5.7 billion. The Heartland family of value-driven,
actively managed portfolios includes distinct U.S. and
international strategies, offered through five separately managed
account portfolios and four mutual funds: Heartland Value Fund
(Investor: HRTVX), Heartland Value Plus Fund (Investor: HRVIX),
Heartland Select Value Fund (Investor: HRSVX), and Heartland
International Value Fund (HINVX). Learn more at
www.heartlandadvisors.com.
Portfolio holdings are subject to change. Current and future
holdings are subject to risk. Statements regarding securities are
not recommendations to buy or sell the securities discussed, but
rather illustrations of our value investment strategy. Such
statements represent the portfolio manager’s views when made and
are subject to change at any time based on market and other
considerations.
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