UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 4)*
The Brink's Company
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(Name of Issuer)
Common Stock, par value $1.00 per share
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(Title of Class of Securities)
109696104
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(CUSIP Number)
Thomas R. Hudson Jr.
Pirate Capital LLC
200 Connecticut Avenue, 4th Floor
Norwalk, CT 06854
(203) 854-1100
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
January 4, 2007
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(Date of Event which Requires
Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G
to report the acquisition that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box [ ].
NOTE: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7 for
other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 7 Pages)
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* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
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CUSIP NO. 109696104 SCHEDULE 13D PAGE 2 OF 7 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
PIRATE CAPITAL LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 4,118,330
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
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10 SHARED DISPOSITIVE POWER
4,118,330
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
4,118,330
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.5%
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14 TYPE OF REPORTING PERSON*
IA
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 109696104 SCHEDULE 13D PAGE 3 OF 7 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
THOMAS R. HUDSON JR.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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7 SOLE VOTING POWER
-0-
----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 4,118,330
OWNED BY ----------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
4,118,330
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
4,118,330
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.5%
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14 TYPE OF REPORTING PERSON*
IN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 109696104 SCHEDULE 13D PAGE 4 OF 7 PAGES
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The Schedule 13D filed on February 17, 2006 by Pirate Capital LLC, a Delaware
limited liability company ("Pirate Capital"), and Thomas R. Hudson Jr.
(together, the "Reporting Persons"), relating to the shares of common stock,
$1.00 par value ("Shares"), of The Brink's Company (the "Issuer"), as amended by
Amendment No. 1 on August 9, 2006, Amendment No. 2 on November 21, 2006, and
Amendment No. 3 on December 18, 2006, is hereby amended by this Amendment No. 4
to the Schedule 13D.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Item 3 is hereby amended and restated as follows:
Funds for the purchase of the Shares reported herein were derived from available
capital of the Holders (as defined below). A total of approximately $175,855,680
was paid to acquire such Shares.
ITEM 4. PURPOSE OF TRANSACTION
Item 4 of the Schedule 13D is hereby amended by the addition of the following:
On January 4, 2007, Pirate Capital sent a letter to the board of directors of
the Issuer (the "Letter"), among other things, (i) reiterating its request that
the Issuer retain an investment bank to examine strategic alternatives, (ii)
questioning the Issuer's stated course of pursuing acquisitions, and (iii)
recommending that two current Issuer Board members who are ineligible for
re-election based on the Board's mandatory retirement age be replaced as
nominees at the Issuer's 2007 annual meeting of shareholders by two Pirate
Capital nominees, Thomas R. Hudson Jr. (Pirate Capital's founder and Manager)
and Christopher Kelly (Pirate Capital's General Counsel and Chief Compliance
Officer). A copy of the Letter is attached hereto as Exhibit F and incorporated
herein by reference. On January 4, 2007, Jolly Roger Fund LP (the "Fund")
notified the Issuer of its intent to nominate Thomas R. Hudson Jr. and
Christopher Kelly to the Board of Directors of the Issuer at the Issuer's 2007
annual meeting of shareholders. A copy of such notice is attached hereto as
Exhibit G and incorporated herein by reference. The Reporting Persons intend to
solicit proxies on behalf of the Fund's nominations.
ITEM 5. INTEREST IN SECURITIES OF THE COMPANY
Paragraphs (a) and (b) of Item 5 of the Schedule 13D are hereby amended and
restated as follows:
(a) The Reporting Persons beneficially own 4,118,330 Shares,
constituting approximately 8.5% of the Shares outstanding. The 4,118,330 Shares
reported herein do not include 650 shares held directly by Christopher Kelly,
the General Counsel and Chief Compliance Officer of Pirate Capital and a nominee
to the Board of Directors of the Issuer. Mr. Kelly purchased his shares on
November 1, 2006, with 100 shares purchased at a price of $53.21 per share and
550 shares at a price of $52.67 per share.
The aggregate percentage of Shares beneficially owned by the Reporting
Persons is based upon 48,505,239 Shares outstanding as reported in the Issuer's
Quarterly Report on Form 10-Q for the quarter ended September 30, 2006.
