Shamrock Activist Value Fund Request 'Meaningful' Stock Buyback From Websense (WBSN)
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In an amended 13D filing after the close Friday on Websense (Nasdaq: WBSN), 10.4% holder Shamrock Activist Value Fund disclosed a letter to the company requesting immediate action to maximize the value of the Company by promptly implementing a meaningful stock repurchase program.
Shamrock said Websense's common stock is currently trading well below its intrinsic value which they estimate is in excess of $28 per share.
In the letter, Shamrock said, "we believe the Company has a large amount of available excess capital and that Websense shareholders interest would be best served if a substantial portion of that excess capital was returned directly to Websense shareholders in the form of a significant share repurchase program."
Shamrock said Websense's common stock is currently trading well below its intrinsic value which they estimate is in excess of $28 per share.
In the letter, Shamrock said, "we believe the Company has a large amount of available excess capital and that Websense shareholders interest would be best served if a substantial portion of that excess capital was returned directly to Websense shareholders in the form of a significant share repurchase program."
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