Text size
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 March 19 through March 25, 2020. Source: InsiderScore.com
Activist Holdings
Winnebago Industries
(WGO)
Punch Card Capital lifted its holding in the maker of motor homes and recreational vehicles to 2,385,740 shares, including 994,190 purchased from March 10 to March 19 at prices ranging from $19.45 to $36.48. Punch Card responded to Winnebago’s recent press release regarding how it is meeting Covid-19 concerns with a March 24 letter addressed to the board. Punch Card wrote that regardless of the circumstances of this or any other downturn, the company had “failed to heed warnings about leverage” and instead “increased debt by $200 million over the past year,” knowing that “the RV business is very cyclical.” Furthermore, Punch Card is concerned that Winnebago announced that its employees would be “left with two weeks’ pay,” but did not mention whether executives would face similar salary cuts. Punch Card strongly believes Winnebago executives should forgo their pay and that the board should immediately review all corporate spending. Punch Card also urged Winnebago to eliminate its dividend, as such changes are “necessary to maintain a culture of fairness.”
Increases In Holdings
National CineMedia
(NCMI)
Standard General lifted its stake in the in-theater digital advertising firm to 17,076,601 shares. The higher position resulted from the purchase of 1,303,211 shares on March 19 through March 23 at prices ranging from $2.29 to $3.00. Standard General now has a 21.4% interest in the company.
Cerecor
(CERC)
Armistice Capital bought 1,981,219 shares of the small-cap biopharmaceutical, in a price range of $1.91 to $2.60. The latest additions include 1,951,219 shares bought at $2.05 each through a securities purchase agreement between Armistice and Cerecor on March 17. Armistice was already Cerecor’s largest shareholder and now owns 58.3% of the outstanding stock—39,563,762 shares.
Argo Group International Holdings
(ARGO)
Voce Capital Management revealed that it now owns 2,530,503 shares of Argo, a property-and-casualty insurer, equivalent to 7.3% of the tradable stock. The higher stake resulted from Voce’s purchase of 557,115 shares from Feb. 5 through March 20 at prices of $30.49 to $67 apiece. At the start of the year, Voce and Argo entered into a cooperation agreement that grants Voce one seat on Argo’s board. In turn, Voce ended a push for a special meeting to reconstitute the entire board.
BMC Stock Holdings
(BMCH)
Coliseum Capital Management lifted its holding in the residential-construction supplier to 4,869,925 shares. The larger position resulted from the purchase of 1,240,839 shares from March 17 through March 23 at prices from $14.26 to $16.40 each and gives Coliseum Capital a 7.3% interest in BMC.
Email: [email protected]
