-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RfoLnnZXDX+YQq/21wBVSAekiccT1VSg+U1W8r9y9tqi+NeGPFS0j2Gm+5XBvOMX zLt+n3iOKyQeLHgLF1karA== 0000919574-08-002483.txt : 20080410 0000919574-08-002483.hdr.sgml : 20080410 20080410154209 ACCESSION NUMBER: 0000919574-08-002483 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20080410 DATE AS OF CHANGE: 20080410 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: MICREL INC CENTRAL INDEX KEY: 0000932111 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 942526744 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-44563 FILM NUMBER: 08749980 BUSINESS ADDRESS: STREET 1: 1849 FORTUNE DR CITY: SAN JOSE STATE: CA ZIP: 95131 BUSINESS PHONE: 4089440800 MAIL ADDRESS: STREET 1: 1849 FORTUNE DR CITY: SAN JOSE STATE: CA ZIP: 95131 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: OBREM CAPITAL MANAGEMENT, LLC CENTRAL INDEX KEY: 0001429441 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 733 THIRD AVENUE STREET 2: 11TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 646-454-5311 MAIL ADDRESS: STREET 1: 733 THIRD AVENUE STREET 2: 11TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10017 SC 13D/A 1 d873051_13d-a.htm MICREL, INCORPORATED d873051_13d-a.htm

 
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

SCHEDULE 13D/A
THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 5)


Micrel, Incorporated
(Name of Issuer)


Common Stock, no par value
(Title of Class of Securities)


59473101
(CUSIP Number)

Obrem Capital Management, LLC
733 3rd Avenue
11th Floor
New York, New York 10017
Telephone - (646) 454-5311
(Name, Address and Telephone Number of Person Authorized to Receive
Notices and Communications)

April 10, 2008
(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of ss.240.13D-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box [ ].
 
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.
   
*   The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

 
 
 


The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


 
 
 


CUSIP No.
59473101
    


1.
NAME OF REPORTING PERSONS
  
 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  
     
 
Obrem Capital Management, LLC
  

2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
   
(a)
[_]
   
(b)
[x]

3.
SEC USE ONLY
  
     
     

4.
SOURCE OF FUNDS
  
     
 
WC
  

5.
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
  
[_]
     
     

6.
CITIZENSHIP OR PLACE OF ORGANIZATION
  
     
 
Delaware
  

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
     

7.
SOLE VOTING POWER
  
     
 
0
  

8.
SHARED VOTING POWER
  
     
 
10,735,690
  

9.
SOLE DISPOSITIVE POWER
     
 
0
  


 
 
 


10.
SHARED DISPOSITIVE POWER
  
[_]
     
 
10,735,690
  

11.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
  
   
 
10,735,690
  

12.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
  
   
     

13.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
  
     
 
14.9%
  

14.
TYPE OF REPORTING PERSON
  
     
 
OO
  
     


 
 
 


CUSIP No.
59473101
    


1.
NAME OF REPORTING PERSONS
  
 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  
     
 
Obrem Capital (GP), LLC
  

2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
   
(a)
[_]
   
(b)
[x]

3.
SEC USE ONLY
  
     
     

4.
SOURCE OF FUNDS
  
     
 
WC
  

5.
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
  
[_]
     
     

6.
CITIZENSHIP OR PLACE OF ORGANIZATION
  
     
 
Delaware
  

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
     

7.
SOLE VOTING POWER
  
     
 
0
  

8.
SHARED VOTING POWER
  
     
 
10,735,690
  

9.
SOLE DISPOSITIVE POWER
     
 
0
  


 
 
 


10.
SHARED DISPOSITIVE POWER
  
[_]
     
 
10,735,690
  

11.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
  
   
 
10,735,690
  

12.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
  
   
     

13.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
  
     
 
14.9%
  

14.
TYPE OF REPORTING PERSON
  
     
 
OO
  
     

 
 
 


CUSIP No.
59473101
    


1.
NAME OF REPORTING PERSONS
  
 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  
     
 
Andrew Rechtschaffen
  

2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
   
(a)
[_]
   
(b)
[x]

3.
SEC USE ONLY
  
     
     

4.
SOURCE OF FUNDS
  
     
 
WC
  

5.
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
  
[_]
     
     

6.
CITIZENSHIP OR PLACE OF ORGANIZATION
  
     
 
United States of America
  

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
     

7.
SOLE VOTING POWER
  
     
 
0
  

8.
SHARED VOTING POWER
  
     
 
10,735,690
  

9.
SOLE DISPOSITIVE POWER
     
 
0
  


 
 
 


10.
SHARED DISPOSITIVE POWER
  
[_]
     
 
10,735,690
  

11.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
  
   
 
10,735,690
  

12.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
  
 
 
  
     

13.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
  
     
 
14.9%
  

14.
TYPE OF REPORTING PERSON
  
     
 
IN
  
     


 
 
 


CUSIP No.
59473101
    


1.
NAME OF REPORTING PERSONS
  
 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  
     
 
Obrem Capital Offshore Master, L.P.
  

