These disclosures are from 13Ds filed with the Securities and Exchange Commission. 13Ds are filed within 10 days of an entity’s attaining more than 5% in any class of a company’s securities. Subsequent changes in holdings or intentions must be reported in amended filings. This material is from Dec. 28, 2023, through Jan 3, 2024. Source: VerityData
Activist Holdings
Penn Entertainment
HG Vora Capital switched to an active investor as it reported holding 14,500,000 shares of the gaming and entertainment company. HG Vora owns exposure to an additional 13,500,000 Penn shares through cash-settled swaps. When combined with the common stock, HG Vora owns a 18.5% interest in Penn. HG Vora believes that Penn’s stock “is significantly undervalued,” and believes that board representation is necessary in response to the stock’s “persistent underperformance” and Penn’s “capital-allocation track record.”
Regis
Galloway Capital Partners owns 111,800 shares of the parent of branded salons including Supercuts, equal to 4.9% of the tradable stock. Those figures account for Galloway Capital’s purchase of 16,100 Regis shares from Nov. 1 through Dec. 20 at prices ranging from $6.08 to $12.04 each.
In a letter addressed to Regis CEO Matthew Doctor and Chairman David J. Grissen dated Dec. 28, Galloway wrote that the stock is “significantly undervalued and requires [Galloway’s] support and expertise in creating shareholder value.” Galloway noted that Regis has formed a special committee to look at “strategic alternatives,” which it says isn’t necessary. Galloway cited Regis’ recent success at cutting expenses and transitioning into a franchise system, moves that are “certainly not reflected in the stock price.” Galloway believes that it “can bring strong insight and constructive actions,” and is thus seeking the addition of two representatives on Regis’ board.
Bloomin’ Brands
Starboard Value revealed a stake of 8,441,000 shares of the parent of Outback Steakhouse and Carrabba’s Italian Grill, equal to 9.7% of the outstanding stock. On Jan. 2, Starboard Value and Bloomin’ Brands entered into a cooperation agreement that provided for the appointment of two Starboard Value–chosen directors, partner John Sagal and former COO of
Darden Restaurants
Dave George.
Along with their appointment, Bloomin’ Brands formed a new operating committee of the board, which George will chair and Sagal will join. The agreement carries standard standstill provisions that Starboard Value will abide by.
Increases in Holdings
SilverBow Resources
Riposte Capital raised its position in the gas and oil explorer to 2,475,000 shares. From Dec. 20 through Dec. 29, Riposte Capital bought 506,000 SilverBow shares at per share prices ranging from $28.08 to $29.78.
Following the fresh investment, Riposte owns a 9.7% stake in the energy company. Riposte has been critical of SilverBow, including its roughly $700 million acquisition of
Chesapeake Energy’s
South Texas assets last year. In November 2023, Riposte called for a board refresh, including the nomination of three new, independent directors, which it was “keen to support or put forward.”
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