-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NBIPphEytIogOAZCp4k9H473dTZz1wFaoRr/UvmlM7CtXxxWuOs/bCW3uhjokC5J hW54YegkmgtsyzfEbsnThA== 0000902664-06-001976.txt : 20060809 0000902664-06-001976.hdr.sgml : 20060809 20060808200258 ACCESSION NUMBER: 0000902664-06-001976 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20060809 DATE AS OF CHANGE: 20060808 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BRINKS CO CENTRAL INDEX KEY: 0000078890 STANDARD INDUSTRIAL CLASSIFICATION: ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO [4731] IRS NUMBER: 541317776 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-13699 FILM NUMBER: 061014698 BUSINESS ADDRESS: STREET 1: 1801 BAYBERRY COURT STREET 2: P O BOX 18100 CITY: RICHMOND STATE: VA ZIP: 23226-1800 BUSINESS PHONE: 8042899623 MAIL ADDRESS: STREET 1: 1801 BAYBERRY COURT STREET 2: P O BOX 18100 CITY: RICHMOND STATE: VA ZIP: 23226-8100 FORMER COMPANY: FORMER CONFORMED NAME: PITTSTON CO DATE OF NAME CHANGE: 19920703 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Pirate Capital LLC CENTRAL INDEX KEY: 0001295984 IRS NUMBER: 030445177 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 200 CONNECTICUT AVENUE STREET 2: 4TH FLOOR CITY: NORWALK STATE: CT ZIP: 06854 BUSINESS PHONE: 203 854 1100 MAIL ADDRESS: STREET 1: 200 CONNECTICUT AVENUE STREET 2: 4TH FLOOR CITY: NORWALK STATE: CT ZIP: 06854 SC 13D/A 1 sc13da.txt BRINKS CO UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ------------- SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 1)* The Brink's Company - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, par value $1.00 per share - -------------------------------------------------------------------------------- (Title of Class of Securities) 109696104 - -------------------------------------------------------------------------------- (CUSIP Number) Thomas R. Hudson Jr. Pirate Capital LLC 200 Connecticut Avenue, 4th Floor Norwalk, CT 06854 (203) 854-1100 - -------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) August 8, 2006 - -------------------------------------------------------------------------------- (Date of Event which Requires Filing of This Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box [ ]. NOTE: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent. (Continued on following pages) (Page 1 of 6 Pages) - -------------------------- * The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page. The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). - ------------------------------ --------------------- CUSIP NO. 109696104 SCHEDULE 13D PAGE 2 OF 6 PAGES - ------------------------------ --------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) PIRATE CAPITAL LLC - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER -0- ---------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 4,093,794 OWNED BY ---------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON WITH -0- ---------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 4,093,794 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 4,093,794 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.7% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IA - -------------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! - ------------------------------ --------------------- CUSIP NO. 109696104 SCHEDULE 13D PAGE 3 OF 6 PAGES - ------------------------------ --------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) THOMAS R. HUDSON JR. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* AF - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States of America - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER -0- ---------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES BENEFICIALLY 4,093,794 OWNED BY ---------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING PERSON WITH -0- ---------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 4,093,794 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON 4,093,794 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 8.7% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- * SEE INSTRUCTIONS BEFORE FILLING OUT! - ------------------------------ --------------------- CUSIP NO. 109696104 SCHEDULE 13D PAGE 4 OF 6 PAGES - ------------------------------ --------------------- The Schedule 13D filed on January 17, 2006 by Pirate Capital LLC, a Delaware limited liability company ("Pirate Capital"), and Thomas R. Hudson Jr. (together, the "Reporting Persons"), relating to the shares of common stock, $1.00 par value ("Shares"), of The Brink's Company (the "Issuer") is hereby amended by this Amendment No. 1 to the Schedule 13D. ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. Item 3 is hereby amended and restated as follows: Funds for the purchase of the Shares reported herein were derived from available capital of the Holders. A total of approximately $173,970,233 was paid to acquire such Shares. ITEM 4. PURPOSE OF TRANSACTION. Item 4 of the Schedule 13D is hereby amended by the addition of the following: On August 8, 2006, Pirate Capital sent a letter to the board of directors of the Issuer encouraging the board to take immediate steps to unlock long-term shareholder value by retaining an investment advisor to explore the sale of the Company. A copy of this letter is attached hereto as Exhibit B and incorporated herein by reference. ITEM 5. INTEREST IN SECURITIES OF THE COMPANY. Paragraphs (a), (b) and (c) of Item 5 of the Schedule 13D are hereby amended and restated as follows: (a) As of the close of business on August 8, 2006, the Reporting Persons beneficially owned 4,093,794 Shares, constituting approximately 8.7% of the Shares outstanding. The aggregate percentage of Shares beneficially owned by the Reporting Persons is based upon 47,317,653 Shares outstanding as of August 1, 2006 as reported in