Page 8 of 12 – SEC Filing
| Item 3. | Source and Amount of Funds or Other Consideration. |
The Shares purchased by JCP Partnership were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted. The aggregate purchase price of the 673,773 Shares owned directly by JCP Partnership is approximately $4,981,707, including brokerage commissions.
Mr. Pappas directly owns 1,801 unvested restricted shares, each representing a contingent right to receive one Share. Such restricted shares were awarded to Mr. Pappas in his capacity as a director of the Issuer.
| Item 4. | Purpose of Transaction. |
Mr. Pappas is a director of the Issuer. Except in Mr. Pappas’ capacity as a director of the Issuer, no Reporting Person has any present plan or proposal which would relate to or result in any of the matters set forth in subparagraphs (a) – (j) of Item 4 of Schedule 13D except as set forth herein. The Reporting Persons reserve the right to increase or decrease their position in the Issuer through, among other things, the purchase or sale of securities of the Issuer on the open market or in private transactions or otherwise, on such terms and at such times as the Reporting Persons may deem advisable. The Reporting Persons reserve the right to change their intention with respect to any and all matters referred to in this Item 4.
| Item 5. | Interest in Securities of the Issuer. |
The aggregate percentage of Shares reported owned by each person named herein is based upon 9,266,496 Shares outstanding as of November 11, 2016, which is the total number of Shares outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 14, 2016.
| A. | JCP Partnership |
| | (a) | As of the close of business on March 23, 2017, JCP Partnership beneficially owned 673,773 Shares. |
Percentage: Approximately 7.3%
| | (b) | 1. Sole power to vote or direct vote: 673,773 |
| | 2. Shared power to vote or direct vote: 0 |
| | 3. Sole power to dispose or direct the disposition: 673,773 |
| | 4. Shared power to dispose or direct the disposition: 0 |
| | (c) | The transactions in the Shares by JCP Partnership during the past 60 days are set forth in Schedule A and are incorporated herein by reference. |
| B. | JCP Partners |
| | (a) | JCP Partners, as the general partner of JCP Partnership, may be deemed the beneficial owner of the 673,773 Shares owned by JCP Partnership. |
Percentage: Approximately 7.3%
| | (b) | 1. Sole power to vote or direct vote: 673,773 |
| | 2. Shared power to vote or direct vote: 0 |
| | 3. Sole power to dispose or direct the disposition: 673,773 |
| | 4. Shared power to dispose or direct the disposition: 0 |
| | (c) | JCP Partners has not entered into any transactions in the Shares during the past 60 days. The transactions in the Shares on behalf of JCP Partnership during the past 60 days are set forth in Schedule A and are incorporated herein by reference. |
Follow Tandy Leather Factory Inc (NASDAQ:TLF)
Follow Tandy Leather Factory Inc (NASDAQ:TLF)
We may use your email to send marketing emails about our services. Click here to read our privacy policy.
