According to a recent 13D filing with the Securities and Exchange Commission, George Hall‘s Clinton Group has increased its stake in Evine Live Inc. (NASDAQ:EVLV) to almost 1.9 million common shares, which represent 3.3% of the company’s outstanding stock. Previously, the fund held 1.60 million shares, as per its 13F filing for the reporting period of June 30. The new filing also revealed that Clinton Group has been engaged in various discussions with the management team of Evine Live (NASDAQ:EVLV), regarding the improvement of its business strategy in order to attain better shareholder value. Although the fund is pleased with the company’s strong results, as evidenced by its second quarter EBITDA rising by 52% year-over-year, and recognizes the company’s potential for long-term growth under the supervision of freshly appointed CEO Bob Rosenblatt, it is also aware that the company’s shares have lost 33% since the end of the second quarter of 2015. Hence, Clinton Group states that if this kind of valuation discrepancy continues, the company may have to engage an investment bank in order to create strategic alternative plans to increase shareholder value.
Evine Live is a digital commerce company engaged in the business of digital commerce retailing, providing a plethora of brand choices to consumers via TV, online and mobile devices. Since the beginning of the year, the company’s stock has lost 3.37%. For the second quarter of 2016, Evine Live reported a loss per share of $0.03, slightly above the estimates of a loss per share of $0.04, and revenue of $157 million, below the estimates of $166.3 million.
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The number of hedge funds in our database with positions in Evine Live (NASDAQ:EVLV) hasn’t changed recently, as there were nine investors long the stock at the end of June. Some of them included Jeffrey Bronchick’s Cove Street Capital, with a position valued at close to $10.9 million, J. Carlo Cannell’s Cannell Capital, with a $5.93 million position, Jim Simons’ Renaissance Technologies, Ken Griffin’s Citadel Investment Group, and Chuck Royce’s Royce & Associates. An investor who decided to drop its position in Evine Live (NASDAQ:EVLV), which was valued at $220,000 at the end of March, was Phil Frohlich’s Prescott Group Capital Management.
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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 |
|---|---|---|---|---|---|---|
| Clinton Group, Inc | 1,895,623 | 1,895,623 | 1,895,623 | 3.3% | ||
| George Hall | 1,895,623 | 1,895,623 | 1,895,623 | 3.3% | ||
| Imation Corp | 998,395 | 998,395 | 998,395 | 1.7% |
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Page 1 of 13 – SEC Filing
| SECURITIES AND EXCHANGE COMMISSION | |
| Washington, D.C. 20549 | |
| SCHEDULE 13D | |
| Under the Securities Exchange Act of 1934 | |
| (Amendment No. )* | |
| EVINE Live | |
| (Name of Issuer) | |
| Common Stock, | |
| (Title of Class of Securities) | |
| 300487105 | |
| (CUSIP Number) | |
| Eleazer Klein Marc Weingarten Schulte Roth & Zabel LLP 919 Third Avenue New York, New York 10022 (212) 756-2000 | |
| (Name, Address and Telephone Number of Person | |
| Authorized to Receive Notices and Communications) | |
| August 23, | |
| (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. [ ]
(Page 1 of 13 Pages)
______________________________
* 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).