2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
   
(a)
[_]
   
(b)
[x]

3.
SEC USE ONLY
  
     
     

4.
SOURCE OF FUNDS
  
     
 
WC
  

5.
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
  
[_]
     
     

6.
CITIZENSHIP OR PLACE OF ORGANIZATION
  
     
 
Cayman Islands
  

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
     

7.
SOLE VOTING POWER
  
     
 
0
  

8.
SHARED VOTING POWER
  
     
 
6,132,782
  

9.
SOLE DISPOSITIVE POWER
     
 
0
  


 
 
 


10.
SHARED DISPOSITIVE POWER
  
[_]
     
 
6,132,782
  

11.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
  
   
 
6,132,782
  

12.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
  
   
     

13.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
  
     
 
8.5%
  

14.
TYPE OF REPORTING PERSON
  
     
 
PN
  
     


 
 
 


CUSIP No.
59473101
    


1.
NAME OF REPORTING PERSONS
  
 
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
  
     
 
Obrem Capital (QP), L.P.
  

2.
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
   
(a)
[_]
   
(b)
[x]

3.
SEC USE ONLY
  
     
     

4.
SOURCE OF FUNDS
  
     
 
WC
  

5.
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)
  
[_]
     
     

6.
CITIZENSHIP OR PLACE OF ORGANIZATION
  
     
 
Delaware
  

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
     

7.
SOLE VOTING POWER
  
     
 
0
  

8.
SHARED VOTING POWER
  
     
 
4,602,908
  

9.
SOLE DISPOSITIVE POWER
     
 
0
  


 
 
 


10.
SHARED DISPOSITIVE POWER
  
[_]
     
 
4,602,908
  

11.
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
  
   
 
4,602,908
  

12.
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
  
   
     

13.
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
  
     
 
6.4%
  

14.
TYPE OF REPORTING PERSON
  
     
 
PN
  
     


 
 
 

CUSIP No.
59473101
    
     

Item 1.
Security and Issuer.
  

 
No change.
  

     
Item 2.
Identity and Background.
  

 
No change.
    

Item 3.
Source and Amount of Funds or Other Consideration.
  

 
The funds for the purchase of the Shares beneficially owned by the Reporting Persons came from the working capital of the private investment vehicles managed by the Reporting Persons.
 
The total cost for the Shares that the Reporting Persons may be deemed to beneficially own is $86,011,349.92.
 
No borrowed funds were used to purchase the Shares, other than any borrowed funds used for working capital purposes (including certain leverage arrangements) in the ordinary course of business.
  

Item 4.
Purpose of Transaction.
  

   
The Reporting Persons purchased the Shares based on the Reporting Persons' belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity.  Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase of additional Shares desirable, the Reporting Persons may endeavor to increase their position in the Issuer through, among other things, the purchase of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable, if the Issuer’s shareholder rights plan is rescinded or the Reporting Persons are otherwise exempted.
  
       
   
On March 12, 2008, the Reporting Persons delivered a letter to the Issuer’s Board of Directors (the “Board”) expressing the Reporting Persons' desire to discuss potential alternatives through which the Issuer can create permanent shareholder value.  At that time, the Reporting Persons believed that shares of the Issuer were substantially undervalued and that the Board should explore strategic alternatives, including pursuing the sale of the entire company.   A copy of the letter sent to the Board dated March 12, 2008 was attached as Exhibit C to the Schedule 13D Amendment 1 filed on March 19, 2008.
  


 
 
 


   
On March 25, 2008, the Issuer reported that its Board had adopted on March 24, 2008, a limited duration shareholder rights plan, which is commonly referred to as a “Poison Pill” (the “Rights Plan”).  At that time, the Reporting Persons were disappointed by the Board’s purported adoption of the Rights Plan, which they did not believe in any way served to maximize or enhance shareholder value.  In response, and in accordance with the Issuer’s amended and restated bylaws, on March 25, 2008, the Reporting Persons sent a letter to the Issuer requesting that the Issuer call a special meeting of shareholders for the purpose of, among other items, replacing the members of the Issuer’s current Board with the persons set forth in the Reporting Persons’ letter of March 25, 2008.  A copy of the letter sent to the Issuer dated March 25, 2008 was attached as Exhibit C to the Schedule 13D Amendment 3 filed on March 26, 2008.
  
