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Form SC 13D EPLUS INC Filed by: HOVDE ERIC D

March 2, 2015 6:05 AM EST
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

 
SCHEDULE 13D
 
Under the Securities Exchange Act of 1934
 
(Amendment No. 16)*
 
 
ePlus Inc.
(Name of Issuer)
 
Common Stock, par value $0.01 per share
(Title of Class of Securities)
 
294268107
(CUSIP Number)
 
Hovde Capital Advisors LLC
Suite 350
122 W. Washington Avenue
Madison, WI  53703
Attn:  Eric Hovde / Jared Clevers
(608)-255-5175
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
 
February 27, 2015
(Date of Event Which Requires Filing of This Statement)
 
 
If the filing person has previously filed a statement on Schedule 
13G to report the acquisition that is the subject of this 
Schedule 13D, and is filing this schedule because of Rule 13d-
1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following 
box.[    ]
 
 
Note: Schedules filed in paper format shall include a signed 
original and five copies of the schedule, including all exhibits. 
See ?240.13d-7(b) for other parties to whom copies are to be 
sent.
 
 
* The remainder of this cover page shall be filled out for a 
reporting person's initial filing on this form with respect to 
the subject class of securities, and for any subsequent amendment 
containing information which would alter disclosures provided in 
a prior cover page.
 
 
The information required on the remainder of this cover page 
shall not be deemed to be "filed" for the purpose of Section 18 
of the Securities Exchange Act of 1934 ("Act") or otherwise 
subject to the liabilities of that section of the Act but shall 
be subject to all other provisions of the Act (however, see the 
Notes).
 

  
  
 
  

CUSIP No. 294268107

1
Names of Reporting Persons: Eric D. Hovde
 
2
Check the Appropriate Box if a Member of a Group (See 
Instructions):
 
  
(a)           [ ]
  
(b)           [ ]
 
3
SEC Use Only
 
4
Source of Funds (See Instructions):  PF /AF
 
5
Check if disclosure of legal proceedings is required pursuant 
to Items 2(d) or 2(e): [  ]
 
6
Citizenship or place of organization: Citizenship - United 
States of America
 

Number
of Shares
Beneficially
Owned by
Each
Reporting
Person With
7           Sole Voting Power: 201,379 Shares
 

8           Shared voting power: 85,109 Shares
 

9            Sole dispositive power: 201,379 Shares
 

10           Shared dispositive power:  85,109 Shares
 
 
11
Aggregate amount beneficially owned by each reporting person: 
286,488 Shares FN1
 
12
Check if the aggregate amount in row (11) excludes certain 
shares (see instructions): [   ]
 
13
Percent of class represented by amount in row (11): 
3.88%  FN1
 
14
Type of reporting person (see instructions): IN (Individual)
 


  
  
 
  

CUSIP No: 294268107

1
Names of reporting persons:    Hovde Capital Advisors LLC
 
2
Check the appropriate box if a member of a group (see 
instructions):
  
(a)           [ ]
  
(b)           [ ]
 
3
SEC Use Only
 
4
Source of funds (see instructions):  AF
 
5
Check if disclosure of legal proceedings is required pursuant 
to Items 2(d) or 2(e): [  ]
 
6
Citizenship or place of organization: Place of Organization ? 
State of Delaware
 

Number
of Shares
Beneficially
Owned by
Each
Reporting
Person With
7           Sole voting power: 0 Shares

8           Shared voting power: 59,844 Shares

9            Sole dispositive power: 0 Shares

10           Shared dispositive power: 59,844 Shares

11
Aggregate amount beneficially owned by each reporting person: 
59,844 Shares FN1
 
12
Check if the aggregate amount in row (11) excludes certain 
shares (see instructions): [   ]
 
13
Percent of class represented by amount in row (11): 0.81% FN1
 
14
Type of reporting person (see instructions): IA (Investment 
Adviser)
 
 
FN 1.           This Amendment No. 16 (?Amendment No. 16?) to 
this Schedule 13D (the ?Schedule 13D?) is being filed by the 
Reporting Persons (as defined below) with respect to 286,488 
shares (the ?Reported Shares?) of common stock, par value $0.01 
(the ?Shares?), of ePlus inc (the ?Issuer?), which constitutes 
approximately 3.88% of the issued and outstanding Shares.  For 
purposes hereof, the term ?Reporting Persons? means Eric D. 
Hovde, a citizen of the United States (?EDH?), and Hovde Capital 
Advisors LLC, a Delaware limited liability company (the 
?Investment Manager?).  As described below, a portion of the 
Shares are owned directly by: (i) Financial Institution Partners 
III, L.P., a Delaware limited partnership (?FIP III?), a private 
investment vehicle and (ii) the Eric D. and Steven D. Hovde 
Foundation, an irrevocable trust (?The Foundation?). Hovde 
Capital, Ltd., a Nevada limited liability company (?HCLTD?) is 
the general partner of FIP III. HCLTD has delegated voting and 
dispositive power over the Shares held by FIP III to the 
Investment Manager. EDH is a managing member of the Investment 
Manager and of HCLTD. EDH is a trustee of the Foundation.
 
