The Pirates have been launching broadsides at Brink's for months, demanding that the company install Pirate Capital founder Tom Hudson on the board of directors. Now they want two nominees, according to FinAlertnatives.
Activist hedge fund manager Pirate Capital yesterday filed regulatory documents stating that it may propose two new nominees to be elected to the board of The Brink’s Company, which has already been under pressure in recent days from another hedge fund, MMI Investments.
In the regulatory filing, Pirate, which holds an 8.5% stake in the armored car manufacturer, states that is has yet to hear from the company regarding its request that Pirate founder Thomas Hudson be appointed to its board of directors.
“The Issuer has not responded to Pirate's request that Thomas R. Hudson Jr. immediately be appointed to the Issuer's Board of Directors other than to indicate that Mr. Hudson's nomination for election to the Board will be considered in due course,” states the firm in the Schedule 13D filing. “Pirate is now contemplating proposing two additional nominees for election at the upcoming annual meeting.”
Pirate May Push Two To The 'Brink's' [FinAlternatives]