May 3, 2011
/PRNewswire/ -- FrontFour Master Fund, Ltd., an affiliate of FrontFour Capital Group LLC (collectively, "FrontFour"), today announced that it has delivered a letter to stockholders of Fisher Communications, Inc. (Nasdaq: FSCI).
The full text of the letter follows:
May 3, 2011
Dear Fellow Fisher Communications, Inc. Stockholder:
FELLOW STOCKHOLDERS -- WE CANNOT ALLOW FISHER'S CURRENT CEO AND BOARD TO EMBARK ON ANOTHER ACQUISITION SPREE
FRONTFOUR HAS A
PLAN TO MAXIMIZE THE VALUE OF YOUR INVESTMENT
OUR NOMINEES ARE COMMITTED TO CONDUCTING A ROBUST ANALYSIS TO REDUCE OPERATING EXPENSES, WHILE SIMULTANEOUSLY FOCUSING ON ALL POTENTIAL STRATEGIC ALTERNATIVES
FrontFour Master Fund, Ltd., together with its affiliates (collectively, "FrontFour"), is a long-term stockholder of Fisher Communications, Inc. ("Fisher" or the "Company"). We are seeking your support to elect our highly qualified candidates to the Board of Directors of Fisher at its 2011 Annual Meeting of Stockholders.
As you know, on
April 29, 2011
Fisher sent a letter to stockholders
that continues to mischaracterize the Company's performance
he Company's broadcast cash flow margins substantially trail those of its peer group
. Also, the Company's stock price has underperformed its peers by over 25% from
December 31, 2010
, prior to both an unsolicited offer and the hiring of Moelis & Company.
FRONTFOUR IS NOT SEEKING CONTROL! DO THE CEO AND BOARD NOT HAVE CONFIDENCE IN THEMSELVES
Given the cumulative voting regime for this election of directors it is not possible for FrontFour to gain control of the Board and the Board knows it. Do not be fooled by any claim to the contrary. In order to have four candidates elected to the Board FrontFour would need the support of over 80% of all votes cast. Does the Board truly believe that its performance is so bad that FrontFour could receive 80% of the votes cast when to FrontFour's knowledge no dissident has ever received such overwhelming support in recent memory?