Monthly Archives: September 2011

Schaller’s Open Letter to Cardinal Bankshares

(This is possibly the longest activist’s letter you ever came across; Cardinal has a market cap of $22 mm; see earlier alert dated 6/6/11) Douglas E. Schaller September 29, 2011 OPEN LETTER TO THE SHAREOWNERS OF CARDINAL BANKSHARES – THE BANK OF FLOYD Whether you are comfortable, cautious or concerned about your investment in the stock…

Rio Tinto Considering Spinoff

(Rio Tinto has a market cap of $91 billion and an EV of $101 billion) Source: MarketWatch- Rio Tinto PLC is actively considering spinning off a portion of its aluminum assets in Australia, where its smelters face a difficult future under a planned carbon emissions tax, the Australian Financial Review reported Monday without citing a source for…

Madison Pacific Declares Spec Dividend

(Madison Pacific has a market cap of $165 mm and an EV of $222 mm) VANCOUVER, BRITISH COLUMBIA–(Marketwire – Sept. 26, 2011) – Madison Pacific Properties Inc. (the “Company”) (TSX:MPC – News; TSX:MPC.C – News), a Vancouver-based real estate company announced today that it has declared the payment of a special cash dividend of $0.35…

GyroDyne Updates on Successful Rights Offering

(Gyrodyne has a market cap of $69 mm; See earlier alert on GYRO dated 7/13/11) ST. JAMES, N.Y., Sept. 26, 2011 /PRNewswire/ — Gyrodyne Company of America, Inc. (“NASDAQ: GYRO”) announced today that it raised $10.2 million, the maximum gross proceeds possible, through its just concluded rights offering.  The rights offering concluded on September 22, 2011…

City of London Points to Discount at The Thai Fund

(Thai Fund has a market cap of $176 mm; City of London owns 36.8%) Item 4.                         Purpose of Transaction.   The Reporting Persons currently intend to propose termination of the existing Investment Advisory Agreement for The Thai Fund, Inc. via a Stockholder’s Proposal to be included in the Fund’s proxy statement and Proxy Card relating…

Icahn Withdraws Offer for Clorox

(See our earlier alerts on Clorox) Item 4. Purpose of Transaction      Item 4 is hereby amended by adding the following: The  Reporting  Persons  have  decided to withdraw their slate of directors after  concluding  that  a  considerable  base of shareholders would not support their  stated  campaign  at  this time.  While the Reporting Persons continue to…

DryShips Provides Specifics on Partial Spin-Off

(See earlier alert on ORIGV dated 9/19/11 and many previous alerts under DRYS) ATHENS, GREECE–(Marketwire -09/22/11)- DryShips Inc. (NASDAQ: DRYS – News) (the “Company” or “DryShips”), a global provider of marine transportation services for drybulk and petroleum cargoes and off-shore contract drilling oil services, today announced the details of the partial spin off of Ocean Rig…

Liberty Media Wins Case to Split Off Divisions

ENGLEWOOD, Colo.–(BUSINESS WIRE)– Liberty Media Corporation (“Liberty”) (Nasdaq:LCAPA – News) announced today that the Delaware Supreme Court has affirmed the ruling of the Delaware Chancery Court that the proposed split-off (the “Split-Off”) of the businesses, assets and liabilities currently attributed to Liberty’s Liberty Capital and Liberty Starz tracking stock groups will not constitute a disposition…

Andalusian Sends Detail Letter to Versant

(Versant has a market cap of $33 mm and an EV of $10.5 mm; Andalusian owns 6.2%; See earlier alert dated 5/24/11 on VSNT) Versant Corporation, Attn: Board of Directors 255 Shoreline Drive, Suite 450 Redwood City, CA 94065 USA Tel: (650) 232-2400 Fax: (650 232-2401 Dear Mr. Delevati: Andalusian Corporate Opportunities Master Fund L.P. currently owns 6.2%…

The Buckle Inc. Announces Spec Dividend

(Buckle has a market cap of $1.8 billion and an EV of $1.7 billion) KEARNEY, Neb.–(BUSINESS WIRE)– The Buckle, Inc. (NYSE:BKE – News) announced that at its quarterly meeting of the Board of Directors, held on September 19, 2011, the Board authorized a $2.25 per share special cash dividend to be paid to shareholders of…

Spinoff Ocean Rig’s W-I Shares to Begin Trading Today

(See earlier alerts on this spinoff dated 8/4/11, 5/15/11 and 12/23/10) Ocean Rig UDW Inc. Announces Commencement of “When Issued” Trading on the Nasdaq Global Select Market NICOSIA, CYPRUS–(Marketwire – Sep 19, 2011) – Ocean Rig UDW Inc. (NASDAQ: ORIGV) (NASDAQ: ORIG) (the “Company” or “Ocean Rig”), a global provider of offshore deepwater drilling services,…

Tyco to Spin Off – – Again

(Tyco has a market cap of $20.3 billion and an EV of $22.9 billion; See earlier alert dated 11/9/10) SCHAFFHAUSEN, Switzerland, Sept. 19, 2011 /PRNewswire/ — Tyco International Ltd. (NYSE:TYC – News) announced today that its Board of Directors has unanimously approved a plan to separate the company into three independent, publicly traded companies. The…

Gluskin Declares Spec Dividend

(Gluskin has a market cap of $524 mm) TORONTO , Sept. 15, 2011 /CNW/ – Gluskin Sheff + Associates Inc. (the “Company”) today declared its regular quarterly dividend of $0.1375 per common share payable on October 21, 2011 , to shareholders of record at the close of business on September 28, 2011 . The Company…