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 May 2 through May 8, 2024. Source: VerityData
Starboard Value entered into a cooperation agreement with the provider of cloud-based human capital and technology services on May 5. The company agreed to expand its board to 11 directors from nine, appointing two board members, including one of the four nominees put forth by Starboard in February.
Coretha Rushing, managing director and executive mentor for The ExCo Group and a former executive at
and
was the Starboard nominee added to the board.
Dave Guilmette, a former executive at
Aon
,
was also appointed to the board.
Starboard owns 39,807,000 Alight shares, or a 7.2% stake. The firm acquired its entire holding from Jan. 2 through Feb. 21, and in conjunction with the first ownership disclosure Starboard nominated a slate of directors.
Advertisement – Scroll to Continue
Shah Capital Management launched a proxy campaign at the biotechnology company, calling for shareholders to vote against the re-election of the three directors standing for election at the company’s June 13 annual meeting. Shah Capital also urged shareholders to vote against three other company proposals in the annual proxy. Shah Capital said in a letter to shareholders that Novavax’s board has been “unresponsive to our suggestions.”
Nonetheless, Shah Capital “strongly believe[s] in the value of Novavax’s deep IP portfolio and Matrix-M adjuvant platform and that there is a vast and currently untapped market for non-mRNA protein vaccines.” Shah Capital increased its holding to 10,766,176 shares, or 7.7% of shares outstanding, by purchasing 1,382,800 shares at prices ranging from $3.89 to $4.20 per share from April 15 through May 7.
Original Filings
Private Capital Management disclosed ownership of 6,857,125 shares, or 6.4% of shares outstanding of the provider of wireless internet-of-things to manage assets like trucks, containers, and cargo. The switch from passive to active filer was the result of the appointment of Andrew Martin, a Private Capital partner, to PowerFleet’s board. The firm has paid $22,939,891, or $3.35 per share, to acquire its holding, and was most recently buying at $4.50 per share on April 2.
Decreases in Holdings
Advertisement – Scroll to Continue
Värde Partners reduced its holdings in the financial-services firm to 5,210,349 shares, or 4.35% of shares outstanding. The firm sold 335,000 shares at prices ranging from $50.50 to $51.50 each over May 2 and 3. Värde has been an investor in OneMain Holdings since 2018, when it acquired 11,355,568 shares at $26 each from Fortress Investment Group.
CPMG reduced its holdings in the surgical robotics company to 3,780,460 shares, or 7.4% of shares outstanding. The change in holdings was the result of the investment firm’s distribution of a net total of 1,548,400 shares to its investors on May 2.
Email: editors@barrons.com
