Obrem Capital Mgmt. lowered its holdings to 8.85 million shares (13.5%), after selling 1.88 million back to MCRL at $6.25 each.

$50 mln in 2009

At the request of Obrem Capital, Micrel called a special shareholder meeting to vote on several proposals from Obrem, including: 1) remove the company's five current directors; 2) increase the number of directors to six; 3) elect six nominees backed by Obrem and 4) approve a non-binding shareholder resolution recommending that the board rescind the company's recently adopted shareholder-rights plan. If its proposals pass, Obrem will ask that the board hire an investment bank to pursue a sale of the company.

Obrem Capital Management plans to nominate six directors for election to Micrel's board at the company's 2008 annual meeting. Obrem identified its nominees as Keith R. Gollust, Keith M. Kolerus, Bill R. Bradford, Andrew V. Rechtschaffen, Eric W. Gomberg and Benjamin J. Goren. Obrem may communicate with members of Micrel's management, board, other current or prospective shareholders, industry analysts, or existing or potential strategic partners. Obrem currently holds 10,735,690 shares (15% of the total outstanding).

A group including Obrem Capital Management wants Micrel to call a special shareholder meeting and rescind recently adopted shareholder-rights plans. Obrem wants the chip maker to boost its board to six members from five, and to elect Bill Bradford, Keith R. Gollust, Eric Gomberg, Ben Goren, Keith M. Kolerus and Andrew Rechtschaffen to fill the vacancies created by the removal of the five current directors. Obrem says the rights plan doesn't maximize or enhance shareholder value. The Obrem group holds 10,690,690 shares (14.9% of the total outstanding).

Upgraded by JMP Securities from Mkt Perform to Mkt Outperform

Downgraded by Wachovia from Outperform to Mkt Perform