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LKCM encourages Beasley Broadcast to repurchase shares
By Lisa Kerner
Charlotte, N.C., Sept. 25 - Beasley Broadcast Group, Inc. investors led by LKCM Private Discipline Master Fund, SPC support a "more aggressive approach to repurchasing Beasley's stock." In addition, the investors believe it may be time to "accrete value" through a Dutch tender offer for shares.
"According to our internal projections, before considering proceeds from potential asset divestitures, Beasley will have in excess of $20 million of cash and availability under its current conservative credit facility at the end of the third quarter of 2007, and will have significantly more availability at the end of this fiscal year. An additional $1 million of cash would be available with the sale of your publicly traded stake in Miva," LKCM's Kevin Prigel wrote in a letter to company chief financial officer Caroline Beasley. The letter was included in a schedule 13D filing with the Securities and Exchange Commission.
The reporting persons own 751,820 shares, or 10.5%, of the Naples, Fla., radio broadcasting company.
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