ANOTHER UNEXPECTED MOVE AT UNIVERSAL TRAVEL GROUP!
As most of my readers know i have been keeping an eye in universal travel group recents events and posting some articles about the company:
Well today we have another unexpected, but positive move on this company----
The company filled to the SEC an SC13G filing:
This filing refer to a new stockholder and we are talking of a big position here taken recently.
Someone by the name of George valente has bought 1,372,000 shares of the company and that equals to the 6.9% of the company......
Interesting history here.....somo dubios blogger publish some malicious comments about the company....the shares prices drop that day but only that day...the stock price has been rising since then and with very big volumes...so it look that the short attack open someone eyes, and that someone happen to buy 7% of the company......
But the history doesnt end here...some weeks later the company hired a new auditor thats is a lot better than the previous one, and this get even better....
A few days ago the company makes a propposal to shield the board from a takeover:
"They want to create a staggered board of directors, which is a classic take-over defense since it makes it far harder for an activist shareholder, or a competing company, to buy shares and then take control of the company. This is because you can't replace the board in one fell swoop, you need you wait and do it in stages every time a new group of directors are scheduled."
Read more: http://www.businessinsider.com/is-short-seller-target-universal-travel-now-defending-itself-against-a-future-takeover-2010-10#ixzz12H8WKt8E
And finally today, things start to make sense......Now we see one person buying almost 7% of the company in the recent drop and that explain why the company was trying to make that move.
Now theres a new big shareholder in the company that can access to the board and has power in the company...now the takeover begin to make sense....T
his movements are worth the while to keep following this company and in my opinion this is turning to be a great opportunity...
Well best regards to the our new UTA partner and lets hope that the company continue to bring us this good news...