Anchorage Advisors Sells Over 1 Million Shares In Central Pacific Financial Corp. (CPF)

Anchorage Advisors, managed by Kevin Michael Ulrich and Anthony Davis, has revealed reducing its position in Central Pacific Financial Corp. (NYSE:CPF). In a new filing with Securities and Exchange Commission, Anchorage reported selling around 1.39 million shares of the company at $20.2 per share. The fund now owns 8.07 million shares, down from 9.46 million shares held previously. The new position amasses 22.5% of common stock.

Anchorage Advisors Kevin Ulrich

The securities have been sold to the company under the terms of an agreement. In February 2014, the company entered into repurchase agreements with each of Carlyle Financial Services Harbor LP and ACMO-CPF LLC (Anchorage) to purchase up to $28.1 million worth of shares from each of Carlyle and Anchorage, or an aggregate of $56.2 million, for the price at which shares are purchased in the tender offer. The conditions to the repurchase agreement were satisfied on April 7, the eleventh business day following the expiration date of the offer. At the end of last month, Central Pacific Financial Corp. (NYSE:CPF) announced the final results of its modified Dutch Auction tender offer. The company has accepted for purchase 3.41 million shares of common stock at a purchase price of $20.20 per share for a total cost of about $68.8 million, excluding fees and expenses relating to the tender offer.

Central Pacific Financial Corp. (NYSE:CPF) is a Hawaii-based bank holding company with about $4.7 billion in assets. The company’s primary subsidiary is Central Pacific Bank, which operates more than 30 branches in the state of Hawaii.

As of the end of the fourth quarter of 2013, Michael Thompson’s Bhr Capital held 1.40 million shares, while Matthew Lindenbaum’s Basswood Capital disclosed ownership of 1.11 million shares.

New York-based Anchorage Advisors was founded in 2003 by Kevin Michael Ulrich and Anthony Davis. The fund’s portfolio value was $2.6 billion at the end of 2013. Houghton Mifflin Harcourt Co. (NASDAQ:HMHC) is represented as the most valuable holding, in which Anchorage Advisors owned 21.39 million. In American International Group Inc (NYSE:AIG), the fund disclosed owning 2.51 million shares.

Disclosure: none

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