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Sunopta Inc. (STKL): Activist Engaged Capital Raises Stake and Signs Confidentiality Agreement

Engaged Capital’s stake in Sunopta Inc. (NASDAQ:STKL) has gone up according to a recent 13D filing with the US Securities and Exchange Commission. Glen W. Welling’s fund held 52,593 shares at the end of the second quarter and has recently boosted the position to 6.43 million shares or 7.5% of Sunopta’s outstanding stock. The filing also revealed that on September 14, the fund and the company have signed a confidentiality agreement to ease the ongoing negotiations between them concerning the company’s strategic review process.

Sunopta is a health food company that produces healthy organic food, running in two sectors: Consumer Products and Global Ingredients. Over the past 12 months, the company’s shares have lost 10.74%. For the second quarter of 2016, Sunopta disclosed a loss per share of $0.05 and revenue of $348.15 million, compared to EPS of $0.07 and revenue of $277.59 million for the corresponding quarter in 2015. Recently, Citigroup Inc. boosted its price target on Sunopta’s stock to $8 from $5.50.

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Out of the 749 hedge funds that we follow, which filed 13Fs for the second quarter, 17 investors were bullish on Sunopta (NASDAQ:STKL), down by one from the previous quarter. Among the investors with long positions were Jason Karp’s Tourbillon Capital Partners, which held a stake in the company worth around $35.40 million, Chuck Royce’s Royce & Associates, with a position valued at $5.87 million, Ken Griffin’s Citadel Investment Group, Matthew Knauer And Mina Faltas’s Nokota Management, Jim Simons’ Renaissance Technologies, and Mario Gabelli’s GAMCO Investors. An investor who dumped Sunopta (NASDAQ:STKL) during the June quarter was Paul Marshall And Ian Wace’s Marshall Wace LLP, which said goodbye to $62,000 worth of Sunopta’s shares.

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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 Flagship Master Fund 2,896,833 2,896,833 2,896,833 3.4%
Engaged Capital Co-Invest IV 3,191,639 3,191,639 3,191,639 3.7%
Engaged Capital Flagship Fund 2,896,833 2,896,833 2,896,833 3.4%
Engaged Capital Flagship Fund, Ltd 2,896,833 2,896,833 2,896,833 3.4%
Engaged Capital 6,426,435 6,426,435 6,426,435 7.5%
Engaged Capital Holdings 6,426,435 6,426,435 6,426,435 7.5%
Glenn W. Welling 6,426,435 6,426,435 6,426,435 7.5%

Glenn W. Welling
Glenn W. Welling
Engaged Capital

Page 1 of 17 – SEC Filing

Washington, D.C. 20549
(Rule 13d-101)
§ 240.13d-2(a)
(Amendment No.  )1
SunOpta Inc.
(Name of Issuer)
Common Shares, no 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)
September 6, 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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