Kerrisdale Capital Management issues a letter to the board and shareholders of Lindsay (LNN +0.7%) stating, "We have found the Lindsay management to be responsive to our shareholder concerns and the Lindsay Board to be proactive in seeking to maximize shareholder value."
In Oct., Kerrisdale urged the company to use its cash balance, which exceeds 15% of Lindsay's market cap, "in a more productive manner," as well as to consider shareholder-nominated directors. The fund also penned an SA Pro article seeing a 50% upside in LNN that month.
Since then, Kerrisdale writes that the board is "undertaking an exhaustive review on the best course of action with respect to capital allocation" and has met with 3 board candidates recommended by Kerrisdale in "constructive" face-to-face discussions. Kerrisdale will not, therefore, nominate alternate director candidates at the Jan. proxy election.