d870004_13d-a.htm

SC 13D/A 1 d870004_13d-a.htm d870004_13d-a.htm

OMB APPROVAL

OMB Number: 3235-0145

Expires: February 28, 2009

Estimated average burden

hours per response………11

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

SCHEDULE 13D/A

THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Micrel, Incorporated

(Name of Issuer)

Common Stock, no par value

(Title of Class of Securities)

59473101

(CUSIP Number)

Obrem Capital Management, LLC

733 3rd Avenue

11th Floor

New York, New York 10017

Telephone - (646) 454-5311

(Name, Address and Telephone Number of Person Authorized to Receive

Notices and Communications)

April 1, 2008

(Date of Event Which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of ss.240.13D-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box [ ].

Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See § 240.13d-7 for other parties to whom copies are to be sent.

* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

CUSIP No.

59473101

This filing serves as a Schedule 13D Amendment with respect to Obrem Capital Management, LLC.

1.	NAME OF REPORTING PERSONS
	I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

	Obrem Capital Management, LLC

2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
		(a)	[_]
		(b)	[x]

3.	SEC USE ONLY

4.	SOURCE OF FUNDS

	WC

5.	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)	[_]

6.	CITIZENSHIP OR PLACE OF ORGANIZATION

	Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

7.	SOLE VOTING POWER

	0

8.	SHARED VOTING POWER

	10,690,690

9.	SOLE DISPOSITIVE POWER

	0

10.	SHARED DISPOSITIVE POWER

	10,690,690

11.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

	10,690,690

12.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
	CERTAIN SHARES*	[_]

13.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

	14.9%

14.	TYPE OF REPORTING PERSON

	OO

CUSIP No.

59473101

This filing serves as a Schedule 13D Amendment with respect to Obrem Capital (GP), LLC.

1.	NAME OF REPORTING PERSONS
	I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

	Obrem Capital (GP), LLC

2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
		(a)	[_]
		(b)	[x]

3.	SEC USE ONLY

4.	SOURCE OF FUNDS

	WC

5.	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)	[_]

6.	CITIZENSHIP OR PLACE OF ORGANIZATION

	Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

7.	SOLE VOTING POWER

	0

8.	SHARED VOTING POWER

	10,690,690

9.	SOLE DISPOSITIVE POWER

	0

10.	SHARED DISPOSITIVE POWER

	10,690,690

11.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

	10,690,690

12.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
	CERTAIN SHARES*	[_]

13.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

	14.9%

14.	TYPE OF REPORTING PERSON

	OO

CUSIP No.

59473101

This filing serves as a Schedule 13D Amendment with respect to Andrew Rechtschaffen.

1.	NAME OF REPORTING PERSONS
	I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

	Andrew Rechtschaffen

2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
		(a)	[_]
		(b)	[x]

3.	SEC USE ONLY

4.	SOURCE OF FUNDS

	WC

5.	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)	[_]

6.	CITIZENSHIP OR PLACE OF ORGANIZATION

	United States of America

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

7.	SOLE VOTING POWER

	0

8.	SHARED VOTING POWER

	10,690,690

9.	SOLE DISPOSITIVE POWER

	0

10.	SHARED DISPOSITIVE POWER

	10,690,690

11.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

	10,690,690

12.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
	CERTAIN SHARES*	[_]

13.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

	14.9%

14.	TYPE OF REPORTING PERSON

	IN

CUSIP No.

59473101

This filing serves as a Schedule 13D Amendment with respect to Obrem Capital Offshore Master, L.P.

1.	NAME OF REPORTING PERSONS
	I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

	Obrem Capital Offshore Master, L.P.

2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
		(a)	[_]
		(b)	[x]

3.	SEC USE ONLY

4.	SOURCE OF FUNDS

	WC

5.	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)	[_]

6.	CITIZENSHIP OR PLACE OF ORGANIZATION

	Cayman Islands

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

7.	SOLE VOTING POWER

	0

8.	SHARED VOTING POWER

	6,107,042

9.	SOLE DISPOSITIVE POWER

	0

10.	SHARED DISPOSITIVE POWER	[_]

	6,107,042

11.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

	6,107,042

12.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
	CERTAIN SHARES*	[_]

13.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

	8.5%

14.	TYPE OF REPORTING PERSON

	PN

CUSIP No.

59473101

This filing serves as a new Schedule 13D with respect to Obrem Capital (QP), L.P.

1.	NAME OF REPORTING PERSONS
	I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)

	Obrem Capital (QP), L.P.

2.	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
		(a)	[_]
		(b)	[x]

3.	SEC USE ONLY

4.	SOURCE OF FUNDS

	WC

5.	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e)	[_]

6.	CITIZENSHIP OR PLACE OF ORGANIZATION

	Delaware

NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH

7.	SOLE VOTING POWER

	0

8.	SHARED VOTING POWER

	4,583,648

9.	SOLE DISPOSITIVE POWER

	0

10.	SHARED DISPOSITIVE POWER

	4,583,648

11.	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

	4,583,648

12.	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
	CERTAIN SHARES*	[_]

13.	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

	6.4%

14.	TYPE OF REPORTING PERSON

	PN

CUSIP No.	59473101

Item 1.

Security and Issuer.

No change.

Item 2.

Identity and Background.

No change.

Item 3.

Source and Amount of Funds or Other Consideration.

