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 Nov. 23 through Nov. 29, 2023. Source: VerityData
Activist Holdings
Southwest Gas Holdings
(SWX)
Icahn Capital owns 11,022,604 shares of the energy-infrastructure holding company, equal to 15.4% of the outstanding stock. On Nov. 21, Southwest Gas and
Icahn
Capital entered into an amended cooperation agreement that now gives Icahn four board seats at the energy company.
Along with that, the agreement also calls for Southwest Gas to nominate the four at the company’s 2024 annual shareholders meeting. Customary standstill provisions will be in effect for Icahn to at least the completion of the 2024 shareholder meeting.
Southwest continues to pursue the separation of Centuri, its infrastructure business, and filed a shelf registration statement earlier this month. On Nov. 27, President and CEO of Centuri Group Paul Daily notified Southwest Gas that he plans to retire in 2024 once a successor is named.
Original Filings
SP Plus
(SP)
Magnetar Capital disclosed a fresh stake of 1,002,228 shares in the transportation-services company. That entire sum was purchased by Magnetar from Oct. 5 through Nov. 7 as SP Plus stock traded at prices ranging from $49.62 to $52.33, giving Magnetar a 5.1% SP Plus stake.
Magnetar is making an arbitrage play as SP Plus announced on Oct. 5 that it agreed to be acquired by Metropolis Technologies for $1.5 billion in cash, or $54 per share.
Metropolis provides parking-lot technology that allow customers to drive in and out without the need to check out. The deal is expected to close in 2024, and the boards of both firms have already approved the deal.
Decreases in Holdings
Cricut
(CRCT)
Abdiel Capital trimmed its interest in the creative products and services company to 12,586,303 shares. Abdiel, without stating a reason, sold one million Cricut shares on Nov. 21 at a price of $6.97 apiece.
After the transaction’s close, Abdiel owns a 5.7% stake in Cricut when including both the publicly trading class A shares and supervoting class B shares. Cricut’s class A shares have lost a quarter of their value year to date.
Archrock
(AROC)
Old Ocean Reserves cut its stake in the natural-gas midstream company to 7,368,798 shares. Old Ocean sold 1,103,658 shares of Archrock from Nov. 10 through Nov. 27 at per-share prices of $13.80 to $14.75. Old Ocean Reserves then followed with a block trade sale of two million Archrock shares on Nov. 27 at a price of $14 each.
Old Ocean now holds 4.7% of Archrock’s outstanding stock. Old Ocean is a limited partnership with Hildebrand Enterprises acting as its general partner.
Hildebrand Enterprises was formed by Hilcorp Energy founder Jeffery Hildebrand. Old Ocean is no longer a 5% holder of Archrock, and therefore doesn’t need to disclose any further Archrock stock sales.
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