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ChangeWave Investing Alert (Silicon Image)
Monday, April 25, 2005
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SILICON IMAGE'S BATTLE ON THE BOARD -- A BUYING OPPORTUNITY
Dear WaveRiders,
This morning Silicon Image (SIMG) announced that four members of
its board of directors have resigned, three of them due to a
disagreement over whether company founder David Lee should be
re-nominated to the company's board. As a result of the
resignations, the company fell out of compliance with listing
rules for the Nasdaq. (The exchange's rules require a majority of
independent directors and an audit committee with at least three
independent directors. Silicon Image officials said they would
try to return to compliance as soon as possible.)
I talked with the principles at Silicon Image and it's clear that
what we have here is a power play in the boardroom, and the losers
are taking the high road and resigning.
What do I think about this? BUY -- this is nothing more than a
partners' squabble!
NOTHING has changed in fundamentals and with new orders coming for
set-top boxes, IP TV sets and Windows Media centers,
High-Definition Multimedia Interface (HDMI) connections will be on
EVERY PC made in the world by year-end. HDMI growth will ramp
exponentially into 2006 and 2007.
There are NO hidden earnings issues -- NO corporate governance or
changes in outlook. This is just a bunch of rich guys pissed off
at each other and an old-fashioned cleaning of the house. The
worst that happens here is SIMG is sold -- if that happens, my
guess is it goes for around $15.
Again, this is a buying opportunity. I recommend picking up enough
shares on this sell-off to get your cost basis under $10.
Hit ‘em straight,
Toby
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Tuesday, April 26, 2005
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