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Latest Activist Ideas - 6218 views
Here at Stockpickr.com, we track many of the latest activist situations for those interested in piggybacking the best activist investors.
This week, our activist ideas focus on small and mid-sized companies.
Dru Schmitt wants shares of Sunair Services (SNR) sold, with the net proceeds distributed to shareholders. Schmitt also said he is considering options, including replacing the board with people who are “not self-interested or not willing to overlook the track record of Richard Rochon, Sunair’s chairman, and his associates.” Sunair Services provides lawn and pest control services to residential and commercial customers.
Palo Alto Investors wants Greg Noval to resign from the Canadian Superior Energy (SNG) board due to “various conflicts” that Palo Alto believes exist because Noval serves as executive chairman of the company and as chairman of Challenger Energy. Canadian Superior engages in the exploration, acquisition and production of oil and natural gas primarily in Western Canada and offshore Nova Scotia.
Wynnefield Partners wants White Electronic (WEDC) to “take proactive steps” to communicate to shareholders the specifics of Wynnefield’s review of strategic alternatives. White Electronic has an EV/EBITDA of 9.941. White Electronic, which has been up for sale for some time now, develops, and manufactures microelectronic and display components and systems globally.
AIG (AIG) said it is exploring the potential disposition of its interest in Transatlantic Holdings. Transatlantic has formed a special committee consisting of independent directors to consider possible strategic alternatives as well as any potential merger. Transatlantic provides reinsurance for various property and casualty products. Down 40% on the year, Transatlantic Holdings trades with a forward P/E of 6.69 and a PEG ratio of 0.45.
Geogre Soros reported holding 7,500,000 Class A common shares of Global Ship Lease (GSL). Shares of Global Ship Lease are down about 35% on the year and trade with a forward P/E of 10.5.
Small-cap hedge fund Riley Investment Management wants GSI Technology (GSI) to start “a stock buyback as expeditiously as possible.” Riley believes that “long-term shareholder value would be best enhanced through share purchases.”
GSI Technology is the most interesting name this week. It trades with a forward P/E of 11 and EV/EBITDA of 5.9. GSI, which develops and markets SRAM products for the networking and telecommunications markets, has $32 million in cash and zero debt on its balance sheet.
For more activist ideas, including Epicor Software (EPIC), Hill-Rom Holdings (HRC) and Strategic Hotels (BEE), please check out the Latest Activist Situations portfolio.
Also, here are the latest activist filings from Barron’s.
Posted on Oct. 6, 2008