13D Filing: Etude Capital and Renn Global Entrepreneurs Fund, Inc. (RCG)

On February 5, 2016 Messrs. Stein, Brown, and Roofner met with the Chief Executive Officer of the Issuer. Communications in various capacities have been ongoing with the CEO of the issuer since that date.

The Reporting Persons intend to continue engaging in a dialogue with members of the Board or management of the Issuer or other representatives of the Issuer. The Reporting Persons may also engage in a dialogue and other communications regarding the Issuer with other stockholders of the Issuer, knowledgeable industry or market observers (including art market participants), or other persons. Any dialogue or communications with any of the foregoing persons may relate to potential changes of strategy and leadership at the Issuer.

The Reporting Persons may also take other steps to increase shareholder value as well as pursue other plans or proposals that relate to, or would result in, any of the matters set forth in subparagraphs (a)-(j) of Item 4 of Schedule 13D, including (i) acquiring a control stake in the Issuer’s shares of common stock, or grouping with any other party or parties to do so, (ii) engaging in an extraordinary transaction, such as a merger, with the Issuer, liquidation of the issuer’s assets, acquiring a material amount of the Issuer’s assets, or grouping with any other party or parties to do either, or (iii) seeking to exert negative control over the important corporate actions of the Issuer, or grouping with any other party or parties to do so, although the Reporting Persons may seek to influence such actions through customary means including presenting its views for consideration to the Issuer, shareholders and other interested parties, privately or publicly, and, if necessary, through the exercise of its shareholder rights including the right to propose new directors for the Issuer’s Board.

The Reporting Persons intend to review their investment in the Issuer’s shares of Common Stock on a continuing basis. Depending on various factors including, without limitation, the Issuer’s financial position and investment strategy, the price levels of the shares, conditions in the securities markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate including, without limitation, purchasing additional shares of Common Stock or selling some or all of their shares of Common Stock.

Item 5.

Interest in Securities of the Issuer

(b)

A.Davenforth Fundamental Investments LP

(a)

As of the close of business on April 6, 2016, DFI beneficially owned 100,000 Shares.

Percentage: Approximately 2.2%

(b)

1.   Sole power to vote or direct vote: 100,000

2.

Shared power to vote or direct vote: 0

3.

Sole power to dispose or direct the disposition: 100,000

4.

Shared power to dispose or direct the disposition: 0

(c)

Past transactions under schedule I.

B.	Davenforth LLC

(a)

Davenforth LLC, as the general partner of DFI, may be deemed the beneficial owner of the 100,000 shares owned by DFI.

Percentage: Approximately 2.2%

(b)

1.   Sole power to vote or direct vote: 100,000

2.

Shared power to vote or direct vote: 0

3.

Sole power to dispose or direct the disposition: 100,000

4.

Shared power to dispose or direct the disposition: 0