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Shamrock wants Jackson Hewitt to adopt governance measures that include removal of poison pill
By Lisa Kerner
Charlotte, N.C., April 16 - Shamrock Activist Value Fund, LP recommended the adoption of its suggested "good governance measures" in an April 14 letter to Jackson Hewitt Tax Service Inc. presiding director Margaret Richardson.
In the letter, included in a schedule 13D filing with the Securities and Exchange Commission, Shamrock asked the company to:
• De-stagger its current board and institute annual elections for all directors;
• Adopt a majority voting standard for the election of directors who are running unopposed; and
• Remove the company's shareholder rights plan ("poison pill").
According to Shamrock, adoption of these measures would be "an important step towards improving board accountability and creating greater value for all Jackson Hewitt stockholders."
Shamrock and its affiliates beneficially own 2,883,000 shares, or 10.14%, of the Parsippany, N.J.-based tax services company's outstanding stock. In December, Shamrock reported an 8.91% stake in the company and beneficial ownership of 2,676,000 Jackson Hewitt shares.
It was previously reported that Shamrock asked Jackson Hewitt to adopt changes to the current executive compensation plan that would "better align executive compensation with more appropriate performance metrics that would more closely link pay with performance and the creation of long-term shareholder value," a prior SEC filing stated.
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