Noah Levy And Eugene Dozortsev have put the brakes on their activist efforts with regard to CSW Industrials Inc (NASDAQ:CSWI). According to a recently amended filing with the Securities and Exchange Commission, their fund, Newtyn Management, has withdrawn its nominee for election to the company’s board of directors and has thrown its full support behind the Board’s nominee. The filing also shows a slight decrease in Newtyn’s holding of the stock to 1.28 million shares, down from 1.35 million shares reported in its latest 13F filing. The current position accounts for 8.2% of CSW Industrials’ common stock.
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According to the agreement between CSW Industrials Inc (NASDAQ:CSWI) Newtyn Management, in exchange for dropping its nomination, the fund will play a major role in the choosing of one of the two new directors to be added to the fold. The Board has also promised to analyze the possibility of a share buyback program but has reserved discretion with regard to the terms of the program. A diversified industrial company with a global presence, CSW Industrials has seen its stock slide by 26% during the first two months of 2016, before slowly regaining some of the lost ground. The stock has finished Monday’s trading session at $34.49 per share, down by 8.7% for the year.
At the end of the first quarter, roughly 21% of CSW Industrials Inc (NASDAQ:CSWI) common stock was held by 13 top hedge fund, unchanged from the previous quarter. Michael M. Rothenberg‘s Moab Capital Partners was betting big on this stock, the positions representing roughly 15% of its equity portfolio. According to its latest 13F filing, the fund held 1.36 million shares of CSW Industrials. Martin Whitman‘s Third Avenue Management was also invested, having amassed 150,348 shares by the end of March, a position initiated during the quarter.
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 |
|---|---|---|---|---|---|---|
| Newtyn Partners | 609 | 873,800 | 609 | 873,800 | 873,800 | 5.6% |
| Newtyn TE Partners | 411,200 | 411,200 | 411,200 | 2.6% | ||
| Newtyn Management | 1,285,000 | 1,285,000 | 1,285,000 | 8.2% | ||
| Newtyn Capital Partners | 1,285,000 | 1,285,000 | 1,285,000 | 8.2% | ||
| Ledo Capital | 1,285,000 | 1,285,000 | 1,285,000 | 8.2% | ||
| Noah Levy | 1,285,000 | 1,285,000 | 1,285,609 | 8.2% |
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(Name, Address and Telephone Number of Person
