Where is LNUX One year later after 13...

Where is LNUX One year later after 13D Shareholder Flexes Muscle?

There are 1 comment on the www.takingthestreet.com story from Mar 24, 2009, titled Where is LNUX One year later after 13D Shareholder Flexes Muscle?. In it, www.takingthestreet.com reports that:

The activist hedge fund argues that SourceForge has gone through many transformative changes during the past year, but the overall business plan has been mediocre at best. This has resulted in a modest enterprise value of $60mm with a total market capitalization of $120mm, leaving the equity value of the business at $60mm. Clearly, this is unacceptable in terms of the valuation metrics that Wall Street is ascribing to the business prospects of the firm. The board has a fiduciary responsibility to shareholders to close this valuation gap and enhance shareholder value.

Trivium suggested that a share buyback may be the best option as it could result in a stock price between $5 and $15 per share.

-source: February 18th, 2008 TakingTheStreet.com

So where is SourceForge today? Enterprise value has declined precipitously to $15.41M ( down 74.32%** ) and LNUX's total market capitalization has plunged to $51.98M ( down 56.67%** ).

And this is subsequent to SourceForge having initiated share repurchases of approximately 4M shares or $3.2 Million as of January 31, 2009*** and bringing on a new CEO Q2 Fy' 09.

** Based on 03-24-2009 closing prices

*** SEC Form 10-q for period ended January 31, 2009.

Join the discussion below, or Read more at www.takingthestreet.com.

Since: Jan 09

Redmond, Washington

#1 Apr 5, 2009
Is 13D shareholder's wish realized when their own position in LNUX was acquired back by SourceForge? http://www.topix.com/com/sourceforge/2009/04/...

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