Investor seeks voice on Ikon board

Warren G. Lichtenstein, a private equity investor known for the activist role he plays in companies, today sent a letter to Ikon's chairman and chief executive officer asking him to nominate John Quicke to the copy machine company's board of directors.

Lichtenstein now owns 10.2 percent, or about 12.5 million shares, in the Malvern-based company through Steel Partners II, a New York private equity company that he controls. Quicke is described in the letter as a Steel Partners II representative.

In his letter to chairman Matthew J. Espe, he repeated earlier assertions Ikon shares are trading at a "significant discount to their intrinsic value." The letter said Lichtenstein had earlier recommended "ways to unlock the value of the shares," including a self-tender or outright sale of the company.

An Ikon representative was not immediately available for comment.

In an earlier letter to Ikon, Lichtenstein had said that he might be able to put together a deal to buy it. Today's letter said that Espe had declined to enter into a confidentiality agreement, which is what Lichtenstein wanted.

For the year ending Sept. 30, 2006, Ikon's revenues were $4.3 billion, down from $4.4 billion on Sept. 30, 2005.

Net earnings were $106.2 million, up from $60.7 million, over the same period. Shares were trading down slightly at noon from the opening price of $13.16.