Osborne's stake in Maine & Maritimes dips below 5%

By Lisa Kerner

Charlotte, N.C., Aug. 7 - Investor Richard M. Osborne cut his stake in Maine & Maritimes Corp. to 4.7% with the sale of 31,414 shares between July 11 and July 30.

The shares were priced from $43.00 to $45.94 each, a schedule 13D filed with the Securities and Exchange Commission noted.

Osborne beneficially owns 79,514 shares of Maine & Maritimes.

In April, Osborne asked the company's corporate governance committee consider adding him to the board of directors.

Maine & Maritimes is a Presque Isle, Maine-based provider of electric transmission and distribution services in northern Maine.

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