Activist investor Clint Carlson’s Carlson Capital has reported its stake in Forestar Group Inc. (NYSE:FOR) via a 13D filing with the Securities and Exchange Commission. According to the filing, Carlson Capital currently holds around 2.89 million shares of Forestar Group, which represent 8.61% of the company’s outstanding common stock. Since the position is activist, Carlson also said in the filing:
“Consistent with their investment intent, the Reporting Persons have been reviewing their investment in the Company and have engaged in discussions with the Company’s management concerning the business, operations, governance, management, strategy and future plans of the Company. Based on their review and these discussions, the Reporting Persons have determined that changes to the Company’s Board of Directors may be in the best interest of all stockholders. As such, the Reporting Persons intend to engage in further discussions with the Company’s management, as well as with the members of the Board of Directors and other stockholders, concerning possible changes to the composition of the Board of Directors. Among other things, the Reporting Persons may propose the nomination of one or more candidates for election to the Board of Directors in connection with the Company’s 2016 annual meeting of stockholders.”
In its last 13F, Carlson disclosed holding 1.05 million shares of Forestar, as of the end of September 2015.
You can access the original SEC filing by clicking here.
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Page 1 of 15 SEC Filing
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Page 3 of 15 SEC Filing
CUSIP No: 346233109 | Page 2 of 14 Pages |
1 | NAMES OF REPORTING PERSONS | ||||
Double Black Diamond Offshore Ltd. | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | ||||
(a) [ ] (b) [ X ] | |||||
3 | SEC USE ONLY | ||||
4 | SOURCE OF FUNDS (SEE INSTRUCTIONS) | ||||
WC | |||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) | ||||
[ ] | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
Cayman Islands | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | 0 | ||
8 | SHARED VOTING POWER | 2,735,573 Common Shares | |||
9 | SOLE DISPOSITIVE POWER | 0 | |||
10 | SHARED DISPOSITIVE POWER | 2,735,573 Common Shares | |||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
2,735,573 Common Shares | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
[ ] | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||
8.14% | |||||
14 | TYPE OF REPORTING PERSON | ||||
CO | |||||
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Page 4 of 15 SEC Filing
CUSIP No: 346233109 | Page 3 of 14 Pages |
1 | NAMES OF REPORTING PERSONS | ||||
Black Diamond Offshore Ltd. | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | ||||
(a) [ ] (b) [ X ] | |||||
3 | SEC USE ONLY | ||||
4 | SOURCE OF FUNDS (SEE INSTRUCTIONS) | ||||
WC | |||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) | ||||
[ ] | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
Cayman Islands | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | 0 | ||
8 | SHARED VOTING POWER | 159,208 Common Shares | |||
9 | SOLE DISPOSITIVE POWER | 0 | |||
10 | SHARED DISPOSITIVE POWER | 159,208 Common Shares | |||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
159,208 Common Shares | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
[ ] | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||
0.47% | |||||
14 | TYPE OF REPORTING PERSON | ||||
CO | |||||
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Page 5 of 15 SEC Filing
CUSIP No: 346233109 | Page 4 of 14 Pages |
1 | NAMES OF REPORTING PERSONS | ||||
Carlson Capital, L.P. | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | ||||
(a) [ ] (b) [ X ] | |||||
3 | SEC USE ONLY | ||||
4 | SOURCE OF FUNDS (SEE INSTRUCTIONS) | ||||
AF | |||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) | ||||
[ ] | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
Delaware | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | 0 | ||
8 | SHARED VOTING POWER | 2,894,781 Common Shares | |||
9 | SOLE DISPOSITIVE POWER | 0 | |||
