According to a newly-amended 13D filing with the US SEC, Charles-de-Vaulx‘ International Value Advisers has signed a Support Agreement with Devry Education Group Inc. (NYSE:DV), upon which Michael W. Malafronte, the managing partner of the fund, was appointed to the company’s board as International Value Advisers’ designee. Mr. Malafronte shall be included in the company’s slate of nominees for election as directors at the 2016 annual meeting unless he resigns from the position earlier. If International Value Advisers, which currently holds 12.22 million shares that amass 19.5% of the total outstanding stock, lower their stake below 10%, or if the fund violates any part of the agreement and don’t fix it within 10 business days, Mr. Malafronte must resign from his position. In addition, during the standstill period, International Value Advisers shall not acquire that many voting securities to amass the ownership of more than 19.9% of the outstanding voting securities.
Devry Education Group is a large higher educational organization that provides high-quality programs, operating in different sectors such as Medical and Healthcare, and Business, Technology and Management, to name a few. Year-to-date, the company’s stock is down by 29.51%. In its latest financial report for the third quarter of fiscal 2016, Devry Education Group (NYSE:DV) reported earnings per share of $0.71 and revenue of $474.22 million, beating both the estimates of earnings per share of $0.62 and revenue of $466.1.
As per our database, Devry Education Group (NYSE:DV) was in 13 hedge funds’ portfolios at the end of March, versus 14 in the previous quarter. Among them, the most valuable position was disclosed by International Value Advisers, and the second biggest position was reported by Robert Rodriguez and Steven Romick’s First Pacific Advisors LLC, valued at $47.4 million. Some other investors with a similar bullishness contain D. E. Shaw’s D E Shaw, Ken Griffin’s Citadel Investment Group, and Israel Englander’s Millennium Management.
Among smart money investors who are no longer optimistic about investing in Devry Education Group (NYSE:DV), and who decided to sell their positions are Julian Robertson’s Tiger Management, which dumped the largest investment, worth around $27.7 million in stock, and Glenn Russell Dubin’s Highbridge Capital Managemen, which dropped $5.1 million worth.
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|
|International Value Advisers||12,221,652||12,221,652||19.5%|
|Charles de Vaulx||12,221,652||12,221,652||19.5%|
Page 1 of 6 – 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 § 240.13d
(Amendment No. 1)*
DEVRY EDUCATION GROUP INC.
(Name of Issuer)
Common Stock, par value $0.01
of Class of Securities)
International Value Advisers, LLC
717 Fifth Avenue, 10th Floor
New York, NY 10022
(Name, Address and Telephone
Number of Person Authorized to Receive Notices and Communications)
June 29, 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 Rule 13d-1(e), Rule 13d-1(f) or Rule
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
§ 240.13d -7 for other parties to whom copies are to be sent.
The remainder of this cover page shall be filled out for
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.)