       
   
On March 26, 2008, the Issuer issued a press release announcing that it has received the Reporting Persons’ letter of March 25, 2008.
  
       
   
On April 1, 2008, the Issuer issued an open letter to its shareholders regarding the Reporting Persons previous communications with the Company.  The Reporting Persons also issued an open letter responding to certain inaccuracies that they believe were included in the Issuer’s letter.  A copy of the Reporting Person’s open latter dated April 1, 2008 was attached as Exhibit C to the Schedule 13D Amendment 4 filed on April 1, 2008.
  
       
   
On April 2, 2008, the Issuer filed a Schedule 14A that contained notice of a special meeting of the Issuer’s shareholders to be held on May 20, 2008 at the office of the Issuer.
  
       
   
On April 10, 2008, the Reporting Persons filed a Preliminary Proxy Statement on Schedule 14A soliciting proxies for the following matters to be voted at a special meeting of shareholders on May 20, 2008:  (i) to remove the Issuer’s five current directors, (ii) to amend the Issuer’s bylaws to permit its shareholders to fix the number of directors of the Issuer in a range, and set the range to be not less than four and not more than seven directors, (iii) to amend the Issuer’s bylaws to establish the number of directors of the Issuer at six, (iv) to elect six nominees proposed by the Reporting Persons to fill the six seats on the Board and (v) to approve a non-binding shareholder resolution recommending that the Board rescind the Issuer’s shareholder rights plan adopted on March 28, 2008.  If the preceding proposals are accepted by the Issuer’s shareholders, then the Reporting Persons intend to request that the directors cause the Issuer to engage an investment bank with semiconductor industry expertise to pursue a sale of the Issuer.  The Preliminary Proxy Statement is available at no charge at the Securities and Exchange Commission’s website at http://www.sec.gov/Archives/edgar/data/932111/ 000104746908004430 a2184590zprec14a.htm.
  


 
 
 


   
In connection with their investment in the Shares of the Issuer, the Reporting Persons may also engage in additional communications with members of management and additional communications with the Board, other current or prospective shareholders, industry analysts, existing or potential strategic partners or competitors, investment and financing professionals, sources of credit and other investors with respect to the types of corporate action that may be covered in paragraphs (a) through (j) of Item 4 of Schedule 13D.  The Reporting Persons intend to review their investment in the Issuer on a continuing basis.  Depending on various factors including, without limitation, the Issuer's financial position and investment strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, seeking additional board representation, making proposals to the Issuer concerning changes to the capitalization, ownership structure or operations, or a sale of the Issuer, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of, or any hedging or similar transaction with respect to, the Shares or changing their intention with respect to any and all matters referred to in this Item 4.
  
         

Item 5.
Interest in Securities of the Issuer.
  

 
(a)-(e)
As of the date of this filing, Obrem Capital Management, LLC, Obrem Capital (GP), LLC and Andrew Rechtschaffen may be deemed to be the beneficial owner of 10,735,690 Shares or 14.9% of the Shares of the Issuer, based upon the 71,753,339 Shares outstanding as of February 25, 2008, according to the Issuer's most recent Form 10-K.  As of the date of this filing, Obrem Capital Offshore Master, L.P. may be deemed to be the beneficial owner of 6,132,782 Shares or 8.5% of the Shares of the Issuer.  As of the date of this filing, Obrem Capital (QP), L.P. may be deemed to be the beneficial owner of 4,602,908 Shares or 6.4% of the Shares of the Issuer.
  
       
   
Each of Obrem Capital Management, LLC, Obrem Capital (GP), LLC and Andrew Rechtschaffen has the sole power to vote or direct the vote of 0 Shares and the shared power to vote or direct the vote of 10,735,690 Shares.  Obrem Capital Offshore Master, L.P. has the sole power to vote or direct the vote of 0 Shares and the shared power to vote or direct the vote of 6,132,782 Shares.  Obrem Capital (QP), L.P. has the sole power to vote or direct the vote of 0 Shares and the shared power to vote or direct the vote of 4,602,908 Shares.
  
       
   
Each of Obrem Capital Management, LLC, Obrem Capital (GP), LLC and Andrew Rechtschaffen has the sole power to dispose or direct the disposition of 0 Shares and the shared power to dispose or direct the disposition of 10,735,690 Shares.  Obrem Capital Offshore Master, L.P. has the sole power to dispose or direct the disposition of 0 Shares and the shared power to dispose or direct the disposition of 6,132,782 Shares.  Obrem Capital (QP), L.P. has the sole power to dispose or direct the disposition of 0 Shares and the shared power to dispose or direct the disposition of 4,602,908 Shares.
  
