November 30, 2007

Hedge Fund to Nominate Four for Brink’s Board

By MICHAEL J. de la MERCED

Millbrook Capital, the activist hedge fund seeking a breakup or sale of the Brink’s Company, is expected to announce its four nominees today for directors of the security company.

The announcement is the next step in Millbrook’s effort to force changes at Brink’s. The company’s shares have risen threefold since Millbrook first invested in 2003, but the hedge fund has argued that the stock could rise even further if Brink’s separated its armored truck and security provider units.

(The company announced on Wednesday that it hired the Monitor Group, a consulting firm, to evaluate its strategic options.)

Brink’s shares rose 56 cents to $61.71 yesterday.

Millbrook has argued that the current board, excluding Michael T. Dan, Brink’s chairman and chief executive, lacks both Wall Street and security-industry experience. Another activist fund, Pirate Capital, called last month for the separation of the chairman and chief executive positions and the elimination of the staggered board system.

Among the four candidates Millbrook plans to nominate are Peter A. Michel, the former chief executive of Brink’s home security unit, and Robert J. Strang, the chief executive of Investigative Management Group, a corporate investigative firm.

The fund will also nominate John S. Dyson, its founder and chairman, and Carroll R. Wetzel Jr., a former mergers and acquisitions banker at Chase Manhattan Bank.

If all of Millbrook’s nominees were to be elected, Mr. Dan would lose his seat on the Brink’s board. The hedge fund plans to support the addition of a board seat for Mr. Dan in that case, but would seek a new chairman.

Millbrook is Brink’s second-largest shareholder, with about an 8.4 percent stake.

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