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Shareholder asks RIM to consider sale of company, calls for ‘fundamental change’

Updated Dec 19th, 2018 7:28PM EST

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Jaguar Financial Corporation chief executive officer and RIM shareholder Vic Alboini wrote a letter urging Research In Motion to create a new plan for its business and even suggested the company consider a sale, the Financial Post said on Tuesday. “The status quo is unacceptable, the company cannot sit still,” he said. “It is time for transformational change. The directors need to seize the reins to maximize shareholder value before more market value is lost.” Alboini suggested RIM create a special panel consisting of four or five of its seven directors who could focus on finding a way, such as selling off patents, to increase shareholder value. Jaguar Financial Corporation owns less than 5% of RIM’s stock, which it purchased in July, but Alboini said his letter reflects the opinion of others, too. “We are representing several shareholders in making this statement,” Alboini said. “I’ve said to them if they want to step out and make themselves known, that’s entirely up to them.” Jaguar Financial tasks itself with investing in under-performing companies with the goal of turning them around. “RIM’s chronic underperformance and repeated delays in executing its strategy have led Jaguar to the conclusion that fundamental change at RIM is required,” he said.