(b) By virtue of its position as general partner of Jolly Roger Fund
LP, Pirate Capital has the power to vote or direct the voting, and to dispose or
direct the disposition of, all of the 412,382 Shares held by Jolly Roger Fund
LP. By virtue of agreements with Jolly Roger Offshore Fund LTD and Jolly Roger
Activist Portfolio Company LTD (together with Jolly Roger Fund LP, the
"Holders"), Pirate Capital LLC has the power to vote or direct the voting, and
to dispose or direct the disposition, of all of the 3,705,948 Shares held by
Jolly Roger Offshore Fund LTD and Jolly Roger Activist Portfolio Company LTD. By
virtue of his position as sole Manager of Pirate Capital, Thomas R. Hudson Jr.
is deemed to have shared voting power and shared dispositive power with respect
to all Shares as to which Pirate Capital has voting power or dispositive power.
Accordingly, Pirate Capital and Thomas R. Hudson Jr. are deemed to have shared
voting and shared dispositive power with respect to an aggregate of 4,118,330
Shares.
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CUSIP NO. 109696104 SCHEDULE 13D PAGE 5 OF 7 PAGES
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Item 7. MATERIAL TO BE FILED AS EXHIBITS
Item 7 of the Schedule 13D is hereby amended by the addition of the following:
Exhibit A - Joint Acquisition Statement, dated February 17, 2006 (previously
filed)
Exhibit B - Letter to the board of directors, dated August 8, 2006 (previously
filed)
Exhibit C - Letter to the board of directors, dated November 21, 2006
(previously filed)
Exhibit D - Shareholder notification letter, dated November 21, 2006 (previously
filed)
Exhibit E - Demand letter, dated November 21, 2006 (previously filed)
Exhibit F - Letter to the board of directors, dated January 4, 2007
Exhibit G - Nomination letter, dated January 4, 2007
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CUSIP NO. 109696104 SCHEDULE 13D PAGE 6 OF 7 PAGES
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SIGNATURES
After reasonable inquiry and to the best of their knowledge and belief, each of
the undersigned certifies that the information set forth in this statement is
true, complete and correct.
Dated: January 4, 2007
PIRATE CAPITAL LLC
By: /s/ Thomas R. Hudson Jr.
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Name: Thomas R. Hudson Jr.
Title: Manager
/s/ Thomas R. Hudson Jr.
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Thomas R. Hudson Jr.
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CUSIP NO. 109696104 SCHEDULE 13D PAGE 7 OF 7 PAGES
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EXHIBIT INDEX
Exhibit A - Joint Acquisition Statement, dated February 17, 2006 (previously
filed)
Exhibit B - Letter to the board of directors, dated August 8, 2006 (previously
filed)
Exhibit C - Letter to the board of directors, dated November 21, 2006
(previously filed)
Exhibit D - Shareholder notification letter, dated November 21, 2006 (previously
filed)
Exhibit E - Demand letter, dated November 21, 2006 (previously filed)
Exhibit F - Letter to the board of directors, dated January 4, 2007
Exhibit G - Nomination letter, dated January 4, 2007
EXHIBIT F
PIRATE CAPITAL LLC
Jolly Roger Fund LP
Jolly Roger Offshore Fund LTD
Jolly Roger Activist Fund LP
Jolly Roger Activist Fund LTD
January 4, 2007
VIA FACSIMILE (804.289.5760) & OVERNIGHT COURIER
Board of Directors
C/o Mr. Michael T. Dan
Chairman, President and Chief Executive Officer
The Brink's Company
1801 Bayberry Court
Richmond, Virginia 23226-8100
Dear Members of the Board:
As you know, we own approximately 8.5% of Brink's stock and are its largest
shareholder. We have repeatedly urged the Company to retain an investment bank
to examine strategic alternatives and to endorse a significant shareholder voice
on the Board. Unfortunately, our requests appear to be falling on deaf ears and
the Board seems more concerned with exercising its prerogatives of office than
serving shareholder interests. Unless the Board acts with a renewed sense of
duty, we will not be able to avoid an expensive and lengthy proxy contest.
We commend MMI Investments on their detailed report and its examination of many
of the different strategic alternatives which an investment bank can explore. We
are concerned that despite several initiatives by your largest shareholders
urging the Board to retain an investment bank, the Board stubbornly insists upon
making an acquisition. Your spokesman Edward Cunningham was recently quoted as
saying, "We are in the deal stream," and "Our strategic direction is to make
acquisitions." Such steadfast determination to make an acquisition is
unacceptable and we are particularly discouraged to see the Board continue down
the path of entrenchment.
We do not understand how the Board remains so determined to pursue an
acquisition when two of Brink's largest shareholders have independently
questioned that course and requested the retention of an investment bank to
explore alternatives. The Board's concern should be the interests of its
shareholders. It should welcome initiatives by its large shareholders and fully
explore their efficacy. If you took the time to canvass your shareholder base,
we believe you would find that our shareholder proposal and our nominations to
the Board are strongly supported.
