Brinks, MMI Investments reach agreement to end proxy contest

By Lisa Kerner

Charlotte, N.C., Feb. 25 - Brinks Co. entered into a letter agreement with MMI Investments, LP to settle the investor's proxy contest with the company, according to a schedule 13D filed with the Securities and Exchange Commission.

As a result, Brinks' board will, at its 2008 annual meeting:

• Nominate and recommend the election of Carroll R. Wetzel, Jr. for a three-year term as a director;

• Appoint Wetzel to the board of directors of the entity that will hold the business of the Brinks Home Security business following its spin off from Brinks (Wetzel must resign from Brinks' board);

• Appoint Robert J. Strang to fill the seat on Brinks' board following Wetzel's resignation.

Brinks also agreed to reimburse MMI for out-of-pocket expenses incurred in connection with the proxy contest up to $1 million.

MMI, for its part, will:

• Withdraw its proxy contest seeking to elect nominees to the board at the 2008 annual meeting;

• Drop its demand for Brinks' shareholder list and related information; and

• Vote in favor of the election of each of Brinks' board nominees, including Wetzel.

MMI beneficially owns 4,065,200 shares, or 8.4%, of the Richmond, Va., transportation and cash logistics services company.

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