12 West Capital Management Reports New Stake in Euroseas Ltd. (ESEA)

12 West Capital Management, managed by Joel Ramin, has reported a new position in Euroseas Ltd. (NASDAQ:ESEA) in its latest filing with the U.S. Securities and Exchange Commission. The fund has disclosed ownership of around 11.16 million shares of the company. The new stake amasses 19.6% of common shares and is passive by nature.

The fund disclosed initiating a stake in Euroseas Ltd. (NASDAQ:ESEA) on the back of company’s announcement that it entered into an agreement to sell about 11.2 million shares of its common stock in a private placement at a price of $1.34 per share to an institutional investor, according to a news release. Euroseas Ltd. (NASDAQ:ESEA) owns and operates drybulk and container carrier vessels and provider of seaborne transportation for drybulk and containerized cargoes. The company has a market cap of $58.1 million.

For the fourth quarter of 2013, Euroseas Ltd. (NASDAQ:ESEA) reported total net revenues of $9.7 million, representing a 22% decrease over total net revenues of $12.4 million during the fourth quarter of 2012. The company reported a net loss for the period of $86.1 million, compared to net loss of $2.0 million for the fourth quarter of 2012. For the full year of 2013, it reported total net revenues of $39.2 million, a 25.4% decrease compared to total net revenues of $52.5 million during the twelve months of 2012. The company reported net loss for the period of $103.4 million, compared to net loss of $13.2 million for the twelve months of 2012.

The largest shareholders of Euroseas Ltd. (NASDAQ:ESEA) include Jim Simons’ Renaissance Technologies and Gregory Fraser, Rudolph Kluiber, and Timothy Krochuk’s GRT Capital Partners, owning 924,800 shares and 147,900 shares, respectively.

At the end of the fourth quarter of 2013, the value of 12 West Capital’s equity portfolio was about $627.9 million. According to the fund’s most recent 13F, FleetCor Technologies Inc. (NYSE:FLT) was the most valuable holding, in which the fund disclosed owning 1.61 million shares, worth $189.09 million. It is followed by Masonite International Corp (NYSE:DOOR), in which the fund holds 1.52 million shares, valued at $91.12 million.

In February 2014, 12 West Capital disclosed a new passive stake in Zulily Inc (NASDAQ:ZU).

Disclosure: none

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