Starboard just filed a 13D/A disclosing that it had reduced its stake in Michael Baker Corp to 4.9%. On August 25, 2011, the activist fund had filed a 13D disclosing a 6.3% stake and a fairly detailed letter describing its thesis on why the Company was undervalued. Starboard’s average cost to acquire the 6.3% was $20.46. I am…
The Reporting Persons believe, however, that the Issuer should return additional capital to the Issuer’s shareholders and provide the Issuer’s shareholders with more input with respect to the Issuer’s operations.
Fund will repurchase, commencing November 1, 2011, its common shares in the open market on any day that the Fund’s shares are trading at a discount of 8% or more from net asset value the prior day and there is a daily average discount of 8% or more from net asset value over the 5-day period ending the prior day.
“We have had a positive relationship with Stadium Capital over the five years they have been invested in our Company and are pleased to have Mr. DeMarco join our board of directors,” said Steven G. Miller, the Company’s Chairman, President and Chief Executive Officer. “We believe that Dominic’s 19 years of financial experience and his position with Stadium Capital will provide additional institutional investor perspective to our board and management team, and we look forward to working with him.”
Pursuant to instructions from various investment advisory clients and as a result of pro-rata reductions in certain accounts, an aggregate of 7,559,998 Common Shares, or approximately 2.0% of the Company’s issued and outstanding Common Shares, were sold since June 3, 2011.
Winter Park, Fla.October 26, 2011 BLUM Growth Fund, LLC, activist shareholder in Cosi, Inc. (NASDAQ: COSI), today announced it has placed advertising in both the Wall Street Journal and Investor’s Business Daily this week that calls for shareholder input regarding the current state of the business at Cosi, Inc.
October 27, 2011, the Issuer announced that the Board has determined to grant the Reporting Persons an exemption to the Plan. This exemption allows the Reporting Persons to purchase in the open market additional Shares up to an amount that would result in the Reporting Persons owning an aggregate of approximately 14.9% of the outstanding Shares.
The Reporting Persons purchased additional Shares in the open market as disclosed herein. Representatives of the Reporting Persons attempted to reach the Chairman and, separately, the Chief Executive Officer, of the Bank to explain that these open market purchases do not affect the Reporting Persons’ willingness to provide capital to the Bank ..
.. the Reporting Persons intend to monitor the situation and developments at the Issuer closely and may engage in further discussions with management and the Board of Directors concerning the business, operations, composition of the Board of Directors and future plans of the Issuer..
The Rights Offering enables stockholders who owned shares prior to the completion of the Corporation’s recent $525 million private placement of common stock to acquire common stock at the same price paid by the institutional investors in that private placement.
(Pershing owns 7.7% (and 10.1% including swaps & warrants) Item 4. Purpose of Transaction As described in Item 1, the Reporting Persons initially invested in the Company in 2008. The Reporting Persons acquired and continue to hold their investment in the Company for investment purposes. Representatives of the Reporting Persons have conducted and may in…
Mr. J. Chester Porter Chairman, Board of Directors Porter Bancorp, Inc. 2500 Eastpoint Parkway Louisville, Kentucky 40223 RE: Capital to Comply With Federal Reserve Requirements Dear Mr. Porter: We are writing to renew our offer to invest fresh capital into Porter Bancorp, Inc. (“Porter” or the “Company”). As you know, Clinton Group, Inc….
(WSJ) Carl Icahn has been busy! The billionaire investor has been disclosing new investments left and right, and he just released a regulatory filing that shows he owns about 7.94% of WebMD. In the filing, Icahn said he believes WebMD shares are undervalued, and he said he “may seek to have conversations from time to time with management of [WebMD] to discuss?business and strategies.”
The Board of MRV Communications, Inc. (OTC Pink Sheets: MRVC) announced today that it has revised the record and distribution dates of the Company’s previously announced $75 million special dividend. The dividend will now be payable November 10, 2011 to stockholders of record as of November 2, 2011.
Imvescor Restaurant Group Inc. announced today that it has entered into a subscription agreement with Fairfax Financial Holdings Limited concerning a series of transactions intended to recapitalize the Company by repaying its existing 7.75% convertible extendible unsecured subordinated debentures maturing on December 31, 2011 and provide additional cash to fund ongoing working capital.