The funds for the purchase of the Shares beneficially owned by the Reporting Persons came from the working capital of the private investment vehicles managed by the Reporting Persons.

The total cost for the Shares that the Reporting Persons may be deemed to beneficially own is $85,609,849.92.

No borrowed funds were used to purchase the Shares, other than any borrowed funds used for working capital purposes (including certain leverage arrangements) in the ordinary course of business.

Item 4.

Purpose of Transaction.

The Reporting Persons purchased the Shares based on the Reporting Persons' belief that the Shares, when purchased, were undervalued and represented an attractive investment opportunity. Depending upon overall market conditions, other investment opportunities available to the Reporting Persons, and the availability of Shares at prices that would make the purchase of additional Shares desirable, the Reporting Persons may endeavor to increase their position in the Issuer through, among other things, the purchase of Shares on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable.

On March 12, 2008, the Reporting Persons delivered a letter to the Issuer’s Board of Directors (“the Board”) expressing the Reporting Persons' desire to discuss potential alternatives through which the Issuer can create permanent shareholder value. As of the time of this filing, the Reporting Persons are collectively the beneficial owners of 14.9% of the Issuer's issued and outstanding Shares. The Reporting Persons believe that shares of the Issuer are substantially undervalued and that the Board should explore strategic alternatives, including pursuing the sale of the entire company. A copy of the letter sent to the Board dated March 12, 2008 was attached as Exhibit C to the Schedule 13D Amendment 1 filed on March 19, 2008.

On March 25, 2008, the Issuer reported that its Board had adopted on March 24, 2008, a limited duration shareholder rights plan, which is commonly referred to as a “Poison Pill” (the “Rights Plan”). The Reporting Persons are disappointed by the Board’s purported adoption of the Rights Plan, which they do not believe in any way serves to maximize or enhance shareholder value. In response, and in accordance with the Issuer’s amended and restated bylaws, on March 25, 2008 the Reporting Persons sent a letter to the Issuer requesting that the Issuer call a special meeting of shareholders for the purpose of, among other items, replacing the members of the Issuer’s current Board with the persons set forth in the Reporting Persons’ letter of March 25, 2008. A copy of the letter sent to the Issuer dated March 25, 2008 is attached as Exhibit C to this Schedule 13D Amendment 3.

On March 26, 2008, the Issuer issued a press release announcing that it has received the Reporting Persons’ letter of March 25, 2008.

On April 1, 2008, the Issuer issued an open letter to its shareholders regarding the Reporting Persons previous communications with the Company. The Reporting Persons also issued an open letter responding to certain inaccuracies that they believe were included in the Issuer’s letter. A copy of the Reporting Person’s open latter dated April 1, 2008 is attached as Exhibit C to this Schedule 13D Amendment 4.

In connection with their investment in the Shares of the Issuer, the Reporting Persons may also engage in communications with members of management and additional communications with the Board, other current or prospective shareholders, industry analysts, existing or potential strategic partners or competitors, investment and financing professionals, sources of credit and other investors with respect to the types of corporate action that may be covered in paragraphs (a) through (j) of Item 4 of Schedule 13D. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors including, without limitation, the Issuer's financial position and investment strategy, the price levels of the Shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, seeking board representation, making proposals to the Issuer concerning changes to the capitalization, ownership structure or operations of the Issuer, purchasing additional Shares, selling some or all of their Shares, engaging in short selling of, or any hedging or similar transaction with respect to, the Shares or changing their intention with respect to any and all matters referred to in this Item 4.

Item 5.

Interest in Securities of the Issuer.

(a)-(e)

As of the date of this filing, Obrem Capital Management, LLC, Obrem Capital (GP), LLC and Andrew Rechtschaffen may be deemed to be the beneficial owner of 10,690,690 Shares or 14.9% of the Shares of the Issuer, based upon the 71,753,339 Shares outstanding as of February 25, 2008, according to the Issuer's most recent Form 10-K. As of the date of this filing, Obrem Capital Offshore Master, L.P. may be deemed to be the beneficial owner of 6,107,042 Shares or 8.5% of the Shares of the Issuer. As of the date of this filing, Obrem Capital (QP), L.P. may be deemed to be the beneficial owner of 4,583,648 Shares or 6.4% of the Shares of the Issuer.

Each of Obrem Capital Management, LLC, Obrem Capital (GP), LLC and Andrew Rechtschaffen has the sole power to vote or direct the vote of 0 Shares and the shared power to vote or direct the vote of 10,690,690 Shares. Obrem Capital Offshore Master, L.P. has the sole power to vote or direct the vote of 0 Shares and the shared power to vote or direct the vote of 6,107,042 Shares. Obrem Capital (QP), L.P. has the sole power to vote or direct the vote of 0 Shares and the shared power to vote or direct the vote of 4,583,648 Shares.

Each of Obrem Capital Management, LLC, Obrem Capital (GP), LLC and Andrew Rechtschaffen has the sole power to dispose or direct the disposition of 0 Shares and the shared power to dispose or direct the disposition of 10,690,690 Shares. Obrem Capital Offshore Master, L.P. has the sole power to dispose or direct the disposition of 0 Shares and the shared power to dispose or direct the disposition of 6,107,042 Shares. Obrem Capital (QP), L.P. has the sole power to dispose or direct the disposition of 0 Shares and the shared power to dispose or direct the disposition of 4,583,648 Shares.

