Nathaniel August’s Mangrove Partners disclosed a 2.1 million activist stake in Asta Funding Inc (NASDAQ:ASFI) corresponding to 17.4% ASFI’s outstanding shares. New York based hedge fund had 1.46 million shares at the end of December according to its most recent 13F filing. Mangrove Partners owned 1.76 million shares of ASFI as of February 8th. This means the fund bought about 350 thousand shares in recent weeks.
“In anticipation of the Issuer’s 2016 annual meeting of stockholders scheduled to be held on March 9, 2016 (the “Annual Meeting”), representatives of Mangrove Partners requested the Issuer to allow them to speak with the independent directors of the Issuer in order to, among other things, allow Mangrove Partners to evaluate the independent directors and come to a determination as to how to vote at the Annual Meeting. The Issuer refused to allow Mangrove Partners’ representatives to speak with the independent directors. The Reporting Persons hope the Issuer will change its position. The Reporting Persons have decided to convert their Schedule 13G to a Schedule 13D filing with respect to their beneficial ownership of securities of the Issuer in order to continue to communicate with the Issuer regarding the Shares being undervalued and the Issuer’s poor operating performance,” the filing said about the purpose of the recent transactions.
Nathaniel AugustMangrove Partners
Ownership Summary Table
|Name || Sole Voting Power || Shared Voting Power || Sole Dispositive Power || Shared Dispositive Power || Aggregate Amount Owned Power || Percent of Class |
|THE MANGROVE PARTNERS MASTER FUND, LTD || || 2,102,427 || || 2,102,427 || 2,102,427 || 17.4% |
|THE MANGROVE PARTNERS FUND || || 2,102,427 || || 2,102,427 || 2,102,427 || 17.4% |
|MANGROVE PARTNERS FUND (CAYMAN), LTD || || 2,102,427 || || 2,102,427 || 2,102,427 || 17.4% |
|MANGROVE PARTNERS || || 2,102,427 || || 2,102,427 || 2,102,427 || 17.4% |
|MANGROVE CAPITAL || || 2,102,427 || || 2,102,427 || 2,102,427 || 17.4% |
|NATHANIEL AUGUST || || 2,102,427 || || 2,102,427 || 2,102,427 || 17.4% |
Page 1 of 17 SEC Filing
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
(Amendment No. )1
Common Stock, $0.01 par value
(Title of Class of Securities)
STEVE WOLOSKY, ESQ.
OLSHAN FROME WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
(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 x.
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).
Follow Asta Funding Inc (NASDAQ:ASFI)Follow Asta Funding Inc (NASDAQ:ASFI)