Pirate Capital takes aim at Brink's CEO, advises listening to shareholders or be replaced

By Lisa Kerner

Charlotte, N.C., Aug. 10 - The Brink's Co. investor Pirate Capital LLC shared results of a D.F. King & Co. survey, funded by Pirate, of Brink's corporate strategy in an Aug. 7 letter to company chief executive officer Michael T. Dan.

The letter was included in a schedule 13D filing with the Securities and Exchange Commission.

D.F. King concluded that a majority of the shareholders surveyed supported a tax-free split-up, Pirate's letter said.

"I think it is reasonable to assume that if you, as chief executive officer and chairman of the board of Brink's, do not now pursue such a strategy with the board, that other shareholders may consider voting you off the board at the 2008 annual meeting," Pirate's Thomas R. Hudson Jr. wrote.

Hudson also admonished the CEO for time spent "driving around in company provided cars, flying around in corporate aircraft, or golfing at the corporate golf course" and advised the company head to focus on the shareholders.

Pirate and the reporting persons own 2,186,238 shares, or 4.5%, of the Richmond, Va., transportation and cash logistics services company.

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