Filing Details
- Accession Number:
- 0000921895-20-001202
- Form Type:
- 13D Filing
- Publication Date:
- 2020-04-27 17:20:47
- Filed By:
- Hestia Capital Partners Lp
- Company:
- Gamestop Corp. (NYSE:GME)
- Filing Date:
- 2020-04-27
- SEC Url:
- 13D Filing
Please notice the below summary table is generated without human intervention and may contain errors. Please refer to the complete filing displayed below for exact figures.
Name | Sole Voting Power | Shared Voting Power | Sole Dispositive Power | Shared Dispositive Power | Aggregate Amount Owned Power | Percent of Class |
---|---|---|---|---|---|---|
HESTIA CAPITAL PARTNERS | 21,400 | 21,400 | 906,600 | 906,600 | 1.41% | |
HESTIA CAPITAL MANAGEMENT | 546,925 | 546,925 | 1,301,100 | 1,301,100 | 2.02% | |
KURTIS J. WOLF | 49,150 | 49,150 | 1,301,100 | 1,322,500 | 2.05% | |
PERMIT CAPITAL ENTERPRISE FUND | 5,000 | 5,000 | 2,744,031 | 2,744,031 | 4.26% | |
PERMIT CAPITAL | 2,744,031 | 2,744,031 | 4.26% | |||
PERMIT CAPITAL GP | 2,744,031 | 2,744,031 | 4.26% | |||
JOHN C. BRODERICK | 2,744,031 | 3,290,956 | 5.11% | |||
ADAM DUKOFF | 49,150 | Less than 1% | ||||
PAUL J. EVANS | 5,000 | Less than 1% |
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. 4)1
GameStop Corp.
(Name of Issuer)
Class A Common Stock, $0.001 par value per share
(Title of Class of Securities)
36467W109
(CUSIP Number)
Kurtis j. wolf HESTIA CAPITAL MANAGEMENT, LLC 175 Brickyard Road, Suite 200 Adams Township, Pennsylvania 16046 (724) 687-7842 | JOHN C. BRODERICK Permit Capital, LLC 100 Front Street, Suite 900 West Conshohocken, Pennsylvania 19428 (610) 941-5025 |
STEVE WOLOSKY, ESQ.
ELIZABETH GONZALEZ-SUSSMAN, ESQ.
OLSHAN FROME WOLOSKY LLP
1325 Avenue of the Americas
New York, New York 10019
(212) 451-2300
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
April 27, 2020
(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 ¨.
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).
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
HESTIA CAPITAL PARTNERS, LP | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
3 | SEC USE ONLY | ||||||||||||||||||
4 | SOURCE OF FUNDS | ||||||||||||||||||
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 | ||||||||||||||||||
DELAWARE | |||||||||||||||||||
NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | - 0 - | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | 906,600 | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
- 0 - | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
906,600 | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
906,600 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
1.41% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
PN |
2 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
HESTIA CAPITAL MANAGEMENT, LLC | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
3 | SEC USE ONLY | ||||||||||||||||||
4 | SOURCE OF FUNDS | ||||||||||||||||||
AF, OO | |||||||||||||||||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
DELAWARE | |||||||||||||||||||
NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | - 0 - | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | 1,301,100 | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
- 0 - | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
1,301,100 | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
1,301,100 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
2.02% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
OO |
3 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
KURTIS J. WOLF | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
3 | SEC USE ONLY | ||||||||||||||||||
4 | SOURCE OF FUNDS | ||||||||||||||||||
AF, OO, PF | |||||||||||||||||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
USA | |||||||||||||||||||
NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 21,400 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | 1,301,100 | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
21,400 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
1,301,100 | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
1,322,500 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
2.05% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
IN |
4 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
PERMIT CAPITAL ENTERPRISE FUND, L.P. | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
3 | SEC USE ONLY | ||||||||||||||||||
4 | SOURCE OF FUNDS | ||||||||||||||||||
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 | ||||||||||||||||||
DELAWARE | |||||||||||||||||||
NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | - 0 - | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | 2,744,031 | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
- 0 - | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
2,744,031 | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
2,744,031 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
4.26% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
PN |
5 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
PERMIT CAPITAL, LLC | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
3 | SEC USE ONLY | ||||||||||||||||||
4 | SOURCE OF FUNDS | ||||||||||||||||||
AF, OO | |||||||||||||||||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
DELAWARE | |||||||||||||||||||
NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | - 0 - | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | 2,744,031 | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
- 0 - | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
2,744,031 | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
2,744,031 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
4.26% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
IA |
6 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
PERMIT CAPITAL GP, L.P. | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
