As revealed in a recent 13D filing with the US SEC, on April 11, Glen W. Welling‘s Engaged Capital LLC entered into a Cooperation Agreement with Outerwall Inc (NASDAQ:OUTR), under the terms of which, the company would increase the size of the board of directors and appoint Jeffrey J. Brown to the board immediately upon the execution of the agreement. In exchange, Engaged Capital agreed to vote its shares at the company’s 2016 annual meeting of stockholders in favor of the slate of directors recommended by the Board and in favor of the ratification of the appointment of the company’s independent registered public accounting firm and in accordance with the recommendation of Institutional Shareholder Services on each other proposal to come before the 2016 Annual Meeting, subject to certain exceptions. Engaged Capital owns 2.43 million shares of Outerwall Inc (NASDAQ:OUTR), which account for 14.6% of the total outstanding stock.
Heading into 2016, a total of 28 funds tracked by Insider Monkey were bullish on Outerwall. Among them, Arlington Value Capital, managed by Allan Mecham and Ben Raybould, held the largest stake, which was worth $50.6 million at the end of 2015. Coming in second is Debra Fine’ Fine Capital Partners, which reported a $44.6 million position. Other investors long the stock stock are William C. Martin’s Raging Capital Management and Joel Greenblatt’s Gotham Asset Management.
On the other hand, John C. Walker’s Stonerise Capital Management dropped the most valuable position in Outerwall Inc (NASDAQ:OUTR), valued at $3.7 million in stock, and Ken Griffin’s Citadel Investment Group also closed its stake and dumped about $3.7 million worth of shares during the fourth quarter.
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||196,918||196,918||196,918||1.2%|
|Engaged Capital Master Feeder II||487,459||487,459||487,459||2.9%|
|Engaged Capital Co-Invest III||1,650,793||1,650,793||1,650,793||9.9%|
|Engaged Capital I||196,918||196,918||196,918||1.2%|
|Engaged Capital I Offshore, Ltd||196,918||196,918||196,918||1.2%|
|Engaged Capital II||487,459||487,459||487,459||2.9%|
|Engaged Capital II Offshore Ltd||487,459||487,459||487,459||2.9%|
|Engaged Capital Holdings||2,431,170||2,431,170||2,431,170||14.6%|
|Glenn W. Welling||2,431,170||2,431,170||2,431,170||14.6%|
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