       
 
 
 
 
 
   
The trading date, number of Shares purchased and the price per share for all transactions in the Shares during the past 60 days by the Reporting Persons are set forth in Exhibit B and were effected in open market transactions.
  
       
   
The Shares were acquired for investment purposes.  Obrem Capital Management, LLC, Obrem Capital (GP), LLC, Andrew Rechtschaffen, Obrem Capital Offshore Master, L.P. and Obrem Capital (QP), L.P. may acquire additional Shares, dispose of all or some of these Shares from time to time, in each case in open market or private transactions, block sales or purchases or otherwise, or may continue to hold the Shares.
  
       
   
The Reporting Persons specifically disclaim beneficial ownership in the Shares reported herein except to the extent of their pecuniary interest therein.
  
       
         

Item 6.
Contracts, Arrangements, Understandings or Relationships with Respect
  
 
to Securities of the Issuer.
  

 
No change.
  
     
     
Item 7.
Material to be Filed as Exhibits.
  

 
A.  An agreement relating to the filing of a joint statement as required by Rule 13d-1(f) under the Securities Exchange Act of 1934 was filed as Exhibit A to the Schedule 13D Amendment 2 filed on March 24, 2008.
 
B.  A description of the transactions in the Shares that were effected by the Reporting Persons during the past 60 days is filed herewith as Exhibit B.
  
     
     
 
 

 
 
 


 
SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 
April 10, 2008
 
(Date)

Obrem Capital Management, LLC

By:  /s/ Andrew Rechtschaffen
     Andrew Rechtschaffen, Managing Member

Obrem Capital (GP), LLC

By:  /s/ Andrew Rechtschaffen
     Andrew Rechtschaffen, Managing Member

Andrew Rechtschaffen

/s/ Andrew Rechtschaffen

Obrem Capital Offshore Master, L.P.
By:  Obrem Capital (GP), LLC, its general partner

By:  /s/ Andrew Rechtschaffen
     Andrew Rechtschaffen, Managing Member

Obrem Capital (QP), L.P.
By:  Obrem Capital (GP), LLC, its general partner

By:  /s/ Andrew Rechtschaffen
     Andrew Rechtschaffen, Managing Member



Attention:  Intentional misstatements or omissions of fact constitute Federal criminal violations (see 18 U.S.C. 1001).


 
 
 

        Exhibit A
 
 
Filed as Exhibit A to the Schedule 13D Amendment 2 filed on March 24, 2008.
 



 
 
 


Exhibit B




Transactions – Obrem Capital Management, LLC, Obrem Capital (GP), LLC and Andrew Rechtschaffen

 
Date of Transaction
 
Title of Class
 
Number of Shares Purchased
 
Price Per Share
 
       
2/21/2008
Common Stock, no par value
28,290.00
$6.85
2/21/2008
Common Stock, no par value
25,460.00
$6.77
2/21/2008
Common Stock, no par value
5,660.00
$6.80
2/21/2008
Common Stock, no par value
25,460.00
$6.83
2/21/2008
Common Stock, no par value
21,710.00
$6.85
2/21/2008
Common Stock, no par value
19,540.00
$6.77
2/21/2008
Common Stock, no par value
4,340.00
$6.80
2/21/2008
Common Stock, no par value
19,540.00
$6.83
2/22/2008
Common Stock, no par value
14,140.00
$6.71
2/22/2008
Common Stock, no par value
14,140.00
$6.73
2/22/2008
Common Stock, no par value
5,660.00
$6.76
2/22/2008
Common Stock, no par value
5,660.00
$6.77
2/22/2008
Common Stock, no par value
8,490.00
$6.71
2/22/2008
Common Stock, no par value
14,140.00
$6.71
2/22/2008
Common Stock, no par value
14,140.00
$6.70
2/22/2008
Common Stock, no par value
14,140.00
$6.69
2/22/2008
Common Stock, no par value
10,860.00
$6.71
2/22/2008
Common Stock, no par value
10,860.00
$6.73
2/22/2008
Common Stock, no par value
4,340.00
$6.76
2/22/2008
Common Stock, no par value
4,340.00
$6.77
2/22/2008
Common Stock, no par value
6,510.00
$6.71
2/22/2008
Common Stock, no par value
10,860.00
$6.71
2/22/2008
Common Stock, no par value
10,860.00
$6.70
2/22/2008
Common Stock, no par value
10,860.00
$6.69
2/25/2008
Common Stock, no par value
7,410.00
$6.67
2/25/2008
Common Stock, no par value
5,660.00
$6.87
2/25/2008
Common Stock, no par value
5,660.00
$6.86
2/25/2008
Common Stock, no par value
5,660.00
$6.91
2/25/2008
Common Stock, no par value
5,660.00
$6.80
2/25/2008
Common Stock, no par value
5,660.00
$6.77
2/25/2008
Common Stock, no par value
5,660.00
$6.79
2/25/2008
Common Stock, no par value
5,660.00
$6.78
2/25/2008
Common Stock, no par value
5,660.00
$6.79
2/25/2008
Common Stock, no par value
5,660.00
$6.83
2/25/2008
Common Stock, no par value
14,140.00
$6.93
2/25/2008
Common Stock, no par value
5,660.00
$6.95
2/25/2008
Common Stock, no par value
5,690.00
$6.67
 