According to public filings, four of Brink's directors are up for election at
the upcoming annual meeting. Two of these directors, Messrs. Barker and
Broadhead, are ineligible for re-election for a full three year term based on
the Board's mandatory retirement age. As the largest shareholder we recommend
that Messrs. Barker and Broadhead be replaced with two Pirate Capital nominees,
Thomas Hudson (Pirate Capital's founder and Manager) and Christopher Kelly
(Pirate Capital's General Counsel). The Board should welcome our voice and the
shareholder perspective it would bring to the Board's inner deliberations. Our
suggestion is in the best interest of all shareholders because it provides
significant shareholder representation to the Board, an element which is
currently lacking, and because it avoids a costly and time-consuming proxy
contest.
We would prefer to work cooperatively and productively with the Board, and
believe that calling for two out of a total of eleven Board seats is a
reasonable request. This will allow for considerable shareholder representation
while not substantially altering the Board's construction or dynamic.
Unfortunately, as the Board continues to defer consideration, we have no choice
but to prepare for a proxy contest.
We would welcome an invitation by the Board to meet our two nominees, and we
hope that a proxy contest can be avoided so that the Board can remain focused on
what is most important; finally putting to rest the enduring undervaluation of
BCO shares. We look forward to a response shortly.
Sincerely,
/s/ Thomas R. Hudson Jr.
Thomas R. Hudson Jr.
Manager
EXHIBIT G
JOLLY ROGER FUND LP
200 Connecticut Avenue
4th Floor
Norwalk, CT 06854
January 4, 2007
VIA FACSIMILE (804.289.5760), OVERNIGHT COURIER & U.S. MAIL
The Brink's Company
1801 Bayberry Court
Richmond, Virginia 23226-8100
Attn: Corporate Governance and Nominating Committee,
Executive Session Chairman and Corporate Secretary
RE: Shareholder Notice of Intent to Nominate Thomas R. Hudson Jr.
and Christopher Kelly for Election as Directors
Ladies and Gentlemen:
In accordance with Article IV, Section 12 of the Bylaws (the "Bylaws")
of The Brink's Company (the "Company") and the proxy statement of the Company
released to shareholders on or about March 24, 2006, Jolly Roger Fund LP, a
Delaware limited partnership (the "Fund"), hereby submits this written notice
(this "Notice") to the Company c/o the Corporate Governance and Nominating
Committee, the Executive Session Chairman and the Corporate Secretary of its
intent to nominate Thomas R. Hudson Jr. and Christopher Kelly to the Board of
Directors of the Company at the Company's 2007 annual meeting of shareholders
(including any adjournments or postponements thereof or any special meeting that
may be called in lieu thereof) (the "Annual Meeting"). Enclosed with this letter
are the following exhibits: Exhibit A, Consents of the Nominees, Exhibit B,
biographies of Mr. Hudson and Mr. Kelly, and Exhibit C, a list of the securities
transactions of the members of the Pirate Capital Group (as defined below) for
the last two years.
1. Name and Address; Class and Number of Shares of Stock Owned
The name and address of the Fund as it appears in the Company's stock
transfer books is Jolly Roger Fund LP, 200 Connecticut Avenue, 4th Floor,
Norwalk, Connecticut 06854. The Fund is the record and beneficial owner of 100
shares of common stock, $1
par value per share ("Common Stock"), of the Company and the beneficial owner of
an additional 412,282 shares of Common Stock (such 412,382 shares representing
approximately .85% of the outstanding shares of Common Stock). Pirate Capital
LLC ("Pirate Capital"), whose principal business is providing investment
management services, is the general partner of the Fund. Mr. Hudson is the
Manager of Pirate Capital. Pirate Capital is also the investment adviser to
Jolly Roger Offshore Fund LTD and Jolly Roger Activist Portfolio Company LTD,
each an investment fund (collectively, with the Fund, the "Funds", and together
with Pirate Capital and Mr. Hudson, the "Pirate Capital Group"), which are the
beneficial owners, respectively, of 3,542,112 shares of Common Stock
(approximately 7.30% of the outstanding shares), and 163,836 shares of Common
Stock (approximately .34% of the outstanding shares). Mr. Hudson is also a
director of Jolly Roger Offshore Fund LTD and Jolly Roger Activist Portfolio
Company LTD. Pirate Capital and Mr. Hudson, as the Manager of Pirate Capital,
may be deemed to be the beneficial owners of the 4,118,330 shares of Common
Stock (approximately 8.49% of the outstanding shares) that are collectively
owned by the Funds. Mr. Kelly beneficially owns 650 shares of Common Stock.
