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Magnachip Semiconductor Corp (MX): Engaged Capital Presents Its Nominees to the Board

According to a newly-amended filing with the US SEC, Engaged Capital Master II has recently send a letter to Magnachip Semiconductor Corp (NYSE:MX) in which presents its nominees, Melvin L. Keating, Camillo Martino, Joseph Lash and Christopher B. Hetrick, for election to the board of directors at the 2016 annual meeting of stockholders. Glen W. Wellingtons Engaged Capital owns 3.85 million shares of the company, which account for 11.1% of the total amount of shares.

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Magnachip Semiconductor Corp (NYSE:MX) is a holding company that produces mixed-signal and analog semiconductor products for a plethora of applications such as industrial, computing and automotive to name a few. Since the beginning of the year, Magnachip Semiconductor’s stock has lost 6.81%. For the first quarter of 2016, the company has reported revenue of $148.11 million and a loss per share of $0.08, beating the estimates of $144 million and $0.18, respectively. Earlier this month, Needham & Company LLC reiterated its ‘hold’ rating on Magnachip Semiconductor’s stock, while Topeka Capital Markets boosted its price target to $6.00 from $5.00 with a ‘Buy’ rating.

At the end of March, among the hedge funds followed by Insider Monkey, Marc Lasry’s Avenue Capital reported the most valuable position in Magnachip Semiconductor Corp valued at $22.2 million, and the second biggest position was disclosed by Jonathan Lennon’s Pleasant Lake Partners, worth around $19.2 million. Remaining investors that are bullish on this stock are David Kowitz And Sheldon Kasowitz’s Indus Capital, Youlia Miteva’s Proxima Capital Management, Peter Rathjens, Bruce Clarke And John Campbell’s Arrowstreet Capital, and Manoneet Singh’s Kavi Asset Management.

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
Engaged Capital Master Feeder I 1,017,209 1,017,209 1,017,209 2.9%
Engaged Capital Master Feeder II 2,435,765 2,435,765 2,435,765 7.0%
Engaged Capital I 1,017,209 1,017,209 1,017,209 2.9%
Engaged Capital I Offshore, Ltd 1,017,209 1,017,209 1,017,209 2.9%
Engaged Capital II 2,435,765 2,435,765 2,435,765 7.0%
Engaged Capital II Offshore Ltd 2,435,765 2,435,765 2,435,765 7.0%
Engaged Capital 3,852,974 3,852,974 3,852,974 11.1%
Engaged Capital Holdings 3,852,974 3,852,974 3,852,974 11.1%
Glenn W. Welling 3,852,974 3,852,974 3,852,974 11.1%
Melvin L. Keating 0%
Camillo Martino 0%
Joseph Lash 0%
Christopher B. Hetrick 0%

Glenn W. Welling
Glenn W. Welling
Engaged Capital

Page 1 of 21 – SEC Filing

Washington, D.C. 20549
(Rule 13d-101)
§ 240.13d-2(a)
(Amendment No. 3)1
MagnaChip Semiconductor Corporation
(Name of Issuer)
Common Stock, $0.01 par value per share
(Title of Class of Securities)
(CUSIP Number)
610 Newport Center Drive, Suite 250
Newport Beach, California 92660
(949) 734-7900
1325 Avenue of the Americas
New York, New York 10019
(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)
May 12, 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 §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ¨.
Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.
1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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