Rangeley Capital LLC, Managed by Christopher DeMuth, Jr. has disclosed an increase of approximately 4% in its position in Ocean Shore Holding Co (NASDAQ:OSHC), a $98.3 million market cap federally chartered savings and loan holding company for Ocean City Home Bank. Rangeley disclosed ownership of 560,818 shares of the company, up from 539,508 shares declared on November of 2013.
Rangeley Capital’s stake of 560,818 shares accounts for 8.3% of Ocean Shore Holding Co (NASDAQ:OSHC)’s outstanding stock, and is worth more than $8.15 million. In addition to this fund, Howard Guberman’s Gruss Asset Management last declared ownership of 160,000 shares of Ocean Shore Holding Co (NASDAQ:OSHC). Another fund with big stakes in the company is Roaring Blue Lion Capital Management LP, which owns 308,966 shares.
I should highlight, as it was previously reported, that this position has an activist nature. In fact, in its previous 13D filing, the fund had attached a “letter to Ocean Shore’s board in which it stated that the Board of the company must initiate a strategic review of the company and come up with some actions meant to increase the value for shareholders. One of the solutions which the Board should consider is the sale of the company.”
While Rangeley Capital has consistently increased its stake in Ocean Shore Holding Co (NASDAQ:OSHC) over the past several months, the case has been the opposite regarding OBA Financial Services Inc (NASDAQ:OBAF), which last saw the fund decrease its stake, from 237,993 shares to 214,239 shares.
Rangeley Capital LLC is a New Canaan, Connecticut-based hedge fund founded in 2007 by Chris DeMuth and Richard Townsend. It specializes in event-driven strategies. Before co-founding the fund, Mr. DeMuth was a securities analyst for the event driven strategy of Mangan & McColl Partners, and Mr. Townsend had served as the Chief Financial Officer for Loral Space & Communications Ltd. (NASDAQ:LORL) since1998, and as Executive Vice President since 2003.
Disclosure: Javier Hasse holds no position in any stocks or funds mentioned