TORONTO — One of Cineplex Inc.'s shareholders is calling on the theatre operator to embark on a major share buyback and sell what it calls non-core assets like its loyalty program to deliver more value to shareholders.

Florida-based investment firm Windward Management LP says in a letter to the Cineplex board that it feels the company's shares are worth nearly three times what they are trading for today.

Windward, which owns about seven per cent of the outstanding shares of Cineplex, says the company could boost its share price by repurchasing a substantial portion of its outstanding shares over the next six quarters.

It estimates the company could also raise more than $220 million by selling what it considers to be non-core assets like Cineplex's digital media business and Scene Plus l

See Full Page