Governance Advocate Targets Siebel

An attempt to mobilize shareholders comes a day after a profit warning.

Author:: Bill Snyder
Publish date:: Apr 6, 2005 5:53 PM EDT

A corporate governance advocate is attempting to mobilize institutional shareholders of troubled

Siebel Systems

(SEBL)

Herbert Denton, president of Providence Capital, has called a shareholder meeting for April 13 in New York City to discuss Siebel's business strategy, the composition of its board, allocation of its more than $2 billion in liquid assets, and share dilution. Pushing the company to buy back more shares is also a likely topic.

The call for the meeting comes the day after Siebel

warned that it will miss its first-quarter financial targets by a wide margin.

A spokesman for Siebel said the company would not comment on the proposed meeting.

Denton has been involved in a number of actions against troubled companies, including

Aetna

(AET)

Disney

(DIS) - Get Report

and

Hollinger

(HLR)

Providence Capital specializes in shareholder matters; an affiliate,Providence Recovery Partners, L.P., holds shares in Siebel Systems.