Richard C. Perry’s Perry Corp revealed 4.6 million shares, or 12.69% activist stake in North American Energy Partners Inc. (NOA) in a 13D filing on October 31st. Perry Corp does not change its previous quarter’s position in NOA, and the firm amend the stake because George Brokaw resigned from his position, as an employee of Perry Corp. NOA is in a downturn throughout the year 2011. The stock so far has lost 45% and is trading at $6.76 most recently.
In the second quarter, totally five hedge funds had NOA in their positions. Richard C. Perry’s Perry Corp took the most, with 4.6 million shares as mentioned above. Phil Falcone’s Harbinger took the second place and had 3.6 million shares.
According to the firm’s official profile, Perry Corporation “services thousands of companies in a variety of industries, including financial services, health care, technology, manufacturing, education, telecommunications and utilities”. The firm had a total investment capital of $3.4 billion in the second quarter.
North American Energy Partners Inc. is a provider of heavy construction and mining, piling, and pipeline installation services in Canada. The company operates Heavy Construction and Mining segment, Piling segment, and Pipeline segment. The company has approximately 780 pieces of diversified heavy construction equipment and 750 ancillary vehicles. It mainly help customers in the oil sands, industrial, commercial, public, and pipeline construction markets. The company was founded in 1953 and is based in Calgary, Canada