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
blog comments powered by Disqus
Insider Monkey Headlines
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 30 percentage points in 13 months Learn how!

Subscribe

Enter your email:

Delivered by FeedBurner

X

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 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!