Rangeley Capital Ups Stake in Ocean Shore Holding; Suggests Sale of the Company

Rangeley Capital has raised its position in Ocean Shore Holding Co (NASDAQ:OSHC), now holding 7.7% of the company’s outstanding common stock, versus 7.0% held earlier. The aggregate amount of shares held by Rangeley has went up to 539,500, from 486,500 revealed in an earlier filing.

Ocean Shore Holding Co (NASDAQ:OSHC)

Since the position held by Rangeley is an activist one by nature, the firm clearly intends to get involved in the company’s activity and management. Rangeley is specialized in the analysis of securities and investment activities. As it is stated in the filing, the firm has been analyzing Ocean Shore as well. It has also revealed that Rangeley has sent a letter to Ocean Shore’s board in which it stated that the Board of the company must initiate a strategic review of the company and come up with some actions meant to increase the value for shareholders. One of the solutions which the Board should consider is the sale of the company.

In the letter, Chris DeMuth Jr., the manager of Rangeley Capital, stated that they have been long-term investors in Ocean Shore, holding the position since the company was converted from a mutual fund in 2009. Since the company is no longer under the moratorium on corporate actions, which expires three years after the conversion of the company, and taking into account the strong situation of Ocean Shore regarding its overcapitalization and loan portfolio, Rangeley believes that “ it is an ideal time to undertake a strategic review of potential avenues to maximize value for Ocean Shore’s owners.”

To maximize value, the Board of Directors should consider the possibility of a sale.  Ocean Shore continues to trade close to tangible book value, a lower multiple than its peers.  Even using conservative price estimates, a strategic buyer would likely pay a substantial premium to acquire the company today, the letter also said. 
Disclosure: none
Recommended Reading:

 

blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

Top 15 Best Paying Jobs for Women in 2014

Top 6 Things Rich People Do Differently Every Day

5 Retirement Mistakes To Avoid (and Einstein’s Famous Quote)

11 Smartest People in the World

6 Films About the Financial World You Need To Watch (While “The Wolf” is Not Around)

Warren Buffett and Billionaires Are Crazy About These 7 Stocks

The Top 10 States With Fastest Internet Speeds

10 Best Places to Visit in USA in August

Top 10 Cities to Visit Before You Die

Top 10 Genetically Modified Food In the US

15 Highest Grossing Movies Opening Weekend

5 Best Poker Books For Beginners

10 Strategies Hedge Funds Use to Make Huge Returns

Top 10 Fast Food Franchises to Buy

10 Best Places to Visit in Canada

Best Summer Jobs for Teachers

10 Youngest Hedge Fund Billionaires

Top 10 One Hit Wonders of the 90s

Fastest Growing Cities In America

Top 10 U.S. Cities for Freelancers

Top 9 Most Popular Free iPhone Apps

Top 10 Least Expensive Private Business Schools in the US

Top 15 Most Expensive Countries in the World – 2014

Top 6 Tax Scams and How to Protect Yourself

Top Businesses to Invest In

Top 5 Things You Might Be Doing Wrong With Your Business

Top 5 Strategic Technology Trends in 2014

Top Rags to Riches Stories

Parenting Behavior That Promotes Future Leaders

Top 5 Mistakes Made by Small Businesses

Top 5 Most Common and Potentially Devastating Financial Blunders

Top 5 Highest Paying Jobs for Web Designers

Top 6 Most Respected Professions that Also Pay Well

Top 5 Pitfalls Investors Should Avoid

Top 6 Lawyers and Policy Makers Under 30

Top 6 New Year’s Resolutions for Entrepreneurs

Top 7 Locations to Check in on Facebook

Top 5 Mistakes made by Rookie eBay Sellers

Top 7 eBook Publishers in 2013

Top 6 Health Industry Trends in 2014

5 Lessons for Entrepreneurs from Seth Godin

Top 5 Success Tips from Jordan Belfort – the Wolf of Wall Street

Best Master’s in Finance Degree Programs

Top 6 Earning Celebrities Over 50

The most expensive sports to play

Top 7 Earning Celebrities Under 25

Best 7 Online Courses to Take: Free Finance MOOCs

Top 6 Bad Habits that Promote Failure

20 Most Valuable Soccer Teams in the World in 2013

12 Most Expensive Countries for Foreign Students

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!