If I understand correctly - 13D filings are 'activist" positions" as opposed to 13G filings which are passive positions.
Could we expect Peter Kellogg to push for
a) Higher dividends
b) Divestiture of non-core assets
c) More transparency in disclosures
d) One or more of the above
Good news in any case - and today's price action reflects that optimism
I agree on the confusion part – I don’t know how he got from 20% to 30% to 50%, but the SEC filing clearly says that he owns 19,346,159 shares, and that IAT Reinsurance owns 12,974,562 shares and that ”This … is filed on behalf of Peter R. Kellogg and IAT. Mr. Kellogg is the sole owner of IAT’s voting stock, is a member of IAT’s board of directors, and is the President and CEO of IAT. “
So he’s got 51.6% of the stock.
(P.S. I’ve been trying to post this message for 2 days. For some reason, nothing goes. If this shows up 6 or 7 times in the future, I apologize.)
Kellogg has been around since MFC merchant bank days - '96? He originaly had 25%. To my knowledge he hasn't done any of the things you mentioned. Now that he controls 50+%, he could be a little more forceful, but I doubt it. Why would he want dividends? Non-core assets get spun off more or less regularly anyway. Maybe the new PR firm speaks to disclosure, but Kellogg has had the shares/influence for a long time and here we are. So don't expect change based on this information.
I've stopped following the day-to-day stuff so I'm not sure when/how he amassed all the additional shares. That said, it's a tremendous vote of confidence and holds a lot of shares off the market. I've been buying and holding for a long time. It's been slow, steady and very profitable work. With the Kellogg disclosure, I think even much better days lie ahead, but your time horizon has to be years, not weeks or months.
A while back Kellogg did ask a question on a CC about the dividend. His position was that if book value was above the stock price then the dividend should be based on the book value figure. MS responded that it was something that they might possibly consider, etc.
Kellogg's been around MFC for MANY years...
He's "controlled" 20+ percent for a looooong time...If you've done any due diligence you're more than aware of that.
Based on the 2 filings Friday and from what little this tired old brain can "remember",
I'd venture a "guess" that his "previous" holding was 12,974,562 shares which would equal the approximately 20.7% held by his private corporation...
This LATEST filing shows he NOW owns or controls a TOTAL of 19,346,159 shares that equals out to a NEW TOTAL of 30.9%...I believe it's stated for "investment purposes".
I think, rather than relying on my attempting to feed you second-hand "information" you really ought to be checking the SEC filings...You probably can rely more on the information made available there.
Kellogg is A DARN GOOD INVESTOR!