G Asset Management Discloses New 5.02% Stake in Barnes & Noble (BKS); Says Company 'Substantially Undervalued'
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In a 13D filing on Barnes & Noble, Inc. (NYSE: BKS), hedge fund G Asset Management disclosed a 5.02%, or 3,020,175 share, stake in the company. The firm did not hold shares at the end of the latest quarter ending December 31, 2011.
From the filing:
"The Reporting Persons believe the Company is substantially undervalued in its current form, and have communicated with the directors of the Company on a number of occasions to set forth their analysis of the Company’s potential worth and their proposals for unlocking additional value for shareholders, in particular their proposals that the Company execute as soon as practicable a spinoff of the NOOK business, possibly through a rights offering to current Barnes & Noble shareholders in which each Barnes & Noble shareholder would receive rights to exchange a proportion of their Barnes & Noble shares for NOOK shares, or an equity carve-out of the NOOK business.
Consistent with their investment intent, the Reporting Persons may from time to time in the future discuss with the Company’s directors, management, other shareholders and others, the Company’s business, operations, performance, strategic direction, capital structure, prospects and other matters, including ways of maximizing stockholder value that may or may not include extraordinary transactions. The Reporting Persons also intend to participate in the affairs of the Company through the exercise of voting rights with respect to the holdings of Common Stock they manage.
Notwithstanding anything herein to the contrary, the Reporting Persons expect to continuously review the investments in Barnes & Noble that they manage and, depending on various factors, including but not limited to the market price of the Common Stock, the terms and conditions of potential available transactions, prevailing market conditions, liquidity and diversification objectives and such other considerations as the Reporting Persons deem relevant, may at any time or from time to time, and subject to regulatory compliance, acquire or dispose of shares of Common Stock or other securities convertible into or exercisable or exchangeable for Common Stock, on the open market, in privately negotiated transactions, directly from the Company, upon the conversion, exercise or exchange of securities convertible into or exercisable or exchangeable for Common Stock, or otherwise."
For more notable holders of Barnes & Noble, Inc. stock click here.
From the filing:
"The Reporting Persons believe the Company is substantially undervalued in its current form, and have communicated with the directors of the Company on a number of occasions to set forth their analysis of the Company’s potential worth and their proposals for unlocking additional value for shareholders, in particular their proposals that the Company execute as soon as practicable a spinoff of the NOOK business, possibly through a rights offering to current Barnes & Noble shareholders in which each Barnes & Noble shareholder would receive rights to exchange a proportion of their Barnes & Noble shares for NOOK shares, or an equity carve-out of the NOOK business.
Consistent with their investment intent, the Reporting Persons may from time to time in the future discuss with the Company’s directors, management, other shareholders and others, the Company’s business, operations, performance, strategic direction, capital structure, prospects and other matters, including ways of maximizing stockholder value that may or may not include extraordinary transactions. The Reporting Persons also intend to participate in the affairs of the Company through the exercise of voting rights with respect to the holdings of Common Stock they manage.
Notwithstanding anything herein to the contrary, the Reporting Persons expect to continuously review the investments in Barnes & Noble that they manage and, depending on various factors, including but not limited to the market price of the Common Stock, the terms and conditions of potential available transactions, prevailing market conditions, liquidity and diversification objectives and such other considerations as the Reporting Persons deem relevant, may at any time or from time to time, and subject to regulatory compliance, acquire or dispose of shares of Common Stock or other securities convertible into or exercisable or exchangeable for Common Stock, on the open market, in privately negotiated transactions, directly from the Company, upon the conversion, exercise or exchange of securities convertible into or exercisable or exchangeable for Common Stock, or otherwise."
For more notable holders of Barnes & Noble, Inc. stock click here.
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