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 April 27 through May 3, 2023. Source: VerityData (verityplatform.com)
Activist Holdings
Natural Gas Services Group
(NGS)
Mill Road Capital and the maker of gas-compression equipment enacted a cooperation agreement on April 28. Per the agreement,
Natural Gas Services
appointed two Mill Road representatives, including Managing Director Justin Jacobs, to its board on April 28. They and current Natural Gas Services CEO Steven Taylor will also be nominated for re-election at the 2023 annual shareholders meeting. As part of the pact, Mill Road will abide by customary standstill agreements and vote its 912,408 Natural Gas Services shares, 7.3% of the outstanding stock, in support of board nominations.
Masimo
(MASI)
Politan Capital disclosed a stake in the monitoring-technology firm of 4,713,518 shares, 9% of the tradable stock. On May 1, Politan notified Masimo that it intends to nominate two directors for election at the upcoming 2023 annual shareholders meeting. Along with the nominations, Politan will also propose to repeal provisions and amendments to corporate bylaws adopted by Masimo’s board without a shareholder vote “subsequent to April 20, 2023…and up to and including the date of the 2023 annual meeting.” In March, Politan, along with the California State Teachers’ Retirement System, or Calstrs, filed a complaint against Masimo in the Delaware Court of Chancery alleging, among other things, that Masimo’s employment contract with CEO Joe Kiani “improperly stripped” the board of its authority, “entrenched” the CEO, and “impeded stockholders’ exercise of their voting rights.”
Increases in Holdings
Tilly’s
(TLYS)
Fund 1 Investments raised its position in the apparel retailer to 5,554,466 shares. From April 13 through April 28, Fund 1 purchased 390,114 Tilly’s shares at prices ranging from $7.10 to $7.76 each. Following the fresh buys, Fund 1 now owns 24.6% of the retailer’s outstanding stock, up from 22.9%. Fund 1 remains the largest holder of Tilly’s, and is the managing member of New York–based investment management firm Pleasant Lake Partners. Tilly’s stock has tumbled 16% so far in 2023. The company beat estimates when it reported fiscal fourth-quarter number in early March. Tilly’s reports its first quarter on June 1.
Twin Disc
(TWIN)
Gamco Investors
(GBL) raised its holding in the maker of power-transmission equipment to 2,089,056 shares. Through a combination of buys and sales from March 17 through April 28, Gamco added a net 56,467 Twin Disc shares at prices ranging from $9.10 to $11.51 apiece. Gamco now has a 15.1% interest in Twin Disc. Gamco remains the company’s second-largest shareholder, behind CEO John Batten, who had an overall ownership of 2.7 million shares as of Twin Disc’s latest proxy from September. The shares are having a boffo 2023. Twin Disc stock has gained more than 20% so far this year.
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