ValueVest Raises Stake in Ampex (AMPX), Working With Management To Increase Shareholder Value
In an amended 13D filing on Ampex Corporation (NASDAQ: AMPX) after the close Friday, ValueVest High Concentration Master Fund disclosed an 8.9% stake in the company. This is above the 8.3% stake the firm disclosed on 11/16. Previously, ValueVest had expressed interest in acquiring assets in the company, including the Data Systems unit, but the company rejected the overture.
The firm said its representatives met with the CEO and CFO and expressed its continuing belief that the market price of the Company's shares does not fully reflect the underlying value of its assets and businesses.
The firm indicated that it has identified specific actions and possible strategic relationships that could materially increase the Company's revenue stream from its intellectual property assets. In addition, the firm indicated a need to consider the management team and possible changes to the composition of the Board of Directors.
The firm said the Company agreed to discuss these matters with its Board of Directors and is prepared to work with them on exploring a new strategic plan for the Company along the lines outlined by the firm outlined.
The parties agreed to meet again in December to review possible nominees for the Board of Directors and to discuss in detail ways to further monetize the patent portfolio.
The stock is up about 26% since the investment manager's first 13D filing after the close on 11/13.
The firm said its representatives met with the CEO and CFO and expressed its continuing belief that the market price of the Company's shares does not fully reflect the underlying value of its assets and businesses.
The firm indicated that it has identified specific actions and possible strategic relationships that could materially increase the Company's revenue stream from its intellectual property assets. In addition, the firm indicated a need to consider the management team and possible changes to the composition of the Board of Directors.
The firm said the Company agreed to discuss these matters with its Board of Directors and is prepared to work with them on exploring a new strategic plan for the Company along the lines outlined by the firm outlined.
The parties agreed to meet again in December to review possible nominees for the Board of Directors and to discuss in detail ways to further monetize the patent portfolio.
The stock is up about 26% since the investment manager's first 13D filing after the close on 11/13.
posted by Lon at 1:51 PM
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