White Electronic Designs shareholder asks board to preserve shareholder equity ahead of election

By Lisa Kerner

Charlotte, N.C., Dec. 19 - Wynnefield Capital, Inc. said despite its repeated attempts, it was not allowed to ask questions during White Electronic Designs Corp.'s earnings call on Dec. 11.

However, during the call shareholders raised concerns similar to Wynnefield's about the company, Wynnefield said.

Wynnefield outlined the concerns in a Dec. 18 letter to White Electronic's board of directors included in a schedule 13D/A filed with the Securities and Exchange Commission.

According to Wynnefield, shareholders want White Electronic's board to, among other things, refrain from further acquisitions and implement compensation policies.

Wynnefield urged the board to preserve shareholders' remaining equity until they can vote for Wynnefield's director nominees at the 2009 annual meeting, the filing said.

There are four seats up for re-election and one current vacancy on the board, it was reported previously.

Wynnefield's nominees are:

• William H. Alderman, president of Alderman & Co. Capital, LLC;

• Jon C. Biro, executive vice president, chief financial and accounting officer, treasurer and secretary of Consolidated Graphics, Inc.;

• Keith Butler, executive vice president and general manager of Oncore Manufacturing Services LLC;

• Brian Kahn, founder and investment manager of Caiman Partners LP and the managing member of the general partner of Caiman's general partner, Caiman Capital GP, LP; and

• Melvin L. Keating, former president and chief financial officer of Alliance Semiconductor Corp.

Wynnefield and its affiliates beneficially own 9.8% of White Electronic. The Phoenix-based company manufactures microelectronic and display components and systems.

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