Kerrisdale Capital Issues Letter to Lindsay Board, Management

Kerrisdale Capital Management issued the following letter on Monday, December 23rd to management, board members and other stakeholders of Lindsay Corporation LNN: Dear Mr. Parod, Mr. Christodolou, other Members of the Lindsay Board and Stakeholders of Lindsay Corporation, On October 25th, 2013, we issued a letter ("October 25th Letter") to the executive officers and members of the Board of Directors ("Board") of Lindsay Corporation ("Lindsay") with a variety of thoughts on how management and the Board could continue to create shareholder value for the equity owners of Lindsay. In response to our letter, Mr. Parod and Lindsay's executive team engaged in a dialogue with us about our ideas and concerns. Through face-to-face discussions as well as communications by email and over the phone, we further discussed ways in which the Board and management can continue to maximize the value that accrues to long-term shareholders. In particular, we discussed in our October 25th Letter that the company's cash balance now exceeds 15% of the company's market capitalization and given that this cash earns a negligible return on equity, we urged management to consider employing that cash in a more productive manner. Through subsequent discussions with management, See full press release