Pirate Still Wants Brinks Booty

RICHMOND, Va. – Hedge fund Pirate Capital LLP continued to rattle its saber and called again for the break-up of venerable cash security provider Brink’s. Pirate, which won a seat on the Brink’s board earlier this year after accumulating a 9% stake in the company, renewed its call for a spin-off of Brink’s well-known financial institution security business from its home security operations. In a letter to Brink’s CEO Michael Dan, Pirate Managing Director Michael Hudson said a survey conducted of Brink’s shareholders indicated broad support for the spin-off and threatened Dan with a campaign to have him removed from the company’s board if he doesn’t pursue a separation of the company. "While a sale of the company, as opposed to a tax-free split-up, could be more lucrative to you under your change in control agreement with Brink's, potentially enriching you with millions of dollars, I believe the survey is conclusive as to the large shareholder preference for a split-up," the Pirate Chief wrote to the Brink’s CEO. Brink’s said last week it sold its money-losing cash handling operations in the United Kingdom to Loomis UK Limited, a unit of Securitas AB.