Pirate wants board rules changed now
NEW YORK--Hedge fund Pirate Capital, which owns 4.5 percent of Brink's stock, penned another letter to the board of The Brink's Company, this time demanding changes in its corporate governance, according to an Oct. 1 AP report.
Thomas Hudson, manager of Pirate, is a board member himself. Hudson wants the board to "declassify," which would mean that shareholders could call special meetings, something that currently only the chairman, the board as a whole, or the chief executive may do. Hudson also called for the separation of the roles of chairman and CEO; both are currently held by Michael Dan.
For more than a year, Hudson has been working to get The Brink's Company to sell or, more recently, to execute a tax free split-up of its two divisions: the cash handling business and Brink's Home Security, its residential security business (search "Pirate Capital" at www.securitysystemsnews.com).
Hudson's most recent letter followed a Sept. 26 announcement that The Brink's Company's so-called "poison pill" provision--which discourages unwanted takeovers--has expired.