Asheville investor Nery Capital Partners buys more shares of InFocus

Jason Sandford

Jason Sandford is a reporter, writer, blogger and photographer interested in all things Asheville.

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Here’s the BizJournals story about InFocus, a projector-maker:

InFocus Corp. has adopted a new shareholder rights plan designed to prevent a hostile takeover of the company.

Wilsonville-based InFocus (NASDAQ: INFS) has such a low stock price relative to the company’s value that at least one large shareholder has recently been accumulating more shares.

That makes the company increasingly vulnerable to an attempted takeover.

Under the newly adopted shareholder rights plan, if any person or group acquires at least 15 percent of the voting power of InFocus’ common stock without the board’s approval, the board would be able to dilute that shareholder’s stake immediately.

The plan will remain in effect until Jan. 7, 2012. The board said it will submit the rights plan to a shareholder vote within the next year.

InFocus has been trading at or below 80 cents per share since the beginning of November.

The company’s market cap of $31 million is well below the value of its cash, net of liabilities.

Investor Nery Capital Partners L.P. of Asheville, N.C., purchased more than 400,000 additional shares in December, bringing its holdings to 12.2 percent of InFocus’ outstanding common stock. Nery now owns 4.97 million shares.