Shamrock Activist names new designee to iPass board of directors

By Lisa Kerner

Charlotte, N.C., March 5 - Shamrock Activist Value Fund notified the iPass, Inc. board of directors that it would designate Stanley P. Gold to replace Peter Clapman as one of its two director designees under a Feb. 20 agreement with iPass.

Gold is the president and chief executive officer of Shamrock Holdings Inc., the private investment firm for the Roy E. Disney family, and Shamrock Capital Advisors, Inc., the investment manager for the Shamrock Activist Value Fund, according to a schedule 13D filed with the Securities and Exchange Commission.

Shamrock will have one representative on the iPass board as long as the investor continues to own not less than 3.5% of the company's outstanding common stock and a second representative if Shamrock owns not less than 10% of the outstanding stock, it was previously reported.

The investor owns 14% of iPass' outstanding shares.

On March 3, Shamrock Capital urged the iPass board to begin an orderly sale of the company.

iPass, located in Redwood Shores, Calif., provides software-enabled enterprise connectivity for remote and mobile workers.

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