Investor urges MFRI to sell

By Lisa Kerner

Charlotte, N.C., Jan. 29 - MFRI Inc. investor J. Carlo Cannell bought 42,100 shares of the company's stock for a total ownership interest of 8.5%.

The shares were purchased between Nov. 2 and Dec. 31 priced from $10.40 to $15.96, according to a schedule 13D filing with the Securities and Exchange Commission.

In a Jan. 17 letter to MFRI, Cannell requested that shareholders be allowed to vote on a proposal that MFRI hire an investment banker "to advise the company on ways to increase shareholder value, by means of either an auction or merger of the company."

Cannell reserves the right to discuss the company and its business plans with MFRI's board and management and to take actions to enhance shareholder value, the filing stated.

Cannell beneficially owns 568,065 outstanding shares of the company's stock.

MFRI manufactures filtration products, piping systems and industrial process cooling equipment. The company is located in Niles, Ill.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.