Shamrock continues to build stake in NUCO2

By Angela McDaniels

Tacoma, Wash., Nov. 6 - NUCO2, Inc. shareholders led by Shamrock Activist Value Fund, LP bought 158,100 shares of the company's stock between Oct. 19 and Nov. 5 for $24.65 to $25.69 each.

The reporting persons own 1,349,992 shares, or 9.14%, of the Stuart, Fla., bulk carbon dioxide supplier, according to a schedule 13D filing with the Securities and Exchange Commission.

On Oct. 19, the reporting persons owned 8.08% of NUCO2, up from the 6.84% stake Shamrock reported on Sept. 18.

It was previously reported that on July 11, Shamrock asked the company to consider a $7.00-per-share special dividend, plus an annual $0.25-per-share dividend, believing that NUCO2's capital structure was "sub-optimal." The investor had a 4.3% stake in the company at the time. NUCO2 replied that its focus was the implementation of a new strategic growth plan that included a $50 million share repurchase program.

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