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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 Jan. 13 through Jan. 22, 2022. Source: InsiderScore.com
Activist Holdings
Green Plains
(GPRE)
Ancora Holdings disclosed a 7.3% interest in the ethanol producer, equal to 3,928,869 shares. Ancora delivered a letter to Green Plains’ board on Jan. 17, noting that Ancora has “been encouraged” by recent corporate-governance changes at the company. However, Ancora cited two provisions that it believes need to be addressed. One is that Green Plains directors remain classified, meaning they have staggered terms, and all don’t face election within the same year. Additionally, a supermajority rule requires a 66.67% majority of Green Plains shareholders to approve a director’s removal for cause. Ancora said that it found the latter provision especially troubling as it makes a new 20% ownership threshold—reduced from 50%—to call a special meeting “virtually meaningless.” Ancora hoped that Green Plains would use the coming 2022 shareholders meeting to revisit those rules, starting with board declassification. Such a move would show Green Plains shareholders, Ancora said, “a real commitment to meaningful governance enhancements.”
Original Filings
Quotient Technology
(QUOT)
Coliseum Capital Management reported a fresh stake in the digital-advertising firm of 4,586,442 shares. Coliseum Capital purchased the entire position from Nov. 19, 2021, through Jan. 14, 2022, for $38.8 million. Per-share prices ranged from $6.52 to $7.69. Coliseum Capital now owns 4.8% of Quotient’s outstanding stock. Coliseum Capital noted that there was no specific plan or proposal associated with its newest Quotient investment. But Coliseum Capital did say it could propose changes in Quotient’s operations, governance, capitalization, or other actions.
Decreases in Holdings
Chinook Therapeutics
(KDNY)
Versant Venture reduced its position in the kidney disease–focused biopharmaceutical to 3,623,023 shares. Affiliates of Versant Venture sold a total of one million Chinook Therapeutics shares on Jan. 3 at prices no less than $16 each through a 10b5-1 trading plan, which automatically executes trades. Versant Venture now owns a 6.7% stake in Chinook Therapeutics. Managing Director Jerel Davis represents Versant Venture on Chinook Therapeutics’ board.
Lumen Technologies
(LUMN)
Temasek cut a quarter from its holding in the telecommunications-technology firm, down to 72,659,407 shares. Temasek did so with a block trade sale of 24.6 million Lumen shares on Jan. 12 at a price of $12.51 apiece. No reason was given for the divestment that leaves Temasek, which is owned by the government of Singapore, with a 7.1% interest in Lumen. Temasek remains Lumen’s third-largest shareholder, according to S&P Capital IQ.
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