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Tampa Bay-Lakeland
Business Observer Friday, Dec. 10, 2010 11 years ago

SRI shareholders contact board

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Investors owning 5.2% of SRI stock ask for a special committee to be formed.

TAMPA — A pair of investment funds represented by David Wright asked the board of directors at SRI Surgical Express Inc. to form a special committee to consider the firm's growth strategy.

The request is in response to news that the firm had recently attached a “poison pill” contract to shares of its common stock.

After a competitor expressed unsolicited interest in buying the company in November, the board of directors at SRI/Surgical Express Inc. adopted a plan that would ward off hostile takeovers. The plan allows SRI shareholders to buy $30 worth of SRI stock for $15 in the event that an outside buyer obtains 15% of SRI's outstanding shares.

On Dec. 9, Henry Partners LP and Matthew Partners LP responded by asking the board to “form a special committee, retain a financial advisor and commence with an exploration of strategic alternatives,” specifically referring to the recent change to SRI shareholders' contracts as a “poison pill” clause.

The two funds combined own 340,300 shares of SRI stock, representing 5.2% of the Tampa company's outstanding shares, a filing with the Securities and Exchange Commission shows. The same filing also shows that more than 70% of those shares were purchased after Oct. 10.

SRI provides processing and supply chain services to hospitals and surgery centers in 25 different states. Shares of SRI stock (symbol: STRC) traded for $4.62 at the market's close on Friday.

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