The Brink's Company (NYSE:BCO) took its first major step towards unlocking shareholder value recently after receiving a lot of pressure from Thomas Hudson's Pirate Capital. The security company agreed to insitute a $100 million share repurchase to please the activist shareholder, according to an 8-K filing with the SEC.

"The share repurchase authorization reflects our strong cash flow, our confidence in the company's performance outlook, and demonstrates our ongoing commitment to increasing value for all of our shareholders," said chief executive Michael Dan. "Our strong balance sheet enables us to consider share repurchases that create value for our shareholders even as we build additional value by investing in the continued growth of our two world-class security businesses and the expansion of the powerful Brink's brand into new security- related markets."

The planned buyback would authorize the repurchase of approximately $100 million worth of shares and follows the company's 2006 repurchase of 21 percent of its outstanding shares for $630 million. The move may not be enough for Pirate Capital, however, who recently demanded in a Schedule 13D/A filing that the company explore a split-up to unlock value.

Pirate Capital announced awhile back that it conducted its own survey of shareholders, through D.F. King, to gauge interest in a potential breakup of the company that found 49.4 percent of shaers indicated they were in favor of a tax-free spin-off. Meanwhile, 66.95 percent indicated that they were in favor of the examination of the move. Clearly, shareholders are interested in something more than a continued share buyback. And this makes BCO a stock worth watching!

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