FBR & Co. (FBRC): Voce Capital Seeking Proxies for Its Proposals

We wrote recently about J. Daniel Plants Voce Capital expressing disappointment in the performance of the board of directors of FBR & Co. (NASDAQ:FBRC), and nominating three candidates for election at the company’s 2016 annual meeting. According to another filing, Voce Capital has filed a preliminary proxy requesting proxies to vote for its three nominees  to the board, to vote against the non-binding advisory vote on named executive officer compensation and to approve the appointment of BDO USA, LLP as the FBR & Co.’s independent registered public accounting firm. Voce Capital, which owns 387,025 common shares or 5.2% of the total amount of the company’s shares, will continue to actively follow actions made by the board of directors and to propose new ideas regarding the management that will protect their and other shareholders interests.

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FBR & Co. is an institutional brokerage and investment banking company that provides a variety of investment services, such as institutional brokerage and research, capital raising and financial advisory, investments in merchant banking, securities lending services to institutional investors, etc. Over the last 12 months, the company’s shares have dropped by 13.16%. For the first quarter of 2016, FBR & Co. disclosed a loss per share of $0.72, versus estimates of a loss of $0.98 per share, and a revenue of $17.9 million million, below the expectations of $19.87 million,

There was a decrease in the number of hedge funds supporting FBR & Co. and 5 investors from our database reported long positions in this stock as of the end of 2015, compared to 6 funds a quarter earlier.  Voce Capital held the most valuable position in FBR & Co (NASDAQ:FBRC) worth around $7.7 million in stock.  Matthew Hulsizer’s PEAK6 Capital Management and Chuck Royce’s Royce & Associates  also reported stakes worth $5.8 million and $3.4 million, respectively. Other investors that were bullish on this stock encompass D. E. Shaw’s D E Shaw, J. Alan Reid, Jr.’s Forward Management, and Paul Tudor Jones’ Tudor Investment Corp.

Among the funds  that lost interest in FBR & Co. and sold off their positions is Israel Englander’s Millennium Management that dumped around $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 5.2%
Voce Capital 387,025 387,025 5.2%
J. Daniel Plants 387,025 387,025 5.2%

J. Daniel Plants
J. Daniel Plants
Voce Capital

Page 1 of 9 – 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. 4)*

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)

May 2, 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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