Evermore Seeks Exemption to Increase Stake in ModusLink

SUMMIT, N.J., March 21, 2012 /PRNewswire/ -- Evermore Global Advisors has notified the board of directors of ModusLink Global Solutions (Ticker: MLNK) that it is seeking to increase its stake in the company.

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In a letter to ModusLink's corporate secretary, Peter I. Gray, Evermore chief executive David E. Marcus requested an exemption from ModusLink's tax benefit preservation plan to purchase up to 7.49% of the company on behalf of Evermore Global Advisors and its affiliates. The Evermore Global Fund currently owns 0.8% of ModusLink's outstanding shares.

In the letter, a copy of which was sent to all members of ModusLink's board, Mr. Marcus noted that ModusLink has granted a similar exemption to another shareholder. According to Mr. Marcus, raising Evermore Global's stake in ModusLink to 7.49% will not constitute an ownership change under Section 382 of the Internal Revenue Service Code.

For more information about Evermore Global Advisors, contact Jami Schlicher of JCPR at 973-850-7309 or [email protected].

About Evermore Global Advisors
Evermore Global Advisors is the creator and manager of the Evermore Global Value Fund. Founded in 2009 by Chief Executive Officer and lead portfolio manager David Marcus, and President and Chief Operating Officer Eric LeGoff, Evermore employs a distinctive active value investment discipline designed to find undervalued companies anywhere in the world that are undergoing strategic changes that have the potential to unlock long-term value for investors while mitigating risk. Evermore makes investment decisions based on its original fact-based research, traditional financial analysis, and insights gained in face-to-face meetings with its unique global network of business owners, executives, and major investors. 

Headquartered in Summit, N.J., Evermore Global Advisors is an investment adviser registered under the Investment Advisers Act of 1940. For more information, visit http://evermoreglobal.com.

SOURCE Evermore Global Advisors