NEW CANAAN, CT, Nov. 7, 2018 /CNW/ - Stadium Capital Management, LLC ("Stadium Capital") announced today that it has ceased to rely on the alternative monthly reporting system in connection with Absolute Software Corporation ("Absolute") (TSX: ABT) due to the fact that Stadium Capital has elected to solicit proxies in connection with the election of directors at the upcoming annual meeting of shareholders of Absolute.
As of the date of this news release, Stadium Capital, on behalf of certain investment funds managed by it, exercises control and direction over approximately 15.4% of Absolute's common shares.
Stadium Capital is seeking to work with the Board of Directors and the principal shareholders of Absolute to alter the composition of the Board in order to enhance shareholder value. In so doing, Stadium Capital is pursuing an amicable arrangement whereby the size of the Board of Directors will be reduced, redundancies in the skill set of directors will be minimized and current interim chief executive officer, Steve Munford, will join the Board.
Stadium Capital believes incoming CEO Christy Wyatt has outstanding qualifications to serve as Absolute's CEO, and is working to ensure that the Board she joins consists of representatives desired by the majority of Absolute's shareholder base.
If an amicable arrangement cannot be achieved, Stadium Capital may pursue any and all options to achieve its goals on behalf of all shareholders.
This press release is issued pursuant to National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed on SEDAR (www.sedar.com) with respect to the foregoing matters.
SOURCE Stadium Capital Management, LLC
For further information: To receive a copy of the report filed in respect of the above matters, please contact Eileen Silva at (203) 972-8235.