A newly-amended 13D filing with the US Securities and Exchange Commission filed by Nelson Obus and Joshua Landes‘ Wynnefield Capital on Global Power Equipment Group Inc. (NYSE:GLPW) revealed that the company, pursuant to the previous Election and Nomination Agreement, has appointed Nelson Obus to the board of directors and to the company’s nominating and corporate governance committee to serve until the next annual meeting of shareholders. Earlier, upon signing the agreement, the company has appointed David A. B. Brown to serve on the board.
Global Power Equipment Group (NYSE:GLPW) also granted to add both Mr. Obus and David A. B. Brown in its slate of board nominees for election at the 2016 annual meeting of shareholders. Both Mr. Brown and Mr.Obus will obtain compensation for serving as directors following the company’s non-employee director compensation program. Nelson Obus and Joshua Landes’ Wynnefield Capital currently owns 3.17 million common shares that represent 18.5% of the total outstanding stock.
Global Power Equipment Group is a company that offers professional maintenance services in industrial, energy, and infrastructure and process fields, while also providing customer-engineered equipment. Over the past 12 months, the company stock has lost 72.87%.
Among hedge funds tracked by Insider Monkey, at the end of March, the most valuable position in Global Power Equipment Group (NYSE:GLPW) was held by Wynnefield Capital, while the second largest position was disclosed by Peter Schliemann’s Rutabaga Capital Management, worth around $1.6 million. Some other investors long the stock are Jeffrey Gendell’s Tontine Asset Management, Jeffrey Bronchick’s Cove Street Capital, and Paul Tudor Jones’s Tudor Investment Corp.
Investors who lost interest in this stock and sold off their positions include Phil Frohlich’s Prescott Group Capital Management, which dropped a position worth $3.2 million in stock, and Charles Frumberg’s Emancipation Capital, which dumped $3.1 million worth
You can access the original SEC filing by clicking here.
Ownership Summary Table
|Name||Sole Voting Power||Shared Voting Power||Sole Dispositive Power||Shared Dispositive Power||Aggregate Amount Owned Power||Percent of Class|
|Wynnefield Partners Small Cap Value||963,454||0||963,454||0||963,454||5.6%|
|Wynnefield Partners Small Cap Value||1,573,953||0||1,573,953||0||1,573,953||9.2%|
|Wynnefield Small Cap Value Offshore Fund, Ltd. (No||530,306||0||530,306||0||530,306||3.1%|
|Wynnefield Capital, Inc. Profit Sharing Money Purchase Plan||100,005||0||100,005||0||100,005||.6%|
|Wynnefield Capital Management||2,537,407||0||2,537,407||0||2,537,407||14.8%|
|Wynnefield Capital, Inc. 13-3688495||530,306||0||530,306||0||530,306||3.1%|
Page 1 of 12 – SEC Filing
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Amendment No. 2)
Under the Securities Exchange Act of 1934
(Name of Issuer)
(Title of Class of Securities)
Wynnefield Partners Small Cap Value, L.P.
450 Seventh Avenue, Suite 509
New York, New York 10123
Attention: Mr. Nelson Obus
Jeffrey S. Tullman, Esq.
Kane Kessler, P.C.
1350 Avenue of the Americas, 26th Floor
New York, New York 10019
(Name, Address and Telephone
Number of Person Authorized to Receive Notices and Communications)
(Date of Event which requires Filing of
If the filing person has previously filed
a statement on Schedule 13G to report the acquisition which 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 ¨