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SC 13D/A Filing
Papa John's International (PZZA) SC 13D/APapa Johns International Inc
Filed: 20 Nov 18, 4:48pm
CHRISTOPHER S. KIPER LEGION PARTNERS ASSET MANAGEMENT, LLC 9401 Wilshire Blvd, Suite 705, Beverly Hills, CA 90212 (424) 253-1773 | APRIL WILCOX CALIFORNIA STATE TEACHERS' RETIREMENT SYSTEM 100 Waterfront Place, MS 04, West Sacramento, CA 95605 (916) 414-7551 |
1 | NAME OF REPORTING PERSONS Legion Partners, L.P. I | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*(a) ☒ (b) ☐ | |
3 | SEC USE ONLY | |
4 | SOURCE OF FUNDS WC | |
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ☐ | |
6 | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware | |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER - 0 - |
8 | SHARED VOTING POWER 880,660 | |
9 | SOLE DISPOSITIVE POWER - 0 - | |
10 | SHARED DISPOSITIVE POWER 880,660 | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 880,660 | |
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ☐ | |
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.79% | |
14 | TYPE OF REPORTING PERSON PN |
1 | NAME OF REPORTING PERSONS Legion Partners, L.P. II | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*(a) ☒ (b) ☐ | |
3 | SEC USE ONLY | |
4 | SOURCE OF FUNDS WC | |
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ☐ | |
6 | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware | |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER - 0 - |
8 | SHARED VOTING POWER 42,781 | |
9 | SOLE DISPOSITIVE POWER - 0 - | |
10 | SHARED DISPOSITIVE POWER 42,781 | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 42,781 | |
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ☐ | |
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) Less than 1% | |
14 | TYPE OF REPORTING PERSON PN |
1 | NAME OF REPORTING PERSONS Legion Partners Special Opportunities, L.P. I | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*(a) ☒ (b) ☐ | |
3 | SEC USE ONLY | |
4 | SOURCE OF FUNDS WC | |
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ☐ | |
6 | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware | |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER - 0 - |
8 | SHARED VOTING POWER 802,545 | |
9 | SOLE DISPOSITIVE POWER - 0 - | |
10 | SHARED DISPOSITIVE POWER 802,545 | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 802,545 | |
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ☐ | |
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 2.54% | |
14 | TYPE OF REPORTING PERSON PN |
1 | NAME OF REPORTING PERSONS Legion Partners, LLC | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*(a) ☒ (b) ☐ | |
3 | SEC USE ONLY | |
4 | SOURCE OF FUNDS AF | |
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ☐ | |
6 | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware | |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER - 0 - |
8 | SHARED VOTING POWER 1,725,986 | |
9 | SOLE DISPOSITIVE POWER - 0 - | |
10 | SHARED DISPOSITIVE POWER 1,725,986 | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,725,986 | |
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ☐ | |
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.47% | |
14 | TYPE OF REPORTING PERSON OO |
1 | NAME OF REPORTING PERSONS Legion Partners Asset Management, LLC | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*(a) ☒ (b) ☐ | |
3 | SEC USE ONLY | |
4 | SOURCE OF FUNDS AF | |
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ☐ | |
6 | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware | |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER - 0 - |
8 | SHARED VOTING POWER 1,725,986 | |
9 | SOLE DISPOSITIVE POWER - 0 - | |
10 | SHARED DISPOSITIVE POWER 1,725,986 | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,725,986 | |
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ☐ | |
