Activist West Face Capital’s Partners, Investments, AUM and More

1. PHI Inc. (NASDAQ:PHIIK)

In PHI Inc. (NASDAQ:PHIIK), West Face Capital inched down its stake by 4% to 3.0 million shares worth $29.33 million during the second quarter. Based on the current number of shares, West Face’s stake amasses over 23% of the company’s non-voting stock. PHI Inc. (NASDAQ:PHIIK) is a $172 million company engaged in helicopter transportation of personnel to, from, and among offshore platforms, thus servicing mainly companies engaged in oil & gas exploration and production. With the drop in oil prices, which put a strain on the number of rigs, PHI’s revenue has been falling every quarter since 2015. The company’s main area of operations is in the Gulf of Mexico, where there are currently 17 rigs, which is significantly lower compared to over 50 rigs in 2014. It also has an air medical business,  which is currently the only profitable segment with an income of $13.56 million in the second quarter. In this way, PHI Inc. (NASDAQ:PHIIK) has two paths, either to wait for the rig count to go higher, or to liquidate its oil & gas business and focus on its air medical business.