The trading date, number of Shares purchased and the price per share for all transactions in the Shares during the past 60 days by the Reporting Persons are set forth in Exhibit B and were effected in open market transactions.

The Shares were acquired for investment purposes. Obrem Capital Management, LLC, Obrem Capital (GP), LLC, Andrew Rechtschaffen, Obrem Capital Offshore Master, L.P. and Obrem Capital (QP), L.P. may acquire additional Shares, dispose of all or some of these Shares from time to time, in each case in open market or private transactions, block sales or purchases or otherwise, or may continue to hold the Shares.

The Reporting Persons specifically disclaim beneficial ownership in the Shares reported herein except to the extent of their pecuniary interest therein.

Item 6.	Contracts, Arrangements, Understandings or Relationships with Respect
	to Securities of the Issuer.

	No change.


Item 7.	Material to be Filed as Exhibits.

A. An agreement relating to the filing of a joint statement as required by Rule 13d-1(f) under the Securities Exchange Act of 1934 was filed as Exhibit A to the Schedule 13D Amendment 2 filed on March 24, 2008.

B. A description of the transactions in the Shares that were effected by the Reporting Persons during the past 60 days is filed herewith as Exhibit B.

C. A copy of the letter sent by the Reporting Persons to the Issuer on March 25, 2008 is filed herewith as Exhibit C.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

	April 1, 2008
	(Date)

	Obrem Capital Management, LLC

	By:	/s/ Andrew Rechtschaffen
		Andrew Rechtschaffen, Managing Member

	Obrem Capital (GP), LLC

	By:	/s/ Andrew Rechtschaffen
		Andrew Rechtschaffen, Managing Member

	Andrew Rechtschaffen
	/s/ Andrew Rechtschaffen


	Obrem Capital Offshore Master, L.P. By: Obrem Capital (GP), LLC, its general partner

	By:	/s/ Andrew Rechtschaffen
		Andrew Rechtschaffen, Managing Member

	Obrem Capital (QP), L.P.
	By: Obrem Capital (GP), LLC, its general partner


	By:	/s/ Andrew Rechtschaffen
		Andrew Rechtschaffen, Managing Member

Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (see 18 U.S.C. 1001).

Exhibit A

Filed as Exhibit A to the Schedule 13D Amendment 2 filed on March 24, 2008.

Exhibit B

Transactions – Obrem Capital Management, LLC, Obrem Capital (GP), LLC and Andrew Rechtschaffen

Date of Transaction

Title of Class

Number of Shares Purchased

Price

Per Share

2/21/2008	Common Stock, no par value	28,290.00	$	6.85
2/21/2008	Common Stock, no par value	25,460.00	$	6.77
2/21/2008	Common Stock, no par value	5,660.00	$	6.80
2/21/2008	Common Stock, no par value	25,460.00	$	6.83
2/21/2008	Common Stock, no par value	21,710.00	$	6.85
2/21/2008	Common Stock, no par value	19,540.00	$	6.77
2/21/2008	Common Stock, no par value	4,340.00	$	6.80
2/21/2008	Common Stock, no par value	19,540.00	$	6.83
2/22/2008	Common Stock, no par value	14,140.00	$	6.71
2/22/2008	Common Stock, no par value	14,140.00	$	6.73
2/22/2008	Common Stock, no par value	5,660.00	$	6.76
2/22/2008	Common Stock, no par value	5,660.00	$	6.77
2/22/2008	Common Stock, no par value	8,490.00	$	6.71
2/22/2008	Common Stock, no par value	14,140.00	$	6.71
2/22/2008	Common Stock, no par value	14,140.00	$	6.70
2/22/2008	Common Stock, no par value	14,140.00	$	6.69
2/22/2008	Common Stock, no par value	10,860.00	$	6.71
2/22/2008	Common Stock, no par value	10,860.00	$	6.73
2/22/2008	Common Stock, no par value	4,340.00	$	6.76
2/22/2008	Common Stock, no par value	4,340.00	$	6.77
2/22/2008	Common Stock, no par value	6,510.00	$	6.71
2/22/2008	Common Stock, no par value	10,860.00	$	6.71
2/22/2008	Common Stock, no par value	10,860.00	$	6.70
2/22/2008	Common Stock, no par value	10,860.00	$	6.69
2/25/2008	Common Stock, no par value	7,410.00	$	6.67
2/25/2008	Common Stock, no par value	5,660.00	$	6.87
2/25/2008	Common Stock, no par value	5,660.00	$	6.86
2/25/2008	Common Stock, no par value	5,660.00	$	6.91
2/25/2008	Common Stock, no par value	5,660.00	$	6.80
2/25/2008	Common Stock, no par value	5,660.00	$	6.77
2/25/2008	Common Stock, no par value	5,660.00	$	6.79
2/25/2008	Common Stock, no par value	5,660.00	$	6.78
2/25/2008	Common Stock, no par value	5,660.00	$	6.79
2/25/2008	Common Stock, no par value	5,660.00	$	6.83
2/25/2008	Common Stock, no par value	14,140.00	$	6.93
2/25/2008	Common Stock, no par value	5,660.00	$	6.95
2/25/2008	Common Stock, no par value	5,690.00	$	6.67
2/25/2008	Common Stock, no par value	4,340.00	$	6.87

