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Okumus Fund Management Reaches Settlement Agreement with Ascent Capital Group, Inc. (ASCMA)

Published on March 16, 2016 at 4:27 pm by Meena Krishnamsetty in Hedge Funds, News
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Ahmet Okumus’ Okumus Fund Management has reported holding 1.29 million shares of Ascent Capital Group Inc (NASDAQ:ASCMA) via a 13D filing with the US SEC. The position is unchanged compared with Okumus’ last 13F filing and amasses 10.5% of the company’s outstanding stock. However, the filing also revealed that Okumus had entered into an agreement with Ascent Capital Group, under the terms of which, the company would appoint Rana Kashyap to its Board as a Class III director.

“Pursuant to the terms of the Settlement Agreement, Okumus agreed, that during the term of the Settlement Agreement, among other things, to cause all shares beneficially owned by it to be voted (i) in favor of each director nominated by the Board; (ii) against any stockholder nominations for directors which are not approved or recommended by the Board; and (iii) in accordance with the Board’s recommendation with respect to all other matters, provided that (a) Okumus may vote in its sole discretion with respect to any Board-approved publicly announced proposals relating to a merger, acquisition, disposition of all or substantially all of the assets of the Issuer or other business combination (a “Business Combination”) involving the Issuer and (b) nothing in the Settlement Agreement shall prevent Okumus from announcing its views and its vote on any such Business Combination, so long as such announcement is limited to the merits and is not disparaging,” Okumus added in the filing.

Overall, a total of 10 funds among those tracked by Insider Monkey own shares of Ascent Captail Group as of the end of 2015, while the largest position is held by Francis Chou’s Chou Associates Management with a $176.6 million stake. Other investors with long positions include Mario Gabelli’s GAMCO Investors, Scott Wallace’s Wallace Capital Management and Jim Simons’ Renaissance Technologies.

On the other hand, Paul Hondros’s AlphaOne Capital Partners  unloaded its entire stake in Ascent, worth around $1.6 million.

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
Okumus Fund Management Ltd 1,289,727 1,289,727 1,289,727 10.5%
Okumus Opportunistic Value Fund, Ltd 1,289,727 1,289,727 1,289,727 10.5%
Ahmet H. Okumus 1,289,727 1,289,727 1,289,727 10.5%

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Page 1 of 8 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. 2)1
Ascent Capital Group, Inc.
(Name of Issuer)
Series A Common Stock, $0.01 par value
(Title of Class of Securities)
043632108
(CUSIP Number)
AHMET H. OKUMUS
OKUMUS FUND MANAGEMENT LTD.
767 Third Avenue, 35th Floor
New York, NY 10017
(212) 201-2640
 
STEVE WOLOSKY, ESQ.
ANDREW M. FREEDMAN, ESQ.
OLSHAN FROME WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 11, 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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