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.47% | |
14 | TYPE OF REPORTING PERSON OO |
1 | NAME OF REPORTING PERSONS Legion Partners Holdings, LLC | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*(a) ☒ (b) ☐ | |
3 | SEC USE ONLY | |
4 | SOURCE OF FUNDS AF | |
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ☐ | |
6 | CITIZENSHIP OR PLACE OF ORGANIZATION Delaware | |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER - 0 - |
8 | SHARED VOTING POWER 1,726,086 | |
9 | SOLE DISPOSITIVE POWER - 0 - | |
10 | SHARED DISPOSITIVE POWER 1,726,086 | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,726,086 | |
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ☐ | |
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.47% | |
14 | TYPE OF REPORTING PERSON OO |
1 | NAME OF REPORTING PERSONS Christopher S. Kiper | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*(a) ☒ (b) ☐ | |
3 | SEC USE ONLY | |
4 | SOURCE OF FUNDS AF | |
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ☐ | |
6 | CITIZENSHIP OR PLACE OF ORGANIZATION USA | |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER - 0 - |
8 | SHARED VOTING POWER 1,726,086 | |
9 | SOLE DISPOSITIVE POWER - 0 - | |
10 | SHARED DISPOSITIVE POWER 1,726,086 | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,726,086 | |
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ☐ | |
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.47% | |
14 | TYPE OF REPORTING PERSON IN |
1 | NAME OF REPORTING PERSONS Raymond White | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*(a) ☒ (b) ☐ | |
3 | SEC USE ONLY | |
4 | SOURCE OF FUNDS AF | |
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ☐ | |
6 | CITIZENSHIP OR PLACE OF ORGANIZATION USA | |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER - 0 - |
8 | SHARED VOTING POWER 1,726,086 | |
9 | SOLE DISPOSITIVE POWER - 0 - | |
10 | SHARED DISPOSITIVE POWER 1,726,086 | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,726,086 | |
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ☐ | |
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.47% | |
14 | TYPE OF REPORTING PERSON IN |
1 | NAME OF REPORTING PERSONS California State Teachers' Retirement System | |
2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*(a) ☒ (b) ☐ | |
3 | SEC USE ONLY | |
4 | SOURCE OF FUNDS WC | |
5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) ☐ | |
6 | CITIZENSHIP OR PLACE OF ORGANIZATION California | |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH | 7 | SOLE VOTING POWER 34,440 |
8 | SHARED VOTING POWER - 0 - | |
9 | SOLE DISPOSITIVE POWER 34,440 | |
10 | SHARED DISPOSITIVE POWER - 0 - | |
11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 34,440 | |
12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ☐ | |
13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) Less than 1% | |
14 | TYPE OF REPORTING PERSON EP |
Item 3. | Source and Amount of Funds or Other Consideration. |
Item 5. | Interest in Securities of the Issuer. |
D. | Legion LLC |
(a) | As of the close of business on November 20, 2018, Legion LLC, as the general partner of each of Legion Partners I, Legion Partners II and Legion Partners Special I, may be deemed the beneficial owner of the (i) 880,660 Shares beneficially owned by Legion Partners I, (ii) 42,781 Shares beneficially owned by Legion Partners II and (iii) 802,545 Shares beneficially owned by Legion Partners Special I. |
(b) | 1. Sole power to vote or direct vote: 0 |
(c) | Legion LLC has not entered into any transactions in the securities of the Issuer during the past sixty days. The transactions in the securities of the Issuer on behalf of each of Legion Partners I, Legion Partners II and Legion Partners Special I during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
E. | Legion Partners Asset Management |
