Catalyst Semi (CATS) Holder J. & W. Seligman Requests Additional 1-2M Shares Buyback
In a 13D filing this afternoon on Catalyst Semiconductor (Nasdaq: CATS), J. & W. Seligman disclosed a 5.2% stake (855,666 shares) in the company. The firm said the shares of the company are significantly undervalued and said in order to increase shareholder value the company should buyback one to two million additional shares.
From the filing, "JWS believes that the Issuer can accommodate a repurchase of its Common Shares at the recommended level because it represents approximately 15% to 29% of the Issuer's available cash, cash equivalents and short-term investments of $28.6 million, inclusive of an increase of $2.9 million during its last fiscal quarter. Additionally, JWS believes that the Issuer will continue to generate cash from operations."