The direct beneficial owners of the Reported Shares are as 
follows:
 
EDH: 201,379 Shares;
FIP III: 59,844 Shares; and
The Foundation: 25,265 Shares.
 
Each of the Reporting Persons disclaims beneficial ownership 
of the Shares, except to the extent of his or its pecuniary 
interest therein, and the filing of this Schedule 13D shall not 
be deemed an admission of beneficial ownership of such Shares for 
any purpose.
   
  
 
  

 
Introduction
 
This Amendment No. 16 amends and supplements the information set 
forth in the Schedule 13D filed by the Reporting Persons (as 
defined therein) with the U.S. Securities and Exchange Commission 
on March 16, 1999, as amended by Amendment No. 1 on May 7, 1999, 
Amendment No. 2 on May 5, 2000, Amendment No. 3 on January 22, 
2003, Amendment No. 4 on July 2, 2003, Amendment No. 5 on 
December 2, 2003,  Amendment No. 6 on December 11, 2003, 
Amendment No. 7 on May 6, 2005, Amendment No. 8 on June 30, 2005, 
Amendment No. 9 on August 14, 2006, Amendment No. 10 on August 
16, 2006, Amendment No. 11 on November 21, 2006, Amendment No. 12 
on August 11, 2010, Amendment No. 13 on November 12, 2013, 
Amendment No. 14 on November 25, 2014, and Amendment No. 15 on 
December 5, 2014, relating to the Shares. 

The Schedule 13D is being amended and supplemented to, among 
other things, reflect changes in the number of Shares 
beneficially owned by the Reporting Persons. Capitalized terms 
used and not otherwise defined herein shall have the meanings set 
forth in the Schedule 13D.
 
The Reporting Persons are filing this Amendment No. 16 in 
connection with the disposition by the Reporting Persons of 1% or 
more of securities of the Issuer. This Amendment is being filed 
to amend Items 5(a)-(c) as follows:
 
Item 5. Interest in Securities of the Issuer
 
(a)
The Reporting Persons may be deemed to beneficially own 
286,488 Shares, which represents 3.88% of the issued and 
outstanding Shares, assuming there are 7,390,329 Shares issued 
and outstanding as of the date hereof, which amount was 
reported in the Issuer?s Form 10-Q filed with the Securities 
and Exchange Commission for the quarterly period ended 
December 31, 2014.  Due to the positions described above, the 
Reporting Persons may be deemed to beneficially own, and may 
share or have sole power to vote, direct the vote, dispose of, 
or direct the disposition of, certain of the Reported Shares 
as follows:

Reporting 
Person
Shares 
Beneficially 
Owned
 
Percent of 
Outstanding
Sole Power
Shared Power
EDH
286,488 
Shares
3.88
201,379
85,109 Shares
Investment 
Manager
59,844 Shares
0.81
-
59,844 Shares
  
  
  
  
  

(b)
See Item 5(a) above.
 
(c)
Within the last sixty days, the Reporting Persons consummated 
the following transactions:

  
(i)
On January 2, 2015, EDH acquired 274 Shares.  EDH, a 
director of the Issuer was issued 274 restricted shares of 
common stock of the Issuer pursuant to EDH?s election to 
receive the restricted shares in lieu of cash compensation 
as permitted under the Issuer?s 2008 Non-Employee Director 
Long Term Incentive Plan (the ?2008 Plan?).
 
  

 
  


  



  
  
 
  
 

SIGNATURE
 
       After reasonable inquiry and to the best of my knowledge 
and belief, I certify that the information set forth in this 
statement is true, complete and correct.
        
       
                Dated: 
February 27, 2015
  
ERIC D. HOVDE
 
 
  
 
/s/ Eric D. Hovde
  
  
 
 
HOVDE CAPITAL ADVISORS LLC
 
  
By:
/s/ Eric D. Hovde
  
Name:
Title:
Eric D. Hovde
Managing Member
       



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