UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 13, 2012
THE BRINK’S COMPANY
(Exact name of registrant as specified in its charter)
Virginia |
001-09148 |
54-1317776 |
1801 Bayberry Court
P.O. Box 18100
Richmond, VA 23226-8100
(Address and zip code of principal executive offices)
(804) 289-9600
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 7.01 Regulation FD Disclosure.
On November 12, 2012, The Brink’s Company issued a press release, a copy of which is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Current Report, including Exhibit 99.1, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
99.1 Press Release dated November 12, 2012, issued by The Brink’s Company.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: November 12, 2012
THE BRINK’S COMPANY
By: /s/ McAlister C. Marshall, II
Name: McAlister C. Marshall, II
Title: Vice President
EXHIBIT INDEX
Exhibit Number |
Description |
99.1 |
Press Release dated November 12, 2012, issued by The Brink’s Company |
Exhibit 99.1
THE BRINK’S COMPANY SENDS LETTER TO SHAMROCK
RICHMOND, Va. – November 12, 2012 –The Brink’s Company (NYSE: BCO), a global leader in security-related services, today sent a letter in response to the press release issued by Shamrock Holdings, Inc. on November 5, 2012.
The text of the letter follows:
November 12, 2012
Dear Mr. Gold:
I am writing on behalf of the Board of Directors of The Brink’s Company in response to the November 5, 2012 press release issued by Shamrock Holdings, Inc., which referenced a November 2, 2012 letter to the Company. Please note that, other than through the press release, Brink’s has not yet received a copy of this letter, and is not aware of any attempt by Shamrock to contact the Company regarding its contents either before or after the letter was published. Shamrock also has not disclosed the level of its ownership interest in the Company.
Consistent with its fiduciary obligations to all shareholders, the Board, with the assistance of its financial and legal advisors, reviewed the substance of Shamrock’s press release at a recent meeting that included a regular strategic planning session.
Board and Management Focused on Shareholder Value Creation: The Board is highly focused on enhancing shareholder value and continues to oversee the Company’s performance and work closely with the management team. Following a search that considered both internal and external candidates, the Board appointed a new President and Chief Executive Officer on June 18, 2012, and provided management with a mandate to take steps necessary to improve performance and position Brink’s for long-term growth. Since that date:
· The Company has initiated cost-saving measures, including reducing headcount, consolidating operations and lowering capital expenditures while continuing to improve productivity and strengthening the Brink’s leadership team in key areas around the globe;
· The Company’s share price has increased 19% through November 2, 2012, the last trading day before Shamrock issued its press release about Brink’s; and
· Research analysts continue to forecast significant upside in Brink’s share price, reflecting confidence in the Company’s business plan.
Shamrock’s Press Release Contains Inaccurate and Misleading Statements: There were a number of significant inaccuracies in Shamrock’s press release, including:
· A misleading reference to the Company’s share price performance during the last five years. Shamrock fails to account for the significant value Brink’s shareholders realized from the spin-off of Brink’s Home Security to Brink’s shareholders in 2008 and subsequent sale of that business to Tyco for approximately $2 billion. After taking into account the spin-off and subsequent sale, there has been an increase in Brink’s share price that has outpaced the S&P 500, contrary to Shamrock's assertion that share value has decreased by over 60% over the past five years.
· An erroneous comparison of the Company’s GAAP earnings per share during the first nine months of 2012 with the same period in 2011. The Company’s earnings per share increased by 8% in the first nine months of 2012 to $1.26 per share, as compared to $1.17 per share during the same period a year ago, rather than declining, as asserted by Shamrock.
Improving Near-Term Results and Sustainable Long-Term Growth: The Brink's Board takes seriously its fiduciary responsibilities, has consistently demonstrated its willingness to listen to shareholder views, and has taken action on a number of fronts to enhance returns. These include:
· Maximizing profits in developed markets, while continuing to invest in other markets such as Latin America:
o An ongoing portfolio review of European operations has thus far resulted in agreements for the sale of cash handling operations in Poland and guarding operations in France, and the consolidation of branch operations in Germany.
o Cost reductions, branch consolidations and productivity investments have resulted in improved year-to-date profits in Europe and North America despite difficult market conditions.
o The Company has demonstrated steady profit improvement in Mexico, which is expected to continue.
· Investments in new solutions and adjacent markets to drive long-term growth, including payment processing and ATM network management services.
· Ongoing review of capital expenditures, which is expected to reduce 2012 spending by approximately $30 million.
Brink’s is confident that the right strategic plan and team are in place to improve near-term results and achieve sustainable shareholder value creation. Accordingly, the Board, after recently completing a regular strategic planning session, believes that exploration of strategic alternatives at this time is not in the best interests of shareholders and that it is not an appropriate time to sell the Company.
Very truly yours,
/s/ Thomas C. Shievelbein
Thomas C. Schievelbein
Chairman of the Board, President and Chief Executive Officer
About The Brink’s Company
The Brink’s Company (NYSE:BCO) is the world's premier provider of secure transportation and cash management services. For more information, please visit The Brink’s Company website at www.Brinks.com or call 804-289-9709.
Forward-Looking Statements
This release contains forward-looking information about the new company's newly appointed Chairman, President and CEO and the future performance of the company. Words such as “anticipates,” “estimates,” “expects,” “projects,” “intends,” “plans,” “believes,” “may,” “should” and similar expressions may identify forward-looking information. The forward-looking information in this release is subject to known and unknown risks, uncertainties and contingencies, which could cause actual results, performance or achievements to differ materially from those that are anticipated. A discussion of factors that could affect future results is contained in the company's periodic filings with the Securities and Exchange Commission. All forward-looking information should be evaluated in the context of these risks, uncertainties and contingencies. The information included in this release is representative only as of the date of this release, and the company undertakes no obligation to update any information contained in this release.
The Brink’s Company will be using a white proxy card for its 2013 annual meeting.
Contact:
Investor Relations
804.289.9709
Joele Frank, Wilkinson Brimmer Katcher
Joele Frank / Tim Lynch / Jonathan Keehner
212.355.4449