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Sunopta Inc. (STKL): West Face Capital Continues To Sell Shares

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A newly-amended 13D filing with the SEC revealed that Greg Boland‘s West Face Capital has further decreased its stake in Sunopta Inc. (NASDAQ:STKL), with it currently owning 4.25 million shares, which represent 4.97% of the company’s outstanding stock. Previously, West Face Capital held 6.35 million shares, which accounted for 7.4% of the stock’s float, as per its previous 13D filing on the company dated August 19.

SunOpta is a health food company engaged in the production of non-genetically modified food, operating in two divisions: Global Ingredients and Consumer Products. Since the beginning of the year, the company’s stock has lost 9.73%. In its financial report for the second quarter of 2016, SunOpta reported a loss per share of $0.05 and revenue of $348.15 million, compared to EPS of $0.07 and revenue of $277.59 million for the same quarter a year earlier.

Africa Studio/Shutterstock.com

Africa Studio/Shutterstock.com

Among the pool of successful investors followed by Insider Monkey, 17 reported long positions in Sunopta (NASDAQ:STKL) as of the end of June, down by one from the end of March. Some of the bullish investors included Jason Karp’s Tourbillon Capital Partners, which held a position worth around $35.41 million, Chuck Royce’s Royce & Associates, with a $5.87 million position, Ken Griffin’s Citadel Investment Group, Matthew Knauer and Mina Faltas’ Nokota Management, Jim Simons’ Renaissance Technologies, and Mario Gabelli’s GAMCO Investors.

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Some of the new investors in the stock during the quarter encompassed John Segrich and Michael Molnar’s Lorem Ipsum Management, which had $733,000 invested in the company, Youlia Miteva’s Proxima Capital Management, which initiated a position valued at $648,000 on June 30, and Gavin Saitowitz and Cisco J. Del Valle’s Springbok Capital.

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
WEST FACE CAPITAL INC 0 4,253,343 0 4,253,343 4,253,343 4.97%
GREGORY A. BOLAND 0 4,253,343 0 4,253,343 4,253,343 4.97%

Greg Boland
Greg Boland
West Face Capital

Page 1 of 6 – SEC Filing

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549
                                                                                                                                                                                        

SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 9)*
SUNOPTA INC.
(Name of Issuer)
Common Shares, no par value
(Title of Class of Securities)
8676EP108
(CUSIP Number)
Supriya Kapoor
2 Bloor Street East, Suite 3000
Toronto, Ontario M4W 1A8
(647) 724-8900
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 6, 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 Rule 13d-7 for other parties to whom copies are to be sent.
* 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 the disclosures provided in a prior cover page.
The information required in 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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