A newly-amended 13D filing with the SEC revealed that Greg Boland‘s West Face Capital has further decreased its stake in Sunopta Inc. (NASDAQ:STKL), with it currently owning 4.25 million shares, which represent 4.97% of the company’s outstanding stock. Previously, West Face Capital held 6.35 million shares, which accounted for 7.4% of the stock’s float, as per its previous 13D filing on the company dated August 19.
SunOpta is a health food company engaged in the production of non-genetically modified food, operating in two divisions: Global Ingredients and Consumer Products. Since the beginning of the year, the company’s stock has lost 9.73%. In its financial report for the second quarter of 2016, SunOpta reported 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 same quarter a year earlier.
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Among the pool of successful investors followed by Insider Monkey, 17 reported long positions in Sunopta (NASDAQ:STKL) as of the end of June, down by one from the end of March. Some of the bullish investors included Jason Karp’s Tourbillon Capital Partners, which held a position worth around $35.41 million, Chuck Royce’s Royce & Associates, with a $5.87 million position, Ken Griffin’s Citadel Investment Group, Matthew Knauer and Mina Faltas’ Nokota Management, Jim Simons’ Renaissance Technologies, and Mario Gabelli’s GAMCO Investors.
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Some of the new investors in the stock during the quarter encompassed John Segrich and Michael Molnar’s Lorem Ipsum Management, which had $733,000 invested in the company, Youlia Miteva’s Proxima Capital Management, which initiated a position valued at $648,000 on June 30, and Gavin Saitowitz and Cisco J. Del Valle’s Springbok Capital.
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 |
|---|---|---|---|---|---|---|
| WEST FACE CAPITAL INC | 0 | 4,253,343 | 0 | 4,253,343 | 4,253,343 | 4.97% |
| GREGORY A. BOLAND | 0 | 4,253,343 | 0 | 4,253,343 | 4,253,343 | 4.97% |
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Page 1 of 6 – SEC Filing
Page 2 of 6 – SEC Filing
| SCHEDULE 13D | ||
| CUSIP No: 8676EP108 | Page 2 of 6 Pages |
| 1 | NAMES OF REPORTING PERSONS | ||||
| WEST FACE CAPITAL INC. | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) | ☐ | ||
| (b) | ☐ | ||||
| 3 | SEC USE ONLY | ||||
| 4 | SOURCE OF FUNDS (SEE INSTRUCTIONS) | ||||
| WC | |||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) | ☐ | |||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
| Canada | |||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | |||
| 0 | |||||
| 8 | SHARED VOTING POWER | ||||
| 4,253,343 | |||||
| 9 | SOLE DISPOSITIVE POWER | ||||
| 0 | |||||
| 10 | SHARED DISPOSITIVE POWER | ||||
| 4,253,343 | |||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
| 4,253,343 | |||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ☐ | |||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||
| 4.97% | |||||
| 14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
| CO, FI | |||||
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Page 3 of 6 – SEC Filing
| SCHEDULE 13D | ||
| CUSIP No: 8676EP108 | Page 3 of 6 Pages |
| 1 | NAMES OF REPORTING PERSONS | ||||
| GREGORY A. BOLAND | |||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) | ☐ | ||
| (b) | ☐ | ||||
| 3 | SEC USE ONLY | ||||
| 4 | SOURCE OF FUNDS (SEE INSTRUCTIONS) | ||||
| WC | |||||
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E) | ☐ | |||
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION | ||||
| Canada | |||||
| NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER | |||
| 0 | |||||
| 8 | SHARED VOTING POWER | ||||
| 4,253,343 | |||||
| 9 | SOLE DISPOSITIVE POWER | ||||
| 0 | |||||
| 10 | SHARED DISPOSITIVE POWER | ||||
| 4,253,343 | |||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||
| 4,253,343 | |||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) | ☐ | |||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||
| 4.97% | |||||
| 14 | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) | ||||
| IN, HC | |||||
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Page 4 of 6 – SEC Filing
| SCHEDULE 13D | ||
| Page 4 of 6 Pages |
| Item 1. | Security and Issuer |
This Amendment No. 9 to Schedule 13D is being filed by West Face Capital Inc. (“West Face”) and Gregory A. Boland (“Mr. Boland”) (collectively, the “Reporting Persons”), pursuant to §240.13d-2(a), to amend the Schedule 13D filed on February 23, 2012 (“Initial Schedule 13D”) as amended by Amendment No. 1 filed on May 18, 2012, Amendment No. 2 filed on August 15, 2013, Amendment No. 3 filed on August 28, 2014, Amendment No. 4 filed on September 8, 2014, Amendment No. 5 filed on August 14, 2015, Amendment No. 6 filed on September 30, 2015, Amendment No. 7 filed on January 5, 2016 and Amendment No. 8 filed on August 16, 2016 (each Amendment together with the Initial Schedule 13D, the “Amended Schedule 13D”) relating to the Common Shares, no par value (the “Shares”), of SunOpta Inc. (the “Issuer” or the “Company”), whose principal executive offices are located at 2233 Argentia Road, Mississauga, Ontario L5N 2X7, Canada. Except as set forth below, all Items of the Amended Schedule 13D remain unchanged. All capitalized terms not otherwise defined herein shall have the meanings ascribed to such terms in the Amended Schedule 13D.
| Item 5. | Interest in Securities of the Issuer |
| Item 7. | Material to be Filed as Exhibits. |
| Exhibit C: | Schedule of Transactions |
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Page 5 of 6 – SEC Filing
| SCHEDULE 13D | ||
| Page 5 of 6 Pages |
| WEST FACE CAPITAL INC. | |||
| By: | /s/ Supriya Kapoor | ||
| Name: | Supriya Kapoor | ||
| Title: | Attorney-in-fact for Gregory A. Boland | ||
| President and Chief Executive Officer of | |||
| West Face Capital Inc. | |||
| GREGORY A. BOLAND | |||
| By: | /s/ Supriya Kapoor | ||
| Name: | Supriya Kapoor | ||
| Title: | Attorney-in-fact for Gregory A. Boland | ||
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Page 6 of 6 – SEC Filing
| SCHEDULE 13D | ||
| Page 6 of 6 Pages |
| Name of Account | Date of Transaction | Nature of Transaction | Quantity of Shares | Price per Share |
| West Face Long Term Opportunities Global Master L.P. | 08/19/2016 | Sale | 300,000 | $6.4762 (1) |
| West Face Long Term Opportunities Global Master L.P. | 08/22/2016 | Sale | 200,000 | $6.5098 (2) |
| West Face Long Term Opportunities Global Master L.P. | 08/23/2016 | Sale | 100,000 | $6.5444 (3) |
| West Face Long Term Opportunities Global Master L.P. | 09/06/2016 | Sale | 1,350,000 | $6.7789 (4) |
| West Face Long Term Opportunities Global Master L.P. | 09/07/2016 | Sale | 150,000 | $6.9000 |
1. This price reflects an average weighted price. The actual prices for these transactions range from $6.45 to $6.56, inclusive. The Reporting Persons further undertake to provide upon request by the Commission staff, the Company, or a security holder of the Company, full information regarding the number of Shares sold at each separate price with the ranges set forth in footnotes (1) through (4) to this Schedule 13D.
