On 02/23/2014, they bought 33,549 shares at an average price of $3.7174.
On 02/24/2015, they bought 40,486 shares at an average price of $3.7241. That brings H&H's direct MLNK holdings to 1,548,608 shares.
Apparently, the Feb. 13 deadline for HnH/Steel purchases wasn't as important as I thought from reading MLNK's filing. By my sometimes unreliable math skills, H&H has purchased around 367,641 MLNK shares since HnH/Steel's last amended 13D filing. If I'm right, we would see another filing if they acquire something like another 150-160,000 shares, which they appear 2b doing at a slow & measured pace.
On 02/19/2015, they purchased 22,728 shares at an average price of $3.7258
On 02/20/2015, they purchased 15,026 shares at an average price of $3.7377. That brings the total of their direct holdings to 1,474,573 shares.
Without consulting my previous figures, I believe that if they buy another 150-200K shares that the group would control around 33% of shares outstanding.
I find it interesting that they can continue to purchase shares on an almost daily basis without putting too much upward pressure on the share price.
If they are true to their past practice of reporting their quarterly results on the last possible day, then we would see a report on or about March 12.
Not a sale. Read note 1 on both filings:
1. PAYMENT OF TAX LIABILITY BY DELIVERING SECURITIES TO THE ISSUER INCIDENT TO THE VESTING OF A SECURITY.
On 02/17/2015, they purchased 55,523 MLNK shares @ an average of $3.7323
On 02/18/2015, they purchased 55,523 MLNK shares @ an average of $3.6858. That brings their total direct holdings to 1,436,819 shares.
First, it's interesting that they reported purchasing the exact same number of shares on 2 different days.
Second, and much more interesting, these purchases were made AFTER the Feb. 13 deadline cited in the "acquisition period" agreed to by the BOD. It could be that the period was extended, in which case you'd think we'd see an SEC filing. Also, we're not sure whether the "aggregated shares" from the reverse/forward split have been sold off yet, so we've got more questions than answers at this point.
You have to read this note to understand the filings:
1. Reduction adjustment to previously reported Restricted Stock Unit award with regard to Federal and state withholding taxes paid by the Company on behalf of the employee.
On 02/12/2015, H&H purchased 52,637 MLNK shares at an average price of $3.7174
On 02/13/2015, H&H purchased 39,532 MLNK shares at an average price of $3.7238, which brings their direct holdings to 1,325,773 shares.
The share acquisition window given to H&H expired on Friday 2/13, so we may not see additional share purchases by H&H, though they are well below the 45% limit set by the BOD.
In their Q4 13F filed today, they're showing they owned 6,504,691shares of SONS as of 12/31/14. That compares to the new position of 3.3M shares they established during Q3. That change in itself would bump the 'tute holdings up by around 1.5%.
In a filing today, Highbridge reported holdings of the 5.25% convertible notes which would equate to 3,884,648 shares of MLNK common if converted, or about 6.94% of shares outstanding. Previously, back on March 24 last year, Highbridge reported holdings of the notes which would convert to 2,759,904 shares, so they've added about 40% more to their originally reported stake.
Recall that the conversion rate is $6.01, so it's very unlikely that Highbridge would consider conversion unless MLNK's share price exceeds that figure.
On 02/10/2015, H&H bought 43,965 MLNK shares @ an average price of $3.5847
On 02/11/2015, they bought 52,637 shares at an average price of $3.6552, which brings their direct holdings up to 1,233,604 shares.
I see I was correct in my surmise that they bought 43,965 shares on 2/10 (see Feb 11 post, Amended 13D filing).
With the increase in today's volume, I'm wondering if they added more than the 45-50,000 shares they seem to buy per day.
I'll also be looking for a final accounting of the "aggregated" shares sold during this period which represents those sold on behalf of the odd lot holders (less than 100 shares).
In thinking about the "window" that H&H was given to buy more shares (expiring tomorrow), I'm wondering if maybe they are observing a blackout period of some sort, maybe relating to the upcoming quarterly report or some other event on the corporate horizon that would preclude further H&H buys due to a possible Reg FD conflict.
Their 13G, filed today, shows holdings of 21,805,948 shares of SONS as of 12/31/14 or 8.82% of shares outstanding. We've since had the 1-for-5 reverse split, so that equates to 4,361,189 of the new shares. As of 9/30/14, Wellington had 2,531,328 split-adjusted shares, so it looks as if they bought 1,829,861SONS split-adjusted shares in Q4 (I make that a buy of 9,149,308 pre-split shares). If my figures are correct, that would make Wellington the biggest 'tute holder of SONS shares.
The entire group is showing:
"This statement reports an aggregate of 17,318,008 Shares, including 2,000,000 Shares underlying currently exercisable Warrants, constituting approximately 31.9% of the Shares outstanding."
Also, there is a clue as to how many shares HNH purchased yesterday:
"As of the close of business on February 10, 2015, HNH owned directly 1,180,967 Shares"
We know from the Form 4 filed on 2/9 that HNH directly owned 1,137,002 shares, so it looks as if HNH purchased another 43,965 MLNK shares yesterday. We may see a Form 4 filing later tonight. If I remember my SEC regs correctly, HNH/Steel has to file an amended 13D whenever their holdings change by 1% of shares o/s, or about 520K shares. That's why I posted on Feb 4 that I thought they'd be filing once they acquired another 175K shares or so. According to my figures, between Feb 4 & Feb 9, HNH bought another 185,469 shares.
