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Bassett retains investment firm

Hopes to ‘unlock value’ in its portfolio

Larry Thomas -- Furniture Today, March 6, 2008

BASSETT, Va. — Bassett Furniture Inds. said it has retained the investment banking firm of Stephens Inc. to help evaluate its investment portfolio and “explore ways to unlock value” in the portfolio.

Rob Spilman, CEO, said Bassett’s board of directors believes the value of the investment portfolio is not fully reflected in the company’s stock price.

“We are hopeful that we will be able to take some actions to address short-term concerns expressed by certain shareholders, while retaining the strong balance sheet that we believe we need to fulfill our long-term business strategies and growth plans,” Spilman said.

He said the review will encompass Bassett’s non-operating assets, which include a variety of stocks, bonds and mutual funds.

In January, an investment group that owns 5.1% of Bassett’s shares said it intended to present its own slate of candidates for the board at Bassett’s annual meeting on April 15. But the company contends the investment group, called Costa Brave Partnership III, can’t legally submit the nominees because it didn’t comply with Bassett’s by-laws.

In addition to Stephens, the company said it also is working with the investment firm of Mann, Armistead and Epperson.

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