 
 
 
 
2/25/2008
Common Stock, no par value
4,340.00
$6.87
2/25/2008
Common Stock, no par value
4,340.00
$6.86
2/25/2008
Common Stock, no par value
4,340.00
$6.91
2/25/2008
Common Stock, no par value
4,340.00
$6.80
2/25/2008
Common Stock, no par value
4,340.00
$6.77
2/25/2008
Common Stock, no par value
4,340.00
$6.79
2/25/2008
Common Stock, no par value
4,340.00
$6.78
2/25/2008
Common Stock, no par value
4,340.00
$6.79
2/25/2008
Common Stock, no par value
4,340.00
$6.83
2/25/2008
Common Stock, no par value
10,860.00
$6.93
2/25/2008
Common Stock, no par value
4,340.00
$6.95
2/26/2008
Common Stock, no par value
5,660.00
$7.03
2/26/2008
Common Stock, no par value
5,660.00
$7.08
2/26/2008
Common Stock, no par value
4,340.00
$7.03
2/26/2008
Common Stock, no par value
4,340.00
$7.08
2/27/2008
Common Stock, no par value
7,580.00
$7.21
2/27/2008
Common Stock, no par value
5,660.00
$7.17
2/27/2008
Common Stock, no par value
5,820.00
$7.21
2/27/2008
Common Stock, no par value
4,340.00
$7.17
2/28/2008
Common Stock, no par value
211,886.00
$7.34
2/28/2008
Common Stock, no par value
56,570.00
$7.34
2/28/2008
Common Stock, no par value
162,630.00
$7.34
2/28/2008
Common Stock, no par value
43,430.00
$7.34
2/29/2008
Common Stock, no par value
131,260.00
$7.36
2/29/2008
Common Stock, no par value
242,390.00
$7.36
2/29/2008
Common Stock, no par value
100,740.00
$7.36
2/29/2008
Common Stock, no par value
186,050.00
$7.36
3/3/2008
Common Stock, no par value
379,366.00
$7.41
3/3/2008
Common Stock, no par value
12,650.00
$7.51
3/3/2008
Common Stock, no par value
283,240.00
$7.41
3/3/2008
Common Stock, no par value
9,450.00
$7.51
3/4/2008
Common Stock, no par value
275,584.00
$7.50
3/4/2008
Common Stock, no par value
84,570.00
$7.50
3/4/2008
Common Stock, no par value
75,460.00
$7.46
3/4/2008
Common Stock, no par value
205,750.00
$7.50
3/4/2008
Common Stock, no par value
63,130.00
$7.50
3/4/2008
Common Stock, no par value
56,340.00
$7.46
3/5/2008
Common Stock, no par value
306,250.00
$7.74
3/5/2008
Common Stock, no par value
109,930.00
$7.72
3/5/2008
Common Stock, no par value
34,350.00
$7.76
3/5/2008
Common Stock, no par value
228,650.00
$7.74
3/5/2008
Common Stock, no par value
82,070.00
$7.72
3/5/2008
Common Stock, no par value
25,650.00
$7.76
3/6/2008
Common Stock, no par value
205,310.00
$7.67
3/6/2008
Common Stock, no par value
82,929.00
$7.65
3/6/2008
Common Stock, no par value
22,900.00
$7.67
3/6/2008
Common Stock, no par value
153,290.00
$7.67
3/6/2008
Common Stock, no par value
61,910.00
$7.65
3/6/2008
Common Stock, no par value
17,100.00
$7.67
 
 
 
 
 
