Nautilus confirms receipt of director nomination proposal
22 Sep '07
1 min read
Fitness company Nautilus Inc confirmed receipt of an Amendment to Schedule 13D from Sherborne Investors LP, a Delaware limited partnership.
The amendment demands a special meeting of shareholders to consider removal of four Board members, install four Board nominees proposed by Sherborne Investors, require Board vacancies to be filled only by shareholders, and limit the Board to seven or fewer members.
Under Washington corporate law, Nautilus Inc has 30 days from September 21, 2007 to give notice of a special meeting of shareholders, and to hold that meeting within 60 days of the notice.
The Nautilus Inc Board of Directors is giving consideration to the updated request.
Headquartered in Vancouver, Wash Nautilus Inc is a pure fitness company that provides tools and education necessary to help people achieve a fit and healthy lifestyle.
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