Collectors Universe urged to sell

By Lisa Kerner

Charlotte, N.C., March 10 - Shamrock Capital Advisors, Inc. is pushing the board of directors of Collectors Universe, Inc. to immediately begin the process to sell the company.

"We believe the company's core business of providing value added authentication services is an attractive business and far more valuable than implied by its current stock price of $3.37 per share," Shamrock said in a Friday letter to the board.

Collectors Universe stock is worth at least $7.00 per share based on Shamrock's analysis, the letter said.

Shamrock said shareholders have lost confidence in the board of Collectors Universe.

"In our view, the current stock price is nothing more than a reflection of the board's inability to provide adequate oversight of the strategic planning process required to create long-term shareholder value," Shamrock said.

The 8.8% shareholder also cited Collectors Universe's "litany of lost opportunities," frequent changes in strategy, near delisting from Nasdaq, operating losses and the board's "pathetic" recent adoption of a poison pill.

As previously reported, Shamrock asked the Santa Ana, Calif., collectibles company to rescind the stockholders rights plan adopted on Jan. 13.

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