(a) | As of the close of business on November 20, 2018, Legion Partners Asset Management, as the investment advisor of each of Legion Partners I, Legion Partners II and Legion Partners Special I, may also be deemed the beneficial owner of the (i) 880,660 Shares beneficially owned by Legion Partners I, (ii) 42,781 Shares beneficially owned by Legion Partners II and (iii) 802,545 Shares beneficially owned by Legion Partners Special I. |
(b) | 1. Sole power to vote or direct vote: 0 |
(c) | Legion Partners Asset Management has not entered into any transactions in the securities of the Issuer during the past sixty days. The transactions in the securities of the Issuer on behalf of each of Legion Partners I, Legion Partners II and Legion Partners Special I during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
F. | Legion Partners Holdings |
(a) | As of the close of business on November 20, 2018, Legion Partners Holdings beneficially owned 100 Shares. In addition, Legion Partners Holdings, as the sole member of Legion Partners Asset Management and the sole member of Legion LLC, may be deemed the beneficial owner of the (i) 880,660 Shares beneficially owned by Legion Partners I, (ii) 42,781 Shares beneficially owned by Legion Partners II and (iii) 802,545 Shares beneficially owned by Legion Partners Special I. |
(b) | 1. Sole power to vote or direct vote: 0 |
(c) | Legion Partners Holdings has not entered into any transactions in the securities of the Issuer during the past sixty days. The transactions in the securities of the Issuer on behalf of each of Legion Partners I, Legion Partners II and Legion Partners Special I during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
G. | Messrs. Kiper and White |
(a) | As of the close of business on November 20, 2018, each of Messrs. Kiper and White, as a managing director of Legion Partners Asset Management and a managing member of Legion Partners Holdings, may be deemed the beneficial owner of the (i) 100 Shares beneficially owned by Legion Partners Holdings, (ii) 880,660 Shares beneficially owned by Legion Partners I, (iii) 42,781 Shares beneficially owned by Legion Partners II and (iv) 802,545 Shares beneficially owned by Legion Partners Special I. |
(b) | 1. Sole power to vote or direct vote: 0 |
(c) | Neither Mr. Kiper nor Mr. White has entered into any transactions in the securities of the Issuer during the past sixty days. The transactions in the securities of the Issuer on behalf of each of Legion Partners I, Legion Partners II and Legion Partners Special I during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
H. | CalSTRS |
(a) | As of the close of business on November 20, 2018, CalSTRS beneficially owned 34,440 Shares. |
(b) | 1. Sole power to vote or direct vote: 34,440 |
(c) | The transactions in the securities of the Issuer by CalSTRS during the past sixty days are set forth in Schedule A and are incorporated herein by reference. |
Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. |
Legion Partners, L.P. I | |||
By: | Legion Partners Asset Management, LLC | ||
Investment Advisor | |||
By: | /s/ Christopher S. Kiper | ||
Name: | Christopher S. Kiper | ||
Title: | Managing Director |
Legion Partners, L.P. II | |||
By: | Legion Partners Asset Management, LLC | ||
Investment Advisor | |||
By: | /s/ Christopher S. Kiper | ||
Name: | Christopher S. Kiper | ||
Title: | Managing Director |
Legion Partners Special Opportunities, L.P. I | |||
By: | Legion Partners Asset Management, LLC | ||
Investment Advisor | |||
By: | /s/ Christopher S. Kiper | ||
Name: | Christopher S. Kiper | ||
Title: | Managing Director |
Legion Partners, LLC | |||
By: | Legion Partners Holdings, LLC | ||
Managing Member | |||
By: | /s/ Christopher S. Kiper | ||
Name: | Christopher S. Kiper | ||
Title: | Managing Member |
Legion Partners Asset Management, LLC | |||
By: | /s/ Christopher S. Kiper | ||