3 | SEC USE ONLY | ||||||||||||||||||
4 | SOURCE OF FUNDS | ||||||||||||||||||
AF, OO | |||||||||||||||||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
DELAWARE | |||||||||||||||||||
NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | - 0 - | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | 2,744,031 | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
- 0 - | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
2,744,031 | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
2,744,031 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
4.26% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
PN |
7 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
JOHN C. BRODERICK | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
3 | SEC USE ONLY | ||||||||||||||||||
4 | SOURCE OF FUNDS | ||||||||||||||||||
AF, OO, PF | |||||||||||||||||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
USA | |||||||||||||||||||
NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 546,925 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | 2,744,031 | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
546,925 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
2,744,031 | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
3,290,956 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
5.11% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
IN |
8 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
ADAM DUKOFF | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
3 | SEC USE ONLY | ||||||||||||||||||
4 | SOURCE OF FUNDS | ||||||||||||||||||
PF | |||||||||||||||||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
USA | |||||||||||||||||||
NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 49,150 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
49,150 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
49,150 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
Less than 1% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
IN |
9 |
1 | NAME OF REPORTING PERSON | ||||||||||||||||||
PAUL J. EVANS | |||||||||||||||||||
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ | |||||||||||||||||
(b) ☐ | |||||||||||||||||||
3 | SEC USE ONLY | ||||||||||||||||||
4 | SOURCE OF FUNDS | ||||||||||||||||||
PF | |||||||||||||||||||
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | ☐ | |||||||||||||||||
6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||||||||||||||||
USA | |||||||||||||||||||
NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
SHARES | |||||||||||||||||||
BENEFICIALLY | 5,000 | ||||||||||||||||||
OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
EACH | |||||||||||||||||||
REPORTING | - 0 - | ||||||||||||||||||
PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
5,000 | |||||||||||||||||||
10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
- 0 - | |||||||||||||||||||
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
5,000 | |||||||||||||||||||
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
Less than 1% | |||||||||||||||||||
14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
IN |
10 |
The following constitutes Amendment No. 4 to the Schedule 13D filed by the undersigned (“Amendment No. 4”). This Amendment No. 4 amends the Schedule 13D as specifically set forth herein.
Item 3. | Source and Amount of Funds or Other Consideration. |
Item 3 is hereby amended and restated to read as follows:
The Shares beneficially owned by each of Hestia Capital, Hestia LLC and Permit Enterprise were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases, except as otherwise noted in Schedule A, which is incorporated herein by reference. The Shares beneficially owned by Messrs. Wolf Broderick, Dukoff and Evans were purchased with personal funds.
The aggregate purchase price of the 906,600 Shares beneficially owned by Hestia Capital is approximately $4,570,485, including brokerage commissions. The aggregate purchase price of the 394,500 Shares held in the SMAs which are deemed to be beneficially owned by Hestia LLC is approximately $2,032,792, including brokerage commissions. The aggregate purchase price of the 21,400 Shares beneficially owned by Mr. Wolf is approximately $161,208, including brokerage commissions. The aggregate purchase price of the 2,744,031 Shares beneficially owned by Permit Enterprise is approximately $21,278,434, including brokerage commissions. The aggregate purchase price of the 546,925 Shares beneficially owned by Mr. Broderick is approximately $3,751,752, including brokerage commissions.
The Shares purchased by Mr. Dukoff were purchased with personal funds in the open market. The aggregate purchase price of the 49,150 Shares beneficially owned by Mr. Dukoff is approximately $194,746, including brokerage commissions.
The Shares purchased by Mr. Evans were purchased with personal funds in the open market. The aggregate purchase price of the 5,000 Shares beneficially owned by Mr. Evans is approximately $22,300, including brokerage commissions.
Item 4. | Purpose of Transaction. |
Item 4 is hereby amended to add the following:
On April 27, 2020, the Reporting Persons issued a press release announcing that they mailed a definitive proxy statement, including a White proxy card, to stockholders in conjunction with the 2020 Annual Meeting of Stockholders. The Reporting Persons also sent a letter to their fellow stockholders detailing why they believe the Issuer’s recent Board refreshment is insufficient and highlighting the steps the Issuer must take to maximize value for stockholders, including to (i) reduce the Issuer’s bloated cost structure, (ii) better align management’s compensation with performance, (iii) address liquidity concerns, (iv) think outside the box (figuratively and literally) and (v) change the narrative – from dire to great.
