From the Wires
The Brink's Company Sends Letter to Shamrock
By: PR Newswire
Nov. 12, 2012 07:06 AM
RICHMOND, Va., Nov. 12, 2012 /PRNewswire/ -- The Brink's Company (NYSE: BCO), a global leader in security-related services, today sent a letter in response to the press release issued by Shamrock Holdings, Inc. on November 5, 2012.
The text of the letter follows:
November 12, 2012
Dear Mr. Gold:
I am writing on behalf of the Board of Directors of The Brink's Company in response to the November 5, 2012 press release issued by Shamrock Holdings, Inc., which referenced a November 2, 2012 letter to the Company. Please note that, other than through the press release, Brink's has not yet received a copy of this letter, and is not aware of any attempt by Shamrock to contact the Company regarding its contents either before or after the letter was published. Shamrock also has not disclosed the level of its ownership interest in the Company.
Consistent with its fiduciary obligations to all shareholders, the Board, with the assistance of its financial and legal advisors, reviewed the substance of Shamrock's press release at a recent meeting that included a regular strategic planning session.
Board and Management Focused on Shareholder Value Creation: The Board is highly focused on enhancing shareholder value and continues to oversee the Company's performance and work closely with the management team. Following a search that considered both internal and external candidates, the Board appointed a new President and Chief Executive Officer on June 18, 2012, and provided management with a mandate to take steps necessary to improve performance and position Brink's for long-term growth. Since that date:
Shamrock's Press Release Contains Inaccurate and Misleading Statements: There were a number of significant inaccuracies in Shamrock's press release, including:
Improving Near-Term Results and Sustainable Long-Term Growth: The Brink's Board takes seriously its fiduciary responsibilities, has consistently demonstrated its willingness to listen to shareholder views, and has taken action on a number of fronts to enhance returns. These include:
Brink's is confident that the right strategic plan and team are in place to improve near-term results and achieve sustainable shareholder value creation. Accordingly, the Board, after recently completing a regular strategic planning session, believes that exploration of strategic alternatives at this time is not in the best interests of shareholders and that it is not an appropriate time to sell the Company.
Very truly yours,
Thomas C. Schievelbein
About The Brink's Company
The Brink's Company (NYSE: BCO) is the world's premier provider of secure transportation and cash management services. For more information, please visit The Brink's Company website at www.Brinks.com or call 804-289-9709.
SOURCE The Brink's Company
SOA World Latest Stories
Subscribe to the World's Most Powerful Newsletters
Subscribe to Our Rss Feeds & Get Your SYS-CON News Live!
SYS-CON Featured Whitepapers
Most Read This Week