Water Asset Management's ownership of Insituform drops below 5%

By Lisa Kerner

Charlotte, N.C., June 2 - Insituform Technologies, Inc. shareholder Water Asset Management LLC reduced its ownership interest in the company to 4.95% from 5.3%, according to a schedule 13D filing with the Securities and Exchange Commission.

Water Asset Management's director nominee Nickolas W. Vande Steeg was elected to the board of directors of Insituform in May.

The shareholder and Insituform had waged a public proxy battle that included citing proxy advisory firm reports and reaching out to shareholders in open letters prior to the company's 2008 annual meeting.

The SEC filing stated that on May 28 and May 29, Water Asset Management sold a total of 90,829 shares of Insituform priced from $18.20 to $18.58 per share.

It was previously reported that in addition to Vande Steeg, Water Asset Management had nominated for election to Insituform's board Senator Alfonse M. D'Amato; Richard Onses, a water industry consultant based in Barcelona, Spain; Matthew J. Diserio, president of Water Asset Management; and Disque D. Deane Jr., chief investment officer of Water Asset Management.

Insituform, based in Chesterfield, Mo., provides proprietary trenchless technologies to rehabilitate, replace, maintain and install underground pipes.

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