I would like to ask a favor of those who may be investors or stockholders. If you have any shares of Integrated Circuit Systems (NASDAQ: ICST) in your portfolio, you have been recently mailed a proxy. The vote on a proposed merger of ICS and Integrated Device Technology (NASDAQ: IDTI) is planned for September 15, 2005. I am asking that you vote against the merger. The reasons are numerous from both sides including the fact that most of the ICS and IDT community thinks it is a lousy deal. However, mine is also of a large personal interest, as I work for ICS at their headquarters in the accounting department. ICS will not be the surviving entity and I will be out of a job. I realize that the bulk of ICS shares are held by institutions, but if there are any odd shares out there, it couldn't hurt to have them on our side. As with any situation, everyone here is not ready to lose their job.
I realize that this is an odd request, but you guys are good enough to at least make the request. If anyone needs more information please let me know. Thanks for your time.
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Stop trying to be what you see. Be what you ought to be.
Anyone who owns shares through a mutal fund or 401k plan will not see the proxy. That will be sent to the administrator of the respective plans. Our funds are mainly held by institutional owners, so mutal funds probably own the bulk of our 73 million outstanding shares.
CP - nice to see you again. I hope your trip to the East last week was productive.
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Stop trying to be what you see. Be what you ought to be.
Fuzzy, I looked through all of our clients accounts and we don't have a single share in the house. Through our corporate news retreival system it looks like you have quite a battle ahead of you. ICS is asking for you to vote FOR the merger. Good Luck and I hope it goes in your favor!
-- Edited by Sparky at 11:28, 2005-08-22
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Sometimes, when i'm lonely... i crawl into a laundry basket and tickle my ears. But, Some times I don't...
Don't give up hope yet. I am going to play golf with the managing director at the UBS office here. I will put a bug in his ear and see what he thinks is going on and--after a few beers, will sway him to our side fuzzy.
Thanks Sparky. The Board approved it, and the CEO wants it. Everyone keeps telling him no way and he keeps saying it is a good thing. For him maybe. First, he has a job. Second he pockets will be lined nicely. Third, within two years he will probably be in charge of IDT. In the meantime, they will probably keep our overseas operations, our CT an NY military operations, the engineers in AZ and our San Jose, CA office since IDT is also a San Jose company. So that virtually leaves the headquarters staff. There are only about 35-40 of us here. Mostly finance, HR and admin staff. There are some planners and customer service people too.
My stock options will be worthless since they are currently underwater.
Oh well, I suppose that is part of the working world, especially in a mid-size public company.
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Stop trying to be what you see. Be what you ought to be.
CP - First, don't melt in the heat playing golf. Second, we deal with a USB office in NY. They handle our stock option exercises for the company. Third, thanks.
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Stop trying to be what you see. Be what you ought to be.
I checked my portfolio and I dont have either company in my stock options or plans. I do hope that everything goes in your favor Fuzzy. I will be keeping my ears glued
Thanks guys. It will most likely be that come Sept. 16th, ICS will cease to exist. After that, we have no idea how long we will survive. Maybe a month, maybe to the end of the calendar year. No one seems to know anything. And they probably won't know untili they get in here and tear things apart. Whatever. There isn't anything I can do about it besides find about 37 million votes for no.
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Stop trying to be what you see. Be what you ought to be.