On 02/06/2015, they bought 54,500 shares at an average price of $3.6821.
On 02/09/2015, they bought 52,637 shares at an average price of $3.6866, which brings H&H's direct holdings total to 1,137,002 shares.
As of Feb 6, the prospectus shows Steel Partners Holdings L.P. with 17,010,050 MLNK shares (including the 2M warrants). I think I had figured something like 17.16M. What's interesting about this is that the prospectus indicates that Steel MAY "...may from time to time on a delayed or continuous basis offer and sell pursuant to this prospectus and any applicable prospectus supplement the shares set forth in the table below. The selling stockholder may sell all, a portion or none of the shares included in the table below at any time."
The prospectus shows 9.5M shares as the amount that Steel MAY sell, and goes on to say:
"The selling stockholder has advised the Company that notwithstanding its inclusion as a selling stockholder in this prospectus, it may continue to evaluate whether to make purchases of the Company’s common stock. Such purchases, if any, would be in accordance with the applicable provisions of the Exchange Act and the rules and regulations under the Exchange Act, including Regulation M. We may amend or supplement this prospectus from time to time in the future to update or change this selling security holder list and the securities that may be resold. "
So it looks as if Steel is keeping their options open.
I don't see much information yet, but this is from the filing:
Unless otherwise indicated in any applicable prospectus supplement, the net proceeds from any sale of securities by us will be used for general corporate purposes, which may include potential acquisitions and other strategic business opportunities. No material acquisitions are probable at this time. If we decide to use the net proceeds from a particular offering of securities for a specific purpose other than as set forth above, we will describe that in the related prospectus supplement. In the case of a sale of common stock by the selling stockholder, we will not receive any of the proceeds from such sale. We will receive proceeds from the exercise of warrants by the selling stockholder.
The prospectus indicates that they could offer common or preferred stock, warrants, debt securities or any combination or all of the above. In many cases, a shelf offering of this type can affect the share price, so it could get interesting here - maybe this is why HnH/Steel got the green light to buy more shares...
On 02/04/2015, they bought 54,500 shares at an average price of $3.6729
and on 02/05/2015 they bought 23,832 shares @ an average of $3.697
That brings their direct holdings to 1,029,865 shares. I think the grand total is now something like 17,166,900 shares (that includes 2M in warrants). Again, I think I figured H&H would have to have 23.5M shares to hit the 45% mark cited in the agreement with the BOD - and I believe that's NOT counting the 2M in warrants, so I can't see them getting that many shares between now and next Friday (the 13th eek!) unless they can make a deal to buy out some of the larger institutional holders.
Hey, good to "see" you! I've been limiting my posts due to my bout with the big C, and numerous visits to various doctors. I did buy the stock you mention with some of my AVNR "winnings", but the price of the darn shares jumped around so much it worried me - I don't have the time to follow a stock like that closely enough.
At any rate, so far this quarter, not many of the 'tutes have reported. Interestingly enough, one big new holder has turned up in CNCE - INGALLS & SNYDER LLC with 351,000 shares as of 12/31/2014 - You probably remember them from AVNR. I'd like 2b able to post on different boards with the old gang, but don't have the energy right now. I'm hanging out here because this stock is one of my LONG-TERM holdings, and I'm hoping that the new management can utilize the company's $2 BILLION in NOLs to boost the share price.
good luck, and say hello to all the AVNR gang.
Yesterday BlackRock Inc., a monster-sized institution, filed an amended 13G showing their many funds held a total of 2,613,142 MLNK shares or 5% of shares o/s as of Dec31. BlackRock's filing for the same period in 2013 showed them holding 2,497,626 shares, so they added something like 115,000 MLNK shares last year.
On 02/02/2015 H&H purchased 32,395 shares at an average price of $3.5545
On 02/03/2015 they bought 54,500 shares at an average price of $3.6974.
That brings their direct holdings to 951,533 shares. Pretty impressive when you consider they had direct holdings of 1,000 shares as of Nov. 16 of last year.
I did a bit of math using the figures from the amended 13D filed on Jan 5, and I came up with total holdings of 17,088,574 shares held by the entire H&H/Steel group ( that includes 2M shares represented by warrants.)
Including the warrants would put the group's holdings at around 31.58% of MLNK shares. The Jan 5 filing reported
"an aggregate of 16,700,879 Shares, including 2,000,000 Shares underlying currently exercisable Warrants, beneficially owned by the Reporting Persons, constituting approximately 30.9% of the Shares outstanding."
IF (big if) my figures are correct, I think H&H/Steel would have to file another amended 13D if they acquire another 175,000 shares, which they seem likely to do if they continue to buy shares as they've been doing for the last several weeks.
I figure the group would have to own an aggregate 23.45M shares (excluding the warrants) to hit the 45% limit set in the agreement with the BOD. Recall that the "share acquisition period" specified in the agreement ends on Feb 13, so H&H/Steel would have to buy something like 8.75M shares in the next 8 days (including today) to reach that mark, which seems unlikely.