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Global Power Equipment Group Inc. (GLPW): Nelson Obus of Wynnefield Capital Appointed to Board

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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.

Nelson Obus

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%.

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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%
Nelson Obus 0 3,167,718 0 3,167,718 3,167,718 18.5%
Joshua Landes 0 3,167,718 0 3,167,718 3,167,718 18.5%

Nelson Obus
Nelson Obus
Wynnefield Capital

Page 1 of 12 – SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13D/A

(Amendment No. 2)

Under the Securities Exchange Act of 1934

GLOBAL POWER EQUIPMENT GROUP, INC.

(Name of Issuer)

 

Common Stock, $0.01 par value

(Title of Class of Securities)

 

37941P306

(CUSIP Number)

Wynnefield Partners Small Cap Value, L.P.

450 Seventh Avenue, Suite 509

New York, New York 10123

Attention: Mr. Nelson Obus

Copy to:

Jeffrey S. Tullman, Esq.

Kane Kessler, P.C.

1350 Avenue of the Americas, 26th Floor

New York, New York 10019

(212) 541-6222

(Name, Address and Telephone
Number of Person Authorized to Receive Notices and Communications)

June 27, 2016

(Date of Event which requires Filing of
this Statement)

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 ¨

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