2. Representation
The Fund is a holder of record of capital stock of the Company entitled
to vote at the Annual Meeting and a representative of the Fund intends to appear
in person or by proxy at the Annual Meeting to nominate Mr. Hudson and Mr.
Kelly. The undersigned represents that the Fund intends to deliver a proxy
statement or form of proxy to the holders of at least the percentage of the
Company's outstanding capital stock required to elect Mr. Hudson and Mr. Kelly
or otherwise to solicit proxies from shareholders in support of the nominations.
3. Nominations
The Fund hereby gives notice of its intent to nominate Mr. Hudson and
Mr. Kelly for election to the Board of Directors at the Annual Meeting.
The Fund reserves the right to nominate additional nominees for any
reason, including if the Company, by the appropriate corporate action, has
increased or increases the number of directors to be elected at the Annual
Meeting or if the composition of the Board of Directors has changed prior to the
Annual Meeting. The Company is cautioned not to take any action that would
adversely impact the Company's shareholders' right to support the Fund's
nominations, including by appointing any new directors.
4. Interests Which the Fund May Have In Such Business
The Fund has no interest in the nominations to be brought before the
Annual Meeting other than the interest which it shares in common with all other
owners of Common Stock, namely, an interest in seeing the Company achieve
financial prosperity and its participation through its shares of Common Stock in
the creation of shareholder value.
5. Consent of Nominees
Each of Mr. Hudson and Mr. Kelly has executed a consent indicating his
agreement to be nominated for election as a director of the Company and to serve
as a director of the Company if elected at the Annual Meeting. A copy of each of
the consents respectively executed by Mr. Hudson and Mr. Kelly are attached as
Exhibit A to this Notice.
6. Description of Arrangements or Understandings between Shareholders and
Nominees
Neither Mr. Hudson nor Mr. Kelly will receive any compensation from
Pirate Capital or the Funds for his service as a director of the Company if
elected. If elected, Mr. Hudson and Mr. Kelly will each be entitled to such
compensation from the Company as is provided to other non-employee directors,
which compensation is expected to be described in the Company's proxy statement
furnished to shareholders in connection with the Annual Meeting.
7. Other Information Regarding Nominees Required by Proxy Rules
Certain additional information regarding Mr. Hudson and Mr. Kelly is
set forth in Exhibit B to this Notice.
Exhibit C sets forth for the Funds, Mr. Hudson and Mr. Kelly their
purchases and sales of Common Stock (and common stock derivatives) within the
previous two years, the dates of the transactions and the amounts purchased or
sold.
Except as disclosed herein or in any of the exhibits attached hereto,
none of the Funds, Pirate Capital, Mr. Hudson or Mr. Kelly: (i) owns any
securities of the Company of record but not beneficially; (ii) owns, nor do any
of their associates own, beneficially any securities of the Company; (iii) owns
any securities of any parent or subsidiary of the Company; (iv) has, nor do any
of their associates have, any arrangement or understanding with any person with
respect to any future employment by the Company or its affiliates; (v) has, nor
do any of their associates have, any arrangement or understanding with any
person with respect to any future transactions to which the Company or any of
its affiliates will or may be a party; (vi) had or will have, nor do any of
their associates have or will have, a direct or indirect material interest in
any transaction, arrangement or relationship, or series of similar transactions,
arrangements or relationships since the beginning of the Company's last fiscal
year, or any currently proposed transaction, or series of similar transactions,
arrangements or relationships to which the Company or any of its subsidiaries
was or is to be a party, in which the amount involved exceeds $120,000 (the
representation in this subclause (vi) shall include any "related person" of Mr.
