Ranjan Tandon’s Libra Advisors filed on October 11th that they have cut their positions in Evergreen Energy Inc. (EEE). Libra Advisors were quite active in the third quarter, and they have made several insider trades in EEE. Before this transaction, Libra Advisors reported 1,858,250 shares in EEE, or a 6.6% activist stake, in its latest 13D filing on October 3rd. The Form 4 filed on October 11th showed Libra Advisors sold net 130 thousand shares in EEE at around $1 per share on October 6th and 7th. So now Libra Advisors beneficially has ,728,250 shares remaining in EEE, corresponding to a 6.14% stake. The firm also has a series of warrants which can be converted into millions of common shares at the conversion prices between $2.6 to $2.9. In 2011 EEE had large price fluctuations. The stock soared to $4.5 from $0.65 in Q1 after its 8-K filing and acquisition of Carbon Credit Corp. (CCC), and then went all the way back to $1. Now EEE is priced at $0.96.
According to Insider Monkey’s hedge fund tracking list, three hedge funds reported their EEE positions in their 13F in the second quarter. Libra Advisors owned 1.13 million shares, down by 2% from Q1. Eric Sprott’s Sprott Asset Management owned 300 thousand shares in EEE. Ken Griffin’s Citadel Investment Group had about 5 thousand shares and some options at that time.
Ranjan Tandon’s Libra Advisors has a portfolio value of $335 million. It invests about 70% of its capital in Basic Materials sector. The firm also invests in Technology, Utilities, and Service sector.
Evergreen Energy Inc. is a cleaner coal technology, energy production, and environmental solutions company in the United States. It has two clean energy business units with two proprietary technologies: K-Fuel, and the GreenCert suite of software and services. The two technologies are used for business and environmental solutions. The company was founded in 1981 and is based in Denver, Colorado.