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Monday, August 25, 2014

Largest investor asks Layne Christensen to reorganize, (NASDAQ: LAYN)

Layne Christensen Co's largest shareholder said it had asked the water management company to reorganize and consider selling a division to repay debt.Investment manager Van Den Berg Management I Inc, which said it presented its proposals to the company on Aug. 13, said it held a 16.2 percent stake in the Woodlands, Texas-based company.Layne Christensen, whose customers include miners and drillers, has been struggling with project delays, regulatory investigations and top level exits.The company reported a much-bigger-than-expected loss in its first-quarter ended April. Revenue fell 15.5 percent to $191.2 million.

Layne Christensen Company is a global water management, construction and drilling company. Shares of LAYN traded higher by 2.92% or $0.32/share to $11.29. In the past year, the shares have traded as low as $10.10 and as high as $20.75. On average, 213464 shares of LAYN exchange hands on a given day and today's volume is recorded at 191724.