Stonerise Capital Management Trims Its Stake in Cash Store Financial Services Inc (CSFS)

In a filing with the Securities and Exchange Commission, Stonerise Capital Management, led by John C. Walker, revealed that it has edged down its position in Cash Store Financial Services Inc (NYSE:CSFS) to 781,000 shares, from 1.17 million shares held at the end of the fourth quarter of 2013.

Stonerise revealed five transactions which resulted in selling a total of 390,300 shares at an average price of $0.64 per share. Following the trimming of the stake, Stonerise Capital Management owns a 4.4 % stake of the company’s common stock.

Cash Store Financial Services

Cash Store Financial Services Inc (NYSE:CSFS) provides alternative financial products and services. Recently, the company released its first quarter results, wherein it reported a revenue of $45.2 million, versus $49.5 million in the previous quarter of last year. The loss per share for the first quarter was $0.43, compared to a loss of $0.10 per share in the previous quarter. The loan volume fell to $196.8 million from $203.5 million in the first quarter of 2013.

A couple of weeks ago, The Registrar of the Ministry of consumer Services in Ontario has refused to issue a license to the Cash Store Financial Services Inc (NYSE:CSFS)’s subsidiaries The Cash Store Inc. and Instaloans Inc. The company is not permitted to sell payday loan products in Ontario. The Cash Store Inc. is prohibited from dealing as a loan broker with respect to its basic line of credit product without a broker’s license under the “Payday Loans Act”.

Earlier, the Board constituted a special committee to take actions on matters related to Ontario, with respect to the company’s inability to sell payday loan products in Ontario. The board will also evaluate other strategic alternative that will help increase the company’s value. The company has recently elected Rothschild as its independent financial advisor to assist the company in matters related to strategic alternative review processes. On the back of these developments, the stock of The Cash Store has dropped by over 70% since the beginning of the year.

Of the other hedge funds we track, Christopher Shackelton and Adam Gray, managed by Coliseum Capital, is the largest shareholder of Cash Store Financial Services Inc (NYSE:CSFS), holding 3.39 million shares, worth $5.42 million, as at the end of the fourth quarter of 2013.

Stonerise Capital Management, is an equity-focused fund, the fund has a very concentrated portfolio. It has 13.24% of its portfolio invested in Outerwall Inc (NASDAQ:OUTR), where the fund held 514,300 shares, worth $34.60 million. Next is portfolio, is Liberty Interactive (Interactive group) (NASDAQ:LINTA), wherein the fund holds 1.10 million shares, with a reported value of $32.29 million. Liberty Interactive is followed by Iron Mountain Incorporated (NYSE:IRM), with a $30.35 million stake, which contains 1.0 million shares.

Disclosure: none

Recommended Reading:

Crosslink Capital Cuts Stake in Pandora Media Inc (P); ESL Investments Sells Some More AutoNation, Inc. (AN) Shares

Corvex Capital Ups Its Stake in Williams Companies, Inc. (WMB); Soroban’s Eric Mandelblatt To Join Company’s Board

Hedge Fund News: Carl Icahn, John Paulson & Paul Singer

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

Insider Monkey beat the market by 52 percentage points in 24 months Click to see monthly returns in table format!

Lists

10 Glaring Plot Holes in The Walking Dead that a Zombie-Filled Bus Could Drive Through

The 5 Biggest Celebrity Stoners Who Love Their Reefer

The 10 Most Overrated Movies Of All Time by Out-of-Touch Critics

Top 6 Least Expensive Cruise Destinations For 2015 that Will Take You to Paradise

10 States with Lowest Substance Abuse Rates in America

The 14 Most Watched TV Finales Ever

The 10 Best Selling Role Playing Games of All Time for PC

10 Most Influential Papers In Economics

Top 8 Biggest Charities in the US

10 Worst Celebrity Career Moves Ever

Top 10 Best Paid Tennis Stars in the World

10 Cities with High Demand for Nurses

6 of the Worst Greeting Card Messages Ever Crafted

6 Ways to Make Money in ArcheAge and Build Your Empire

10 Foods To Eat To Lower Cholesterol Levels

The 10 Most Hated Television Characters of All Time

The 30 Worst Halloween Costume Ideas Ever Brought to Horrible Life

10 Vocational Skills in Demand Today with Jobs Waiting to be Filled

10 Best Places to Visit in Central and South America

The 10 Greatest Empires in History Which Nearly Conquered the World

The 6 Cheapest Boarding Schools In America 2015

5 Clear Reasons LoL is Better than DotA, Continues to Rule MOBAs

The Only 9 Teams with a Chance to Win the Super Bowl

The 15 Most Common Phobias in America that Induce Fits of Panic

Top 6 Least Expensive Tourist Destinations in 2014

Jim Goetz, Peter Fenton, Jim Breyer: Top 6 Venture Investors for 2014

Top 15 Billionaires in 2014

5 Pitfalls To Avoid When Buying a Franchise

Top 20 Medical Schools in the US – 2014 Rankings

4 Business Strategies that Turned Jamie Oliver into the World’s Richest Chef

6 Qualities That Make You A Good Team Player

10 High Paying Seasonal Jobs in America this Holiday Season

The 10 Busiest Shipping Lanes in the World

5 Most Valuable Brands in China

The 10 States with Highest Substance Abuse Rates Crippling Their Populace

The Top 10 Things to Do Before You Die That Will Echo for Eternity

The 10 Best Selling Items on Etsy

Top 10 Things to Do in Tokyo, the Greatest City in the World

10 Mistakes on Social Media that Can Harm You and Will Probably Get You Canned

The 10 Best Cities to Find Jobs in 2014

The 10 Most Controversial Songs Of All Time to Hit (and get Banned from) the Airwaves

The 20 Biggest IPOs in US History

The 10 Best Places to Visit in Mexico that Are Beautiful and Safe

7 Bad Habits that Age You Beyond Your Years

The 40 Best Fortune Cookie Sayings That Will Leave You Bemused, Befuddled, or Beguiled

10 Foods to Eat Before a Workout to Make Every Drop of Sweat Count

The 5 Best Documentaries On Netflix You Must See

The Most Heartwarming and Inspirational Story Of This Halloween Season, It Will Make You Cry and Jump For Joy

10 Best Party Songs of All Time to Bring the House Down With

5 New World Order Conspiracy Theories that Will Strangle the World

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!