Arcadia Capital Advisors, LLC Sees Positive Outcomes in Recent Activist Efforts to Benefit Shareholders of Bolt Technology Co...
November 29 2011 - 7:02AM
Twice in recent days, Arcadia Capital Advisors, LLC ("Arcadia") has
seen its activist efforts pay off. First, with Bolt Technology
Corp. (Nasdaq:BOLT) ("BOLT" or "Bolt"), and then, yesterday, with
Symmetricon, Inc. (Nasdaq:SYMM) ("SYMM" or "Symmetricon").
Arcadia was pleased to see that within days of each other, BOLT
and SYMM, both among Arcadia's largest positions, issued a
significant special dividend and announced an aggressive share
buyback, respectively.
Richard Rofé, Arcadia's Managing Director, praised the
management and boards of both Bolt and Symmetricon on their recent
announcements. "It is refreshing and gratifying when good judgment
prevails and management teams and boards make the right decisions
for their companies and shareholders," Rofé stated.
Last week, Bolt rewarded shareholders with plans for a special
dividend. Yesterday, Symmetricon management gave details of a
formidable buyback plan. "As evidenced by the companies' recent
announcements, both [Bolt Technology Corp. and Symmetricon, Inc.]
management teams took action that confirmed Arcadia's strong belief
that intrinsic value was significantly greater than recent market
pricing," Rofé added. "These are strong and viable businesses, and
ones whose shareholders are best served through the use of balance
sheet cash that benefits those holders in a direct fashion."
Arcadia's belief is that management of both BOLT and SYMM were
quite deliberate and savvy in their timing for their respective
plans, observing that shareholder value-enhancing initiatives like
these are more potent in periods of market dislocation and
increased volatility. "What we might have here, in the case of both
companies, is a moment in time that the markets will look back at
months or years from now and regard as the catalyst for a very
important period of capital appreciation," Rofé concluded.
About Arcadia Capital Advisors, LLC
Arcadia Capital Advisors is a private investment firm based in
New York that employs a value-oriented investment philosophy in the
management of long/short hedge funds focused on small and micro-cap
companies. The firm is led by Richard Rofé and is sponsored by M.D.
Sass-Macquarie Financial Strategies.
CONTACT: Arcadia Capital Advisors
Kelly Sinclair
(516) 466-5258
info@arcadiacap.com
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