Creo's board has written to all its shareholders recommending they vote in favour of Creo's director nominees at next month's annual and special meeting.

The letter was sent out on Monday (10 January) a month before the meeting to vote on the firm's future.

In the letter the board stated: "the dissidents' proxy solicitation proposes to hand control of the company to a group with an ill-conceived and high risk approach that will jeopardize the future of the company, without offering any compensation to shareholders."

The full text of the letter, which is available at www.creo.com/shareholdervalue, goes on to explain in detail why the firm believes the dissidents cost cutting proposals and management changes are detrimental to the shareholder value.

Fund management firm and turnaround specialist Robert Burton are leading the dissidents in their plans to oust chief executive Amos Michelson and replace him with Burton.

Goodwood chairman Peter Puccetti told PrintWeek: "We'll be filing our own circular in short order wherein we will be addressing our plan details as well as some of the comments that the incumbents have made in their circular." He added that that would be in a matter of days.

Story by Barney Cox