Clinton Group Sells Some More ValueVision Media Inc (VVTV) Shares

Greg Taxin‘s Clinton Group has sold 412,137 shares of ValueVision Media Inc (NASDAQ:VVTV). Following the disposal of shares, the fund holds in aggregate around 2.7 million shares of the company. The main amount of securities has been disposed in ten transactions, the price varying from $6.59 to $6.80 per share. In addition to that, Clinton sold 122,500 shares, held under the “Call” option, at the price of $5.00 apiece. ValueVision Media Inc (NASDAQ:VVTV) in the third quarter reported a 7% surge in sales from $138 million in the third quarter of 2012 to $147 million. The sales got a boost from its Fashion & Accessories and Home & Consumer Electronics categories. The net loss reduced from $4 million in the third quarter of 2012 to $1 million this quarter.

Earlier, Clinton has formed an activist group with another shareholder of ValueVision Media Inc (NASDAQ:VVTV),  Carlo Cannell‘s Cannell Capital. Both funds planned to call a shareholders meeting, but the company declined their request. Earlier in November, Cannell reported about holding 5.54 million shares of ValueVision, part of which being held by Clinton Group.

Another hedge fund that owns a large amount of shares of the company is Par Capital Management, managed by Paul Reeder And Edward Shapiro owns 3.56 million shares valued at $15.5 million.

Of late Clinton Group, announced that it is looking into financing alternatives, which will allow Clinton Group to make an offer to acquire the equity of  The Wet Seal, Inc. (NASDAQ:WTSL), thereby taking the company private. Clinton owns 6.9 million class A shares of Wet Seal, versus 6.5 million, including options, held at the end of September.

Clinton Group also finds Service sector companies and Basic Materials attractive and holds 3.23 million shares of Everyware Global Inc (NASDAQ:EVRY), valued at $36.88 million. In Nutrisystem Inc (NASDAQ:NTRI) the fund owns 1.39 million shares, worth over $20 million.

Disclosure: none

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