Greg Boland‘s West Face Capital recently reported lowering its stake in Sunopta Inc. (NASDAQ:STKL) via an amended 13D filing with the Securities and Exchange Commission. According to the filing, the fund has sold 550,000 common shares of the company, decreasing its stake in it to 6.35 million common shares, which amass 7.4% of SunOpta’s outstanding stock.
SunOpta is a health food company engaged in organic food production which works through two sectors: Consumer Products and Global Ingredients. Over the past 12 months, the company’s stock has lost 23.14%. For the second quarter of fiscal year 2016, SunOpta disclosed earnings per share of $0.05 and revenue of $348.15 million, both falling below analysts’ estimates of a loss per share of $0.03 and revenue of $361.55 million. Earlier this month, DA Davidson boosted its price target on SunOpta’s stock to $7.50 from $7.00 and has a ‘Buy’ rating on it.
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At the end of June, investors in our database long Sunopta Inc. (NASDAQ:STKL) included Jason Karp’s Tourbillon Capital Partners, with a position worth $35.41 million, Chuck Royce’s Royce & Associates with a $5.9 million position, Ken Griffin’s Citadel Investment Group, and Matthew Knauer and Mina Faltas’ Nokota Management. New investors of the stock during the second quarter were John Segrich and Michael Molnar’s Lorem Ipsum Management, which had $733,000 invested in the company by the end of the quarter, Youlia Miteva’s Proxima Capital Management, which acquired a $648,000 position, and Jacob Gottlieb’s Visium Asset Management. An investor who lost optimism for Sunopta (NASDAQ:STKL) and sold off its position which had been valued at $62,000 at the end of March was Paul Marshall and Ian Wace’s Marshall Wace LLP.
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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 |
|---|---|---|---|---|---|---|
| WEST FACE CAPITAL INC | 0 | 6,353,343 | 0 | 6,353,343 | 6,353,343 | 7.4% |
| GREGORY A. BOLAND | 0 | 6,353,343 | 0 | 6,353,343 | 6,353,343 | 7.4% |
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Page 1 of 6 – SEC Filing
Page 2 of 6 – SEC Filing
| SCHEDULE 13D | ||
| CUSIP No: 8676EP108 | Page 2 of 6 Pages |
| 1 | NAMES OF REPORTING PERSONS | ||||
| I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | |||||
| WEST FACE CAPITAL INC. | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) | ☐ | ||
| (b) | ☐ | ||||
| 3 | SEC USE ONLY | ||||
| 4 | SOURCE OF FUNDS (SEE INSTRUCTIONS) | ||||
| WC | |||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) | ☐ | |||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
| Canada | |||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | |||
| 0 | |||||
| 8 | SHARED VOTING POWER | ||||
| 6,353,343 | |||||
| 9 | SOLE DISPOSITIVE POWER | ||||
| 0 | |||||
| 10 | SHARED DISPOSITIVE POWER | ||||
| 6,353,343 | |||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
| 6,353,343 | |||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ☐ | |||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||
| 7.4% | |||||
| 14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
| CO, FI | |||||
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Page 3 of 6 – SEC Filing
| SCHEDULE 13D | ||
| CUSIP No: 8676EP108 | Page 3 of 6 Pages |
| 1 | NAMES OF REPORTING PERSONS | ||||
| I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) | |||||
| GREGORY A. BOLAND | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) | ☐ | ||
| (b) | ☐ | ||||
| 3 | SEC USE ONLY | ||||
| 4 | SOURCE OF FUNDS (SEE INSTRUCTIONS) | ||||
| WC | |||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) | ☐ | |||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
| Canada | |||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | |||
| 0 | |||||
| 8 | SHARED VOTING POWER | ||||
| 6,353,343 | |||||
| 9 | SOLE DISPOSITIVE POWER | ||||
| 0 | |||||
| 10 | SHARED DISPOSITIVE POWER | ||||
| 6,353,343 | |||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
| 6,353,343 | |||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ☐ | |||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||
| 7.4% | |||||
| 14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
| IN, HC | |||||
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Page 4 of 6 – SEC Filing
| SCHEDULE 13D | ||
| Page 4 of 6 Pages |
| Item 1. | Security and Issuer |
This Amendment No. 8 to Schedule 13D is being filed by West Face Capital Inc. (“West Face”) and Gregory A. Boland (“Mr. Boland”) (collectively, the “Reporting Persons”), pursuant to §240.13d-2(a), to amend the Schedule 13D filed on February 23, 2012 (“Initial Schedule 13D”) as amended by Amendment No. 1 filed on May 18, 2012, Amendment No. 2 filed on August 15, 2013, Amendment No. 3 filed on August 28, 2014, Amendment No. 4 filed on September 8, 2014, Amendment No. 5 filed on August 14, 2015, Amendment No. 6 filed on September 30, 2015, and Amendment No. 7 filed on January 5, 2016 (each Amendment together with the Initial Schedule 13D, the “Amended Schedule 13D”) relating to the Common Shares, no par value (the “Shares”), of SunOpta Inc. (the “Issuer” or the “Company”), whose principal executive offices are located at 2233 Argentia Road, Mississauga, Ontario L5N 2X7, Canada. Except as set forth below, all Items of the Amended Schedule 13D remain unchanged. All capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Amended Schedule 13D.
| Item 5. | Interest in Securities of the Issuer |
| Item 7. | Material to be Filed as Exhibits. |
| Exhibit C: | Schedule of Transactions |
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Page 5 of 6 – SEC Filing
| SCHEDULE 13D | ||
| Page 5 of 6 Pages |
| WEST FACE CAPITAL INC. | |||
| By: | /s/ John R. Maynard | ||
| Name: | John R. Maynard | ||
| Title: | Attorney-in-fact for Gregory A. Boland | ||
| President and Chief Executive Officer of | |||
| West Face Capital Inc. | |||
| GREGORY A. BOLAND | |||
| By: | /s/ John R. Maynard | ||
| Name: | John R. Maynard | ||
| Title: | Attorney-in-fact for Gregory A. Boland | ||
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Page 6 of 6 – SEC Filing
| SCHEDULE 13D | ||
| Page 6 of 6 Pages |
| Name of Account | Date of Transaction | Nature of Transaction | Quantity of Shares | Weighted-Average Price per Share |
| West Face Long Term Opportunities Global Master L.P. | 07/27/2016 | Sale | 147,662 | $5.4980 (1) |
| West Face Long Term Opportunities Global Master L.P. | 07/28/2016 | Sale | 52,338 | $5.4790 (2) |
| West Face Long Term Opportunities Global Master L.P. | 08/15/2016 | Sale | 217,815 | $6.5008 (3) |
| West Face Long Term Opportunities Global Master L.P. | 08/16/2016 | Sale | 98,085 | $6.5145 (4) |
| West Face Long Term Opportunities Global Master L.P. | 08/18/2016 | Sale | 34,100 | $6.4067 (5) |
1. The actual prices for these transactions range from $5.4962 to $5.50, inclusive. The Reporting Persons further undertake to provide upon request by the Commission staff, the Company, or a security holder of the Company, full information regarding the number of Shares sold at each separate price with the ranges set forth in footnotes (1) through (5) to this Schedule 13D.