Hudson or Mr. Kelly as defined in Instruction 1 to Item 404(a) of Regulation S-K
under the Securities Act of 1933, as amended ("Regulation S-K")); (vii) has any
substantial interest, direct or indirect, by security holdings or otherwise, in
any matter to be acted
upon at the Annual Meeting proposed in this Notice aside from their respective
interests as shareholders of the Company; (viii) has borrowed any funds for the
purpose of acquiring or holding any securities of the Company (except for margin
borrowings for that purpose); (ix) is presently, or has been within the past
year, a party to any contract, arrangement or understanding with any person with
respect to securities of the Company, including, but not limited to, joint
ventures, loan or option arrangements, puts or calls, guarantees against loss or
guarantees of profit, division of losses or profits, or the giving or
withholding of proxies; (x) has, during the past ten years, been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors); (xi)
has pledged or otherwise deposited as collateral any securities of the Company
(except for pledges of securities in connection with margin borrowings) or
caused or agreed to permit such securities to be subject to any voting trust or
other similar agreement or of any contract providing for the sale or other
disposition of such securities; (xii) is aware of any arrangement (including any
pledge, voting trust, or contract for sale) which may at a subsequent date
result in a change in control of the Company; (xiii) is aware of any
arrangement, or has reason to believe that any arrangement exists, under which
5% or more of any class of the Company's voting securities is held or is to be
held subject to any voting agreement, voting trust or other similar agreement;
(xiv) is aware of any person or group that holds beneficial ownership of more
than 5% of the outstanding shares of the Company or has the right to acquire
beneficial ownership of more than 5% of such outstanding voting securities,
except for persons or groups who may be identified through a review of publicly
available information regarding the beneficial ownership of the Company; (xv) is
aware of any circumstance in which Mr. Hudson's or Mr. Kelly's election to the
Board of Directors of the Company would create a compensation committee
interlock or other insider relationship as described in Item 407(e)(4) of
Regulation S-K; or (xvi) has, during the past five years, been involved in any
of the legal proceedings described in Item 401(f) of Regulation S-K. The term
"associates" shall have the meaning as that term is defined in Rule 14a-1 of
Regulation 14A under the Securities Exchange Act of 1934, as amended.
Except as otherwise set forth in this Notice, there are no material
proceedings (as described in Instruction 5 to Item 103 of Regulation S-K) in
which Mr. Hudson or Mr. Kelly or any of their associates is a party adverse to
the Company or any of its subsidiaries, or in which Mr. Hudson or Mr. Kelly or
their associates have a material interest adverse to the Company or any of its
subsidiaries.
Neither Mr. Hudson nor Mr. Kelly has ever served on the Board of
Directors or otherwise been employed by the Company. Except as otherwise set
forth in this Notice, neither Mr. Hudson, Mr. Kelly nor any of their associates
has received any cash compensation, cash bonuses, deferred compensation,
compensation pursuant to other plans or other compensation from, or related to,
services rendered on behalf of the Company, or is subject to any arrangement
described in Item 402 of Regulation S-K. There are no family relationships (as
defined in Section 401(d) of Regulation S-K) between Mr. Hudson, Mr. Kelly and
any director or officer of the Company or, to Mr. Hudson's or Mr. Kelly's
knowledge, any other person nominated by the Company to become a director or
executive officer. Neither Mr. Hudson nor Mr. Kelly is aware of any facts or
circumstances that would prevent him from being deemed an "independent" director
as defined in Attachment A to the Corporate Governance Policies of the Company
(as in effect on the date hereof).
It is anticipated that the Funds and Pirate Capital, as well as certain
employees of Pirate Capital, will solicit proxies in connection with the matters
to be brought before the Annual Meeting and that Pirate Capital Group will
engage a proxy solicitation agent whose fees and number of employees to be
employed for such solicitation would be agreed upon at the time of such
engagement. To the extent that any employee of Pirate Capital or the Funds
engages in solicitation activities, no such employee will receive any additional
compensation for its efforts. The business address of each employee of Pirate
Capital or the Funds would be the same as that of its employer.
Pirate Capital, on behalf of the Funds, would bear the cost of such
proxy solicitation, but would intend to seek reimbursement for the cost of such
solicitation from the Company if Mr. Hudson and/or Mr. Kelly are elected as a
director. Pirate Capital does not intend to seek shareholder approval for such
reimbursement. While no precise estimate of this cost can be made at the present
time, Pirate Capital currently estimates that it would spend a total of
approximately $750,000 for such solicitation of proxies, including expenditures
for attorneys, proxy solicitation agents, and advertising, public relations,
printing, transportation and related expenses. As of the date hereof, Pirate
Capital has not incurred any solicitation expenses. In addition to soliciting
proxies by mail, proxies may be solicited in person, by telephone, facsimile or
other electronic means, through advertisements or otherwise.