the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2006. (b) By virtue of its position as general partner of Jolly Roger Fund LP, Pirate Capital has the power to vote or direct the voting, and to dispose or direct the disposition of, all of the 536,682 Shares held by Jolly Roger Fund LP. By virtue of an agreement with Jolly Roger Offshore Fund LTD, Pirate Capital LLC has dispositive power with respect to all of the 3,557,112 Shares held by Jolly Roger Offshore Fund LTD. By virtue of his position as sole Managing Member of Pirate Capital, Thomas R. Hudson Jr. is deemed to have shared voting and dispositive power with respect to the 4,093,794 Shares as to which Pirate Capital has voting and dispositive power. - --------------------------- ------------------- CUSIP NO. 109696104 SCHEDULE 13D PAGE 5 OF 6 PAGES - --------------------------- ------------------- (c) The following transactions in the Shares were effected by the Reporting Persons during the past 60 days. All of the Shares were purchased in open market transactions. Jolly Roger Fund LP Trade Date Shares Purchased (Sold) Price per Share ($) - ---------- ---------------- ------------------- 8/03/2006 (40,206) 55.88 Jolly Roger Offshore Fund LTD Trade Date Shares Purchased (Sold) Price per Share ($) - ---------- ---------------- ------------------- 6/19/2006 67,000* 55.00 * Exercise of option Jolly Roger Activist Portfolio Company LTD Trade Date Shares Purchased (Sold) Price per Share ($) - ---------- ---------------- ------------------- 7/31/2006 9,794 54.98 8/3/2006 (9,794) 55.88 Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE COMPANY. Item 6 of the Schedule 13D is hereby amended and restated as follows: As set forth below, Jolly Roger Fund LP sold the following call option on the open market: Date of Sale Shares Exercise Price per Expiration Date Underlying Share ($) Options - ---------------------------------------------------------------------------- 7/24/06 70,000 55.00 8/19/06 Except as otherwise set forth herein, the Reporting Persons do not have any contract, arrangement, understanding or relationship with any person with respect to securities of the Issuer. Item 7. MATERIAL TO BE FILED AS EXHIBITS Item 7 of the Schedule 13D is hereby amended by the addition of the following: 3. Exhibit B - Letter to the board of directors, dated August 8, 2006 - --------------------------- ------------------- CUSIP NO. 109696104 SCHEDULE 13D PAGE 6 OF 6 PAGES - --------------------------- ------------------- SIGNATURES After reasonable inquiry and to the best of their knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: August 8, 2006 PIRATE CAPITAL LLC By: /s/ Thomas R. Hudson Jr. --------------------------- Name: Thomas R. Hudson Jr. Title: Managing Manager /s/ Thomas R. Hudson Jr. ------------------------------ Thomas R. Hudson Jr. EX-99 2 exhibit-b.txt EXHIBIT B [LOGO OMITTED] - -------------------------------------------------------------------------------- August 8, 2006 VIA FACSIMILE (804.289.5760) & OVERNIGHT COURIER Board of Directors c/o Mr. Michael Dan Chairman, President and Chief Executive Officer The Brink's Company 1801 Bayberry Court PO Box 18100 Richmond, Virginia 23226 Dear Members of the Board: Pirate Capital LLC, as the investment advisor to Jolly Roger Fund LP, Jolly Roger Offshore Fund LTD and Jolly Roger Activist Portfolio Company LTD, is the largest beneficial owner (according to public filings) of The Brink's Company, Inc. ("BCO" or the "Company"). We have been a long-term investor, and believe that the market price of BCO shares fails to reflect the value embedded in its two premier security businesses, the potential for margin recovery at Brink's, Inc., and the stable cash flows generated by Brink's Home Security. We are writing this letter to encourage the Board to take immediate steps to unlock long-term shareholder value by retaining an investment advisor to explore the sale of the Company. We credit the Board and its Chairman, Michael Dan, with the creation of significant shareholder value. The sale of BAX, the subsequent return of capital to shareholders, and a disciplined approach to the consideration of acquisition targets demonstrate a strong fiduciary commitment. Despite these actions and the operational excellence of BCO's management team, BCO shares have yet to be awarded a multiple that reflect the Company's value as a pure play security company with an attractive balance sheet and strong growth prospects. AT THIS TIME, WE BELIEVE SHAREHOLDER VALUE WILL BE MAXIMIZED BY A SALE OF THE COMPANY. Pirate Capital's investment professionals sit on multiple boards across various industries. We continue to be impressed by the current robust market for mergers and acquisitions and the appetite of private equity firms. Your Board's own experience with the sale of BAX is testament to the result that can be achieved in a competitive bidding process. We believe that a sale process for Brink's would draw substantial interest from well capitalized strategic parties who could help bolster BCO's market position and financial buyers who are willing to pay a meaningful premium for a high quality security business. We believe that an expected purchase price in the range of $68-72 per share, reflecting an enterprise value of approximately 8.5-9X our 2006 EBITDA estimate, could prove conservative. We encourage the Board to take immediate steps to maximize shareholder value through the sale of the Company and request a meeting with the Board to discuss our views on valuation. Sincerely, /s/ Thomas R. Hudson Jr. Thomas R. Hudson Jr. Managing Member Pirate Capital LLC - -------------------------------------------------------------------------------- 200 CONNECTICUT AVENUE; 4TH FLOOR, NORWALK, CT 06854 PHONE: 203-854-1100 FAX: 203-854-5841 www.piratecapitalllc.com -----END PRIVACY-ENHANCED MESSAGE-----