MDC shareholder calls for meeting to replace three board directors
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MDC Partners shareholder FrontFour Capital has turned up the heat in its attempt to shake up the beleaguered holding company’s board as it continues to search for a new CEO and explores a possible sale.
FrontFour which says it owns more than 5 percent of voting securities of MDC, making it one of the largest shareholders of the holding company, it claims sent a letter to MDC on Dec. 31 announcing its intention to call a special meeting of shareholders to replace three current board directors with new ones, according to an SEC filing Wednesday.
“Despite our efforts to work with the current board over the past several months, it is clear that we have reached an impasse,” the letter says. “The board has rejected our requests and does not appear to support shareholder representation on the board.” The letter is signed by FrontFour portfolio managers Zachary George, David Lorber and Stephen Loukas.
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