Point.360 Shares Skyrocket After DG FastChannel Confirms 11.4% Stake

In a 13D filing before Thursday's close on Point.360 (PTSX), DG FastChannel (DGIT) confirmed they acquired an 11.4% stake (1.1 million shares) in the company. The stake was noted earlier in a filing from Midwood Capital, which sold the PTSX stake to DGIT. The shares were purchased at $3.25 in a transaction dated 12/22.

In a pretty standard disclosure, DG FastChannel said it may in the future seek the views of, hold active discussions with and respond to inquiries from members of the board of directors, officers or representatives of the Company and other persons regarding the Company’s affairs and strategic alternatives, and the interests of other stockholders in participating in such alternatives.

DG FastChannel also noted in the filing that they entered into a Nondisclosure Agreement with the Company on August 16, 2006 for purposes of evaluating a possible business relationship.

Shares of Point.360 finished 49% higher today on the news.