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FBR & Co. (FBRC): Voce Capital Expresses Disappointment in Management; Nominates Three Director Candidates

According to a press release referenced in a newly-amended 13D filing with the US Securities and Exchange Commission, J. Daniel Plants Voce Capital isn’t satisfied with the current management and the behavior of the board of directors of FBR & Co. (NASDAQ:FBRC), reporting that the stock is worth less now than when the management was appointed. Given the fact that Voce Capital still believes in the company’s value and potential under a better leadership, the investor said it had nominated three candidates, Jarl Berntzen, Michael J. McConnell and J. Daniel Plant, for election at the company’s 2016 annual meeting. The third-largest shareholder of  FBR & Co. (NASDAQ:FBRC),Voce Capital, which owns 387,025 shares or 5.2% of the company’s outstanding stock, reserves rights to create new proposals and take other actions regarding its shares and the company’s management.

FBR & Co. is an investment banking and institutional brokerage company that offers a plethora of investment-related services, including securities lending services to institutional investors, institutional brokerage and research, and investments in merchant banking, to name a few. Over the last 12 months, the company’s shares have dropped by 22.03%. For the fourth quarter of 2015, the company disclosed a net loss of $0.59 per share, missing the estimates of $0.44, while its revenue of $120.40 million was lower than the expected $182.10 million

Among the hedge funds tracked by Insider Monkey, five reported long positions in FBR & Co. as of the end of fourth quarter of 2015, including Voce Capital with the largest position. Other investors that were bullish on this stock are Chuck Royce’s Royce & Associates, D. E. Shaw’s D. E. Shaw, J. Alan Reid, Jr.’s Forward Management and Paul Tudor Jones’s Tudor Investment Corp.

On the other hand, investors who lost interest in this stock and cut off their shares are Matthew Hulsizer’s PEAK6 Capital Management, which dumped about $5 million in stock, and Israel Englander’s Millennium Management that dropped about $300,000 worth of shares.

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
Voce Capital Management 387,025 387,025 387,025 5.2%
Voce Capital 387,025 387,025 387,025 5.2%
J. Daniel Plants 387,025 387,025 387,025 5.2%

J. Daniel Plants
J. Daniel Plants
Voce Capital

Page 1 of 7 – SEC Filing


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
20549


SCHEDULE 13D

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d -1(a) AND AMENDMENTS THERETO FILED PURSUANT
TO 
§ 240.13d -2(a)
(Amendment No. 3)*


FBR & Co.
(Name of
Issuer)

Common Stock, $0.001 par value per share
(Title of Class of Securities)

30247C400
(CUSIP Number)

MARK SHAMIA
VOCE CAPITAL MANAGEMENT LLC

600 Montgomery Street, Suite 210
San Francisco, California
94111
 (415) 489-2600
(Name, Address and
Telephone Number of Person Authorized to Receive Notices and Communications)

April 18, 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. [ ]

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