Platinum Partners' interest in Tucows dips below 5%

By Lisa Kerner

Charlotte, N.C., March 3 - Tucows, Inc. investors led by Platinum Partners Value Arbitrage Fund LP reduced their stake in the company to 4.99% from 5% in a series of buy and sell transactions between Dec. 6 and Feb. 11

The investors sold a net total of 6,457 Tucows shares priced between $0.56 and $0.70 each, it was reported in a schedule 13D filing with the Securities and Exchange Commission.

Platinum Partners beneficially owns 3,687,849 shares of the Toronto-based internet services company.

Between Oct. 11 and Dec. 5, Platinum Partners purchased 2,262,679 shares of Tucows priced from $0.67 to $0.95 per share, a prior SEC filing stated.

The investor had said it believes that the company's public market valuation does not reflect its intrinsic value despite a strong history of positive cash flow generation and expansion prospects in 2008.

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