Agilysys slides as chairman's investment firm cuts stake

Agilysys

15/02/2024 19:11

** Shares of hospitality software firm Agilysys Inc  AGYS.O 
down 4.4% at $85.70 on Thurs after secondary offering priced
    ** Co late Weds announced 867,729 shares sold by MAK Capital
for $72.7 mln in gross proceeds
    ** Offering priced at $83.80, 6.5% discount to stock's Weds
close
    ** MAK, activist investment firm led by Agilysys chairman
Michael Kaufman, cut its stake by about a third to 7.5% from
10.7%, per the SEC prospectus filing
    ** Co has ~27.36 mln shares outstanding for ~$2.3 bln market
cap
    ** Agilysys last month posted fiscal Q3 adj EPS beat of 35
cents and subscription growth of 30% yr/yr
    ** With move on the session, AGYS up ~1% YTD including 15%
gain over the past month

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))