Stonehouse Capital Management's attempted boardroom coup at Intrinsyc Software International Inc. (TSX:ICS) has resulted in the software company preemptively shuffling its board on April 17.
The shuffle coincides with an agreement that Stonehouse drop its attempt to completely overhaul Intrinsyc's board.
Stonehouse president Daniel Marks announced in January that he and other Intrinsyc shareholders who hold more than 5% of the company's common shares had sent a requisition to the company and its directors requesting that the board call a special meeting. The purpose of that meeting would be to remove all existing directors and replace them with new directors.
The directors abided and called the special meeting for May 14 but that meeting is now cancelled.
A date for Intrinsyc's 2013 annual meeting of shareholders will be announced soon and will be held on or before June 28.
Under the terms of the agreement announced April 17, Intrinsyc and Stonehouse have agreed on a new board comprised of Marks, Thomas Bitove, George Duguay, Howard Speaks and Michael Bird.
