White Electronic Designs chairman buys more shares, ups stake to 19%

By Lisa Kerner

Charlotte, N.C., Nov. 6 - Desert Equity LP bought 232,508 shares of White Electronic Designs Corp. common stock between Nov. 3 and Nov. 5 as an investment and not for the purpose of acquiring control over the company, according to a schedule 13D/A filed on Friday with the Securities and Exchange Commission.

In September Desert Equity said it will pay a total of $14.02 million for 3,298,139 shares of White Electronic common stock accepted in Desert Equity's tender offer, a prior filing said.

Desert Equity announced in August that it would buy up to 3.74 million, or 16.3%, of White Electronic's outstanding shares.

Brian R. Kahn - chairman of White Electronic's board of directors and sole member of Desert Equity's sole general partner, Desert Management LLC - beneficially owns 4,356,847 shares, or 19.0% of the company's outstanding shares.

As previously reported, White Electronic amended its agreement with a shareholder group, including Wynnefield Partners Small Cap Value, LP, allowing Kahn, through his affiliated entities Caiman Partners, LP and Kahn Capital Management LLC, to acquire ownership of up to 19.99% of the company's issued and outstanding common stock through a tender offer.

As part of the agreement with White Electronic, Kahn's entities agreed to vote for the company's nominees at the 2010 annual meeting.

Phoenix-based White Electronic manufactures microelectronic and display components and systems.

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