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Perceptron, Inc. Message Board

  • roboklerk roboklerk Dec 15, 2011 5:40 PM Flag

    MAJOR NEWS-Lazarus 13D-Dumps at 4.99

    per share aggressively, according to a 13D they filed today. Lazarus recently sold over 100,000 shares--- much of it at $4.99 per share, leaving them with about 670,000 shares. Of course given their extreme displeasure w/management and the BOD, you can pretty well guess the rest of that stock is going to go as well. The only question is if they want to teach PRCP a lesson and destroy the stock price in doing so.

    PERHAPS EVEN MORE IMPORTANTLY, that means Lazarus was not the seller of a block of over 200,000 shares on November 29. So we have at a minimum, two major institutional sellers of the stock that management and the BOD has ticked off.

    We know that Eliot Rose and by association Tapestry (owning roughly a combined 1.1 million shares---latest figures) agrees w/Lazarus' assessment of PRCP. We also know Renaissance, owning over 300,00 shares, has been a recent seller.

    It looks as though as much as 2 million shares could ultimately be purged here, w/close to 700,000 a virtual certainty. You simply have to be careful buying this stock until the overhang is removed. The stock could easily drop a couple dollars or more per share if there is an en masse exit, particularly to get it off the books at year-end.

    Management and the BOD of PRCP has made a major miscalculation vis a vis its largest shareholder, responding to them with an empty gesture. Lazarus is voting wits feet. others could follow. Whether short or long term in playing this out, it could get very uncomfortable for shareholders. Management may simply sit back and let it unfold, and if the stock price falls enough--take it private at a very low price. Hard to see how shareholders win here unless they decide to sell the company forthwith.

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    • Would not be surprised to see shares open under pressure in the morning as a result of this filing. The cat is out of the bag, Lazarus wants out, and they want out bad, and they are willing to take a haircut in the open market to get out. I assume they would be taking a significant loss on their position as long term holders. Rutabaga, Ariel, Dimensional, and Royce have a tough decision to make quickly here. I do not think they will look to the "stay the course" vision of management and the BOD. All those institutions are sophisticated enough to read the handwriting on the wall of what happens when a couple disenchanted large fellow holders begin to bail. They won't rely on company-handholding to make their own next moves.

 
PRCP
9.63+0.01(+0.10%)Oct 20 3:59 PMEDT

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