Wednesday, ASM International N.V. (ASMI), a semiconductor equipment company, said its largest shareholders Arthur del Prado and Hermes have reached an understanding that it is necessary for ASMI to strike a better balance between technology development and commercialisation, thereby nearing a completion to the conflict between management and shareholders.
The company quoted the two shareholders saying that in order to achieve shareholder value, the management board needs strengthening and the upcoming vacancies in the supervisory board need to be filled appropriately.
Hermes and Arthur del Prado have requested that particular emphasis is placed on independence in nominating a successor to the current Chairman of the supervisory board.
The Netherlands-based company said that discussions with Hermes and Arthur del Prado concerning suggestions for candidates with sufficient industry, financial and corporate governance knowledge to fill the supervisory board will be continued.
These changes, together with the cancellation of the preference shares, held by the ASMI Continuity Foundation, would resolve the current conflict between ASMI and certain shareholders and other parties, the company noted.
In a letter to the Enterprise Court, the ASMI Continuity Foundation has expressed its intention to redeem the preference shares, presuming that a peaceful relation between ASMI and its shareholders has been restored.
Hermes and ASMI have agreed to request the Enterprise Court to delay the hearing requested by Hermes to be scheduled for 5 February 2009 to a date in mid March so as to enable Arthur del Prado and Hermes to continue and conclude their discussions.
Thereafter, assuming appropriate progress on the common requests of Arthur del Prado and Hermes, Hermes may withdraw from the pending proceedings with the Enterprise Court and ASMI will consider proposing to the AGM in May 2009 that the preference shares issued to the ASMI Continuity Foundation are cancelled following termination of the Enterprise Court proceedings.
ASMI closed Tuesday's regular trading session at $6.92.
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