In a new 13G filing with the SEC, Seth Klarman‘s Baupost Group has revealed that it has significantly cut its stake in Bellatrix Exploration Ltd (NYSE:BXE), a Canadian oil and natural gas exploration and development company, based in Calgary. The billionaire value investor’s firm has cut its holding to 8.65 million shares from 23.99 million shares held at the end of 2015. The investment has proven to be a disappointing one for Mr. Klarman’s firm, which revealed an 11.4% stake in the company back in February 2015, consisting of 21.84 million shares. The investment was revealed a couple of months after Daniel Lewis and Steven Pully of Orange Capital were added to the company’s board and shares jumped to $2.79 after Mr. Klarman’s position was revealed. However, after briefly cresting $3.00 in the months that followed, shares have since fallen to just $0.99. Furthermore, Mr. Lewis resigned from the company’s board effective February 10 of this year, ahead of the closure of his investment firm, which may have also played a role in Mr. Klarman shedding the bulk of his position. Baupost Group retains a 4.51% position in Bellatrix Exploration.
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|
|The Baupost Group||0||8,653,281||0||8,653,281||8,653,281||4.51%|
|Seth A. Klarman||0||8,653,281||0||8,653,281||8,653,281||4.51%|
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