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:

 

Biotech Insider Alert - $6 Stock To Hit $40

$200 Million Dollar Healthcare Hedge Fund's #1 Best Idea Right Now

The best healthcare hedge fund out there right now is one of the largest shareholders in this biotech stock. The fund returned more than 20% in each of the last 2 years with a virtually fully hedged portfolio, and it's sending out a BUY signal on this biotech stock. Get your FREE REPORT today (retail value of $300)

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Click here to Read Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 74 percentage points in 2.5 years. Our beta is only 1.2 (download a FREE newsletter and see the details inside)

Lists

Best Selling Magazines in the World

Shortest People in History

The Most Celebrated Holidays in the World

Most Expensive Handbag Brands in the World

Top Selling Comic Book Issues of this Century

The Most Powerful Women in Politics

Best Paid DJs

Most Rebellious Female Artists

Best Paid TV Actresses of 2014

Best Paid Actors of 2014

Most Expensive Horses in the World

Tallest People Ever

Most Encouraging Feminist Celebrities

Best Paid Supermodels of 2014

Top 10 Suburbs for Retirement in 2015

10 Wealthiest Cities in America

Top 10 TED Talks for Entrepreneurs

Best TED Talks on Education

25 Most Dangerous Places to Live in America

Top 10 Ski Resorts in the United States – 2014 List

Top 10 Most Remote Places in the World

Most Visited Museums in the United States

Wealthiest Photographers in the World

Most Famous Gay Athletes

The World’s Most Famous Circuses

Best Hair Stylists

Most Popular NASCAR Drivers

The Best Romance Movies of all Time

The Most Wanted Drug Lords

The Oldest Money Managers

The Greatest Directors in the World

Largest Animals in the World

World’s Most Expensive Desserts

Best Selling Comic Books of All Time

A-list Actors who Sabotaged Their Career

Rappers With a College Degree

The Best Jazz Albums of all Time

The Most Influential Jazz Musicians

The World’s Most Famous Photographers

The Best Oscar-Winning Songs

Most Influential Choreographers Ever

Most Expensive Department Stores in the World

The Most Expensive Stolen Paintings in the World

The World’s Most Expensive Teas

Top Oscar Record Holders

The Most Expensive Flowers in the World

Countries With a Booming Film Industry

Most Expensive Cupcakes in the World

Uncommon European Escapes

The Most Stolen Artists in History

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 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!