Privet Fund says Aware should no longer remain independent company Privet Fund Management, owner of 3.7% of Aware's outstanding shares, disclosed that it delivered a letter to the Aware's board "highlighting the inadequacy of the Corporation’s disclosure and encouraging the Corporation to pursue a strategy geared toward maximizing shareholder value." The letter stated in part, "Privet believes that Aware should no longer remain an independent, public company. The Company does not possess the scale or strategy to remain autonomous. In our view, the Company should distribute the vast majority of its cash balance to shareholders, leaving only enough cash to bridge a sale of the business. Aware’s Hybrid Audio interest should be distributed to shareholders via a contingent litigation stub. Aware biometrics should then be sold in a robust process to maximize value for shareholders. We believe this outcome can be structured in a relatively tax efficient manner."