TORONTO – Research In Motion shareholder Jaguar Financial Corporation is calling on the BlackBerry maker to explore options that could include breaking up or selling off parts of the company.
Jaguar said Tuesday that a value maximization process should include “the pursuit of all options”, including a potential sale or a monetization of the RIM patent portfolio by a spin-out to RIM shareholders. It also suggested that RIM’s directors appoint a special committee of the Board made up of four or five of the current seven independent directors to spearhead the process.
Jaguar chairman and CEO Vic Alboini cited poor share price performance, a lack of innovation resulting in a loss of market share, corporate governance concerns, and recent consolidation in the mobile and patent spaces as reasons for the review.
"The status quo is not acceptable, the Company cannot sit still”, said Alboini, in the statement. “It is time for transformational change. The Directors need to seize the reins to maximize shareholder value before more market value is lost."
RIM’s next quarterly results are expected on September 15th. The Toronto-based investment bank describes itself as a Canadian merchant bank which invests in underperforming, undervalued or unappreciated companies and acts as a catalyst to create value.
