Investors Increase Holdings in CCT to 10.8% of Firm’s Shares
Walnut-based investors have increased their holdings in San Diego-based Computer and Communications Technology Corp. to 10.8% of the total CCT shares outstanding from the 8.5% held by the group previously, acccording to a 13-D statement filed with the Securities and Exchange Commission this week.
Edmund Shea, a vice president and stockholder in J.F. Shea Co. Inc., a general contracting and heavy construction firm, bought 167,000 CCT shares, or a 2.2% interest, at an average cost of $4.38 per share, according to the filing.
Peter Shea, also a vice president and shareholder at J.F. Shea, bought 10,000 shares, a 0.13% interest in CCT, at an average cost of $4.87 per share.
Their company, J.F. Shea Co. Inc., owns 655,000 CCT shares, or 8.5% of the total outstanding, but did not increase its CCT holdings, the filing said.
In proxy material sent to CCT shareholders in September, Edmund and Peter Shea were, along with John Shea, described as owners of “substantially all the stock” in J.F. Shea Co. At the time that the proxy statement was printed, the group’s holdings totaled 655,000 shares, all of which were held by J.F. Shea Co. Inc.
The Sheas and CCT general counsel Michael Palmer declined comment on the acquisitions. CCT stock closed unchanged at $6.875 per share in over-the-counter trading Wednesday.
In the 13-D filing, the group said its acquisition of CCT common stock was for investment purposes only. The stock buys are “consistent with the (Sheas’) portfolio of securities” which consist in large part of what they believe are undervalued high-technology companies.
CCT stock closed down $.375 at $6.50 per share in over-the-counter trading Thursday. The Sheas are not represented on CCT’s board of directors, nor are they seeking representation, Palmer said.
