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 Feb. 14 through Feb. 21, 2024. Source: VerityData
Activist Holdings
Alight
Starboard Value disclosed that it has acquired 39,807,000 shares, or 7.8% of shares outstanding, of the benefit-services provider, and that it nominated a slate of four directors. The firm said that it viewed the company’s stock as “undervalued,” and that it intends to engage in discussions with Alight’s management and board of directors. Starboard Value paid $356,186,092 to acquire its stake, including over-the-counter forward purchase contracts.
The firm’s board nominees include its own senior partner and portfolio co-manager, Gavin Molinelli, and Keith Dorsey, who was executive vice president, global head of sales at Alight from 2017 to 2019.
Alight stock has gained about 4% so far this year.
Decreases in Holdings
Peabody Energy
Elliott Management decreased its holding in the coal miner to 9,630,000 shares, or a 7.3% stake, by selling 1,525,000 shares at prices ranging from $24.55 to $25.47 from Feb. 12 through Feb. 16. Elliott Management has been a shareholder of Peabody Energy since the company emerged from bankruptcy in 2017.
PRA Group
Engaged Capital lowered its stake in the acquirer of nonperforming loans to 1,950,364 shares. Engaged did so through the net sale of 60,386 PRA Group shares on Feb. 16 at prices ranging from $27.95 to $30.77 each. Following the latest sales, Engaged now holds 4.9% of PRA Group’s tradable stock, just below the 5.0% threshold that would require Engaged to report any further PRA Group stock sales. Shares have lost about 4% so far this year.
Agilysys
MAK Capital reduced its stake in the enterprise technology company to 2,060,458 shares. MAK Capital did so through the sale of 1,015,969 Agilysys shares from Jan. 16 through Feb. 14 at per share prices ranging from $75.07 to $82.59.
Included in those sales are 867,729 Agilysys shares sold pursuant to an underwriting agreement at a price of $82.59 on Feb. 14. MAK Capital entered into a 10b5-1 sales plan with BTIG to sell up to 867,728 Agilysys shares from Aug. 1, 2023, through May 1, 2024, which terminated on Jan. 19, 2024, after the plan was fulfilled.
MAK Capital adopted a similar trading plan with BTIG on Jan. 25, which will commence on April 25, allowing for the sale of the same number of shares through Nov. 1, 2024. Following the sales, MAK Capital holds 7.5% of Agilysys’ outstanding stock.
Universal Technical Institute
Coliseum Capital Management reduced its stake in the educational institution to 9,334,215 shares. Coliseum and an affiliate did so via the sale of 3,956,427 Universal Technical shares through a block trade on Feb. 15 at a price of $15.05 per share. That sale consisted of 3,279,979 shares sold by Coliseum and an additional 676,448 shares sold by an investment advisory client of Coliseum’s affiliate. Following the latest sales, Coliseum now holds 17.4% of Universal Technical’s outstanding stock.
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