Page 6 of 9 – SEC Filing EXPLANATORY NOTE
This Amendment No. 4 to Schedule 13D (the Amendment) is being
filed with respect to the beneficial ownership of Voce Capital Management LLC,
Voce Capital LLC and J. Daniel Plants (the Reporting Persons). This Amendment
supplements the Schedule 13D as previously filed on July 7, 2015 (as amended,
the Schedule 13D). Each Item below amends and supplements the information
disclosed under the corresponding Item of Schedule 13D. Unless otherwise
indicated herein, capitalized terms used but not defined in this Amendment shall
have the same meaning herein as are ascribed to such terms in Schedule 13D.
Item 4. PURPOSE OF TRANSACTION
Item 4 is hereby amended and restated in its entirety as
follows:
The Reporting Persons acquired the shares of Common Stock for
investment purposes because they believed that the shares, when purchased, were
undervalued and represented an attractive investment opportunity. The Reporting
Persons believe that the Issuer can create significant value for its
shareholders through enhancements to its capital allocation policies,
optimization of its capital structure and improvements to its corporate
governance, among other opportunities.
On March 18, 2016, Voce Catalyst Partners LP (Voce
Catalyst) 1, a Delaware limited partnership and record holder of one
hundred shares of Common Stock, delivered a Shareholder Nomination Letter (the
Letter) to the Issuer, notifying the Issuer of its intent to nominate three
persons for election to the Issuers board of directors at the Issuers 2016
annual meeting of shareholders. The full text of the Letter is attached hereto
as Exhibit 2 and is incorporated herein by reference in its entirety. A
copy of the press release issued on March 21, 2016 relating to the nominations
is attached hereto as Exhibit 3 and incorporated herein by reference in
its entirety.
On April 5, 2016, Voce Capital Management issued a press
release along with presentation materials regarding the Issuer. A copy of the
press release and the accompanying presentation are attached hereto as
Exhibits 4 and 5 and are incorporated herein by reference in their
entirety.
On April 18, 2016 Voce Capital Management issued a press
release regarding the Issuer. A copy of the press release is attached hereto as
Exhibit 6 and is incorporated herein by reference in its entirety.
On May 2, 2016 Voce Capital Management filed a preliminary
proxy on Schedule 14A in connection with the Issuers upcoming annual meeting of
stockholders, soliciting proxies to vote (i) to elect its three independent
director nominees; (ii) against the Issuers non-binding advisory vote on named
executive officer compensation; and (iii) to ratify the appointment of BDO USA,
LLP as the Issuers independent registered public accounting firm for the fiscal
year ending December 31, 2016. The preliminary proxy is attached hereto as
Exhibit 7 and is incorporated herein by reference in its entirety. A copy
of the press release issued on May 3, 2016 relating to the preliminary proxy is
also attached hereto as Exhibit 8 and is incorporated herein by reference
in its entirety. The Reporting Persons intend to file a definitive proxy
statement and accompanying form of proxy card.
The Reporting Persons have engaged in, and intend to continue
to engage in, communications concerning the foregoing with officers and/or
members of the Issuers board of directors. In addition, the Reporting Persons
may communicate with the Issuers current or prospective shareholders; its
representatives; industry participants, research analysts and members of the
press; existing or potential strategic partners or competitors, investment and
financing professionals and sources of capital and credit; and other interested
or relevant parties relating to topics including, but not limited to, the
Issuers operations, prospects, business development, management, competitive
and strategic matters, capital structure, and prevailing market conditions, as
well as other investment considerations. The Reporting Persons may also consider
taking further action to protect their interests and the interests of
shareholders, which actions may involve plans or proposals of the type described
in Item 4(a) through (j) of Item 4 of Schedule 13D or the acquisition of
additional shares or disposition of shares beneficially owned by them, in the
public market or through privately negotiated transactions.
Depending upon various factors including, without limitation,
an ongoing evaluation of the investment in the Common Stock, changes in the
Issuers operations, business strategy or prospects, prevailing market and
industry conditions, other investment opportunities available to the Reporting
Persons, liquidity requirements and other investment considerations, the
Reporting Persons may, from time to time and at any time and in such manner as
they deem advisable (whether in the open market, through privately negotiated
transactions or otherwise), further acquire, hold, vote, trade or dispose of
some or all of the Common Stock, and may enter into financial instruments or
other agreements that increase or decrease the Reporting Persons economic exposure with respect to their investment in the
Issuer, and/or engage in hedging or similar transactions with respect to such
holdings.
________________________________________________
1
Voce Capital is the General Partner of Voce Catalyst.
