Skip to main content

Shareholders tell RIM to consider selling up

Shareholder tells RIM to consider selling company
Things continue to look grim for RIM

A shareholder has written a letter to management at RIM suggesting that it is time the BlackBerry makers considered selling up.

Vic Alboini, CEO of merchant bank Jaguar Financial Corporation and 5 per cent RIM shareholder, said that the company must 'transform' or sell.

"The status quo is unacceptable, the company cannot sit still. It is time for transformational change. The directors need to seize the reins to maximise shareholder value before more market value is lost," he told the Financial Post.

Not alone

"We are representing several shareholders in making this statement. I've said to them if they want to step out and make themselves known, that's entirely up to them," he continued.

"RIM's chronic underperformance and repeated delays in executing its strategy have led Jaguar to the conclusion that fundamental change at RIM is required."

Alboini's letter also requested that RIM form a committee of independent directors in order to increase shareholder return, possibly by licensing out or selling off the company's patent portfolio.

It's not the first time that RIM has inspired an impassioned plea for change; just a couple of months ago an anonymous RIM employee penned an open letter calling for radical reorganisation to save the company's name.

From Financial Post via BGR