771,800 Shares in Anaheim Firm : L.A.’s Louart Raises Stake in Certron Corp. to 25%
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Certron Corp.’s largest stockholder has bought 161,000 more shares in the Anaheim firm and now owns 25% of the magnetic tape maker.
The investor said it has no takeover plans for Certron, whose president said he isn’t concerned about a possible takeover.
Louart Corp., a Los Angeles investment firm that has been buying Certron shares for three years, bought the additional shares at various times from April to May 20, according to a filing Tuesday with the Securities and Exchange Commission.
“I feel it’s a good company to invest in,” Louart President Marshall I. Kass said Tuesday. “And the shares have been well priced.”
Louart, which holds two seats on Certron’s seven-member board of directors, bought its most recent shares at an average of $1.86 each and holds 771,800 of Certron’s 3 million shares outstanding.
Certron President Graydon Carlson described Louart’s increased investment as “friendly” and said there is no fear within his company of a Louart takeover.
Certron stock has recently traded at $2 per share in over-the-counter trading.
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