Micro-cap Activism: Featuring iPass

Mobile WiFi provider iPass (IPAS) reached a settlement with the coalition Shareholders for Change on May 28, agreeing to add three of their five nominees to the board of directors. Shareholders for Change, comprised of Maguire Asset Management, Francis Capital, and Foxhill Capital, also convinced the company to further review its strategic alternatives.

Shareholders for Change scored a relatively quick victory, as they first began their push for board representation on April 16 with a public letter to all IPAS shareholders. They said that some members of the group had spent seven years trying to discuss issues such as bloated expenses, capital allocation, business strategy, the strategic review process, and corporate governance without any results.

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