3/7/2008
Common Stock, no par value
177,370.00
$7.91
3/7/2008
Common Stock, no par value
97,390.00
$7.89
3/7/2008
Common Stock, no par value
132,430.00
$7.91
3/7/2008
Common Stock, no par value
72,710.00
$7.89
3/10/2008
Common Stock, no par value
224,056.00
$7.86
3/10/2008
Common Stock, no par value
42,940.00
$7.93
3/10/2008
Common Stock, no par value
143,140.00
$7.91
3/10/2008
Common Stock, no par value
167,280.00
$7.86
3/10/2008
Common Stock, no par value
32,060.00
$7.93
3/10/2008
Common Stock, no par value
106,860.00
$7.91
3/11/2008
Common Stock, no par value
101,340.00
$8.02
3/11/2008
Common Stock, no par value
59,142.00
$7.95
3/11/2008
Common Stock, no par value
11,450.00
$7.95
3/11/2008
Common Stock, no par value
199,154.00
$8.01
3/11/2008
Common Stock, no par value
1,218.00
$8.01
3/11/2008
Common Stock, no par value
75,660.00
$8.02
3/11/2008
Common Stock, no par value
44,160.00
$7.95
3/11/2008
Common Stock, no par value
8,550.00
$7.95
3/11/2008
Common Stock, no par value
148,690.00
$8.01
3/11/2008
Common Stock, no par value
938.00
$8.01
3/12/2008
Common Stock, no par value
94,010.00
$8.26
3/12/2008
Common Stock, no par value
70,190.00
$8.26
3/12/2008
Common Stock, no par value
2,860.00
$8.20
3/12/2008
Common Stock, no par value
2,140.00
$8.20
3/12/2008
Common Stock, no par value
110,834.00
$8.29
3/12/2008
Common Stock, no par value
82,740.00
$8.29
3/12/2008
Common Stock, no par value
120,893.00
$8.31
3/12/2008
Common Stock, no par value
90,260.00
$8.31
3/12/2008
Common Stock, no par value
44,200.00
$8.32
3/12/2008
Common Stock, no par value
33,000.00
$8.32
3/13/2008
Common Stock, no par value
168,799.00
$8.25
3/13/2008
Common Stock, no par value
131,201.00
$8.30
3/13/2008
Common Stock, no par value
20,000.00
$8.20
3/14/2008
Common Stock, no par value
275,371.00
$8.40
3/14/2008
Common Stock, no par value
82,800.00
$8.38
3/14/2008
Common Stock, no par value
25,000.00
$8.35
3/17/2008
Common Stock, no par value
71,000.00
$8.49
3/17/2008
Common Stock, no par value
123,300.00
$8.47
3/17/2008
Common Stock, no par value
15,000.00
$8.55
3/18/2008
Common Stock, no par value
74,300.00
$8.61
3/18/2008
Common Stock, no par value
411,400.00
$8.55
3/18/2008
Common Stock, no par value
146,000.00
$8.56
3/18/2008
Common Stock, no par value
20,000.00
$8.51
3/19/2008
Common Stock, no par value
305,000.00
$8.79
3/19/2008
Common Stock, no par value
243,334.00
$8.74
3/19/2008
Common Stock, no par value
332,820.00
$8.83
 
 
 
 
 
3/20/2008
Common Stock, no par value
10,811.00
$8.71
3/20/2008
Common Stock, no par value
25,000.00
$8.75
3/20/2008
Common Stock, no par value
25,000.00
$8.75
3/20/2008
Common Stock, no par value
100,000.00
$8.75
3/20/2008
Common Stock, no par value
158,800.00
$8.80
3/20/2008
Common Stock, no par value
25,000.00
$8.81
3/20/2008
Common Stock, no par value
150,000.00
$8.83
3/20/2008
Common Stock, no par value
25,000.00
$8.84
3/20/2008
Common Stock, no par value
50,000.00
$8.84
3/20/2008
Common Stock, no par value
151,360.00
$8.85
3/20/2008
Common Stock, no par value
201,940.00
$8.85
3/20/2008
Common Stock, no par value
181,454.00
$8.85
3/20/2008
Common Stock, no par value
125,000.00
$8.86
3/20/2008
Common Stock, no par value
10,000.00
$8.87
3/20/2008
Common Stock, no par value
32,000.00
$8.88
3/20/2008
Common Stock, no par value
18,000.00
$8.96
3/20/2008
Common Stock, no par value
50,000.00
$8.98
3/24/2008
Common Stock, no par value
2,570.00
$9.14
3/24/2008
Common Stock, no par value
3,430.00
$9.14
4/1/2008
Common Stock, no par value
17,160.00
$8.95
4/1/2008
Common Stock, no par value
12,840.00
$8.95
4/2/2008
Common Stock, no par value
5,720.00
$8.88
4/2/2008
Common Stock, no par value
4,280.00
$8.88
4/2/2008
Common Stock, no par value
2,860.00
$8.84
4/2/2008
Common Stock, no par value
2,140.00
$8.84
 
 

 
 
 


Transactions – Obrem Capital Offshore Master, L.P.

