The details are important. They are reasonable. To nominate a director you have to own 3% of the shares for three years. Holders can get together to reach the 3% threshold. You can't nominate more than one-quarter of the board. The smallest companies are exempt for three years.

http://online.wsj.com/article/SB10001424052748703632304575451892123490472.html?mod=googlenews_wsj

http://www.delawareonline.com/article/20100826/BUSINESS/8260329

http://www.latimes.com/business/la-fi-sec-proxy-20100826,0,5151900.story

The new rule -- called Rule 14a-11 -- requires shareholders to submit nominees no later than 120 days before the anniversary date of the mailing of the prior year proxy statement. Thus, if the rule becomes effective on Nov. 1, 2010, it would be available at companies that mailed their last annual meeting proxy statement no earlier than March 1, 2010

I, therefore, humbly suggest that PTSC will not be subject to the Rule until the October 2011 ASM.

http://business-ethics.com/2010/08/25/0828-sec-approves-proxy-access-for-shareholders/

Small companies or those with less than $75 million in market capitalization would be subject to the 3 years exemption.

http://news.yahoo.com/s/nm/us_sec_proxyaccess

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Be well