Strange twist in Teilhard saga

Dissident shareholders get their way with Alberta tech company

May 31, 2010  

by Paul Marck

By Paul Marck
It pays to listen to your shareholders. That is the stinging message that the ousted directors of Teilhard Technologies must be feeling today. Dissident shareholders of the privately-held tech company that last year won millions a result of technology-infringement lawsuits, ousted six directors. At the company’s annual general meeting late last week, the Concerned Shareholders of Teilhard group mustered 49 million votes for their corporate coup, against 29 million from the status-quo board and directors. Gone are six directors, including former federal agriculture minister Charles Mayer. Director and former premier Ralph Klein resigned, saying he would not work with the dissident group.

CEO Ken Prather and other execuives were also removed from the board. The Concerned Shareholders also voted to dismiss several corporate executives. The actions follow a 20-cents-per share dividend payout. This amounted to about $21 million from 2009 revenues of $85 million, mostly gained from patent lawsuit settlements. The concerned shareholders were upset at what they called a lack of transparency in the company and a $5-million bonus paid to executives. Teilhard’s difficulties were detailed in a May story by Geoff Morgan, who has observed the companies activities for some time.

This story will further updated later this week.

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