Date of Transaction

Title of Class

Number of Shares Purchased

Price Per Share

2/25/2008	Common Stock, no par value	4,340.00	$	6.86
2/25/2008	Common Stock, no par value	4,340.00	$	6.91
2/25/2008	Common Stock, no par value	4,340.00	$	6.80
2/25/2008	Common Stock, no par value	4,340.00	$	6.77
2/25/2008	Common Stock, no par value	4,340.00	$	6.79
2/25/2008	Common Stock, no par value	4,340.00	$	6.78
2/25/2008	Common Stock, no par value	4,340.00	$	6.79
2/25/2008	Common Stock, no par value	4,340.00	$	6.83
2/25/2008	Common Stock, no par value	10,860.00	$	6.93
2/25/2008	Common Stock, no par value	4,340.00	$	6.95
2/26/2008	Common Stock, no par value	5,660.00	$	7.03
2/26/2008	Common Stock, no par value	5,660.00	$	7.08
2/26/2008	Common Stock, no par value	4,340.00	$	7.03
2/26/2008	Common Stock, no par value	4,340.00	$	7.08
2/27/2008	Common Stock, no par value	7,580.00	$	7.21
2/27/2008	Common Stock, no par value	5,660.00	$	7.17
2/27/2008	Common Stock, no par value	5,820.00	$	7.21
2/27/2008	Common Stock, no par value	4,340.00	$	7.17
2/28/2008	Common Stock, no par value	211,886.00	$	7.34
2/28/2008	Common Stock, no par value	56,570.00	$	7.34
2/28/2008	Common Stock, no par value	162,630.00	$	7.34
2/28/2008	Common Stock, no par value	43,430.00	$	7.34
2/29/2008	Common Stock, no par value	131,260.00	$	7.36
2/29/2008	Common Stock, no par value	242,390.00	$	7.36
2/29/2008	Common Stock, no par value	100,740.00	$	7.36
2/29/2008	Common Stock, no par value	186,050.00	$	7.36
3/3/2008	Common Stock, no par value	379,366.00	$	7.41
3/3/2008	Common Stock, no par value	12,650.00	$	7.51
3/3/2008	Common Stock, no par value	283,240.00	$	7.41
3/3/2008	Common Stock, no par value	9,450.00	$	7.51
3/4/2008	Common Stock, no par value	275,584.00	$	7.50
3/4/2008	Common Stock, no par value	84,570.00	$	7.50
3/4/2008	Common Stock, no par value	75,460.00	$	7.46
3/4/2008	Common Stock, no par value	205,750.00	$	7.50
3/4/2008	Common Stock, no par value	63,130.00	$	7.50
3/4/2008	Common Stock, no par value	56,340.00	$	7.46
3/5/2008	Common Stock, no par value	306,250.00	$	7.74
3/5/2008	Common Stock, no par value	109,930.00	$	7.72
3/5/2008	Common Stock, no par value	34,350.00	$	7.76
3/5/2008	Common Stock, no par value	228,650.00	$	7.74
3/5/2008	Common Stock, no par value	82,070.00	$	7.72
3/5/2008	Common Stock, no par value	25,650.00	$	7.76
3/6/2008	Common Stock, no par value	205,310.00	$	7.67

Date of Transaction

Title of Class

Number of Shares Purchased

Price Per

3/6/2008	Common Stock, no par value	82,929.00	$	7.65
3/6/2008	Common Stock, no par value	22,900.00	$	7.67
3/6/2008	Common Stock, no par value	153,290.00	$	7.67
3/6/2008	Common Stock, no par value	61,910.00	$	7.65
3/6/2008	Common Stock, no par value	17,100.00	$	7.67
3/7/2008	Common Stock, no par value	177,370.00	$	7.91
3/7/2008	Common Stock, no par value	97,390.00	$	7.89
3/7/2008	Common Stock, no par value	132,430.00	$	7.91
3/7/2008	Common Stock, no par value	72,710.00	$	7.89
3/10/2008	Common Stock, no par value	224,056.00	$	7.86
3/10/2008	Common Stock, no par value	42,940.00	$	7.93
3/10/2008	Common Stock, no par value	143,140.00	$	7.91
3/10/2008	Common Stock, no par value	167,280.00	$	7.86
3/10/2008	Common Stock, no par value	32,060.00	$	7.93
3/10/2008	Common Stock, no par value	106,860.00	$	7.91
3/11/2008	Common Stock, no par value	101,340.00	$	8.02
3/11/2008	Common Stock, no par value	59,142.00	$	7.95
3/11/2008	Common Stock, no par value	11,450.00	$	7.95
3/11/2008	Common Stock, no par value	199,154.00	$	8.01
3/11/2008	Common Stock, no par value	1,218.00	$	8.01
3/11/2008	Common Stock, no par value	75,660.00	$	8.02
3/11/2008	Common Stock, no par value	44,160.00	$	7.95
3/11/2008	Common Stock, no par value	8,550.00	$	7.95
3/11/2008	Common Stock, no par value	148,690.00	$	8.01
3/11/2008	Common Stock, no par value	938.00	$	8.01
3/12/2008	Common Stock, no par value	94,010.00	$	8.26
3/12/2008	Common Stock, no par value	70,190.00	$	8.26
3/12/2008	Common Stock, no par value	2,860.00	$	8.20
3/12/2008	Common Stock, no par value	2,140.00	$	8.20
3/12/2008	Common Stock, no par value	110,834.00	$	8.29
3/12/2008	Common Stock, no par value	82,740.00	$	8.29
3/12/2008	Common Stock, no par value	120,893.00	$	8.31
3/12/2008	Common Stock, no par value	90,260.00	$	8.31
3/12/2008	Common Stock, no par value	44,200.00	$	8.32
3/12/2008	Common Stock, no par value	33,000.00	$	8.32
3/13/2008	Common Stock, no par value	168,799.00	$	8.25
3/13/2008	Common Stock, no par value	131,201.00	$	8.30
3/13/2008	Common Stock, no par value	20,000.00	$	8.20
3/14/2008	Common Stock, no par value	275,371.00	$	8.40
3/14/2008	Common Stock, no par value	82,800.00	$	8.38
3/14/2008	Common Stock, no par value	25,000.00	$	8.35
3/17/2008	Common Stock, no par value	71,000.00	$	8.49
3/17/2008	Common Stock, no par value	123,300.00	$	8.47

