Arcadia Capital Demands Special Dividend From Rimage (RIMG)
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Arcadia Capital Advisors, LLC sent an open letter to Rimage Corporation (Nasdaq: RIMG) demanding the immediate special cash dividend.
"In the current letter, we ask that the Board immediately issue a special dividend funded with $85M or more in cash from the Rimage balance sheet, which is approximately $9.00 cash per share," stated Managing Director, Richard S. Rofé. "We would rather have that cash in our pocket today, than face the risk that Management will burn through it attempting to execute on an over-valued acquisition target that is also far afield from the Company's core business."
"In the current letter, we ask that the Board immediately issue a special dividend funded with $85M or more in cash from the Rimage balance sheet, which is approximately $9.00 cash per share," stated Managing Director, Richard S. Rofé. "We would rather have that cash in our pocket today, than face the risk that Management will burn through it attempting to execute on an over-valued acquisition target that is also far afield from the Company's core business."
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