Ardsley Partners Intends To Nominate Directors In Comverge Inc.

Philip Hempleman’s Ardsley Partners intends to nominate three directors in Comverge, Inc. (COMV), including Rudolf Joachim Hoefling, David R. Kuzma and James J. Moore, according to a SEC regulatory filing. Ardsley Partners does not make change to its 6.6% activist stake in Comverge since the end of September. Initially Ardsley Partners reported its COMV on August 11th and reported 1.75 million shares or 6.9% activist stake. The firm now still holds 1.68 million shares in the company.

At the end of the third quarter, Stuart Peterson’s Artis Capital Management was Comverge’s largest hedge fund stakeholder. The firm decreased its position by 14% and retained 3.01 million shares. Richard Schimel’s Diamondback Capital had 759 thousand shares in the stock.

According to Yahoo, Ardsley Partners is a $1 billion equity-focused hedge fund company. “Through various funds (including Ardsley Offshore Fund, Ardsley Partners Fund II, Ardsley Partners Institutional Fund, and Augusta Partners), the company invests globally in rapidly growing companies. It favors chemical and chemical-based product makers; its portfolio has included Aventine Renewable Energy Holdings, Pioneer Companies, Solutia, and Tronox. Ardsley Partners was founded in 1987 by CEO Philip Hempleman who is a generous donor to the Democratic Party, including Hillary Rodham Clinton.”

Comverge, Inc. is “a provider of intelligent energy management (IEM). The company provides its IEM solutions through two segments: the Residential Business segment and the Commercial & Industrial (C&I) Business segment. As of December 31, 2010, the company owned or managed 3,732 megawatts. During the year ended December 31, 2010, it sold 210,000 units of thermostats and digital control units,” according to Google Finance.

Dividend Stock Alert - Billionaire Robbins' Top Dividend Idea With 70% Upside Potential

Get Paid 3.5% Per Year While Waiting For The Stock Appreciate 70%

Larry Robbins' Glenview Capital Opportunity Fund returned 101.7% in 2013 and Robbins personally made $750 million. The same fund returned 25.3% in 2014. In this FREE REPORT we will share Robbins' top dividend idea that yields 3.5% and has been increasing its dividends for 39 consecutive years. Robbins thinks the stock has the potential to appreciate 70%.

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Click Here to Read Comments
X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!