13Ds are filed with the Securities and Exchange Commission within 10 days of an entity's attaining a 5% or more position in any class of a company's securities. Any subsequent change in holdings or intentions must be reported on an amended filing. This material has been extracted from filings released by the SEC from Sept. 10 through Sept. 16.
Hedge fund Shamrock Activist Value believes that the portable-storage provider should make a number of changes, including improving its capital allocation; concentrating on its core businesses; reviewing strategic alternatives for improving returns; increasing transparency; strengthening the link between executive compensation and company performance, and enhancing corporate governance. The firm, which manages investments on behalf of Roy E. Disney , plans to discuss its ideas with other Mobile Mini shareholders.
Among other corporate-governance changes, Shamrock would like Mobile Mini to declassify its board and implement a majority voting standard for uncontested director elections. It also wants Mobile Mini's "poison pill" to expire as scheduled at the end of the year and for any future "poison pills" to be subject to shareholder approval. Shamrock might seek representation on the board. Shamrock owns 2,260,917 shares (6.37% of the total outstanding). The firm paid about $35.3 million, or $15.61 per share, for its holding.
Business : Develops hardware and software technologies
Investor's Average Cost : $4.03 per share
Stock-Market Value : $115 million ($4.12 a share)
What's Happening : Ramius Capital filed a boilerplate 13D stating no current activist intentions.
Key Numbers and Dates :
4 : the number of recent 13D filings by Ramius on companies with a solid core business and an underperforming non-core business.
10.7% : Ramius' average return on those four investments.
13.9% : the average decline in the S&P 500 in the same periods.
Behind the Scenes : Despite filing a boilerplate 13D, Ramius certainly will meet with management and will take an active role in enhancing shareholder value. In its 13D filing on Federal Signal , Ramius used the same boilerplate language but, three months later, received a board seat. In the past, Ramius has had great activist successes in companies that have solid core businesses with significant cash flow, but where management has been reinvesting the cash flow in non-core and unsuccessful businesses. In its Datascope 13D filing, Ramius got one director elected and supported the company's decision to sell its Patient Monitoring business; this investment generated a 28.9% return during an eight-month stretch in which the S&P fell 24.4%. Immersion's Touch unit, which offers touch-feedback technology to enhance realism in computer and other applications, has a highly profitable licensing stream with high gross margins. Its medical business, which offers simulation technology for training, is more capital-intensive. Ramius will study the two units and likely will strongly urge the company to focus its resources on the Touch business and explore strategic alternatives for the other. ________________________________________ This item is by 13D Monitor, a consulting firm specializing in shareholder activism and 13D filings. For a full report, go to www.13Dmonitor.com or call Ken Squire at 212-223-2282.
Leading Investment & Securities , a Korean securities firm, owns 5,070,423 shares (9.9%), bought at $1.37 a share in a Sept. 4 private placement. The firm has agreed to purchase an additional 3,009,189 shares at $1.37 each. That would give it 8,079,612 shares (14.9%).
Increases in Holdings
Investment Grade Municipal Income Fund (PPM)
Western Investments increased its stake to 742,781 shares (7.2%), by buying 107,271 from July 28 to Sept. 11 at prices ranging from $12.87 to $13.82.
Mario Gabelli 's Gamco Investors /zigman2/quotes/201885596/composite GBL -0.63% (ticker: GBL) boosted its holdings to 5,532,427 shares (9.64%), by purchasing 570,088 from July 16 through Sept. 15 at $27.31 per share. Gamco's filing relates solely to Viacom's Class A shares.
Decreases in Holdings
Atlas Air Worldwide
Harbinger Capital decreased its holdings to 1,141,419 shares (5.4%), by selling 1,909,810 from Sept. 8 to Sept. 10 at $26.27 apiece.
Ramco-Gershenson Properties Trust
Equity One (EQY) sold all of its1,800,000 shares from Sept. 9 to Sept. 11 at $8.50 per share. Equity One had been Ramco's largest shareholder. It sold the bulk of its holdings a day after Ramco-Gershenson had conducted a secondary offering.
Microchip Technology /zigman2/quotes/208326291/composite MCHP -1.67% (MCHP) decreased its holdings to 554,100 shares (4.3%), by selling 135,399 from Sept. 11 to Sept. 15 at $25.64 to $27.08 per share.