8. Other Matters
Pursuant to Section 12(b)(B) of the Bylaws, please be advised that, by
a letter addressed to the Company's Corporate Secretary, dated November 21,
2006, the Fund has requested that its shareholder proposal be included in the
Company's proxy materials for the Annual Meeting. The proposal recommends that
the Board of Directors of the Company hire an investment bank to consider
strategic alternatives aimed at maximizing shareholder value. A copy of that
letter, which was filed with the Securities and Exchange Commission (the
"Commission") as an attachment to Form 13D (filed on November 21, 2006), is
hereby incorporated by reference and is available at the Commission's website at
www.sec.gov.
The information included in this Notice and in the exhibits attached
hereto represents the Fund's best knowledge as of the date hereof. The Fund
reserves the right, in the event such information shall be or become inaccurate,
to provide corrective information to the Company as soon as reasonably
practicable, although the Fund does not commit to update any information which
may change from and after the date hereof. If this Notice shall be deemed for
any reason by a court of competent jurisdiction to be ineffective with respect
to the nomination of Mr. Hudson and/or Mr. Kelly at the Annual Meeting, or if
either or both of them shall be unable to serve for any reason, this Notice
shall continue to be effective with respect to any replacement nominee or
nominees selected by the Fund.
Please be advised that neither the delivery of this Notice nor the
delivery of additional information, if any, provided by or on behalf of the Fund
or any of its affiliates to the Company from and after the date hereof shall be
deemed to constitute an admission by the Fund or any of its affiliates that this
Notice or any such information is required or is in any way defective or as to
the legality or enforceability of any matter or a waiver by the Fund or any of
its affiliates of its right to, in any way, contest or challenge any such
matter.
Please direct any questions regarding the information contained in this
Notice to Theodore Altman, Esq., DLA Piper US LLP, 1251 Avenue of the Americas,
New York, New York 10020-1104, (212) 335-4560, and Robert G. Marks, Esq.,
McGuireWoods LLP, 1750 Tysons Boulevard, Suite 1800, McLean, Virginia
22102-4215, (703) 712-5061. In the event that the Company requires any
additional information to determine the eligibility of Mr. Hudson and/or Mr.
Kelly (or the eligibility of any additional or substitute nominee of the Pirate
Capital Group) to serve as a member of the Board of Directors of the Company,
please advise Mr. Altman and Mr. Marks immediately.
Very truly yours,
JOLLY ROGER FUND LP
By: Pirate Capital LLC, its General Partner
By: /s/ Thomas R. Hudson Jr.
Name: Thomas R. Hudson Jr.
Title: Manager
cc: Theodore Altman, Esq.
Robert G. Marks, Esq.
B. Seth Bryant, Esq.
Exhibit A
CONSENT OF NOMINEE
The undersigned hereby consents to being named as a nominee for election as a
director of The Brink's Company (the "Company"), in the proxy statement and
other materials concerning the undersigned's nomination in connection with the
solicitation of proxies from shareholders of the Company to be voted at the 2007
annual meeting of shareholders of the Company or special meeting of shareholders
regarding the election of directors, including any adjournments or postponements
thereof, and further consents to serve as a director of the Company, if elected.
/s/ Thomas R. Hudson Jr.
Name: Thomas R. Hudson Jr.
Exhibit A
CONSENT OF NOMINEE
The undersigned hereby consents to being named as a nominee for election as a
director of The Brink's Company (the "Company"), in the proxy statement and
other materials concerning the undersigned's nomination in connection with the
solicitation of proxies from shareholders of the Company to be voted at the 2007
annual meeting of shareholders of the Company or special meeting of shareholders
regarding the election of directors, including any adjournments or postponements
thereof, and further consents to serve as a director of the Company, if elected.
/s/ Christopher Kelly
Name: Christopher Kelly
Exhibit B
Thomas R. Hudson Jr.
Thomas R. Hudson Jr., 40, is and has been since 2002 the Manager of Pirate
Capital LLC, an investment manager, which he founded. Immediately prior to
organizing Pirate Capital LLC, Mr. Hudson was a private investor. From 1999 to
2001, Mr. Hudson served as a Managing Director at Amroc Investments, LLC, an
investment management firm, where he directed all distressed research and
managed the bank loan trading desk. From 1997 to 1999, he served as a Vice
President and Portfolio Manager at Goldman, Sachs & Co., responsible for
investing and trading a $500 million portfolio of distressed domestic and
international private assets. No company at which Mr. Hudson has been employed
was a parent, subsidiary or affiliate of the Company at the time of his
employment. Mr. Hudson earned a B.S. in 1988 from Babson College, majoring in
Entrepreneurial Studies. He earned an M.B.A. in 1993 from the Tuck School at
Dartmouth College. Mr. Hudson's principal business address is 200 Connecticut
Avenue, 4th Floor, Norwalk, Connecticut 06854. Mr. Hudson currently serves as a
director of Cornell Companies, Inc., a provider of private corrections services,
PW Eagle, Inc., a PVC manufacturer, The Allied Defense Group, Inc., a defense
contractor, and The PEP Boys - Manny, Moe & Jack, an automobile parts retailer.
