Activist Hedge Fund Legion Partners Pushes for Big Returns (Los Angeles Business Journal)
Legion Partners Asset Management is at it again. The Brentwood-based activist hedge fund is pressing for independent directors on the board of OneSpan Inc. to sell off a chunk of the business to raise as much as $100 million in cash. With the Chicago-based cybersecurity technology business rejecting a settlement proposal, Legion Partners is angling for a proxy fight to shake up C-suite executives and the board’s make-up.
World’s Biggest Wealth Fund Won’t Demand Full Office Return (Bloomberg)
Norway’s sovereign wealth fund, the world’s biggest, will let its employees continue working from home a couple of days a week once the pandemic is over, Chief Executive Officer Nicolai Tangen said. Staff at the Oslo-based investor, which oversees $1.3 trillion in assets, will be allowed to spend “up to two days” a week working from home, Tangen told lawmakers in Norway’s parliament during a hearing on Monday. But there will also be “two set office days for everyone,” he said, so that “we can have the meetings we need to have in the office.”
Activist Starboard Seeks to Nominate Directors to Box Board (Reuters)
(Reuters) –Starboard Value LP plans to nominate directors to the board of cloud services provider Box Inc, the activist investor said on Monday, saying the company had fallen short on meeting expectations of profitable growth. Starboard, which owns about 7.7% of Box, said the company had failed to capitalize on the work-from-home trend during the COVID-19 pandemic as many of its cloud computing peers have done.
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Inside the Network of Dozens of Spin-off Hedge Funds from Billionaire New York Mets Owner Steve Cohen (Business Insider)
Steve Cohen ‘s decades-long career in finance has made him billions of dollars across two different hedge funds and led to the creation of more than 80 other firms. Dozens of people who have worked for the famed stock picker – who was forced to close his first fund after a yearslong battle with the Justice Department – have gone on to found their own funds.
“Fruitful” Opportunities Ahead for Macro Hedge Funds, but Credit Strategies Face Q2 Challenges (Hedge Week)
Discretionary macro hedge funds can expect a “fruitful opportunity set” over the next three months thanks to continued market unpredictability, but falling default rates have soured the Q2 outlook for distressed credit strategies, according to Man FRM’s quarterly hedge fund outlook. The second quarter outlook is “generally positive” for hedge funds, said Jens Foehrenbach, managing director, Man Solutions. Man Group’s hedge fund investing unit FRM has taken a positive stance on event driven strategies, especially merger arbitrage managers, which are now well-placed to tap into the rising levels of deal activity, wider spreads, and a competitive M&A environment.
Bain Capital Raises $11.8 bn for New flagship Fund (Opalesque)
US multistrategy investment manager Bain Capital LP said it has raised $11.8 billion from outside investors and employees for its latest flagship North America buyout fund. Bain amassed $10 billion from outside investors for its 13th buyout fund, Bain Capital Fund XIII, exceeding an initial $9 billion target by 31%. The Boston-based private equity firm’s present and former employees also committed $1.8 billion in additional capital to the fund, said a report by Reuters.
Credit Suisse Gave Archegos Big Leverage for Collateral (Bloomberg)
Credit Suisse Group AG’s business with Archegos Capital Management enabled the family office to undertake highly-leveraged stock bets with only minimal collateral posted, a strategy that exposed the lender to losses far exceeding its peers when the firm collapsed. Credit Suisse lent the family office of Bill Hwang funds allowing bets with leverage of up to ten times, and only asked for collateral worth 10% of the sums borrowed, according to a person familiar with the business.
Consultant and Board Member Charged with Insider Trading (HedgeCo.net)
(HedgeCo.Net) The U.S. District Court for the District of Massachusetts has Entered a Partial Judgment in a Previously-Filed SEC Case Charging Oregon Resident Mark Ahn with Engaging in Insider Trading in the Securities of a Massachusetts-Based Pharmaceutical Company, Dimension Therapeutics, Inc., in Advance of an August 2017 Merger Announcement. The SEC’s complaint, filed on February 5, 2021, charged Ahn with violating the antifraud provisions of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder. Ahn consented to the partial judgment entered by the court, which enjoins him from violating the above statutes and bars him from serving as an officer or director of any SEC reporting company. Any civil penalty in the SEC matter will be determined by the court at a later date.
Monday 5/3 Insider Buying Report: CSTR, PQG (Nasdaq.com)
On Wednesday, CapStar Financial Holdings’s Chief Financial Officer, Denis J. Duncan, made a $379,600 buy of CSTR, purchasing 20,000 shares at a cost of $18.98 each. Duncan was up about 4.0% on the buy at the high point of today’s trading session, with CSTR trading as high as $19.73 in trading on Monday. CapStar Financial Holdings is trading up about 2.1% on the day Monday. Before this latest buy, Duncan purchased CSTR at 2 other times during the past twelve months, for a total investment of $300,427 at an average of $12.11 per share. And on Thursday, Director Kyle D. Vann purchased $140,050 worth of PQ Group Holdings, purchasing 10,000 shares at a cost of $14.01 each. PQ Group Holdings is trading up about 1.8% on the day Monday. Vann was up about 2.9% on the buy at the high point of today’s trading session, with PQG trading as high as $14.41 in trading on Monday.
Insider Trading: May 3, 2021 (BIV.com)
Insider Elaine Sanders, director. Company: Alexco Resources Corp. (TSX:AXU). Shares owned: 215,239. Trade date: Apr 20, 21. Trade total: $513,335. Trade: Sale of 150,000 shares at prices from $3.39 to $3.44 per share. Insider Clayton Donald Allan, Director. Company: Cielo Waste Solutions Corp. (CNSX:CMC). Shares owned: 23,343,322. Trade date: Apr 16. Trade total: $280,500. Trade: Sale of 300,000 shares at prices from $0.93 to $0.94 per share.
Last Week’s Notable Insider Buys: Beacon Roofing, Chipotle, IPOs, Latham And More (Benzinga)
The combined 3.52 million or so Impel Neuropharma Inc (IMPL) shares that five beneficial owners purchased had an initial public offering price of $15.00 per share. These transactions cost them more than $52.87 million. The stock has traded as high as $15.89 a share since the offering but ended the week at $15.20. Rain Therapeutics Inc (RAIN) 0.49% saw two beneficial owners and a former 10% owner buy into the IPO. The more than 2.02 million shares of this oncology company acquired altogether, at $17.00 apiece, added up to over $34.42 million. The stock ended the week trading at $16.37 per share.
A Director at PotlatchDeltic (NASDAQ: PCH) is Selling Shares (Analyst Ratings)
Yesterday, a Director at PotlatchDeltic (PCH), Michael Covey, sold shares of PCH for $4.79M. Following Michael Covey’s last PCH Sell transaction on March 08, 2018, the stock climbed by 17.6%. In addition to Michael Covey, 2 other PCH executives reported Sell trades in the last month. Based on PotlatchDeltic’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $354 million and quarterly net profit of $131 million.
First Horizon Corp (FHN) President and CEO D Bryan Jordan Sold $4.3 million of Shares (Guru Focus)
President and CEO of First Horizon Corp, D Bryan Jordan, sold 230,642 shares of FHN on 04/29/2021 at an average price of $18.56 a share. The total sale was $4.3 million.
