Wednesday, August 23, 2006

Pirate Capital Raises Stake in PW Eagle (PWEI); Enters Trading Plan to Purchase Up to $30M Shares

In an amended 13D filing on PW Eagle Inc. (Nasdaq: PWEI), Pirate Capital discloses a 21.2% stake in the Company. This is up from the 20.3% stake the firm disclosed in a past filing.

In the filing, Pirate Capital disclosed that on August 22, 2006 they entered into a trading plan with respect Shares of the Issuer that complies with Rule 10b5-1(c)(1) under the Securities Exchange Act of 1934. The Trading Plan is effective from August 22, 2006 to February 22, 2007 and provides for the purchase of up to $30,000,000 of Shares (including commissions).


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