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Technology Stocks : SONS

SONS 7.830

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Nov 28 4:00 PM EST

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From: Bill Wolf	6/20/2008 11:09:49 AM
	of 1575

Sonus Willing to Meet With Legatum By DONNA KARDOS June 20, 2008 10:23 a.m. Sonus Networks Inc. discounted a Wednesday letter from its largest shareholder, who plans to not vote for the telecom company's board nominees, but said it is still willing to try to negotiate a "mutually satisfactory" shareholder agreement. Sonus said the letter from Dubai-based Legatum Capital -- which owns a 25% stake of Sonus and decried the company's "poor operational performance" and unresponsiveness to shareholder concerns -- was "filled with mischaracterizations and misstatements." Chairman Hassan M. Ahmed said the company has considered the investor's proposals, but believes many of them to "have been inappropriate and reflect a lack of appreciation of our business and best corporate-governance practices." Mr. Ahmed said Sonus's board now has "significant concerns whether Legatum understands Sonus's business and the industry in which it operates and appreciates the importance of the board's compliance with best corporate practices and its established procedures in fulfilling its fiduciary obligations." Still, the letter noted Sonus is willing to give a board seat to Legatum, which it called "a significant concession." Mr. Ahmed emphasized that said Sonus and Legatum must both be transparent. "We have nothing to hide," he wrote. "Our performance is a matter of public record, and we intend to continue to be transparent. We only ask that you do the same." Legatum's letter said it continues to remain interested in working "collaboratively" with Sonus to implement suggestions for corporate-governance reforms. But if the investor fails to reach an agreement with the company, Legatum warned it may consider a variety of alternatives for its goal of enhancing shareholder value.

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