Have to hold 5% or they get booted from the board. Another fund just raided 2 million from management and board threatening to be hostle. Company paid blackmail and they moved on.
Check sec.gov. we know between May and Aug SEC 13F filings that Mangrove was holding 4.5M less shares than in May. they still held about 6M shares per August 13F.
Sentiment: Strong Buy
How do you know Mangrove has sold out? This article says 12 West has bought and Mangrove is still in....
12 West Capital Management reported a new position in Atlantic Power Corporation (NYSE:AT) in a 13G filing with the Securities and Exchange Commission. The fund disclosed ownership of 6.20 million shares of the power company representing 5.1% of its outstanding stock.
If you are long with this stock, you are not afraid of the dropping. The Inside's buyers are long with the company.
No, the utility correction already happened. Utilities are raising dividend yields 4 to 6 % per year. They will be way ahead of the Fed. Historically if you look at periods when interest rates rise utility stocks do very well. Economies are improving. Utilities have all refinanced. They are sitting on capital being paid for with cheap monies. Even 3M, Apple, having billions in cash reserves took out very low interest loans in the billions of dollars.
What is unfair is Mangrove Partners gets realize corporate information and voting rights and AT IR takes days to return calls!
When the fed starts to raise rates, it will work against utilities. AT included. Could be a reason for them selling.
Just scummy misleading management. Nice to be on the board, have first hand and all corporate information, have voting rights and be able to buy or sell this stock! Shareholders only get information management has to share.
Why management bought more shares? Just want to attract investors? In fact, they may not have enough cash to buy. Well, why the largest holder are selling? There is inside story, I really don't know. No other funds interested on this stock? Buy at the low, sell at the high, unless it goes BK.
Fyi, utilities have been the best gainers for the past 5 days, up 2.2 %. This is wnen AT getting crushed. Mgmt buys giving false sign to help who?
What are you talking about? Largest shareholder with board seat selling millions. Mgmt buying thousands.
They challenged management saying there must be a $4 offer. No offer at $4 level. Surprising being the priced paid for wind assets over $3 a share. There board seat was to appease what? We should stop buying, let them sell under $1.
grey, i agree, it does smell. But to me, the stock price hit making sense now. Mangrove was never really an "investor". Hot money hedge fund probably hoping for a quick kill via buyout..then pushing for a ridiculous 300M divi after wind sale. They get board seat to try and push for their agenda..they lose. They sell. Stock under pressure ...particularly during blackout period where not possible for management to defend via purchases. 4.5 million sold between may and august via the 13F filings.
CEO said at last week CC "we are now attracting value oriented investors who agree with our approach", .that was probably code for we need more Dremen value fund investors and less mangroves. Bet the mangrove board appointee is the first to go.
Sentiment: Strong Buy