 
Date of Transaction
 
 
Title of Class
 
Number of Shares Purchased
 
Price Per Share
 
       
3/13/2008
Common Stock, no par value
96,639.00
$8.25
3/13/2008
Common Stock, no par value
75,121.00
$8.30
3/13/2008
Common Stock, no par value
11,450.00
$8.20
3/14/2008
Common Stock, no par value
157,661.00
$8.40
3/14/2008
Common Stock, no par value
47,410.00
$8.38
3/14/2008
Common Stock, no par value
14,310.00
$8.35
3/17/2008
Common Stock, no par value
40,650.00
$8.49
3/17/2008
Common Stock, no par value
70,590.00
$8.47
3/17/2008
Common Stock, no par value
8,590.00
$8.55
3/18/2008
Common Stock, no par value
42,470.00
$8.61
3/18/2008
Common Stock, no par value
235,140.00
$8.55
3/18/2008
Common Stock, no par value
83,450.00
$8.56
3/18/2008
Common Stock, no par value
11,430
$8.51
3/19/2008
Common Stock, no par value
174,330
$8.79
3/19/2008
Common Stock, no par value
139,084
$8.74
3/19/2008
Common Stock, no par value
190,230
$8.83
3/20/2008
Common Stock, no par value
6,181.00
$8.71
3/20/2008
Common Stock, no par value
14,290.00
$8.75
3/20/2008
Common Stock, no par value
14,290.00
$8.75
3/20/2008
Common Stock, no par value
57,160.00
$8.75
3/20/2008
Common Stock, no par value
90,770.00
$8.80
3/20/2008
Common Stock, no par value
14,290.00
$8.81
3/20/2008
Common Stock, no par value
85,740.00
$8.83
3/20/2008
Common Stock, no par value
14,290.00
$8.84
3/20/2008
Common Stock, no par value
28,580.00
$8.84
3/20/2008
Common Stock, no par value
187,650.00
$8.85
3/20/2008
Common Stock, no par value
14,290.00
$8.85
3/20/2008
Common Stock, no par value
103,704.00
$8.85
3/20/2008
Common Stock, no par value
71,450.00
$8.86
3/20/2008
Common Stock, no par value
5,720.00
$8.87
3/20/2008
Common Stock, no par value
18,290.00
$8.88
3/20/2008
Common Stock, no par value
10,290.00
$8.96
3/20/2008
Common Stock, no par value
28,580.00
$8.98
3/24/2008
Common Stock, no par value
3,430.00
$9.14
4/1/2008
Common Stock, no par value
17,160.00
$8.95
4/2/2008
Common Stock, no par value
5,720.00
$8.88
4/2/2008
Common Stock, no par value
2,860.00
$8.84

 
 
 

Transactions – Obrem Capital (QP), L.P.
 
 
Date of Transaction
 
 
Title of Class
 
Number of Shares Purchased
 
Price Per Share
       
2/21/2008
Common Stock, no par value
21,710.00
$6.85
2/21/2008
Common Stock, no par value
19,540.00
$6.77
2/21/2008
Common Stock, no par value
4,340.00
$6.80
2/21/2008
Common Stock, no par value
19,540.00
$6.83
2/22/2008
Common Stock, no par value
10,860.00
$6.71
2/22/2008
Common Stock, no par value
10,860.00
$6.73
2/22/2008
Common Stock, no par value
4,340.00
$6.76
2/22/2008
Common Stock, no par value
4,340.00
$6.77
2/22/2008
Common Stock, no par value
6,510.00
$6.71
2/22/2008
Common Stock, no par value
10,860.00
$6.71
2/22/2008
Common Stock, no par value
10,860.00
$6.70
2/22/2008
Common Stock, no par value
10,860.00
$6.69
2/25/2008
Common Stock, no par value
5,690.00
$6.67
2/25/2008
Common Stock, no par value
4,340.00
$6.87
2/25/2008
Common Stock, no par value
4,340.00
$6.86
2/25/2008
Common Stock, no par value
4,340.00
$6.91
2/25/2008
Common Stock, no par value
4,340.00
$6.80
2/25/2008
Common Stock, no par value
4,340.00
$6.77
2/25/2008
Common Stock, no par value
4,340.00
$6.79
2/25/2008
Common Stock, no par value
4,340.00
$6.78
2/25/2008
Common Stock, no par value
4,340.00
$6.79
2/25/2008
Common Stock, no par value
4,340.00
$6.83
2/25/2008
Common Stock, no par value
10,860.00
$6.93
2/25/2008
Common Stock, no par value
4,340.00
$6.95
2/26/2008
Common Stock, no par value
4,340.00
$7.03
2/26/2008
Common Stock, no par value
4,340.00
$7.08
2/27/2008
Common Stock, no par value
5,820.00
$7.21
2/27/2008
Common Stock, no par value
4,340.00
$7.17
2/28/2008
Common Stock, no par value
162,630.00
$7.34
2/28/2008
Common Stock, no par value
43,430.00
$7.34
2/29/2008
Common Stock, no par value
100,740.00
$7.36
2/29/2008
Common Stock, no par value
186,050.00
$7.36
3/3/2008
Common Stock, no par value
283,240.00
$7.41
3/3/2008
Common Stock, no par value
9,450.00
$7.51
3/4/2008
Common Stock, no par value
205,750.00
$7.50
3/4/2008
Common Stock, no par value
63,130.00
$7.50
3/4/2008
Common Stock, no par value
56,340.00
$7.46
3/5/2008
Common Stock, no par value
228,650.00
$7.74
3/5/2008
Common Stock, no par value
82,070.00
$7.72
3/5/2008
Common Stock, no par value
25,650.00
$7.76
3/6/2008
Common Stock, no par value
153,290.00
$7.67

