NHI chief trims stake
Posted on September 2, 2009 at 6:59 amNational Health Investors CEO Andrew Adams last week disposed of more than 15,000 shares in the Murfreesboro-based REIT, grossing him about $516,000. The sale lightened his direct holdings in the company (Ticker: NHI) by about 1.2 percent.
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Delek’s majority owner adds to stake
Posted on August 25, 2009 at 6:48 amThe shares of Delek US, which are changing hands at half their May 2006 IPO price, are apparently cheap enough for its parent company to buy more. Delek Group Ltd., which already owns more than 70 percent of Brentwood-based Delek US, bought another 65,000-odd shares of the company (Ticker: DK), spending about $525,000.
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Money manager picks up another Advocat chunk
Posted on August 20, 2009 at 7:51 amMarlin Capital Partners has stepped up its purchasing of nursing home operator Advocat. The Texas-based money manager, which started its recent round of buying last week, snapped up another 81,000 shares of Brentwood-based Advocat (Ticker: AVCA) on Monday and Tuesday, raising its stake to 12.8 percent.
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Marlin nibbles some more at Advocat
Posted on August 18, 2009 at 7:32 amThe Texas-based money management firm Marlin Capital Partners continues to add to its stake in Advocat, buying another 9,500 shares late last week. The buying has helped of late, but shares of Brentwood-based Advocat (Ticker: AVCA) are still about 40 percent below year-ago levels.
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Big Advocat owner buys more
Posted on August 13, 2009 at 3:14 pm
Marlin Capital, the Dallas money manager that bought big into Advocat last year, has acquired a few more shares of the senior housing provider. The firm, which is represented by Chad McCurdy on Advocat’s board, now owns 11.2 percent of Advocat (Ticker: AVCA), which is up 50 percent so far this month.
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BioMimetic extends rights offering
Posted on June 11, 2009 at 4:41 pmThe Franklin-based biotech, which is trying to raise $17 million to give it a cash buffer, has extended the deadline of its rights offering by a week. Over in Denmark, the folks at Novo – who have pledged to backstop the offering – are pulling out their checkbook…
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Another sign Advocat is taking Bristol’s board challenge seriously
Posted on May 29, 2009 at 6:51 amChad McCurdy, the nursing home operator’s largest shareholder – and since last spring, a board member – says he has picked up a few more shares lately and goes to great lengths to say he supports the company-nominated director candidates over the challengers from Bristol Capital.
Being a large shareholder or having investment banking relationships does not by itself add additional value to our board. I have numerous relationships with investment bankers at very large and well respected firms as do other members of your board. We listen to what our current bankers tell and draw upon other relationships for further advice and counsel.
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Advocat responds with proxy advisors’ nod
Posted on May 27, 2009 at 11:57 amThe day after disgruntled investor Bristol Capital said a proxy advisory firm told shareholders to abstain from voting for Advocat’s board members, the company says RiskMetrics also is recommending that investors not vote for Bristol’s nominees. Another advisory firm Glass Lewis is calling for the same.
“Given that the Dissident lacks a strategic plan, that its nominees do not have public company board experience and have less health care industry experience than the incumbent nominees as well as the board’s responsiveness to shareholder concerns, we will refrain from withholding support from the incumbent nominees. Accordingly, we recommend that shareholders vote for both nominees.”
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Proxy advisors almost agree with Advocat investor
Posted on May 26, 2009 at 8:18 amRiskMetrics Group says investors should withhold their votes for the two directors up for re-election at the nursing home chain. A California investment firm that owns more than 7 percent of the company (Ticker: AVCA) is pushing for big changes.
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Advocat investors push for board seats ahead of vote
Posted on May 19, 2009 at 8:24 amL.A.-based Bristol Capital, which has been critical of Advocat’s board for years over performance and compensation, makes its official overture to investors ahead of the company’s May 29 annual meeting. The short version: Bristol, which owns more than 7 percent of Advocat (Ticker: AVCA) says the company has “grossly indulgent compensation practices, ineffective management oversight and a Board that has become disconnected from stockholders and market realities.”
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Morgan Stanley slashes Healthcare Realty stake
Posted on May 13, 2009 at 10:07 pmThe Wall Street powerhouse sold more than 3 million shares of the Nashville-based REIT during the first four months of the year. Morgan Stanley stake in Healthcare Realty (Ticker: HR) now stands at 9.4 percent, down from more than 15 percent at year-end 2008.
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CHS’ No. 3 investor scales back
Posted on May 11, 2009 at 3:06 pmWellington Management sold almost 4 million of the Community Health shares it owned at the end of 2008. Its stake now stands at 4.1 percent, down from 8.4 percent. The Boston-based investment house had ramped up its stake by 1.8 million shares in the fourth quarter, when CHS (Ticker: CYH) was trading in the low to mid-teens. Today, it closed at $24.76.
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For the record, no
Posted on May 5, 2009 at 12:13 pmIn its proxy statement, the board of nursing home operator Advocat says shareholders should not vote for the director candidates nominated by California investment firm Bristol Capital.
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Strength in the face of flatness
Posted on April 16, 2009 at 8:53 am
They’re down a bit this morning, but Gaylord shares (Ticker: GET) bucked the broader market the past couple of days on above-average volume. That could mean that its largest shareholders, TRT Holdings and GAMCO, are busy lifting their stakes closer to their new 22% limit or that another investor is joining the party.
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Fidelity selling CHS
Posted on April 13, 2009 at 9:31 amThe giant money manager unloaded about 5 million shares of the Franklin-based hospital company last quarter, trimming its stake from more than 7 percent to less than 2.5 percent. CHS shares (Ticker: CYH) have gained about 7 percent so far this year.
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