Investor Xenia may seek ways for PixelWorks to increase shareholder value

By Lisa Kerner

Charlotte, N.C., May 6 - Investors led by Xenia Contrarian Partners, LP said they acquired beneficial ownership of 2,345,000 shares, or 5.36%, of PixelWorks, Inc. common stock to obtain a "significant equity position" in the company.

Xenia and its affiliates said they intend to be active shareholders and may explore opportunities for PixelWorks to enhance shareholder value with the possible assistance of an investment bank, according to a schedule 13D filed with the Securities and Exchange Commission.

"We are very disappointed that the common stock of PixelWorks may be delisted as a result of the significant decline in the price of the shares over the last five years," general partner Marc Kozberg said in a Xenia news release.

"The general failure by the board and management of PixelWorks to purchase shares during this decline demonstrates their lack of confidence in the company, and frankly, the decline in share price from over $20 per share to $0.60 per share over the past five years speaks volumes on the performance of the board and management."

PixelWorks, located in Tualatin, Ore., develops video and pixel processing semiconductors and software for digital video applications.

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