Christopher Kelly
Christopher Kelly, 49, is the General Counsel and Chief Compliance Officer of
Pirate Capital LLC. He joined Pirate Capital LLC in February 2006. From October
2004 to January 2006, Mr. Kelly was General Counsel of Gilman & Ciocia, Inc., a
broker dealer holding company. From April 2003 to October 2004, Mr. Kelly served
as Managing Director, General Counsel and Chief Compliance Officer of Cypress
Associates LLC, a New York based investment bank focused on mergers &
acquisitions, restructurings and corporate finance. From May 2000 to March 2003,
Mr. Kelly was engaged in the practice of law with Proskauer Rose LLP, and prior
thereto with Silver, Freedman & Taff, LLP and Skadden, Arps, Slate, Meagher &
Flom. At each of these law firms, Mr. Kelly handled a variety of corporate and
securities matters, including mergers & acquisitions and restructurings. No
company at which Mr. Kelly has been employed was a parent, subsidiary or
affiliate of the Company at the time of his employment. Mr. Kelly earned a B.A.
in 1979 with High Honors from the University of Virginia and a J.D. in 1983 from
the University of Virginia School of Law. Mr. Kelly's principal business address
is 200 Connecticut Avenue, 4th Floor, Norwalk, Connecticut 06854.
Exhibit C
PURCHASES AND SALES OVER PAST TWO YEARS BY FUNDS AND NOMINEE
The following table sets forth for each of the Funds, Mr. Hudson and Mr. Kelly
their purchases and sales (indicated in parenthesis) of Common Stock (including
put options and call options*) within the previous two years, the dates of the
transactions and the amounts purchased or sold:
----------------------------------------- --------------- ---------------------
ACCOUNT NAME TRADE DATE QUANTITY
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 06-21-2005 50,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 07-18-2005 35,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 07-19-2005 50,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 09-15-2005 3,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 09-16-2005 500.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 09-19-2005 25,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 09-20-2005 35,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 10-04-2005 8,800.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 10-05-2005 10,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 10-06-2005 5,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 10-10-2005 3,800.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 10-13-2005 4,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 10-17-2005 5,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 10-19-2005 5,900.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 10-20-2005 1,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 10-31-2005 Call option 13
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 11-10-2005 Call option 180
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 11-14-2005 Call option (13)
----------------------------------------- --------------- ---------------------
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 11-14-2005 Call option (60)
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 11-16-2005 Call option (120)
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 11-18-2005 7,500.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 01-04-2006 (25,000.00)
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 02-09-2006 37,631.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 02-09-2006 60,557.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 02-17-2006 50,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 07-24-2006 Call option (700)
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 08-03-2006 (40,206.00)
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 08-09-2006 (25,000.00)
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 08-10-2006 (17,000.00)
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 08-14-2006 (5,000.00)
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 08-15-2006 (70,000.00)
----------------------------------------- --------------- ---------------------
JOLLY ROGER FUND LP 09-27-2006 (7,300.00)
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 06-21-2005 26,300.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 06-22-2005 84,300.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 06-23-2005 50,700.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 06-24-2005 25,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 06-30-2005 25,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 07-05-2005 20,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 07-06-2005 40,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 07-07-2005 8,700.00
----------------------------------------- --------------- ---------------------
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 07-08-2005 24,600.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 07-13-2005 100,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 07-13-2005 26,400.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 07-14-2005 76,400.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 07-14-2005 53,600.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 07-15-2005 5,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 07-25-2005 5,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 07-29-2005 25,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 08-26-2005 3,300.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 08-29-2005 5,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 09-15-2005 10,400.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 09-19-2005 25,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 09-26-2005 10,500.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 09-27-2005 2,200.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 10-04-2005 35,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 10-06-2005 20,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 10-12-2005 200.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 10-13-2005 16,100.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 10-17-2005 20,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 10-18-2005 25,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 10-19-2005 22,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 10-20-2005 4,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 10-27-2005 2,000.00
----------------------------------------- --------------- ---------------------
