Western New York has a collection of very small, publicly traded companies that we cover closely at The News. For many of the companies, our coverage is the closest thing to analyst coverage that the companies receive. Business reporter David Robinson does a masterful job keeping shareholders and employees informed about the health and activities of these companies.
Since they are public - and that means they have sold shares of the company are therefore are beholden to their owners - these companies must disclose their finances. In the newspaper on Tuesday through Saturday (when the market is open), we list these companies in the "Local stocks" chart. We have information on local companies on our website, too.
But we may lose one. The father and son team of Kevin and Daniel Keane are attempting to buy the printing company Mod-Pac and take it private. Some shareholders have been pushing for this for years, arguing that the firm is too small to be publicly traded and that it could be run more efficiently if freed from the expensive accounting requirements that being public involves.
That may be true. The Keane's are offering a price that is a 31 percent premium on the stock price, valuing the company at about $23 million. That's a small public company.
Shareholders will certainly push for a few more cents per share, and the deal may go through. And if it does, we will miss covering their annual meetings and quarterly earnings. And we'll wish them well.