Oplink Communications, Inc.
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.
At this time, no action by Oplink shareholders is required. The Company will
continue to communicate with its shareholders as appropriate and encourages
them to review Oplink's proxy materials when they become available.
Cowen and Company, LLC. is acting as financial advisor to Oplink, and
Covington & Burling LLP is acting as legal advisor.
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