Date of Transaction

Title of Class

Number of Shares Purchased

Price Per

3/17/2008	Common Stock, no par value	15,000.00	$	8.55
3/18/2008	Common Stock, no par value	74,300.00	$	8.61
3/18/2008	Common Stock, no par value	411,400.00	$	8.55
3/18/2008	Common Stock, no par value	146,000.00	$	8.56
3/18/2008	Common Stock, no par value	20,000	$	8.51
3/19/2008	Common Stock, no par value	305,000	$	8.79
3/19/2008	Common Stock, no par value	243,334	$	8.74
3/19/2008	Common Stock, no par value	332,820	$	8.83
3/20/2008	Common Stock, no par value	10,811	$	8.71
3/20/2008	Common Stock, no par value	25,000	$	8.75
3/20/2008	Common Stock, no par value	25,000	$	8.75
3/20/2008	Common Stock, no par value	100,000	$	8.75
3/20/2008	Common Stock, no par value	158,800	$	8.80
3/20/2008	Common Stock, no par value	25,000	$	8.81
3/20/2008	Common Stock, no par value	150,000	$	8.83
3/20/2008	Common Stock, no par value	25,000	$	8.84
3/20/2008	Common Stock, no par value	50,000	$	8.84
3/20/2008	Common Stock, no par value	151,360	$	8.85
3/20/2008	Common Stock, no par value	201,940	$	8.85
3/20/2008	Common Stock, no par value	181,454	$	8.85
3/20/2008	Common Stock, no par value	125,000	$	8.86
3/20/2008	Common Stock, no par value	10,000	$	8.87
3/20/2008	Common Stock, no par value	32,000	$	8.88
3/20/2008	Common Stock, no par value	18,000	$	8.96
3/20/2008	Common Stock, no par value	50,000	$	8.98
3/24/2008	Common Stock, no par value	2,570	$	9.14
3/24/2008	Common Stock, no par value	3,430	$	9.14

Transactions – Obrem Capital Offshore Master, L.P.

Date of Transaction

Title of Class

Number of Shares Purchased

Price Per

2/21/2008	Common Stock, no par value	28,290.00	$	6.85
2/21/2008	Common Stock, no par value	25,460.00	$	6.77
2/21/2008	Common Stock, no par value	5,660.00	$	6.80
2/21/2008	Common Stock, no par value	25,460.00	$	6.83
2/22/2008	Common Stock, no par value	14,140.00	$	6.71
2/22/2008	Common Stock, no par value	14,140.00	$	6.73
2/22/2008	Common Stock, no par value	5,660.00	$	6.76
2/22/2008	Common Stock, no par value	5,660.00	$	6.77
2/22/2008	Common Stock, no par value	8,490.00	$	6.71
2/22/2008	Common Stock, no par value	14,140.00	$	6.71
2/22/2008	Common Stock, no par value	14,140.00	$	6.70
2/22/2008	Common Stock, no par value	14,140.00	$	6.69
2/25/2008	Common Stock, no par value	7,410.00	$	6.67
2/25/2008	Common Stock, no par value	5,660.00	$	6.87
2/25/2008	Common Stock, no par value	5,660.00	$	6.86
2/25/2008	Common Stock, no par value	5,660.00	$	6.91
2/25/2008	Common Stock, no par value	5,660.00	$	6.80
2/25/2008	Common Stock, no par value	5,660.00	$	6.77
2/25/2008	Common Stock, no par value	5,660.00	$	6.79
2/25/2008	Common Stock, no par value	5,660.00	$	6.78
2/25/2008	Common Stock, no par value	5,660.00	$	6.79
2/25/2008	Common Stock, no par value	5,660.00	$	6.83
2/25/2008	Common Stock, no par value	14,140.00	$	6.93
2/25/2008	Common Stock, no par value	5,660.00	$	6.95
2/26/2008	Common Stock, no par value	5,660.00	$	7.03
2/26/2008	Common Stock, no par value	5,660.00	$	7.08
2/27/2008	Common Stock, no par value	7,580.00	$	7.21
2/27/2008	Common Stock, no par value	5,660.00	$	7.17
2/28/2008	Common Stock, no par value	211,886.00	$	7.34
2/28/2008	Common Stock, no par value	56,570.00	$	7.34
2/29/2008	Common Stock, no par value	131,260.00	$	7.36
2/29/2008	Common Stock, no par value	242,390.00	$	7.36
3/3/2008	Common Stock, no par value	379,366.00	$	7.41
3/3/2008	Common Stock, no par value	12,650.00	$	7.51
3/4/2008	Common Stock, no par value	275,584.00	$	7.50
3/4/2008	Common Stock, no par value	84,570.00	$	7.50
3/4/2008	Common Stock, no par value	75,460.00	$	7.46
3/5/2008	Common Stock, no par value	306,250.00	$	7.74
3/5/2008	Common Stock, no par value	109,930.00	$	7.72
3/5/2008	Common Stock, no par value	34,350.00	$	7.76
3/6/2008	Common Stock, no par value	205,310.00	$	7.67