The Reporting Persons believe the Board remains primarily composed of directors with traditional retail backgrounds and continues to lack critical skillsets and needed perspectives. The Reporting Persons believe the Board must add stockholder-aligned directors that have the financial acumen, turnaround experience and stockholder perspective to drive real change at the Issuer.
A copy of the press release and letter is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
11 |
Item 5. | Interest in Securities of the Issuer. |
Items 5(a)-(c) are hereby amended and restated to read as follows:
The aggregate percentage of Shares reported owned by each person named herein is based upon 64,457,992 shares outstanding as of March 20, 2020 as reported in the Issuer’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 27, 2020.
A. | Hestia Capital |
(a) | As of the close of business on April 27, 2020, Hestia Capital beneficially owned 906,600 Shares. |
Percentage: Approximately 1.41%
(b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 906,600 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 906,600 |
(c) | The transactions in the Shares by Hestia Capital since the filing of Amendment No. 3 are set forth in Schedule A and are incorporated herein by reference. |
B. | Hestia LLC |
(a) | As of the close of business on April 27, 2020, Hestia LLC beneficially owned 394,500 Shares, which are held in SMAs. As the general partner of Hestia Capital, Hestia LLC may also be deemed the beneficial owner of the 906,600 Shares beneficially owned by Hestia Capital. |
Percentage: Approximately 2.02%
(b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 1,301,100 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 1,301,100 |
(c) | The transactions in the Shares by Hestia LLC since the filing of Amendment No. 3 are set forth in Schedule A and are incorporated herein by reference. |
C. | Kurtis J. Wolf |
(a) | As of the close of business on April 27, 2020, Mr. Wolf beneficially owned 21,400 Shares, which are held jointly with his wife. As the managing member of Hestia LLC, Mr. Wolf may also be deemed the beneficial owner of the (i) 906,600 Shares beneficially owned by Hestia Capital and (ii) the 394,500 Shares held in SMAs that are beneficially owned by Hestia LLC. |
Percentage: Approximately 2.05%
12 |
(b) | 1. Sole power to vote or direct vote: 21,400 2. Shared power to vote or direct vote: 1,301,100 3. Sole power to dispose or direct the disposition: 21,400 4. Shared power to dispose or direct the disposition: 1,301,100 |
(c) | Mr. Wolf has not entered into any transactions in the Shares since the filing of Amendment No. 3 to the Schedule 13D. |
D. | Permit Enterprise |
(a) | As of the close of business on April 27, 2020, Permit Enterprise beneficially owned 2,744,031 Shares. |
Percentage: Approximately 4.26%
(b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 2,744,031 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 2,744,031 |
(c) | The transactions in the Shares by Permit Enterprise since the filing of Amendment No. 3 are set forth in Schedule A and are incorporated herein by reference. |
E. | Permit LLC |
(a) | Permit LLC, as the investment adviser of Permit Enterprise, may be deemed the beneficial owner of the 2,744,031 Shares owned by Permit Enterprise. |
Percentage: Approximately 4.26%
(b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 2,744,031 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 2,744,031 |
(c) | Permit LLC has not entered into any transactions in the Shares since the filing of Amendment No. 3 to the Schedule 13D. |
F. | Permit GP |
(a) | Permit GP, as the general partner of Permit Enterprise, may be deemed the beneficial owner of the 2,744,031 Shares owned by Permit Enterprise. |
Percentage: Approximately 4.26%
(b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 2,744,031 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 2,744,031 |
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(c) | Permit GP has not entered into any transactions in the Shares since the filing of Amendment No. 3 to the Schedule 13D. |
G. | John C. Broderick |
(a) | As of the close of business on April 27, 2020, Mr. Broderick beneficially owned 546,925 Shares, including 3,825 Shares held by his wife, of which Mr. Broderick maintains voting and dispositive power. As a partner of Permit GP, Mr. Broderick may also be deemed the beneficial owner of the 2,744,031 Shares beneficially owned by Permit Enterprise. |
Percentage: Approximately 5.11%
(b) | 1. Sole power to vote or direct vote: 546,925 2. Shared power to vote or direct vote: 2,744,031 3. Sole power to dispose or direct the disposition: 546,925 4. Shared power to dispose or direct the disposition: 2,744,031 |
(c) | The transaction in the Shares by Mr. Broderick since the filing of Amendment No. 3 is set forth in Schedule A and is incorporated herein by reference. |
H. | Adam Dukoff |
(a) | As of the close of business on April 27, 2020, Mr. Dukoff beneficially owned 49,150 Shares. |
Percentage: Less than 1%
(b) | 1. Sole power to vote or direct vote: 49,150 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 49,150 4. Shared power to dispose or direct the disposition: 0 |
(c) | The transaction in the Shares by Mr. Dukoff since the filing of Amendment No. 3 is set forth in Schedule A and is incorporated herein by reference. |
I. | Paul J. Evans |
(a) | As of the close of business on April 27, 2020, Mr. Evans beneficially owned 5,000 Shares. |
Percentage: Less than 1%
(b) | 1. Sole power to vote or direct vote: 5,000 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 5,000 4. Shared power to dispose or direct the disposition: 0 |
(c) | The transaction in the Shares by Mr. Evans since the filing of Amendment No. 3 is set forth in Schedule A and is incorporated herein by reference. |
As of the date hereof, the Reporting Persons collectively beneficially owned an aggregate of 4,667,606 Shares, constituting approximately 7.24% of the Shares outstanding.
