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…

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…

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…

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…

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…

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%…

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…

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…

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…

Get insights in your inbox with the Oozing Alpha monthly newsletter.
Join Now!
Newsletter