RLR Capital ups stake in Hypercom to 5.1%, urges company to repurchase shares, consider alternatives

By Lisa Kerner

Charlotte, N.C., March 16 - Hypercom Corp. investor RLR Capital Partners, LP sent a letter to the company urging it to repurchase up to 18 million of its outstanding shares, curtail acquisition plans and review strategic alternatives, including a sale of the company if operational improvements fail to show progress in 2007.

The letter was included as part of a schedule 13D filing with the Securities and Exchange Commission.

RLR Capital purchased 2,156,745 shares of Hypercom stock between Jan. 16 and March 9, priced from $4.77 to $6.16. The investor beneficially owns 2,709,745 shares, or 5.1%,of the Phoenix electronic payment products manufacturing company's stock.

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