SiliconBeat

ShoreTel, the Sunnyvale telecommunications company, filed news today of a “restructuring plan to lower its cost structure and improve efficiencies by reducing its worldwide workforce by approximately 9 percent.” That would be equal to about 33 employees based on the company’s last published headcount of 365 as of June 30. The company expects the terminations, which are to be completed by the end of this quarter, to cost Read the rest of this entry »

   On Jan. 7, ShoreTel shocked investors when it it warned that sales for its quarter ended Dec. 31 would be in the range of $29.7 to $30.7 million, lower than its previous expectation of $32 to $35 million, and below the $34.2 million analysts had expected. ShoreTel’s stock nose dived after the news, falling by $7.06, or 54 percent, to $6.02.

Two things happened as a result, one fairly predictable and one not so much.

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Since ShoreTel (ticker:SHOR), the Sunnyvale telecom company, went public last summer, its stock has had a nice little run. Not Google-like, mind you. But it’s up from the first day close of $12.15 back in July, to $14.23 on Monday.  Along the way, it got as high as $15.49.

That’s been pretty good news for one of its largest shareholders, Lehman Brothers Venture Partners. Lehman holds about 7.6 million shares, or 17.8 percent of the stock.

On Monday, ShoreTel filed a proxy indicating that Lehman intends to sell 4.4 million shares in the coming weeks. That would be worth about $62.612 million as of Monday. 

But here’s the sweet part: Lehman also collected fees for underwriting ShoreTel’s IPO back in July. And it will collect some more fees for underwriting what is known as a secondary offer.

Here’s the real kicker, though: ShoreTel will get to pay Lehman for selling its own stock, in a deal that will raise no money  for ShoreTel. Neat, huh?