RF Industries, Ltd. (NASDAQ:RFIL) today announced that it has entered into an agreement with Red Oak Partners, LLC, the deemed beneficial owner of 9.2% of the Company's common stock. Red Oak had previously sent letters to RFI and filed a Schedule 13D with the Securities and Exchange Commission related to Red Oak's intention to nominate various directors at the Company's 2011 annual meeting of stockholders for election to the board of directors and regarding certain other corporate governance matters.
Under the agreement, RFI has agreed to appoint two designees of Red Oak Partners to RFI's Board of Directors at the time that the company files its proxy statement for the 2011 annual meeting (to be filed by September 5, 2011) and to make certain other corporate governance changes recommended by Red Oak. The two new appointees to the Board will be David Sandberg and J. Randall Waterfield. Mr. Sandberg and Mr. Waterfield will replace John Ehret and Robert Jacobs who have agreed to resign as members of RFI's Board.
David Sandberg is the managing member, founder, and portfolio manager of Red Oak Partners LP, a New York-based hedge fund. J. Randall Waterfield is a former Goldman, Sachs & Co. small capitalization growth portfolio manager, and is currently the Chairman of Waterfield Group, a diversified financial services holding company, and an owner of Cappello Waterfield & Co., a global investment bank.
As part of the agreement with Red Oak, RFI has created a newly formed Strategic Committee whose responsibilities include, among other things, review of the Radio Mobile business, RFI's current and future cash requirements and strategies for maximizing shareholder returns. RFI is also establishing a separate Compensation Committee and a Nominating and Corporate Governance Committee. Upon his appointment to the Board, Mr. Sandberg will become the Chairman of the new Strategic Committee, and Mr. Waterfield will become the Chairman of the Compensation Committee. RFI also agreed to review its investor relations program and to commence regular quarterly earnings conference calls which are open to all investors.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV