Luminus Management Enters Into Share Repurchase Agreement With Calpine Corporation (CPN); Sells A Third Of Its Holding

Luminus Management, run by Jonathan Barrett and Paul Segal, has sold a considerable share of its investment in Calpine Corporation (NYSE:CPN). At the end of April, Luminus had reported a massive increase in its holding of the stock to more than 41 million shares. Now, Barrett and Segal have considerably reduced their investment to 27.9 million shares, which give them control over 6.6% of the company’s common stock. The 13.2 million shares were sold in accordance with a Share Repurchase Agreement between Calpine Corporation (NYSE:CPN) and LSP Cal Holdings I, LLC, one of the funds run by Luminus Management, at a price of $23.57 apiece.

Calpine Corporation (NYSE:CPN)

Lee Ainslie is a fan of Calpine Corporation (NYSE:CPN), having increased his fund’s stake in the company by 19% during the first quarter of 2014. Maverick Capital has reported ownership of approximately 11.2 million shares in its latest 13F filing. Peter Adam Hochfelder, the manager of Brahman Capital, also likes this stock, having initiated a new position that amassed 10.3 million shares. Harris Associates, managed by Natixis Global Asset Management, holds 11.8 million shares, up 11% during the first three months of 2014.

Disclosure: none.

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