Shamrock sells shares of Websense, recommends ways company can improve governance

By Lisa Kerner

Charlotte, N.C., Nov. 18 - A group of Websense, Inc. investors led by Shamrock Activist Value Fund, LP sold 276,754 shares of the company's stock for a total of $5.2 million, it was reported in a schedule 13D/A filed with the Securities and Exchange Commission.

The shares were sold between Oct. 3 and Nov. 7 at prices from $17.6821 to $20.2039 each.

Also in the filing, Shamrock said to improve its corporate governance, Websense should:

• Declassify its board of directors;

• Name a lead independent director;

• Adopt a majority voting standard for election of directors;

• Eliminate all supermajority voting requirements for actions by shareholders; and

• Grant shareholders the right to cast an annual advisory vote on executive compensation.

In October, Shamrock and its affiliates said they may sell their common shares of several companies, including Websense, after receiving a redemption request.

Shamrock beneficially owns approximately 3.9 million shares, or 8.68%, of the San Diego web filtering services company.

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