Voce Capital Dumps Stake In FBR & Co. (FBRC)

Having failed to gain director seats on the board of FBR & Co (NASDAQ:FBRC), J. Daniel Plants and his fund, Voce Capital, have liquidated their position in the company, as shown in a recently amended filing with the Securities and Exchange Commission. The fund previously held 387,025 shares, which accounted for approximately 5.2% of FBR & Co’s outstanding stock.

Prior to FBR & Co (NASDAQ:FBRC) annual shareholder meeting on June 14, Voce Capital had pushed for a change in management and nominated three directors for board seats. As most of its initiatives to generate growth had failed, the management of the company came to the conclusion that the only viable development option is focusing on the advisory business, the same option Voce Capital had been advocating since it became a shareholder. However, Plants and Voce Capital argued that after so many failed attempts, a change in management was required due to its lack of credibility. In the end, Voce’s nominees were not elected and the fund acted quickly to liquidate its position.

Hedge fund interest in FBR & Co (NASDAQ:FBRC) picked up during the first quarter, as the number of long positions rose to 8 by the end of March, from 5 positions registered at the end of December. Their combined holdings amounted to nearly 13% of the company’s common stock. Matthew Hulsizer and his fund, PEAK6 Capital Management, had initiated a fresh stake in the company during the quarter, amassing 325,581 shares worth roughly $5.89 million.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Page 1 of 8 – SEC Filing