Date of Transaction

Title of Class

Number of Shares Purchased

Price Per

3/6/2008	Common Stock, no par value	82,929.00	$	7.65
3/6/2008	Common Stock, no par value	22,900.00	$	7.67
3/7/2008	Common Stock, no par value	177,370.00	$	7.91
3/7/2008	Common Stock, no par value	97,390.00	$	7.89
3/10/2008	Common Stock, no par value	224,056.00	$	7.86
3/10/2008	Common Stock, no par value	42,940.00	$	7.93
3/10/2008	Common Stock, no par value	143,140.00	$	7.91
3/11/2008	Common Stock, no par value	101,340.00	$	8.02
3/11/2008	Common Stock, no par value	59,142.00	$	7.95
3/11/2008	Common Stock, no par value	11,450.00	$	7.95
3/11/2008	Common Stock, no par value	199,154.00	$	8.01
3/11/2008	Common Stock, no par value	1,218.00	$	8.01
3/12/2008	Common Stock, no par value	94,010.00	$	8.26
3/12/2008	Common Stock, no par value	2,860.00	$	8.20
3/12/2008	Common Stock, no par value	110,834.00	$	8.29
3/12/2008	Common Stock, no par value	120,893.00	$	8.31
3/12/2008	Common Stock, no par value	44,200.00	$	8.32
3/13/2008	Common Stock, no par value	96,639.00	$	8.25
3/13/2008	Common Stock, no par value	75,121.00	$	8.30
3/13/2008	Common Stock, no par value	11,450.00	$	8.20
3/14/2008	Common Stock, no par value	157,661.00	$	840
3/14/2008	Common Stock, no par value	47,410.00	$	8.38
3/14/2008	Common Stock, no par value	14,310.00	$	8.35
3/17/2008	Common Stock, no par value	40,650.00	$	8.49
3/17/2008	Common Stock, no par value	70,590.00	$	8.47
3/17/2008	Common Stock, no par value	8,590.00	$	8.55
3/18/2008	Common Stock, no par value	42,470.00	$	8.61
3/18/2008	Common Stock, no par value	235,140.00	$	8.55
3/18/2008	Common Stock, no par value	83,450.00	$	8.56
3/18/2008	Common Stock, no par value	11,430	$	8.51
3/19/2008	Common Stock, no par value	174,330	$	8.79
3/19/2008	Common Stock, no par value	139,084	$	8.74
3/19/2008	Common Stock, no par value	190,230	$	8.83
3/20/2008	Common Stock, no par value	6,181.00	$	8.71
3/20/2008	Common Stock, no par value	14,290.00	$	8.75
3/20/2008	Common Stock, no par value	14,290.00	$	8.75
3/20/2008	Common Stock, no par value	57,160.00	$	8.75
3/20/2008	Common Stock, no par value	90,770.00	$	8.80
3/20/2008	Common Stock, no par value	14,290.00	$	8.81
3/20/2008	Common Stock, no par value	85,740.00	$	8.83
3/20/2008	Common Stock, no par value	14,290.00	$	8.84
3/20/2008	Common Stock, no par value	28,580.00	$	8.84
3/20/2008	Common Stock, no par value	187,650.00	$	8.85
3/20/2008	Common Stock, no par value	14,290.00	$	8.85
3/20/2008	Common Stock, no par value	103,704.00	$	8.85
3/20/2008	Common Stock, no par value	71,450.00	$	8.86
3/20/2008	Common Stock, no par value	5,720.00	$	8.87
3/20/2008	Common Stock, no par value	18,290.00	$	8.88
3/20/2008	Common Stock, no par value	10,290.00	$	8.96
3/20/2008	Common Stock, no par value	28,580.00	$	8.98
3/24/2008	Common Stock, no par value	3,430	$	9.14

Transactions – Obrem Capital (QP), L.P.