10 | SHARED DISPOSITIVE POWER | 2,894,781 Common Shares | |||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
2,894,781 Common Shares | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
[ ] | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||
8.61% | |||||
14 | TYPE OF REPORTING PERSON | ||||
PN; IA | |||||
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Page 6 of 15 SEC Filing
CUSIP No: 346233109 | Page 5 of 14 Pages |
1 | NAMES OF REPORTING PERSONS | ||||
Asgard Investment Corp. II | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | ||||
(a) [ ] (b) [ X ] | |||||
3 | SEC USE ONLY | ||||
4 | SOURCE OF FUNDS (SEE INSTRUCTIONS) | ||||
AF | |||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) | ||||
[ ] | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
Delaware | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | 0 | ||
8 | SHARED VOTING POWER | 2,894,781 Common Shares | |||
9 | SOLE DISPOSITIVE POWER | 0 | |||
10 | SHARED DISPOSITIVE POWER | 2,894,781 Common Shares | |||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
2,894,781 Common Shares | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
[ ] | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||
8.61% | |||||
14 | TYPE OF REPORTING PERSON | ||||
CO | |||||
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Page 7 of 15 SEC Filing
CUSIP No: 346233109 | Page 6 of 14 Pages |
1 | NAMES OF REPORTING PERSONS | ||||
Asgard Investment Corp. | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | ||||
(a) [ ] (b) [ X ] | |||||
3 | SEC USE ONLY | ||||
4 | SOURCE OF FUNDS (SEE INSTRUCTIONS) | ||||
AF | |||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) | ||||
[ ] | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
Delaware | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | 0 | ||
8 | SHARED VOTING POWER | 2,894,781 Common Shares | |||
9 | SOLE DISPOSITIVE POWER | 0 | |||
10 | SHARED DISPOSITIVE POWER | 2,894,781 Common Shares | |||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
2,894,781 Common Shares | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
[ ] | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||
8.61% | |||||
14 | TYPE OF REPORTING PERSON | ||||
CO | |||||
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Page 8 of 15 SEC Filing
CUSIP No: 346233109 | Page 7 of 14 Pages |
1 | NAMES OF REPORTING PERSONS | ||||
Clint D. Carlson | |||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | ||||
(a) [ ] (b) [ X ] | |||||
3 | SEC USE ONLY | ||||
4 | SOURCE OF FUNDS (SEE INSTRUCTIONS) | ||||
AF | |||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) | ||||
[ ] | |||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
United States | |||||
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | 0 | ||
8 | SHARED VOTING POWER | 2,894,781 Common Shares | |||
9 | SOLE DISPOSITIVE POWER | 0 | |||
10 | SHARED DISPOSITIVE POWER | 2,894,781 Common Shares | |||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
2,894,781 Common Shares | |||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ||||
[ ] | |||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||
8.61% | |||||
14 | TYPE OF REPORTING PERSON | ||||
IN | |||||
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Page 9 of 15 SEC Filing
CUSIP No: 346233109 | Page 8 of 14 Pages |
Item 1. | Security and Issuer |
Item 2. | Identity and Background |
Item 3. | Source and Amount of Funds or Other Consideration |
Reporting Persons used approximately $2,116,931 (including brokerage commissions) in the aggregate to purchase the Common Shares reported in this Amendment No. 3.
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Page 10 of 15 SEC Filing
CUSIP No: 346233109 | Page 9 of 14 Pages |
Item 4. | Purpose of Transaction |
Item 5. | Interest in Securities of the Issuer |
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Page 11 of 15 SEC Filing
CUSIP No: 346233109 | Page 10 of 14 Pages |
Item 6. | Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer. |
Item 7. | Material to be Filed as Exhibits. |
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Page 12 of 15 SEC Filing
