Miranda Technologies has agreed to back an executive associated with a dissident investment group as the replacement for a board member about to retire, and it has agreed “to hold discussions with potential strategic partners.”
A set of investors have been insisting for two years that Miranda is undervalued and has been pressuring the company to make some sort of move.
Miranda’s stock price is up more than 60 percent in the last year.
The company issued several releases today, including one that first noted that the company’s fortunes have been improving, and then it went on to state that a committee of independent board members, working since last May, have evaluated what it characterized as unsolicited recommendations for a set of unspecified “transactions and partnerships” and have concluded that none of the suggestions will return full value.
Nonetheless, the company is clearly unable to entirely dismiss investor demands for some sort of transaction or partnership. So the company’s full board of directors “determined that a more structured process should be put in place in order to enable the corporation to review further expressions of interest and to hold discussions with potential strategic partners.”
The company has hired a financial advisory firm to help it evaluate the offers.
Meanwhile, Miranda board member Thomas Cantwell will shortly retire from the board.
The dissident investment group has for months been trying to seat Tim Thorsteinson, current CEO of Enablence, on the Miranda board.
Miranda issued a separate release saying it is backing Thorsteinson as Cantwell’s replacement.
In his bio, Thorsteinson touts his reputation for having “successfully transformed several challenging businesses to growing, profitable, high-margin market companies delivering high rates of shareholder return.” He also has a seat on the boards of Enablence and Harris Corp.
Separately, the company hired Scott Murray as vice president for its multi-viewer products unit.
Murray joined Miranda at the beginning of March and will be primarily responsible for ensuring continued market leadership for the company in the multi-viewer space.
For the last decade, he had been in senior management, marketing and development positions at Grass Valley, most recently as its senior vice president for live product solutions, where he ran the production switcher and production automation product teams.