Stadium Capital continues building its position in American Reprographics Co (ARC) shares (information updated for purchases through 12/30/2011)

I’ve done several previous posts on Reprographics 101 about Stadium Capital continuing to build its position in ARC shares. Today is yet another “update post.”

Since the last time I posted about Stadium Capital’s ownership (and purchases) of ARC shares, Stadium Capital has completed one additional purchase of ARC shares. Here’s the latest table reflecting Stadium Capital’s purchases of ARC shares from August 23, 2011 through December 30th, 2011. (Last SEC Form 4 filing was January 4, 2012).

Stadium Capital had amassed 4,646,321 ARC shares prior to August 23^rd, and I’m pretty sure that those earlier share purchases were completed when ARC’s stock price was substantially higher than it’s been of late.

But, as to the 735,314 ARC shares Stadium Capital has purchased since August 23^rd, 2011, it’s ‘average cost per share’ calculates out to $3.83 per share. Yesterday, ARC shares closed at $4.73. That means that Stadium Capital, as of yesterday, had an ‘unrealized gain’ - of $659, 279 - on the ARC shares it has purchased since August 23^rd, 2011. Sounds great, huh!

But, if Stadium Capital’s previous purchases of ARC shares (in other words, the shares that Stadium Capital acquired prior to August 23^rd) were acquired at prices higher, and maybe even significantly higher, than the prices that Stadium Capital has been paying since I began reporting on this, then it is certainly possible that Stadium Capital has an ‘unrealized loss’ on its total investment in ARC rather than an ‘unrealized gain.’

Stadium Capital’s interest in ARC continues. And, as long as there is a large player continuing to increase its position in ARC, that “kind of” means that ARC shares probably won’t move lower than the range they’ve been trading at the past couple of months.

Transaction Date	Purchase Price	# of Shares Purchased	# of shares owned, after purchase	%age of O/S Stock Owned
8/23/11	$3.79	30,600	4,676,921	10.12%
8/24/11	$3.88	17,991	4,694,912	10.16%
8/25/11	$3.80	244,000	4,938,912	10.69%
9/2/11	$3.54	29,315	4,968,227	10.75%
9/6/11	$3.45	1,833	4,970,060	10.75%
9/8/11	$3.57	6,591	4,976,651	10.77%
9/9/11	$3.49	11,641	4,988,292	10.79%
9/12/11	$3.54	17,256	5,005,548	10.83%
9/20/11	$3.56	13,737	5,019,285	10.86%
9/21/11	$3.50	9,170	5,028,455	10.88%
9/26/11	$3.47	5,500	5,033,955	10.89%
9/28/11	$3.33	27,524	5,061,479	10.95%
9/29/11	$3.29	22,203	5,083,682	11.00%
9/30/11	$3.35	41,019	5,124,701	11.09%
10/3/11	$3.20	18,348	5,143,049	11.13%
10/17/11	$3.64	15,497	5,158,546	11.16%
11/1/11	$3.89	2,201	5,160,747	11.17%
11/9/11	$4.29	14,605	5,175,352	11.20%
11/15/11	$4.30	804	5,176,156	11.20%
11/16/11	$4.34	8,304	5,184,460	11.22%
11/17/11	$4.28	5,225	5,189,685	11.23%
11/23/11	$3.99	10,669	5,200,354	11.25%
11/29/11	$3.94	2,517	5,202,871	11.26%
12/5/11	$4.29	143,472	5,346,343	11.57%
12/6/11	$4.14	1,718	5,348,061	11.57%
12/7/11	$4.25	9,169	5,357,230	11.59%
12/8/11	$4.18	14,805	5,372,035	11.62%
12/30/11	$4.60	9,600	5,381,635	11.64%

Service Point obtains a waiver from the Banks of its syndicated financing agreement

Sounds to me like Service Point’s financial flexibility would have been jeopardized if Service Point’s lenders had not agreed to modify the financial covenants that were a part of its last-negotiated loan agreements.

Press Release from SPS ….

4th January 2012 – Service Point Solutions S.A. has obtained a waiver from the Banks forming part of the syndicated loan agreement of the group regarding certain financial covenants.

The waiver has been negotiated and agreed on a date prior to the end of the financial year 2011.

As a result of this agreement, the financial institutions have adjusted the covenants set out in the loan agreement for the 2011 closing figures.

The company therefore achieves operational and financial stability whilst new terms for its long- term syndicated loan facility are renegotiated with its lenders.

