Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Shah Capital Management Buys 1.0 Mln Shares of UTStarcom Holdings Corp (UTSI)

Himanshu H. Shah‘s Shah Capital Management has reported acquiring a total of 1.0 million shares of UTStarcom Holdings Corp (NASDAQ:UTSI). Following the increase, Shah holds in aggregate a total of 7.54 million shares, which represent of 21.01% of the company’s common stock. The new securities have been acquired in one deal, at a price of $2.54 apiece.

UTStarcom Holdings Corp (NASDAQ:UTSI)

According to the filing with the SEC, Shah acquired the shares under the terms of a purchase and sale agreement between UTStarcom Holdings Corp (NASDAQ:UTSI) and Shah as buyers and Softbank America Inc as the seller. Softbank agreed to sell a total of over 4.88 million shares at a price of $2.54 apiece. Following the execution of the plan, Softbank sold its entire position in the company. According to a statement, Softbank has been a major shareholder of UTStarcom since 1995 and it sold its holding due to a change in its investment strategy.

Earlier, Shah Capital Management intended to acquire UTStarcom Holdings Corp (NASDAQ:UTSI). However, in November, the fund reported about the withdrawal of its proposal. At the same time, in November, Shah reduced its exposure to the company to 6.54 million shares, equal to around 17%, from 6.86 million held previously.

UTStarcom Holdings Corp (NASDAQ:UTSI) is a telecommunications company engaged in IP-based network solutions. In addition to Shah, Phil Frohlich’s Prescott Group Capital Management also holds shares of UTStarcom, its stake amassing 2.31 million shares, with a reported value of $6.35 million, as of the end of September 2013. Another shareholder is Chuck Royce’s Royce & Associates, with a holding of 336,900 shares, worth $926,000 as in its latest 13F.

In the equity portfolio of Shah Capital Management, UTStarcom Holdings Corp (NASDAQ:UTSI) represents one of the largest positions. However, the biggest one, in terms of value is represented by China Yuchai International Limited (NYSE:CYD), in which the fund owns 2.31 million shares, with a reported value of $54.83 million.

Disclosure: none

Recommended Reading:

Senator Investment Group Takes a Massive Stake in Trade Street Residential Inc (TSRE)

Why Jim Cramer is Listening to This Fund Manager

Hedge Fund News: Paul Singer, David Einhorn & Stephen Mandel

Biotech Stock Alert - 20% Guaranteed Return in One Year

Hedge Funds and Insiders Are Piling Into

One of 2015's best hedge funds and two insiders snapped up shares of this medical device stock recently. We believe its transformative and disruptive device will storm the $3+ billion market and help it achieve 500%-1000% gains in 3 years.

Get your FREE REPORT and the details of our 20% return guarantee today.

Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading Comments...

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 102% in 3 years!! Wondering How?

Download a complete edition of our newsletter for free!