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Sunopta Inc. (STKL): West Face Capital Lowers Its Stake

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Greg Boland‘s West Face Capital recently reported lowering its stake in Sunopta Inc. (NASDAQ:STKL) via an amended 13D filing with the Securities and Exchange Commission. According to the filing, the fund has sold 550,000 common shares of the company, decreasing its stake in it to 6.35 million common shares, which amass 7.4% of SunOpta’s outstanding stock.

SunOpta is a health food company engaged in organic food production which works through two sectors: Consumer Products and Global Ingredients. Over the past 12 months, the company’s stock has lost 23.14%. For the second quarter of fiscal year 2016, SunOpta disclosed earnings per share of $0.05 and revenue of $348.15 million, both falling below analysts’ estimates of a loss per share of $0.03 and revenue of $361.55 million. Earlier this month, DA Davidson boosted its price target on SunOpta’s stock to $7.50 from $7.00 and has a ‘Buy’ rating on it.

corn, harvester, harvesting, field, ripe, monoculture, dust, agriculture, autumn, machinery, yellow, trailer, crop, combine, farm, sun, landscaped, vehicle, equipment, rural, cultivated

Fotokostic/Shutterstock.com

At the end of June, investors in our database long Sunopta Inc. (NASDAQ:STKL) included Jason Karp’s Tourbillon Capital Partners, with a position worth $35.41 million, Chuck Royce’s Royce & Associates with a $5.9 million position, Ken Griffin’s Citadel Investment Group, and Matthew Knauer and Mina Faltas’ Nokota Management. New investors of the stock during the second quarter were John Segrich and Michael Molnar’s Lorem Ipsum Management, which had $733,000 invested in the company by the end of the quarter, Youlia Miteva’s Proxima Capital Management, which acquired a $648,000 position, and Jacob Gottlieb’s Visium Asset Management. An investor who lost optimism for Sunopta (NASDAQ:STKL) and sold off its position which had been valued at $62,000 at the end of March was Paul Marshall and Ian Wace’s Marshall Wace LLP.

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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 6,353,343 0 6,353,343 6,353,343 7.4%
GREGORY A. BOLAND 0 6,353,343 0 6,353,343 6,353,343 7.4%

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. 8)*
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)
August 16, 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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