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FP STREET

Barry Critchley | Aug 20, 2012 11:15 AM ET
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If nothing else Glen Bradford, a U.S. investor based in Indianapolis, is determined. And he has a plan to show that determination: to get proxies from owners of 5% of the shares at Yellow Media to call a special meeting of the company that has put forward a recapitalization proposal to be voted on early next month.

Bradford, who owns more than 250,000 Yellow Media preferred shares — and who claims that he has received proxies for more than two million in total — wants shareholders to fill out a form “so that I can call a shareholder meeting with the sole purpose of ensuring that there is a management team in place that understands what fiduciary responsibility is and understands who owns the company.”

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Bradford advises the potential form-fillers that “by filling out this form, you agree to oppose the recapitalization plan and believe that it is a breach of fiduciary responsibility.”

So why is he doing this? In a word. Duty. In a notice he placed on the website, Bradford said the following: “There are times in life when people say, “Someone should do something about that.” This is me doing something about one of those things.

One has to admire Bradford’s determination. Even if he manages to attract the support of 5% of the shareholders, the chances are that Yellow Media won’t do anything until after the scheduled Sept. 6 meeting. the company has 21 days to respond and call a special meeting at some future date. And that meeting date will be well past Sept. 6.

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