Bandera Partners Reveals Moves into Tandy Leather Factory, Inc. (TLF), Ambassadors Group Inc (EPAX), & Morgan’s Foods, Inc. (MRFD)

According to several filings with the Securities and Exchange Commission, Gregory Bylinsky and Jefferson Gramm’s hedge fund Bandera Partners has made moves into three of its holdings: Tandy Leather Factory, Inc. (NASDAQ:TLF), Ambassadors Group Inc (NASDAQ:EPAX), and Morgan’s Foods, Inc. (OTCMKTS:MRFD).

The fund has further decreased its exposure to Tandy Leather Factory, Inc. (NASDAQ:TLF). After earlier last week, Bandera reported selling around 19,000 shares of the company, in a second filing, the fund revealed trimming its stake by another 56,400 shares. The securities have been sold in two transactions, the average price amounting to approximately $9.71 per share. Following the disposal, Bandera Partners owns about 2.86 million shares of Tandy Leather Factory, Inc. (NASDAQ:TLF), which represent 28% of common stock.

Ambassadors Group, Inc. (NASDAQ:EPAX)

In another filing, Bandera reiterated holding around 3.05 million shares of Ambassadors Group Inc (NASDAQ:EPAX), the stake representing 18% of the company’s common stock. The fund boosted the holding earlier in November

Ambassadors Group Inc (NASDAQ:EPAX) is a company specialized in travel offers for students and professionals. Aside from Bandera Partners, other funds that disclosed holding of Ambassadors Group shares in the latest round of 13F filings are: Lisa Rapuano‘s Lane Five Capital, and Thomas E. Lynch‘s Mill Road Capital Management, among others. These two funds reported holding 1.19 million, and 811,600 shares respectively, with values worth $4.10 million, and $2.80 million.

In Morgan’s Foods, Inc. (OTCMKTS:MRFD), Bandera Partners also reiterated its position, which amasses around 1.05 million shares. Bandera’s stake represents 26.4% of the company’s common stock and has been initiated earlier in April 2013. The fund and the company entered into a stock purchase agreement, as well as a nomination agreement, following which Bandera got the right to nominate a representative on the company’s board.

Bandera Partners is a hedge fund that specializes on value investing and special situations. Among its largest holdings are Star Gas Partners, L.P. (NYSE:SGU), in which the fund holds 5.33 million shares, worth $26.24 million; and Google Inc (NASDAQ:GOOG) represented by a $21.68 million stake, which contains 24,750 shares.

Disclosure: none

Recommended Reading:

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