Perceptron holder Harbert Discovery Fund reports amended standstill pact
In a regulatory filing reporting an unchanged 5.4% stake in Perceptron, Harbert Discovery Fund stated, "As previously disclosed, on August 9, Harbert entered into a standstill agreement with Perceptron whereby William Taylor, James Ratigan and John Bryant were appointed to its board. The new directors filled vacancies left by the resignations of Kenneth Dabrowski and Philip DeCocco... On November 17, Perceptron entered into the first amendment to standstill agreement with Harbert... The standstill agreement amendment provides that, upon the appointment by the board of a new president and CEO, by June 1, 2017, the new president and CEO will be appointed to the board to fill a vacancy left by resignation of either Robert Oswald or Terryll Smith, who will resign from the board at that time to facilitate the appointment... Harbert has had conversations with Perceptron's management regarding possible ways to enhance shareholder value. Consistent with the amended standstill agreement, Harbert intend to have additional conversations with the Perceptron's management and board... Harbert has also had similar conversations with other stockholders of Perceptron and other interested parties, such as industry analysts, existing or potential strategic partners or competitors, investment professionals, and other investors."