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Kerrisdale: Lindsay management "responsive to our shareholder concerns"

  • 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.
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