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 10-31-2005 32,500.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 10-31-2005 Call option 51
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 11-10-2005 Call option 720
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 11-11-2005 Call option 418
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 11-14-2005 Call option (240)
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 11-14-2005 Call option (51)
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 11-14-2005 Call option (250)
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 11-15-2005 Call option (300)
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 11-16-2005 50,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 11-16-2005 Call option (480)
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 11-17-2005 150,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 11-18-2005 30,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 11-21-2005 6,400.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 11-21-2005 (5,000.00)
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 11-23-2005 3,800.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 11-23-2005 Put option (200)
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 11-29-2005 21,600.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 11-30-2005 50,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 12-22-2005 25,700.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 12-23-2005 25,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 12-27-2005 25,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 12-28-2005 1,200.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 12-30-2005 77,000.00
----------------------------------------- --------------- ---------------------
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 01-26-2006 25,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 02-02-2006 20,400.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 02-09-2006 242,228.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 02-09-2006 150,521.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 02-10-2006 50,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 02-10-2006 103,500.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 02-17-2006 200,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 02-24-2006 41,500.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 02-28-2006 69,600.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 03-06-2006 8,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 03-10-2006 Put option (223)
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 03-17-2006 Put option (157)
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 03-22-2006 Put option (102)
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 03-27-2006 Put option (125)
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 04-21-2006 Put option (150)
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 04-26-2006 Put option (300)
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 04-28-2006 Put option (50)
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 05-01-2006 Put option (250)
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 05-08-2006 348,363.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 05-08-2006 Put option (170)
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 05-11-2006 Put option (500)
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 06-19-2006 67,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 07-24-2006 Call option (700)
----------------------------------------- --------------- ---------------------
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 08-15-2006 (15,000.00)
----------------------------------------- --------------- ---------------------
JOLLY ROGER OFFSHORE FUND LTD 08-22-2006 Call option (600)
----------------------------------------- --------------- ---------------------
JOLLY ROGER ACTIVIST PORTFOLIO LTD 01-04-2006 50,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER ACTIVIST PORTFOLIO LTD 01-05-2006 25,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER ACTIVIST PORTFOLIO LTD 01-26-2006 Put option (2,000)
----------------------------------------- --------------- ---------------------
JOLLY ROGER ACTIVIST PORTFOLIO LTD 01-27-2006 Put option (700)
----------------------------------------- --------------- ---------------------
JOLLY ROGER ACTIVIST PORTFOLIO LTD 02-01-2006 1,400.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER ACTIVIST PORTFOLIO LTD 02-09-2006 309,063.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER ACTIVIST PORTFOLIO LTD 02-10-2006 100.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER ACTIVIST PORTFOLIO LTD 02-17-2006 (250,000.00)
----------------------------------------- --------------- ---------------------
JOLLY ROGER ACTIVIST PORTFOLIO LTD 02-18-2006 Put option 2,690
----------------------------------------- --------------- ---------------------
JOLLY ROGER ACTIVIST PORTFOLIO LTD 02-18-2006 78,500.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER ACTIVIST PORTFOLIO LTD 02-21-2006 31,500.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER ACTIVIST PORTFOLIO LTD 02-22-2006 52,800.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER ACTIVIST PORTFOLIO LTD 02-23-2006 50,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER ACTIVIST PORTFOLIO LTD 05-08-2006 (348,363.00)
----------------------------------------- --------------- ---------------------
JOLLY ROGER ACTIVIST PORTFOLIO LTD 07-31-2006 9,794.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER ACTIVIST PORTFOLIO LTD 08-03-2006 (9,794.00)
----------------------------------------- --------------- ---------------------
JOLLY ROGER ACTIVIST PORTFOLIO LTD 10-31-2006 7,600.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER ACTIVIST PORTFOLIO LTD 11-01-2006 54,300.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER ACTIVIST PORTFOLIO LTD 11-02-2006 17,400.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER ACTIVIST PORTFOLIO LTD 11-03-2006 700.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER ACTIVIST PORTFOLIO LTD 11-06-2006 23,836.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER ACTIVIST PORTFOLIO LTD 11-08-2006 50,000.00
----------------------------------------- --------------- ---------------------
JOLLY ROGER ACTIVIST PORTFOLIO LTD 11-09-2006 10,000.00
----------------------------------------- --------------- ---------------------
CHRISTOPHER KELLY 11-01-2006 650
----------------------------------------- --------------- ---------------------
* All option trades were made through public option exchanges.