Lisa Rapuano’s Lane Five Capital Management filing SEC 13D on December 14th to urge the Board of Directors of Ambassadors Group Inc. (EPAX) take all necessary means to “reorganize the Board into one class subject to election each year and to institute annual elections for all directors beginning with the Issuer’s next annual meeting of stockholders.” The statement is as below:
Lisa Rapuano’s Lane Five Capital Management initiated its EPAX position during the second quarter and now has 1.19 million shares in EPAX, giving a 6.8% activist stake ownership in Ambassadors Group Inc. The firm continuously increased its position after it reported 1.01 million shares on November 7th.
There are some other hedge funds that also took position in the stock. Gregory Bylinsky and Jefferson Gramm’s Bandera Partners reported 1.14 million shares at the end of the third quarter, after it boosted its position by 38%. Jim Simons’ Renaissance Technologies is also bullish about EPAX. The firm increased its position by 13% to 628 thousand shares before October.
Lane Five Capital is a privately managed investment funds exclusively for qualified investors. The firm pursues a long-term investment philosophy in equity markets. The firm was founded in 2007 and has a portfolio value of $93 million. The firm mainly invests in Services, Financial, Consumer Goods, and Healthcare sector.
Ambassadors Group Inc. is an educational company which focuses on global travel programs for students, athletes and professionals. The company operates BookRags, which is an online education oriented research site. The company also offers People to People Student/Sports Ambassador Programs, as well as Leadership Summit and World Leadership Forum.