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The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer that he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.
Item 7. | Material to be Filed as Exhibits. |
99.1 | Press Release and Letter to the Stockholders, dated April 27, 2020. |
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SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
Dated: April 27, 2020
Hestia Capital Partners, LP | |||
By: | Hestia Capital Management, LLC, its General Partner | ||
By: | /s/ Kurtis J. Wolf | ||
Name: | Kurtis J. Wolf | ||
Title: | Managing Director |
Hestia Capital Management, LLC | |||
By: | /s/ Kurtis J. Wolf | ||
Name: | Kurtis J. Wolf | ||
Title: | Managing Member |
/s/ Kurtis J. Wolf | |
Kurtis J. Wolf Individually and as attorney-in-fact for Adam Dukoff and Paul J. Evans |
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Permit Capital Enterprise Fund, L.P. | |||
By: | /s/ John Broderick | ||
Name: | John Broderick | ||
Title: | Partner |
Permit Capital, LLC | |||
By: | /s/ John Broderick | ||
Name: | John Broderick | ||
Title: | Partner |
Permit Capital GP, L.P. | |||
By: | /s/ John Broderick | ||
Name: | John Broderick | ||
Title: | Partner |
/s/ John Broderick | |
John Broderick |
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SCHEDULE A
Transactions in the Shares Since the Filing of Amendment No. 3
Nature of Transaction | Amount
of Securities Purchased/(Sold) | Price per Share ($) | Date of Purchase/Sale |
Hestia Capital partners, lp
Purchase of Common Stock | 14,000 | 3.0442 | 04/02/2020 |
Purchase of Common Stock | 14,000 | 2.8178 | 04/03/2020 |
Sale of Common Stock | (14,000) | 3.9945 | 04/09/2020 |
Sale of Common Stock | (14,000) | 4.4901 | 04/13/2020 |
Sale of Common Stock | (14,000) | 6.1749 | 04/14/2020 |
Purchase of Common Stock | 14,000 | 5.4251 | 04/15/2020 |
Hestia Capital Management, LLC
(through the Separately Managed Accounts)
Purchase of Common Stock | 4,000 | 3.0200 | 04/02/2020 |
Purchase of Common Stock | 4,000 | 2.8100 | 04/03/2020 |
Sale of Common Stock | (4,000) | 3.9924 | 04/09/2020 |
Sale of Common Stock | (4,000) | 4.5154 | 04/13/2020 |
Sale of Common Stock | (4,000) | 6.1824 | 04/14/2020 |
Purchase of Common Stock | 4,000 | 5.4125 | 04/15/2020 |
PERMIT CAPITAL ENTERPRISE FUND, L.P.
Sale of Common Stock | (100,000) | 4.4150 | 03/25/2020 |
Sale of Common Stock | (125,000) | 4.4752 | 03/26/2020 |
Sale of Common Stock | (80,000) | 4.5573 | 04/13/2020 |
Sale of Common Stock | (5,000) | 6.0201 | 04/14/2020 |
John C. Broderick
Sale of Common Stock | (29,720) | 4.6550 | 04/13/2020 |
Adam Dukoff
Purchase of Common Stock | 250 | 3.3050 | 04/07/2020 |
PAUL J. EVANS
Purchase of Common Stock | 5,000 | 4.3500 | 03/25/2020 |