CUSIP No: 346233109 | Page 11 of 14 Pages |
DOUBLE BLACK DIAMOND OFFSHORE LTD. | ||||
By: | Carlson Capital, L.P., its investment manager | |||
By: | Asgard Investment Corp. II, its general partner | |||
By: | /s/ Clint D. Carlson | |||
Name: | Clint D. Carlson | |||
Title: | President |
BLACK DIAMOND OFFSHORE LTD. | ||||
By: | Carlson Capital, L.P., its investment manager | |||
By: | Asgard Investment Corp. II, its general partner | |||
By: | /s/ Clint D. Carlson | |||
Name: | Clint D. Carlson | |||
Title: | President |
CARLSON CAPITAL, L.P. | ||||
By: | Asgard Investment Corp. II, its general partner | |||
By: | /s/ Clint D. Carlson | |||
Name: | Clint D. Carlson | |||
Title: | President |
ASGARD INVESTMENT CORP. II | ||||
By: | /s/ Clint D. Carlson | |||
Name: | Clint D. Carlson | |||
Title: | President |
ASGARD INVESTMENT CORP. | ||||
By: | /s/ Clint D. Carlson | |||
Name: | Clint D. Carlson | |||
Title: | President |
CLINT D. CARLSON | ||||
/s/ Clint D. Carlson | ||||
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Page 13 of 15 SEC Filing
CUSIP No: 346233109 | Page 12 of 14 Pages |
Asgard I | |||
Name | Position | Principal Occupation | Citizenship |
Clint Carlson | Director/President | Investment Manager | United States |
Nancy Carlson | Secretary/Treasurer | Executive | United States |
Asgard II | |||
Name | Position | Principal Occupation | Citizenship |
Clint Carlson | Director/President | Investment Manager | United States |
Nancy Carlson | Secretary/Treasurer | Executive | United States |
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Page 14 of 15 SEC Filing
CUSIP No: 346233109 | Page 13 of 14 Pages |
SINCE THE MOST RECENT FILING OF SCHEDULE 13D
Double Black Diamond Offshore Ltd. | |||||||||
Trade Date | Type | Quantity | Price | ||||||
12/23/2015 | Buy | 189 | $ | 10.93 | |||||
12/23/2015 | Buy | 95 | $ | 10.94 | |||||
12/23/2015 | Buy | 94 | $ | 10.93 | |||||
12/28/2015 | Buy | 2,363 | $ | 11.1429 | |||||
12/28/2015 | Buy | 35,437 | $ | 11.1483 | |||||
12/30/2015 | Buy | 1,534 | $ | 11.15 | |||||
12/31/2015 | Buy | 1,134 | $ | 11.035 | |||||
12/31/2015 | Buy | 6,782 | $ | 10.992 | |||||
1/7/2016 | Buy | 22,520 | $ | 9.90 | |||||
1/7/2016 | Buy | 8,440 | $ | 9.8999 | |||||
1/8/2016 | Buy | 82,440 | $ | 9.8137 | |||||
1/11/2016 | Buy | 3,153 | $ | 9.2906 | |||||
1/11/2016 | Buy | 34,647 | $ | 9.30 |
Black Diamond Offshore Ltd. | |||||||||
Trade Date | Type | Quantity | Price | ||||||
12/23/2015 | Buy | 11 | $ | 10.93 | |||||
12/23/2015 | Buy | 5 | $ | 10.94 | |||||
12/23/2015 | Buy | 6 | $ | 10.93 | |||||
12/28/2015 | Buy | 137 | $ | 11.1429 | |||||
12/28/2015 | Buy | 2,063 | $ | 11.1483 | |||||
12/30/2015 | Buy | 89 | $ | 11.15 | |||||
12/31/2015 | Buy | 66 | $ | 11.035 | |||||
12/31/2015 | Buy | 395 | $ | 10.992 | |||||
1/7/2016 | Buy | 1,310 | $ | 9.90 | |||||
1/7/2016 | Buy | 492 | $ | 9.8999 | |||||
1/8/2016 | Buy | 4,798 | $ | 9.8137 | |||||
1/11/2016 | Buy | 183 | $ | 9.2906 | |||||
1/11/2016 | Buy | 2,017 | $ | 9.30 |
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Page 15 of 15 SEC Filing
CUSIP No: 346233109 | Page 14 of 14 Pages |
PURSUANT TO RULE 13d-1(k)
DOUBLE BLACK DIAMOND OFFSHORE LTD. | ||||
By: | Carlson Capital, L.P., its investment manager | |||
By: | Asgard Investment Corp. II, its general partner | |||
By: | /s/ Clint D. Carlson | |||
Name: | Clint D. Carlson | |||
Title: | President |
BLACK DIAMOND OFFSHORE LTD. | ||||
By: | Carlson Capital, L.P., its investment manager | |||
By: | Asgard Investment Corp. II, its general partner | |||
By: | /s/ Clint D. Carlson | |||
Name: | Clint D. Carlson | |||
Title: | President |
CARLSON CAPITAL, L.P. | ||||
By: | Asgard Investment Corp. II, its general partner | |||
By: | /s/ Clint D. Carlson | |||
Name: | Clint D. Carlson | |||
Title: | President |
ASGARD INVESTMENT CORP. II | ||||
By: | /s/ Clint D. Carlson | |||
Name: | Clint D. Carlson | |||
Title: | President |
ASGARD INVESTMENT CORP. | ||||
By: | /s/ Clint D. Carlson | |||
Name: | Clint D. Carlson | |||
Title: | President |
CLINT D. CARLSON | ||||
/s/ Clint D. Carlson | ||||