Edgar Online investor Basil Regan considers proxy filing to change company's board

By Lisa Kerner

Charlotte, N.C., March 14 - Edgar Online, Inc. investors Basil P. Regan is dissatisfied with the company's response to his Feb. 13 demands to replace senior management and dismiss two current directors, according to a schedule 13D filing with the Securities and Exchange Commission.

Regan had also requested that the company appoint three independent directors selected by Regan Partners LP and provide Regan Partners with a complete list of shareholders.

On Feb. 16, Edgar Online agreed to nominate two additional independent individuals for election at its 2007 annual meeting. The company also retained an executive search firm to assist in the selection of a new company president.

Regan and Regan Partners don't believe Edgar Online has met their demands "in a way which would enhance" the company's management and are now "even less confident" in the company's direction, according to the filing.

As a result, Regan is considering filing a proxy statement with the SEC nominating new directors for election to Edgar Online's board.

Basil Regan beneficially owns 2,194,952 shares, or 8.52%, and Regan Partners owns 1,692,300 shares, or 6.57%, of the Norwalk, Conn.-based business and financial information provider company's stock.

The partnership purchased 50,000 shares of Edgar Online stock on Feb. 28 priced at $3.39 per share.

Edgar Online closed at (Nasdaq: EDGR) at $2.93 on March 13.

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