EXPLANATORY NOTE
This Amendment No. 4 to Schedule 13D (the Amendment) is being
filed with respect to the beneficial ownership of Voce Capital Management LLC,
Voce Capital LLC and J. Daniel Plants (the Reporting Persons). This Amendment
supplements the Schedule 13D as previously filed on July 7, 2015 (as amended,
the Schedule 13D). Each Item below amends and supplements the information
disclosed under the corresponding Item of Schedule 13D. Unless otherwise
indicated herein, capitalized terms used but not defined in this Amendment shall
have the same meaning herein as are ascribed to such terms in Schedule 13D.
Item 4. PURPOSE OF TRANSACTION
Item 4 is hereby amended and restated in its entirety as
follows:
The Reporting Persons acquired the shares of Common Stock for
investment purposes because they believed that the shares, when purchased, were
undervalued and represented an attractive investment opportunity. The Reporting
Persons believe that the Issuer can create significant value for its
shareholders through enhancements to its capital allocation policies,
optimization of its capital structure and improvements to its corporate
governance, among other opportunities.
On March 18, 2016, Voce Catalyst Partners LP (Voce
Catalyst) 1, a Delaware limited partnership and record holder of one
hundred shares of Common Stock, delivered a Shareholder Nomination Letter (the
Letter) to the Issuer, notifying the Issuer of its intent to nominate three
persons for election to the Issuers board of directors at the Issuers 2016
annual meeting of shareholders. The full text of the Letter is attached hereto
as Exhibit 2 and is incorporated herein by reference in its entirety. A
copy of the press release issued on March 21, 2016 relating to the nominations
is attached hereto as Exhibit 3 and incorporated herein by reference in
its entirety.
On April 5, 2016, Voce Capital Management issued a press
release along with presentation materials regarding the Issuer. A copy of the
press release and the accompanying presentation are attached hereto as
Exhibits 4 and 5 and are incorporated herein by reference in their
entirety.
On April 18, 2016 Voce Capital Management issued a press
release regarding the Issuer. A copy of the press release is attached hereto as
Exhibit 6 and is incorporated herein by reference in its entirety.
On May 2, 2016 Voce Capital Management filed a preliminary
proxy on Schedule 14A in connection with the Issuers upcoming annual meeting of
stockholders, soliciting proxies to vote (i) to elect its three independent
director nominees; (ii) against the Issuers non-binding advisory vote on named
executive officer compensation; and (iii) to ratify the appointment of BDO USA,
LLP as the Issuers independent registered public accounting firm for the fiscal
year ending December 31, 2016. The preliminary proxy is attached hereto as
Exhibit 7 and is incorporated herein by reference in its entirety. A copy
of the press release issued on May 3, 2016 relating to the preliminary proxy is
also attached hereto as Exhibit 8 and is incorporated herein by reference
in its entirety. The Reporting Persons intend to file a definitive proxy
statement and accompanying form of proxy card.
The Reporting Persons have engaged in, and intend to continue
to engage in, communications concerning the foregoing with officers and/or
members of the Issuers board of directors. In addition, the Reporting Persons
may communicate with the Issuers current or prospective shareholders; its
representatives; industry participants, research analysts and members of the
press; existing or potential strategic partners or competitors, investment and
financing professionals and sources of capital and credit; and other interested
or relevant parties relating to topics including, but not limited to, the
Issuers operations, prospects, business development, management, competitive
and strategic matters, capital structure, and prevailing market conditions, as
well as other investment considerations. The Reporting Persons may also consider
taking further action to protect their interests and the interests of
shareholders, which actions may involve plans or proposals of the type described
in Item 4(a) through (j) of Item 4 of Schedule 13D or the acquisition of
additional shares or disposition of shares beneficially owned by them, in the
public market or through privately negotiated transactions.
Depending upon various factors including, without limitation,
an ongoing evaluation of the investment in the Common Stock, changes in the
Issuers operations, business strategy or prospects, prevailing market and
industry conditions, other investment opportunities available to the Reporting
Persons, liquidity requirements and other investment considerations, the
Reporting Persons may, from time to time and at any time and in such manner as
they deem advisable (whether in the open market, through privately negotiated
transactions or otherwise), further acquire, hold, vote, trade or dispose of
some or all of the Common Stock, and may enter into financial instruments or
other agreements that increase or decrease the Reporting Persons economic exposure with respect to their investment in the
Issuer, and/or engage in hedging or similar transactions with respect to such
holdings.
________________________________________________
1
Voce Capital is the General Partner of Voce Catalyst.
