Oplink Answers Activist Investors
FREMONT, Calif. -- Oplink Communications, Inc. (Nasdaq:OPLK), a leading provider of optical communication components, intelligent modules and subsystems, today issued the following statement in response to the announcement by Engaged Capital, LLC ("Engaged") and Voce Capital Management LLC ("Voce") of their nomination of two candidates to Oplink's Board of Directors to be considered for election at the Company's 2014 Annual Meeting of Shareholders:
- Oplink is committed to maintaining a highly experienced and well-qualified board. The Board intends to carefully evaluate Engaged and Voce's nominees as part of the Board's process of nominating candidates for the two director positions up for election at the 2014 Annual Meeting.
In addition, we recently announced our intention to expand Oplink's Board of Directors by up to two members in order to add further industry expertise. Oplink is seeking highly qualified individuals with leadership experience in the telecommunications, data communications and/or related industries. We have engaged the director recruiting services of the National Association of Corporate Directors (NACD) to assist with this process, and we have already identified several potential candidates.
Oplink welcomes input from shareholders, and our recently announced initiatives to enhance the Company's long-term value reflect, in part, constructive conversations we have had with several of our shareholders. Members of our board and management team recently participated in private discussions with Engaged and Voce, and we are disappointed they have chosen to pursue their agenda in this manner rather than continuing discussions with the company's board and management.
Oplink recently announced a series of initiatives to further enhance long-term value for its shareholders. In addition to expanding the board by up to two members, those initiatives include the company's commencement of a process to evaluate strategic alternatives for its Oplink Connected unit, including a sale of the business; the authorization of a $40 million increase to its existing share repurchase program; and the initiation of a quarterly dividend to shareholders, which will begin with a $0.05 dividend in the first quarter of fiscal 2015.
Oplink Communications Inc. (Nasdaq: OPLK)