Date of Transaction

Title of Class

Number of Shares Purchased

Price Per Share

2/21/2008	Common Stock, no par value	21,710.00	$	6.85
2/21/2008	Common Stock, no par value	19,540.00	$	6.77
2/21/2008	Common Stock, no par value	4,340.00	$	6.80
2/21/2008	Common Stock, no par value	19,540.00	$	6.83
2/22/2008	Common Stock, no par value	10,860.00	$	6.71
2/22/2008	Common Stock, no par value	10,860.00	$	6.73
2/22/2008	Common Stock, no par value	4,340.00	$	6.76
2/22/2008	Common Stock, no par value	4,340.00	$	6.77
2/22/2008	Common Stock, no par value	6,510.00	$	6.71
2/22/2008	Common Stock, no par value	10,860.00	$	6.71
2/22/2008	Common Stock, no par value	10,860.00	$	6.70
2/22/2008	Common Stock, no par value	10,860.00	$	6.69
2/25/2008	Common Stock, no par value	5,690.00	$	6.67
2/25/2008	Common Stock, no par value	4,340.00	$	6.87
2/25/2008	Common Stock, no par value	4,340.00	$	6.86
2/25/2008	Common Stock, no par value	4,340.00	$	6.91
2/25/2008	Common Stock, no par value	4,340.00	$	6.80
2/25/2008	Common Stock, no par value	4,340.00	$	6.77
2/25/2008	Common Stock, no par value	4,340.00	$	6.79
2/25/2008	Common Stock, no par value	4,340.00	$	6.78
2/25/2008	Common Stock, no par value	4,340.00	$	6.79
2/25/2008	Common Stock, no par value	4,340.00	$	6.83
2/25/2008	Common Stock, no par value	10,860.00	$	6.93
2/25/2008	Common Stock, no par value	4,340.00	$	6.95
2/26/2008	Common Stock, no par value	4,340.00	$	7.03
2/26/2008	Common Stock, no par value	4,340.00	$	7.08
2/27/2008	Common Stock, no par value	5,820.00	$	7.21
2/27/2008	Common Stock, no par value	4,340.00	$	7.17
2/28/2008	Common Stock, no par value	162,630.00	$	7.34
2/28/2008	Common Stock, no par value	43,430.00	$	7.34
2/29/2008	Common Stock, no par value	100,740.00	$	7.36
2/29/2008	Common Stock, no par value	186,050.00	$	7.36
3/3/2008	Common Stock, no par value	283,240.00	$	7.41
3/3/2008	Common Stock, no par value	9,450.00	$	7.51
3/4/2008	Common Stock, no par value	205,750.00	$	7.50
3/4/2008	Common Stock, no par value	63,130.00	$	7.50
3/4/2008	Common Stock, no par value	56,340.00	$	7.46
3/5/2008	Common Stock, no par value	228,650.00	$	7.74
3/5/2008	Common Stock, no par value	82,070.00	$	7.72
3/5/2008	Common Stock, no par value	25,650.00	$	7.76
3/6/2008	Common Stock, no par value	153,290.00	$	7.67

Date of Transaction

Title of Class

Number of Shares Purchased

Price Per Share

3/6/2008	Common Stock, no par value	61,910.00	$	7.65
3/6/2008	Common Stock, no par value	17,100.00	$	7.67
3/7/2008	Common Stock, no par value	132,430.00	$	7.91
3/7/2008	Common Stock, no par value	72,710.00	$	7.89
3/10/2008	Common Stock, no par value	167,280.00	$	7.86
3/10/2008	Common Stock, no par value	32,060.00	$	7.93
3/10/2008	Common Stock, no par value	106,860.00	$	7.91
3/11/2008	Common Stock, no par value	75,660.00	$	8.02
3/11/2008	Common Stock, no par value	44,160.00	$	7.95
3/11/2008	Common Stock, no par value	8,550.00	$	7.95
3/11/2008	Common Stock, no par value	149,628.00	$	8.01
3/12/2008	Common Stock, no par value	82,740.00	$	8.29
3/12/2008	Common Stock, no par value	90,260.00	$	8.31
3/12/2008	Common Stock, no par value	33,000.00	$	8.32
3/12/2008	Common Stock, no par value	2,140.00	$	8.20
3/12/2008	Common Stock, no par value	70,190.00	$	8.26
3/13/2008	Common Stock, no par value	72,160.00	$	8.25
3/13/2008	Common Stock, no par value	56,080.00	$	8.30
3/13/2008	Common Stock, no par value	8,550.00	$	8.20
3/14/2008	Common Stock, no par value	117,710.00	$	8.400
3/14/2008	Common Stock, no par value	35,390.00	$	8.38
3/14/2008	Common Stock, no par value	10,690.00	$	8.35
3/17/2008	Common Stock, no par value	30,350.00	$	8.50
3/17/2008	Common Stock, no par value	52,710.00	$	8.47
3/17/2008	Common Stock, no par value	6,410.00	$	8.55
3/18/2008	Common Stock, no par value	31,830.00	$	8.61
3/18/2008	Common Stock, no par value	176,260.00	$	8.55
3/18/2008	Common Stock, no par value	62,550.00	$	8.56
3/18/2008	Common Stock, no par value	8,570	$	8.51
3/19/2008	Common Stock, no par value	130,670	$	8.79
3/19/2008	Common Stock, no par value	104,250	$	8.74
3/19/2008	Common Stock, no par value	142,590	$	8.83
3/20/2008	Common Stock, no par value	4,630.00	$	8.71
3/20/2008	Common Stock, no par value	10,710.00	$	8.75
3/20/2008	Common Stock, no par value	10,710.00	$	8.75
3/20/2008	Common Stock, no par value	42,840.00	$	8.75
3/20/2008	Common Stock, no par value	68,030.00	$	8.80
3/20/2008	Common Stock, no par value	10,710.00	$	8.81
3/20/2008	Common Stock, no par value	64,260.00	$	8.83
3/20/2008	Common Stock, no par value	10,710.00	$	8.84
3/20/2008	Common Stock, no par value	21,420.00	$	8.84
3/20/2008	Common Stock, no par value	140,650.00	$	8.85
3/20/2008	Common Stock, no par value	10,710.00	$	8.85

