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CSW Industrials Inc (CSWI): Newtyn Management Withdraws Board Nominee, Cuts Stake

Published on July 19, 2016 at 11:47 am by Insider Monkey Staff in Hedge Funds, News
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Noah Levy And Eugene Dozortsev have put the brakes on their activist efforts with regard to CSW Industrials Inc (NASDAQ:CSWI). According to a recently amended filing with the Securities and Exchange Commission, their fund, Newtyn Management, has withdrawn its nominee for election to the company’s board of directors and has thrown its full support behind the Board’s nominee. The filing also shows a slight decrease in Newtyn’s holding of the stock to 1.28 million shares, down from 1.35 million shares reported in its latest 13F filing. The current position accounts for 8.2% of CSW Industrials’ common stock.

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According to the agreement between CSW Industrials Inc (NASDAQ:CSWI) Newtyn Management, in exchange for dropping its nomination, the fund will play a major role in the choosing of one of the two new directors to be added to the fold. The Board has also promised to analyze the possibility of a share buyback program but has reserved discretion with regard to the terms of the program. A diversified industrial company with a global presence, CSW Industrials has seen its stock slide by 26% during the first two months of 2016, before slowly regaining some of the lost ground. The stock has finished Monday’s trading session at $34.49 per share, down by 8.7% for the year.

At the end of the first quarter, roughly 21% of CSW Industrials Inc (NASDAQ:CSWI) common stock was held by 13 top hedge fund, unchanged from the previous quarter. Michael M. Rothenberg‘s Moab Capital Partners was betting big on this stock, the positions representing roughly 15% of its equity portfolio. According to its latest 13F filing, the fund held 1.36 million shares of CSW Industrials. Martin Whitman‘s Third Avenue Management was also invested, having amassed 150,348 shares by the end of March, a position initiated during the quarter.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
Newtyn Partners 609 873,800 609 873,800 873,800 5.6%
Newtyn TE Partners 411,200 411,200 411,200 2.6%
Newtyn Management 1,285,000 1,285,000 1,285,000 8.2%
Newtyn Capital Partners 1,285,000 1,285,000 1,285,000 8.2%
Ledo Capital 1,285,000 1,285,000 1,285,000 8.2%
Noah Levy 1,285,000 1,285,000 1,285,609 8.2%

Follow Noah Levy And Eugene Dozortsev's Newtyn Management

Page 1 of 14 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d-2(a)
(Amendment No. 1)1
CSW Industrials, Inc.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
126402 10 6
(CUSIP Number)
EUGENE DOZORTSEV
NEWTYN MANAGEMENT, LLC
405 PARK AVENUE, SUITE 1104
NEW YORK, NEW YORK 10022
(212) 446-2465
 
ANDREW FREEDMAN, ESQ.
OLSHAN FROME WOLOSKY LLP
1325 Avenue of the Americas
New York, New York 10019
(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)
July 17, 2016
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box x.
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.
_______________
1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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