Item 3. | Source and Amount of Funds or Other Consideration. |
Item 3 is hereby amended and restated to read as follows:
The Shares purchased by each of the Master Fund and the Canadian Fund, and the Shares held in the Separately Managed Accounts, were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 942,326 Shares owned directly by the Master Fund is approximately $25,430,753, including brokerage commissions. The aggregate purchase price of the 83,898 Shares owned directly by the Canadian Fund is approximately $2,301,397, including brokerage commissions. The aggregate purchase price of the 510,080 Shares held in the Separately Managed Accounts is approximately $13,939,119, including brokerage commissions.
Item 5. | Interest in Securities of the Issuer. |
| Items 5(a) – (c), (e) are hereby amended and restated to read as follows: |
(a) The aggregate percentage of Shares reported owned by each person named herein is based upon 30,738,083 Shares outstanding as of May 26, 2015, which is the total number of Shares outstanding as reported in Exhibit 2.1 to the Issuer’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 1, 2015.
As of the close of business on the date hereof, the Master Fund beneficially owned directly 942,326 Shares, the Canadian Fund beneficially owned directly 83,898 Shares, and 510,080 Shares were held in the Separately Managed Accounts, constituting approximately 3.1%, less than 1%, and approximately 1.7%, respectively, of the Shares outstanding.
FrontFour Capital, as the investment manager of the Master Fund and the Separately Managed Accounts, may be deemed to beneficially own the 1,452,406 Shares directly beneficially owned in the aggregate by the Master Fund and held in the Separately Managed Accounts, constituting approximately 4.7% of the Shares outstanding.
FrontFour Corp., as the investment manager of the Canadian Fund, may be deemed to beneficially own the 83,898 Shares directly beneficially owned by the Canadian Fund, constituting less than 1% of the Shares outstanding.
Each of Messrs. Loukas, Lorber and George, as a managing member and principal owner of FrontFour Capital and a principal owner of FrontFour Corp., may be deemed to beneficially own the 1,536,304 Shares directly beneficially owned in the aggregate by the Master Fund and the Canadian Fund and held in the Separately Managed Accounts, constituting approximately 4.998% of the Shares outstanding.
Each of the Reporting Persons, as a member of a “group” with the other Reporting Persons for purposes of Rule 13d-5(b)(1) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), may be deemed to beneficially own the securities of the Issuer owned by the other Reporting Persons. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Exchange Act, the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.
(b) Each of the Master Fund, FrontFour Capital and Messrs. Loukas, Lorber and George have shared power to vote or direct the vote of, and to dispose or direct the disposition of, the Shares owned directly by the Master Fund.
Each of FrontFour Capital and Messrs. Loukas, Lorber and George have shared power to vote or direct the vote of, and to dispose or direct the disposition of, the Shares held in the Separately Managed Accounts.
Each of the Canadian Fund, FrontFour Corp. and Messrs. Loukas, Lorber and George have shared power to vote or direct the vote of, and to dispose or direct the disposition of, the Shares owned directly by the Canadian Fund.
(c) The transactions in the securities of the Issuer by the Reporting Persons since the filing of Amendment No. 4 to the Schedule 13D are set forth in Schedule A and are incorporated herein by reference.
(e) As of June 26, 2015, the Reporting Persons ceased to be the beneficial owners of more than 5% of the outstanding Shares of the Issuer.
SIGNATURES
After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.
Dated: June 26, 2015 | FrontFour Master Fund, Ltd. |
| |
| By: | FrontFour Capital Group LLC as Investment Manager |
| |
| By: | /s/ David A. Lorber |
| | Name: | David A. Lorber |
| | Title: | Managing Member |
| FrontFour Capital Group LLC |
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| By: | /s/ David A. Lorber |
| | Name: | David A. Lorber |
| | Title: | Managing Member |
| FrontFour Opportunity Fund |
| | |
| By: | FrontFour Capital Corp. as Investment Manager |
| |
| By: | /s/ David A. Lorber |
| | Name: | David A. Lorber |
| | Title: | Authorized Signatory |
| FrontFour Capital Corp. |
| |
| By: | /s/ David A. Lorber |
| | Name: | David A. Lorber |
| | Title: | Authorized Signatory |
| /s/ David A. Lorber |
| DAVID A. LORBER |
| /s/ Stephen E. Loukas |
| STEPHEN E. LOUKAS |
| /s/ Zachary R. George |
| ZACHARY R. GEORGE |
SCHEDULE A
Transactions in Securities of the Issuer Since the Filing of Amendment No. 4 to the Schedule 13D
Class of Security | Amount of Securities Purchased/(Sold) | Price ($) | Date of Purchase/Sale |
FRONTFOUR MASTER FUND, LTD.
Common Stock | (2,170) | | 34.0919 | 06/16/2015 |
Common Stock | (18,451) | | 34.0813 | 06/23/2015 |
Common Stock | (29,810) | | 34.0665 | 06/24/2015 |
Common Stock | (1,334) | | 34.0820 | 06/25/2015 |
Common Stock | (6,322) | | 34.0643 | 06/26/2015 |
FRONTFOUR OPPORTUNITY FUND
Common Stock | (826) | | 34.0919 | 06/16/2015 |
Common Stock | (1,666) | | 34.0813 | 06/23/2015 |
Common Stock | (2,969) | | 34.0665 | 06/24/2015 |
Common Stock | (505) | | 34.0643 | 06/26/2015 |
FRONTFOUR CAPITAL GROUP LLC
(Through Separately Managed Accounts)
Common Stock | (22,733) | | 34.0919 | 06/16/2015 |
Common Stock | (9,883) | | 34.0813 | 06/23/2015 |
Common Stock | (16,328) | | 34.0665 | 06/24/2015 |
Common Stock | (626) | | 34.0820 | 06/25/2015 |
Common Stock | (3,173) | | 34.0643 | 06/26/2015 |