Date of Transaction

Title of Class

Number of Shares Purchased

Price Per Share

3/20/2008	Common Stock, no par value	77,750.00	$	8.85
3/20/2008	Common Stock, no par value	53,550.00	$	8.86
3/20/2008	Common Stock, no par value	4,280.00	$	8.87
3/20/2008	Common Stock, no par value	13,710.00	$	8.88
3/20/2008	Common Stock, no par value	7,710.00	$	8.96
3/20/2008	Common Stock, no par value	21,420.00	$	8.98
3/24/2008	Common Stock, no par value	2,570	$	9.14

Exhibit C

Obrem Capital Management Open Letter to Our Fellow Micrel Stockholders;

April 1, 2008

We are disappointed that Micrel management has chosen to attack Obrem Capital Management rather than address our primary concern: creating permanent value for stockholders. We believe it is important to clarify several points raised by Micrel this morning.

Micrel improperly blames the market for company-specific issues. Micrel blames semiconductor market conditions for the Company’s ongoing underperformance; however, the last five years have been strong for the analog semiconductor industry, with analog industry revenue up 36% from 2003 to 2007 (source: WSTS). Micrel, in the corresponding period, has only increased revenues 22%. In addition, current sentiment and market conditions might explain why Micrel’s stock is trading at the lower end of its “range” but does not explain why Micrel’s shares have underperformed peers.

Growth is typical in the semiconductor industry, and Micrel lags. Micrel asserts that it has increased revenue in 24 out of the last 29 years. While that is true, Micrel fails to point out that the entire semiconductor industry has increased revenue in 24 out of the last 29 years (sources: WSTS, SIA). More importantly, Micrel fails to address the fact that it has trailed industry growth rates (based on WSTS data) in 6 of the last 7 years.

Micrel’s operating performance lags its peer group. Obrem stands by its previous statements regarding Micrel’s poor operational performance relative to peers. Obrem has compared Micrel to an appropriate high-performance analog peer group and is surprised that Micrel management has chosen to include several smaller or lower-end competitors in its analysis. Deutsche Bank, in its March 25, 2008 note, “HPA Roundup #5 2007/2008 Winners & Losers,” identifies Micrel as having the lowest 3, 4, and 5 year revenue CAGRs among a group of 10 peers. In addition, Micrel’s operating margins are among the lowest of appropriate high performance analog comparables. Micrel’s performance issues are not new and are quite serious.

We are disappointed by Micrel’s personal attacks and misstatements. Micrel makes several inaccurate assertions in an attempt to disparage our Nominees. Contrary to Micrel's assertion that our Nominees "have very limited semiconductor industry and operating experience," two of our Nominees, Keith Kolerus and Bill Bradford, collectively have 60 years of semiconductor industry experience in top leadership roles, with the vast majority of that time spent at companies significantly larger than Micrel.

From 2003 – 2008, Mr. Kolerus was Chairman of the Board of ACI Electronics, a semiconductor distributor, which was sold earlier this year to Arrow Electronics for $60mn. Since 1998, Mr. Kolerus has been involved in several semiconductor start-ups in addition to his work at ACI. Mr. Kolerus was employed by National Semiconductor from 1973 – 1998. He was Chairman of the Board of National Semiconductor Japan, Ltd. from 1995 – 1998, President of the division from 1992 – 1995, and served on the Management Committee of National Semiconductor from 1990 – 1998. Prior to National Semiconductor, Mr. Kolerus worked in sales at Fairchild from 1970 – 1973 and began his career as a design engineer at Motorola in 1968.

Mr. Bradford was Senior Vice President of Global Sales at Freescale Semiconductor from 2006 – 2007, where he led an 800 person global sales organization that generated $6bn in revenues. Prior to Freescale, Mr. Bradford was Senior Vice President of Sales and Marketing at ON Semiconductor from 2002 – 2006, where he ran the sales and marketing team of a global sales organization with $1.2bn in annual sales. From 1991 – 2002, Mr. Bradford worked in progressively senior sales and marketing roles at Cypress Semiconductor, including running a 150 person European sales force. Mr. Bradford began his career at Texas Instruments in 1986.

Obrem Senior Investment Analyst Eric Gomberg was a Managing Director at Thomas Weisel Partners, where he covered the semiconductor industry and frequently spoke at industry conferences. Keith Gollust, currently Chairman of Synta Pharmaceuticals, has a track record of supporting stockholder rights to create permanent value that is rivaled by few in the investment profession. All of our Nominees have exceptional track records of creating value and have significant managerial, financial, operational, and semiconductor industry experience. We are confident our Nominees compare favorably to the current Board and encourage stockholders to assess their qualifications.

It is also worth noting that during the past 10 years, while Ray Zinn has been CEO and a director of Micrel, there has been a decrease in Micrel’s share price and no tangible value creation for stockholders.

We also must clarify Micrel’s FALSE assertion that we propose removing Micrel CEO Ray Zinn. Obrem wishes to install our slate of Nominees to take action to maximize stockholder value. We have not currently proposed replacing Mr. Zinn as CEO or pursuing any action that will disrupt the Company’s operations.

Obrem encourages our fellow stockholders to read all of our filings. It is our intent to be transparent, available, and accountable to our fellow stockholders. The Nominees motivation is aligned with our fellow stockholders and is not influenced by their desire to remain employed at, or any emotional attachment to, Micrel.

SK 25940 0001 870004