Obrem Capital reports purchase of Micrel shares

By Lisa Kerner

Charlotte, N.C., April 23 - Shareholders led by Obrem Capital Management LLC reported the purchase of 10,735,690 shares of Micrel, Inc. stock between Feb. 21 and April 2 priced from $6.67 to $9.14 each.

The transactions were reported in a schedule 13D filing with the Securities and Exchange Commission.

Obrem and its affiliates beneficially own 15% of Micrel's outstanding stock.

It was previously reported that Obrem will nominate directors for election to Micrel's board at the company's 2008 annual meeting.

Obrem's nominees are:

• Bill Bradford, a co-founder and general partner of Saguaro Ventures;

• Keith R. Gollust, a founding partner of Gollust, Tierney, and Oliver, a private investment firm;

• Eric Gomberg, a senior investment analyst at Obrem Capital Management;

• Ben Goren, a principal at GCG Capital;

• Keith M. Kolerus, former chairman of the board of ACI Electronics; and

• Andrew Rechtschaffen, founder and managing member of Obrem Capital Management.

Obrem also filed a preliminary proxy statement soliciting proxies for the removal of Micrel's five current directors, the amendment of the company's bylaws to fix the number of directors at six and approval of a non-binding shareholder resolution recommending that the board rescind the shareholder rights plan adopted by Micrel on March 28.

On April 15, Micrel began soliciting proxies against proposals submitted by Obrem and its affiliates, it was reported in a schedule 14A filed with the SEC.

Micrel accused Obrem of attempting to take control of the company's board of directors in order to force a sale of the company.

Micrel develops and manufactures high-performance analog power integrated circuits (ICs), mixed-signal ICs and digital ICs. The company is based in San Jose, Calif.

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