Quote: Finally, we cannot ignore that a large shareholder (Note: Lloyd Miller III) who has a history of successfully investing in other public companies, some of which have been acquired, just increased his already large bet in SLTC.
The second thing that caught our eye was a December 13, 2012 20,000 share purchase @ $5.27 by investor activist Lloyd Miller III.
Referencing various SEC filings, Mr. Miller showed up as a significant shareholder in a November 2007 proxy statement which disclosed that he owned 95,330 shares (adjusted for a prior 1 for 20 reverse split) or 6.7% of SLTS outstanding shares. He entered 2012 owning 557,593 shares and now owns 654,942, or about 23% of the outstanding shares.
Conclusion: It seems that Miller is pursuing a clearly defined path and the accumulation of shares of a appareantly undervalued company (especially if traded at cash value) is one of his preferred strategies to make money. As I understand he takes influence on the board or management of a company with the aim to increase share holder value or via a sale of the company to a competitor (take over). Looking at the story mentioned above it also seems that he has a rather long term view.
It will be interesting to see how this story will develop. In any case it seems that Miller is pretty successful with what he is doing and it also does not seem that he is going for the 10 or 20 % gain.
Would be really interesting to know what is going on here.
BTR Price at posting:
15.0¢ Sentiment: None Disclosure: Unspecified
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