Okumus Fund Management Reaches Settlement Agreement with Ascent Capital Group, Inc. (ASCMA)

Ahmet Okumus’ Okumus Fund Management has reported holding 1.29 million shares of Ascent Capital Group Inc (NASDAQ:ASCMA) via a 13D filing with the US SEC. The position is unchanged compared with Okumus’ last 13F filing and amasses 10.5% of the company’s outstanding stock. However, the filing also revealed that Okumus had entered into an agreement with Ascent Capital Group, under the terms of which, the company would appoint Rana Kashyap to its Board as a Class III director.

“Pursuant to the terms of the Settlement Agreement, Okumus agreed, that during the term of the Settlement Agreement, among other things, to cause all shares beneficially owned by it to be voted (i) in favor of each director nominated by the Board; (ii) against any stockholder nominations for directors which are not approved or recommended by the Board; and (iii) in accordance with the Board’s recommendation with respect to all other matters, provided that (a) Okumus may vote in its sole discretion with respect to any Board-approved publicly announced proposals relating to a merger, acquisition, disposition of all or substantially all of the assets of the Issuer or other business combination (a “Business Combination”) involving the Issuer and (b) nothing in the Settlement Agreement shall prevent Okumus from announcing its views and its vote on any such Business Combination, so long as such announcement is limited to the merits and is not disparaging,” Okumus added in the filing.

Overall, a total of 10 funds among those tracked by Insider Monkey own shares of Ascent Captail Group as of the end of 2015, while the largest position is held by Francis Chou’s Chou Associates Management with a $176.6 million stake. Other investors with long positions include Mario Gabelli’s GAMCO Investors, Scott Wallace’s Wallace Capital Management and Jim Simons’ Renaissance Technologies.

On the other hand, Paul Hondros’s AlphaOne Capital Partners  unloaded its entire stake in Ascent, worth around $1.6 million.

You can access the original SEC filing by clicking here.

Ownership Summary Table

Page 1 of 8 SEC Filing