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Kerrisdale Capital Management, a private investment management firm and beneficial owner of approximately 360,000 shares of Lindsay Corporation (NYSE: LNN), issued the following letter on Friday, October 25th urging the management of Lindsay Corporation to consider new shareholder representation to the Board:
Dear Mr. Parod, Mr. Christodolou, and other Members of the Lindsay Board,
Kerrisdale Capital Management is the beneficial owner of approximately 360,000 shares of Lindsay Corporation. We believe that Lindsay is an overlooked stock with a world-class irrigation business that benefits from agricultural expansion in high-growth international markets. At its current share price, Lindsay trades at just 13.7x FY 2014 P/E, a figure too low given Lindsay’s industry-leading position and promising secular growth trends. While we commend management’s long-term operational performance in the core irrigation business, we believe that the shareholders may be well served by increased Board representation from the shareholder community…