Parametric Technology has dramatically changed its rules governing the conduct of its annual shareholders meeting. Here's what's new and different:
- No shareholder need be physically present, and can vote remotely. Proxy votes can now be submitted up to 11 months in advance.
- Meetings no longer need to be held within six months of the fiscal year end.
- The fiscal year end has been changed [not sure what the new date is; the old one was 30 Sept].
- Meetings are strictly limited to election of directors, and to items listed in the meeting notice.
- By showing up in person at the meeting, you automatically agree that you cannot object to or add to the items.
- Once a shareholder shows up at the meeting, the quorum requirement is satisfied. If you object to the lack of quorum, you automatically give up your right to vote on issues.
- The meeting date and place can be changed at any time for any reason, right up to the moment the meeting is declared in order.
- Instead of voting by "classes of stock," votes are now cast by "voting groups."
- The electoral officer can demand votes by ballot at any time.
Could this be an effort by management to prevent shareholders from organizing to prevent the sale of PTC? It certain purpose is to effect a lengthy delay of this year's annual shareholder meeting.