Page 6 of 9 – SEC Filing In
pursuing such investment purposes, the Reporting Persons may further purchase,
hold, vote, trade, dispose or otherwise deal in the Shares at times, and in such
manner, as they deem advisable to benefit from changes in market prices of such
Shares, changes in the Issuer’s operations, business strategy or prospects, or
from sale or merger of the Issuer. To evaluate such alternatives, the Reporting
Persons will routinely monitor the Issuer’s operations, prospects, business
development, management, competitive and strategic matters, capital structure,
and prevailing market conditions, as well as alternative investment
opportunities, liquidity requirements of the Reporting Persons and other
investment considerations. Consistent with its investment research methods and
evaluation criteria, the Reporting Persons have discussed and may further discuss such matters with
management or directors of the Issuer, other shareholders, industry analysts,
existing or potential strategic partners or competitors, investment and
financing professionals, sources of credit and other investors. Such factors and
discussions may materially affect, and result in, the Reporting Persons’
modifying their ownership of the Issuers Shares, exchanging information with
the Issuer pursuant to appropriate confidentiality or similar agreements,
proposing changes in the Issuer’s operations or board of directors, governance
or capitalization, or in proposing one or more of the other actions described in
subsections (a) through (j) of Item 4 of Schedule 13D.
The
Reporting Persons reserve the right to formulate other plans and/or make other
proposals, and take such actions with respect to their investment in the Issuer,
including any or all of the actions set forth in paragraphs (a) through (j) of
Item 4 of Schedule 13D, or acquire additional Shares or dispose of all the
Shares beneficially owned by them, in the public market or privately negotiated
transactions. The Reporting Persons may at any time reconsider and change their
plans or proposals relating to the foregoing.
Item 5. Interest in Securities of the Issuer
The
aggregate percentage of Share reportedly owned by each person named herein is
based upon 62,751,000 Shares outstanding, as of April 29, 2016 and reported in
the Issuers Form 10-Q filed on May 5, 2016.
1. IVA
a) As of June 22, 2016, 12,221,652 Shares in aggregate were
deemed to be beneficially owned by IVA, as the investment manager to i)
WORLD which owns 7,556,094 Shares constituting 12.0% of the Issuers
outstanding Shares, ii) IVAGMF which owns 499,185 Shares constituting 0.8%
of the Issuers outstanding Shares, iii) SICAV which owns 853,551 Shares
constituting 1.4% of the Issuers outstanding Shares, and iv) the Managed
Accounts which own 3,312,822 Shares constituting 5.3% of the Issuers
outstanding Shares.
Percentage: 19.5%
b) Sole power to vote or direct the vote: 0
Shared power to vote or direct the vote: 11,414,354
Sole power to dispose or direct the disposition: 0
Shared power to
dispose or direct the disposition: 12,221,652
2. Charles de Vaulx
a) Mr. De Vaulx, as the CIO and managing member of IVA, may
be deemed the beneficial owner of 12,221,652 Shares owned by the Funds and
the Managed Accounts.
Percentage: 19.5%
b) Sole power to vote or direct the vote: 0
Shared power to vote or direct the vote: 11,414,354
Sole power to dispose or direct the disposition: 0
Shared power to
dispose or direct the disposition: 12,221,652
In
pursuing such investment purposes, the Reporting Persons may further purchase,
hold, vote, trade, dispose or otherwise deal in the Shares at times, and in such
manner, as they deem advisable to benefit from changes in market prices of such
Shares, changes in the Issuer’s operations, business strategy or prospects, or
from sale or merger of the Issuer. To evaluate such alternatives, the Reporting
Persons will routinely monitor the Issuer’s operations, prospects, business
development, management, competitive and strategic matters, capital structure,
and prevailing market conditions, as well as alternative investment
opportunities, liquidity requirements of the Reporting Persons and other
investment considerations. Consistent with its investment research methods and
evaluation criteria, the Reporting Persons have discussed and may further discuss such matters with
management or directors of the Issuer, other shareholders, industry analysts,
existing or potential strategic partners or competitors, investment and
financing professionals, sources of credit and other investors. Such factors and
discussions may materially affect, and result in, the Reporting Persons’
modifying their ownership of the Issuers Shares, exchanging information with
the Issuer pursuant to appropriate confidentiality or similar agreements,
proposing changes in the Issuer’s operations or board of directors, governance
or capitalization, or in proposing one or more of the other actions described in
subsections (a) through (j) of Item 4 of Schedule 13D.
The
Reporting Persons reserve the right to formulate other plans and/or make other
proposals, and take such actions with respect to their investment in the Issuer,
including any or all of the actions set forth in paragraphs (a) through (j) of
Item 4 of Schedule 13D, or acquire additional Shares or dispose of all the
Shares beneficially owned by them, in the public market or privately negotiated
transactions. The Reporting Persons may at any time reconsider and change their
plans or proposals relating to the foregoing.
Item 5. Interest in Securities of the Issuer
The
aggregate percentage of Share reportedly owned by each person named herein is
based upon 62,751,000 Shares outstanding, as of April 29, 2016 and reported in
the Issuers Form 10-Q filed on May 5, 2016.
| 1. | IVA | ||
| a) | As of June 22, 2016, 12,221,652 Shares in aggregate were | ||
| Percentage: 19.5% | |||
| b) | Sole power to vote or direct the vote: 0 | ||
| Shared power to vote or direct the vote: 11,414,354 | |||
| 2. | Charles de Vaulx | ||
| a) | Mr. De Vaulx, as the CIO and managing member of IVA, may | ||
| Percentage: 19.5% | |||
| b) | Sole power to vote or direct the vote: 0 | ||
| Shared power to vote or direct the vote: 11,414,354 | |||