Service Point Solutions (www.servicepoint.net) provides an all-in-one managed solution for clients wishing to have their information processed, communicated or managed by a true service-focused partner. Our 2,140 professionals, based in nine countries (UK, US, Spain, Germany, Netherlands, Belgium, Norway, Hong Kong, France, Sweden and Russia) provide products and services across a network of 130 service points and 800 facilities management programs. SPS is headquartered in Spain and listed on the Madrid and Barcelona stock exchanges (ticker: SPS.MC).

For further information

Pablo Biosca / Miguel Ramos

pbiosca@newsline.es

This has nothing to do with Reprographics, with the exception that these were sent to me by the wife of one of my all-time favorite architects

WORDS
A husband read an article to his wife about how many words women use a day. 30,000 to a man's 15,000.
The wife replied, 'The reason has to be because we have to repeat everything to men... The husband then turned to his wife and asked, 'What?'

CREATION
A man said to his wife one day, 'I don't know how you can be so stupid and so beautiful all at the same time.
'The wife responded, 'Allow me to explain.
God made me beautiful so you would be attracted to me; God made me stupid so I would be attracted to you !

Manufacturing Growth Accelerates; Construction Picks Up

From an article published Tuesday, Jan 3, 2012, by Reuters with A.P.

The pace of growth in the U.S. manufacturing sector accelerated in December, its best month since June, according to a report released on Tuesday. A separate report showed that construction spending rose in November.

The Institute for Supply Management said its index of national factory activity rose to 53.9 from 52.7 the month before. The reading topped expectations of 53.2, according to a Reuters poll of economists.

A reading above 50 indicates expansion.

New orders, which economists consider a leading indicator of future activity in the sector, rose to 57.6 from 56.7. The employment component also jumped to 55.1 from 51.8.

Construction spending also increased in November as builders spent more on single-family homes, apartments and remodeling projects.

The Commerce Department said spending on construction projects rose 1.2 percent in November following a revised 0.2 percent drop in October. The increase was the third in four months and the largest since a 2.2 percent rise in August.

The November increase pushed spending to a seasonally adjusted annual rate of $807.1 billion, still barely half the $1.5 trillion that economists consider healthy. Analysts said it could be four years before construction returns to healthy levels.

For November, strength was seen in housing and government spending. Nonresidential construction fell, reflecting declines in construction of office buildings and shopping centers.

CANON SEEKS DELISTING OF OCÉ N.V.

This morning, one of my blog-visitors alerted me to this Press Release from Canon/OCE. I had heard about this Press Release – but had not seen it – when I visited Art Post’s print4pay web-site. In addition to Canon delisting OCE from the stock exchanges, one person on Art’s site speculated that Canon is planning to drop the OCE name. I don’t see why Canon would do that, or even think about doing that. The OCE brand is a very strong brand. Here’s the Press Release …..

CANON SEEKS DELISTING OF OCÉ N.V.

Tokyo, Japan and Amsterdam, The Netherlands – 22 December 2011 – Canon Inc. (“Canon”) expresses the intention to realize a delisting of Océ N.V. (“Océ”) from the Amsterdam stock exchange NYSE Euronext, following the acquisition of the ordinary shares held by Orbis Funds (“Orbis”) in Océ (“Orbis Shares”), bringing Canon’s ownership in Océ to 98.83 per cent of the entire issued share capital (including cumulative preference shares). This increased percentage allows Canon and Océ to start discussions about the delisting procedure and the timing thereof, taking into account all regulatory requirements.

Canon will also commence statutory buyout proceedings under Dutch law (“squeeze out procedure”) in due course to affect the purchase of the remaining minority shareholdings. The acquired Orbis Shares represent approximately 10.8 per cent of the ordinary share capital and 8.8 per cent of the entire issued share capital of Océ (including cumulative preference shares).

As stated in the Offering Memorandum dated 28 January 2010, Canon has always had the intention to ultimately acquire 100% of Océ’s shares. With 98.83 per cent of the shares of Océ, Canon and Océ will be able to start preparing for the delisting procedure of Océ and continue to accelerate further the integration of Océ into the Canon Group, following which the combination can realize the benefits for all stakeholders involved.

Canon and Océ will provide more information on the related proceedings as and when appropriate.

Note: if you want to read the "about OCE" and "about Canon" information that's shown in the Press Release, visit Canon's international web-site.