|10:26 AM EDT, 06/22/2023 (MT Newswires) -- Dorsey R. Gardner, a long-standing shareholder of BlackBerry Limited (BB.TO, BB) on Thursday urged the company's Board of Directors and shareholders to vote against V. Prem Watsa as lead director at the company's upcoming Annual Meeting.|
According to a statement, Gardner is concerned by the board's recent announcement that it is considering strategic alternatives-on the eve of the company's projected return to profitability and the maturity of the 1.75% debentures, when Fairfax Financial Holdings (FFH.TO), led by Watsa, will be able to convert its debentures to common shares and increase its stake in the company to 16% at a mere $6.00/share. Gardner believes these circumstances make the company and its common shareholders "susceptible to a buyout by Fairfax at an unfairly low price". Accordingly, Gardner is urging the board and shareholders to vote against Watsa as a director, given his conflict of interest as Fairfax's principal. Gardner is also urging the board to resist unfair take-private bids and implement safeguards to protect minority shareholders.