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Kevin Michael Ulrich’s Anchorage Advisors Requests Special Meeting at DHT Holdings

Kevin Michael Ulrich, the manager of Anchorage Advisors, calls for a special meeting of DHT Holdings Inc (NYSE:DHT). In a recent filing with the Securities and Exchange Commission, Anchorage Advisors has revealed an agreement to buy Series B shares, following a private placement of shares by DHT Holdings. According to an announcement made on November 24th, Ulrich called for a special shareholder meeting to increase the amount of the company’s authorized shares to 150 million. If DHT Holdings’ shareholders vote for this proposal, each Series B share owned by Anchorage Advisors will automatically convert into 100 common shares.

Anchorage Advisors Kevin Ulrich

According to Anchorage Advisors’ latest 13F report, the fund holds approximately 5 million shares of DHT Holdings valued at a little over $21 million. Anchorage’s stake accounts for 31.79% of the company’s common stock. Mangrove Partners, run by Nathaniel August, owns 770 thousand shares valued at $3.3 million. According to the fund’s latest 13F report, August has made no change to their position during the third quarter of 2013. Jim Simons and Renaissance Technologies have slightly increased their stake in DHT Holding to 160 thousand shares, reportedly worth $702,000.

DHT Holdings is a oil tanker company operating on international routes. Since the start of 2013, the stock trended sideways until October, when the price entered an uptrend. Shares are up 27% year-to-date and currently trade at a price of $5.32. The stock has a beta of 1.95 and pays a dividend of $0.08, which represents a yield of 1.5%. For the third quarter of 2013, DHT Holdings reported a net income of $11.2 million and loss per share (EPS) of $0.26.

Disclosure: none

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