SOURCE: Wellcap Partners
LOS ANGELES, CA–(Marketwire – November 23, 2010) – Wellcap Partners LP, a value investment firm based in Los Angeles, today sent a letter to the Board of Directors of O’Charley’s Inc., urging the Board to accept an offer made last week by a third party to buy O’Charley’s real estate holdings.
Wellcap has become aware of the details of this offer and believes it will significantly enhance shareholder value, as the real estate would be sold for a sum far exceeding O’Charley’s current market cap.
As shareholder of O’Charley’s, Wellcap has protested the Board’s practice of ignoring strategic options available to it, and urges the conclusion of the proposed transaction as soon as possible.
Consequently, Wellcap sent a letter to the Board, and felt it was important to communicate it to all shareholders.