Having failed to gain director seats on the board of FBR & Co (NASDAQ:FBRC), J. Daniel Plants and his fund, Voce Capital, have liquidated their position in the company, as shown in a recently amended filing with the Securities and Exchange Commission. The fund previously held 387,025 shares, which accounted for approximately 5.2% of FBR & Co’s outstanding stock.
Prior to FBR & Co (NASDAQ:FBRC) annual shareholder meeting on June 14, Voce Capital had pushed for a change in management and nominated three directors for board seats. As most of its initiatives to generate growth had failed, the management of the company came to the conclusion that the only viable development option is focusing on the advisory business, the same option Voce Capital had been advocating since it became a shareholder. However, Plants and Voce Capital argued that after so many failed attempts, a change in management was required due to its lack of credibility. In the end, Voce’s nominees were not elected and the fund acted quickly to liquidate its position.
Hedge fund interest in FBR & Co (NASDAQ:FBRC) picked up during the first quarter, as the number of long positions rose to 8 by the end of March, from 5 positions registered at the end of December. Their combined holdings amounted to nearly 13% of the company’s common stock. Matthew Hulsizer and his fund, PEAK6 Capital Management, had initiated a fresh stake in the company during the quarter, amassing 325,581 shares worth roughly $5.89 million.
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|
|Voce Capital Management||0%|
|J. Daniel Plants||0%|
Page 1 of 8 – SEC Filing
SECURITIES AND EXCHANGE COMMISSION
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO § 240.13d -1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
§ 240.13d -2(a)
(Amendment No. 14)*
FBR & CO.
Common Stock, $0.001 par value per share
(Title of Class of Securities)
VOCE CAPITAL MANAGEMENT LLC
600 Montgomery Street, Suite 210
San Francisco, California
(Name, Address and Telephone
Number of Person Authorized to Receive Notices and Communications)
June 15, 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 Rule 13d-1(e), Rule 13d-1(f) or Rule
13d-1(g), check the following box. [ ]