 
 
 


3/6/2008
Common Stock, no par value
61,910.00
$7.65
3/6/2008
Common Stock, no par value
17,100.00
$7.67
3/7/2008
Common Stock, no par value
132,430.00
$7.91
3/7/2008
Common Stock, no par value
72,710.00
$7.89
3/10/2008
Common Stock, no par value
167,280.00
$7.86
3/10/2008
Common Stock, no par value
32,060.00
$7.93
3/10/2008
Common Stock, no par value
106,860.00
$7.91
3/11/2008
Common Stock, no par value
75,660.00
$8.02
3/11/2008
Common Stock, no par value
44,160.00
$7.95
3/11/2008
Common Stock, no par value
8,550.00
$7.95
3/11/2008
Common Stock, no par value
149,628.00
$8.01
3/12/2008
Common Stock, no par value
82,740.00
$8.29
3/12/2008
Common Stock, no par value
90,260.00
$8.31
3/12/2008
Common Stock, no par value
33,000.00
$8.32
3/12/2008
Common Stock, no par value
2,140.00
$8.20
3/12/2008
Common Stock, no par value
70,190.00
$8.26
3/13/2008
Common Stock, no par value
72,160.00
$8.25
3/13/2008
Common Stock, no par value
56,080.00
$8.30
3/13/2008
Common Stock, no par value
8,550.00
$8.20
3/14/2008
Common Stock, no par value
117,710.00
$8.40
3/14/2008
Common Stock, no par value
35,390.00
$8.38
3/14/2008
Common Stock, no par value
10,690.00
$8.35
3/17/2008
Common Stock, no par value
30,350.00
$8.50
3/17/2008
Common Stock, no par value
52,710.00
$8.47
3/17/2008
Common Stock, no par value
6,410.00
$8.55
3/18/2008
Common Stock, no par value
31,830.00
$8.61
3/18/2008
Common Stock, no par value
176,260.00
$8.55
3/18/2008
Common Stock, no par value
62,550.00
$8.56
3/18/2008
Common Stock, no par value
8,570.00
$8.51
3/19/2008
Common Stock, no par value
130,670.00
$8.79
3/19/2008
Common Stock, no par value
104,250.00
$8.74
3/19/2008
Common Stock, no par value
142,590.00
$8.83
3/20/2008
Common Stock, no par value
4,630.00.00
$8.71
3/20/2008
Common Stock, no par value
10,710.00.00
$8.75
3/20/2008
Common Stock, no par value
10,710.00
$8.75
3/20/2008
Common Stock, no par value
42,840.00
$8.75
3/20/2008
Common Stock, no par value
68,030.00
$8.80
3/20/2008
Common Stock, no par value
10,710.00
$8.81
3/20/2008
Common Stock, no par value
64,260.00
$8.83
3/20/2008
Common Stock, no par value
10,710.00
$8.84
3/20/2008
Common Stock, no par value
21,420.00
$8.84
3/20/2008
Common Stock, no par value
140,650.00
$8.85
3/20/2008
Common Stock, no par value
10,710.00
$8.85
3/20/2008
Common Stock, no par value
77,750.00
$8.85
3/20/2008
Common Stock, no par value
53,550.00
$8.86
3/20/2008
Common Stock, no par value
4,280.00
$8.87
3/20/2008
Common Stock, no par value
13,710.00
$8.88

 
 
 


3/20/2008
Common Stock, no par value
7,710.00
$8.96
3/20/2008
Common Stock, no par value
21,420.00
$8.98
3/24/2008
Common Stock, no par value
2,570.00
$9.14
4/1/2008
Common Stock, no par value
12,840.00
$8.95
4/2/2008
Common Stock, no par value
4,280.00
$8.88
4/2/2008
Common Stock, no par value
2,140.00
$8.84




SK 25940 0001 873051


 -----END PRIVACY-ENHANCED MESSAGE-----