LOS ANGELES (HedgeWorld.com)–Two hedge funds managed by the Liberation Investment Group LLC announced that they would nominate two candidates for the board of directors of
InterTAN Inc, Barrie, Ontario, at its 2003 annual meeting. There are five seats on the board.
InterTAN is a consumer electronic retailer, and the Liberation group (Liberation Investment Group LP and Liberation Investments Ltd.) owns approximately 5.2% of the company’s outstanding shares.
“If elected to the InterTAN board, subject to their fiduciary duties to all shareholders, Messrs. Hillman and Kornstein are expected to urge the board to pursue a strategy to maximize shareholder value,” according to a Liberation Group statement. “Such a strategy could involve, among other things, an extraordinary transaction, such as a sale of the company’s business or a conversion of the company to a Canadian income trust.”
InterTAN came into being in 1986, when Tandy Corp. spun off its Canadian operations. It operates a network of approximately 500 RadioShack stores, 360 RadioShack dealers, 60 stores under the Rogers AT&T banner and 44 under that of Battery Plus. Its stock price was above US$10 a year ago. It fell to US$4.50 by the end of March 2003 but has since recovered, closing Aug. 12 at close to US$9.