Name: | Christopher S. Kiper | ||
Title: | Managing Director |
Legion Partners Holdings, LLC | |||
By: | /s/ Christopher S. Kiper | ||
Name: | Christopher S. Kiper | ||
Title: | Managing Member |
/s/ Christopher S. Kiper | |||
Christopher S. Kiper | |||
/s/ Raymond White | |||
Raymond White | |||
CALIFORNIA STATE TEACHER'S RETIREMENT SYSTEM | |||
By: | /s/ April Wilcox | ||
Name: | April Wilcox | ||
Title: | Director of Operations |
Nature of Transaction | Date of Purchase | Amount of Securities Purchased/(Sold) | Price Per Security ($) |
Short Sale of April 2019 Call Options ($55.00 Strike Price)1 | 10/31/2018 | (416) | $5.0563 |
Short Sale of April 2019 Call Options ($57.50 Strike Price)1 | 10/31/2018 | (1) | $4.0000 |
Short Sale of April 2019 Call Options ($55.00 Strike Price)1 | 11/1/2018 | (1) | $5.2000 |
Short Sale of April 2019 Call Options ($57.50 Strike Price)1 | 11/1/2018 | (176) | $4.0000 |
Short Sale of April 2019 Call Options ($57.50 Strike Price)1 | 11/2/2018 | (2) | $4.0000 |
Short Sale of April 2019 Call Options ($55.00 Strike Price)1 | 11/5/2018 | (12) | $5.1000 |
Short Sale of April 2019 Call Options ($57.50 Strike Price)1 | 11/5/2018 | (9) | $4.0000 |
Short Sale of April 2019 Call Options ($55.00 Strike Price)1 | 11/7/2018 | (23) | $5.4848 |
Short Sale of April 2019 Call Options ($57.50 Strike Price)1 | 11/7/2018 | (445) | $4.0400 |
Short Sale of April 2019 Call Options ($57.50 Strike Price)1 | 11/8/2018 | (2) | $4.0000 |
Short Sale of April 2019 Call Options ($57.50 Strike Price)1 | 11/12/2018 | (443) | $3.9710 |
Short Sale of April 2019 Call Options ($60.00 Strike Price)1 | 11/16/2018 | (1,564) | $3.9374 |
Short Sale of April 2019 Call Options ($62.50 Strike Price)1 | 11/20/2018 | (1,021) | $2.0199 |
Short Sale of April 2019 Call Options ($55.00 Strike Price)1 | 10/31/2018 | (20) | $5.0563 |
Short Sale of April 2019 Call Options ($57.50 Strike Price)1 | 11/1/2018 | (9) | $4.0000 |
Short Sale of April 2019 Call Options ($55.00 Strike Price)1 | 11/5/2018 | (1) | $5.1000 |
Short Sale of April 2019 Call Options ($55.00 Strike Price)1 | 11/7/2018 | (1) | $5.4848 |
Short Sale of April 2019 Call Options ($57.50 Strike Price)1 | 11/7/2018 | (22) | $4.0400 |
Short Sale of April 2019 Call Options ($57.50 Strike Price)1 | 11/12/2018 | (22) | $3.9710 |
Short Sale of April 2019 Call Options ($60.00 Strike Price)1 | 11/16/2018 | (76) | $3.9374 |
Short Sale of April 2019 Call Options ($62.50 Strike Price)1 | 11/20/2018 | (49) | $2.0199 |
Short Sale of April 2019 Call Options ($55.00 Strike Price)1 | 10/31/2018 | (379) | $5.0563 |
Short Sale of April 2019 Call Options ($57.50 Strike Price)1 | 10/31/2018 | (1) | $4.0000 |
Short Sale of April 2019 Call Options ($57.50 Strike Price)1 | 11/1/2018 | (160) | $4.0000 |
Short Sale of April 2019 Call Options ($57.50 Strike Price)1 | 11/2/2018 | (2) | $4.0000 |
Short Sale of April 2019 Call Options ($55.00 Strike Price)1 | 11/5/2018 | (11) | $5.1000 |
Short Sale of April 2019 Call Options ($57.50 Strike Price)1 | 11/5/2018 | (9) | $4.0000 |
Short Sale of April 2019 Call Options ($55.00 Strike Price)1 | 11/7/2018 | (22) | $5.4848 |
Short Sale of April 2019 Call Options ($57.50 Strike Price)1 | 11/7/2018 | (406) | $4.0400 |
Short Sale of April 2019 Call Options ($57.50 Strike Price)1 | 11/8/2018 | (2) | $4.0000 |
Short Sale of April 2019 Call Options ($57.50 Strike Price)1 | 11/12/2018 | (403) | $3.9710 |
Short Sale of April 2019 Call Options ($60.00 Strike Price)1 | 11/16/2018 | (1,426) | $3.9374 |
Short Sale of April 2019 Call Options ($62.50 Strike Price)1 | 11/20/2018 | (930) | $2.0199 |
Sale of Common Stock | 10/26/2018 | (285) | $51.1810 |
Purchase of Common Stock | 11/2/2018 | 336 | $54.9390 |
Purchase of Common Stock | 11/5/2018 | 413 | $54.9265 |
Sale of Common Stock | 11/8/2018 | (413) | $56.4000 |
Purchase of Common Stock | 11/8/2018 | 413 | $56.4000 |