Brink's to consider Pirate demands
By Martha Entwistle
Updated Thu January 11, 2007
RICHMOND, Va.--The Brink's Company on Jan. 8 announced it will respond to hedge fund Pirate Capital's demands--but not right now.
Pirate Capital, a Norwalk, Conn., $1.7-billion hedge fund that owns about nine percent of Brink's Company stock, has advised Brink's to put itself up for sale. In a Jan. 4 SEC filing, it advised Brink's that it intended to nominate Thomas R. Hudson, Jr., manager of Pirate, and Pirate's general counsel, Christopher Kelly, for election to Brink's board of directors.
Brink's responded with a statement saying that it would review Hudson and Kelly's "respective credentials and qualifications in accordance with the company's well-established corporate governance policies."
Regarding the sale, "Brink's will present its recommendations regarding Pirate Capital's proposals in the company's definitive proxy statement, which will be filed with the Securities and Exchange Commission and mailed to all shareholders eligible to vote at its 2007 annual meeting of shareholders," the statement said.
When that filing will be made is unknown at this point.
Brink's typically holds its annual shareholders' meeting in late spring. The proxy statement for last year's meeting, held in May, was sent out on March 24, 2006.
Ed Cunningham, spokesman for The Brink's Company, said, "The date for the [2007] annual meeting has not been set yet."
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