QLT Inc. (QLTI) Indicated Higher; Shareholder Axial Capital May Be in Discussion w/ Management
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QLT Inc. (Nasdaq: QLTI) is indicated higher following large shareholder Axial Capital Management filing an amended 13D with the U.S. SEC which said, in part:
"The Reporting Persons previously filed a Schedule 13G with respect to the Shares on February 14, 2012. The Reporting Persons originally acquired Shares for investment in the ordinary course of business because they believed that the Shares, when purchased, were undervalued and represented an attractive investment opportunity...In addition, the Reporting Persons have been and may continue to be in contact with members of the Issuer's management, the Issuer's board of directors and others regarding their increasing unhappiness with the progress of the Issuer's business plan and dividend policy. Except as set forth herein or as would occur upon completion of any of the actions discussed herein, the Reporting Persons have no present plan or proposal that would relate to or result in any of the matters set forth in subparagraphs (a)-(j) of Item 4 of Schedule 13D. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and may engage in discussions with management, the board of directors, other shareholders of the Issuer and other relevant parties concerning the business, operations, management, strategy and future plans of the Issuer. Depending on various factors including, without limitation, the Issuer's financial position and strategic direction, the outcome of the discussions referenced above, actions taken by the board of directors, the outcome of the election of the members of the board of directors at the Issuer's annual meeting, price levels of the Shares, other investment opportunities available to the Reporting Persons, conditions in the securities market and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate, including, without limitation, purchasing additional Shares or selling some or all of their Shares or any hedging or similar transactions with respect to the Shares and/or otherwise changing their intention with respect to any and all matters referred to in this Item 4 of Schedule 13D."
"The Reporting Persons previously filed a Schedule 13G with respect to the Shares on February 14, 2012. The Reporting Persons originally acquired Shares for investment in the ordinary course of business because they believed that the Shares, when purchased, were undervalued and represented an attractive investment opportunity...In addition, the Reporting Persons have been and may continue to be in contact with members of the Issuer's management, the Issuer's board of directors and others regarding their increasing unhappiness with the progress of the Issuer's business plan and dividend policy. Except as set forth herein or as would occur upon completion of any of the actions discussed herein, the Reporting Persons have no present plan or proposal that would relate to or result in any of the matters set forth in subparagraphs (a)-(j) of Item 4 of Schedule 13D. The Reporting Persons intend to review their investment in the Issuer on a continuing basis and may engage in discussions with management, the board of directors, other shareholders of the Issuer and other relevant parties concerning the business, operations, management, strategy and future plans of the Issuer. Depending on various factors including, without limitation, the Issuer's financial position and strategic direction, the outcome of the discussions referenced above, actions taken by the board of directors, the outcome of the election of the members of the board of directors at the Issuer's annual meeting, price levels of the Shares, other investment opportunities available to the Reporting Persons, conditions in the securities market and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investment in the Issuer as they deem appropriate, including, without limitation, purchasing additional Shares or selling some or all of their Shares or any hedging or similar transactions with respect to the Shares and/or otherwise changing their intention with respect to any and all matters referred to in this Item 4 of Schedule 13D."
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