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Sparton Corp (SPA): Engine Capital Signs Agreement & Appoints Two Directors

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According to a recent 13D filing with the US SEC, Arnaud Ajdler‘s Engine Capital has signed a settlement agreement with Sparton Corp (NYSE:SPA), upon which, among the other things, the company granted to increase the size of the board to 8 directors and appoint Alan L. Bazaar and John A. Janitz as independent members to the board effective immediately. Engine Capital, on the other hand,  agreed to vote its shares in support of all the Sparton Corp’s nominees that will include Bazaar, Janitz and Messrs at the company’s 2016 annual meeting of shareholders, and not to nominate any person for election and not to acquire more than 9.9% of the company’s outstanding shares. Arnaud Ajdler’s Engine Capital owns 367,787 common shares of Sparton Corp (NYSE:SPA), which account for 3.7% of the company’s outstanding stock.

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Sparton Corporation is a company that, together with its subsidiaries, provides electromechanical devices and serves a variety of markets such as military and aerospace, medical, and industrial to name a few, through two business sectors – Engineered Components & Products and Manufacturing & Design Services (MDS). Over the past 12 months, the company’s shares have dropped by 20.58%. For the third quarter of fiscal 2016, the company reported earnings per share of 0.34 beating the estimates of $0.32, and a revenue of $102.17 million, missing the estimates of $105.16 million.

There was a decrease in the number of hedge funds supporting Sparton Corp (NYSE:SPA), and 7 investors from Insider Monkey’s database, reported long positions in this stock as of the end of 2015, compared to 6 hedge funds a quarter earlier. The most valuable position was reported by Ed Beddow and William Tichy’s Beddow Capital Management, valued $11.4 million, and the second biggest position was held by Jim Simons’ Renaissance Technologies, worth around $5.6 million in stock. Other investors that were bullish on this stock encompass Israel Englander’s Millennium Management, and D. E. Shaw’s D E Shaw.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Name Sole Voting Power Shared Voting Power Sole Dispositive Power Shared Dispositive Power Aggregate Amount Owned Power Percent of Class
ENGINE CAPITAL 320,319 311,589 320,319 311,589 320,319 3.3%
ENGINE JET CAPITAL 47,468 311,589 47,468 311,589 47,468 less than 1%
ENGINE CAPITAL MANAGEMENT 367,787 311,589 367,787 311,589 367,787 3.7%
ENGINE INVESTMENTS 367,787 311,589 367,787 311,589 367,787 3.7%
ARNAUD AJDLER 367,787 367,787 367,787 3.7%
NORWOOD CAPITAL PARTNERS 7,524 7,524 311,589 3.2%
NORWOOD INVESTMENT PARTNERS 311,589 3.2%
NORWOOD INVESTMENT PARTNERS GP 311,589 3.2%
CHARLES H. HOEVELER 319,113 3.2%

Page 1 of 17 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d-2(a)
(Amendment No. 1)1
Sparton Corporation
(Name of Issuer)
Common Stock, $1.25 par value
(Title of Class of Securities)
847235108
(CUSIP Number)
STEVE WOLOSKY, ESQ.
OLSHAN FROME WOLOSKY LLP
1325 Avenue of the Americas
New York, New York 10019
(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)
May 4, 2016
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.
_______________
1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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