Shamrock buys close to 300,000 additional shares of Reddy Ice

By Lisa Kerner

Charlotte, N.C., Feb. 25 - Reddy Ice Holdings, Inc. investors led by Shamrock Activist Value Fund, LP acquired an additional 259,929 shares of the company's stock, upping their interest in Reddy Ice to 15.57% from 14.38%.

Shamrock purchased the additional 250,000 shares for a total of about $6.27 million between Feb. 15 and Feb. 22, it was reported in a schedule 13D filing with the Securities and Exchange Commission.

Between Feb. 12 and Feb. 14, the investors purchased 250,000 shares of Reddy Ice stock for a total of $5.79 million, a prior SEC filing stated.

The investors beneficially own 3,403,545 of the Dallas packaged ice company's outstanding shares.

On Feb. 12, Shamrock said it would nominate Christopher Kiper, vice president of Shamrock Capital Advisors, Inc., and Jonathan Mather, chief financial officer of American Reprographics Co., for election to Reddy Ice's six-member board at the company's 2008 annual meeting.

According to Shamrock, the board needs a fresh perspective and new directors would help increase shareholder value.

Shamrock also wants Reddy Ice's board to begin corporate governance reform that would include succession planning and linking executive pay to performance.

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