Intertape Polymer shareholder suggests company sell itself or replace leadership

By Lisa Kerner

Charlotte, N.C., Dec. 31 - Intertape Polymer Group Inc. investor KSA Capital Management, LLC and its managing member Daniel D. Khoshaba suggested the company put itself up for sale or replace its board of directors and executive director Melbourne Yull.

KSA, a 5.07% shareholder, made its comments in a Dec. 30 letter to Intertape Polymer's board. The letter was included in a schedule 13D filed with the Securities and Exchange Commission.

The investor also suggested Intertape Polymer restructure its corporate governance as well as management's economic incentives.

KSA said Intertape Polymer's problems are the result of poor management and lack of proper board oversight as well as poor acquisitions and excessive leverage that occurred over the last 10 years.

Intertape Polymer is a Saint Laurent, Quebec, developer, manufacturer and seller of polyolefin films, paper and film pressure-sensitive tapes and complementary packaging systems.

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