There's a saying about one swallow not making it summer that would be quite appropriate here if it wasn't for the leaves falling outside.
But in terms of BlackBerry maker RIM, the point remains: the announcement of a new twist to the App World, and a couple of dates when certain phones might be launching in the UK (if they're not delayed) doesn't change the grim reality facing the Canadian firm right now.
In fact, that reality is far more accurately illustrate by the news that Toronto-based Jaguar Financial Corporation – a sub-5% stakeholder in RIM but claiming to represent other larger parties too – says RIM should urgently look at ways to maximising shareholder value before things get any worse – in other words, it might be time to sell off part or even all of the company while they're still worth something.
“The status quo is not acceptable, the company cannot sit still,” Jaguar CEO Vic Alboini said in an interview after putting out a letter urging RIM to form a special committee from its independent directors to look at options of giving shareholders some way of salvaging their investment.
“It is time for transformational change. The directors need to seize the reins to maximize shareholder value before more market value is lost.”
Many blame RIM's current woes on co-bosses Mike Lazaridis and Jim Balsillie, which explains the significance of the call for “independent” directors to steer the process.
RIM's stock has plummeted 80% in three years, which is clearly getting shareholders anxious, especially with no clear sign of a plan in place to reverse the decline.
“RIM’s chronic underperformance and repeated delays in executing its strategy have led Jaguar to the conclusion that fundamental change at RIM is required,” Alboini said.
Alboini says he's representing larger interests as well as his own, but won't disclose exactly who, saying it's up to them to reveal their identity or not.
Via Financial Post