The activism was limited to a sternly worded letter.
From ValueWalk:
Soros flagged off his foray into shareholder activism by demanding that Penn Virginia sell itself
A 13D filing by Soros Fund Management reveals that George Soros’ beneficial ownership in Penn Virginia Corporation (NYSE:PVA) has fallen to 6,003,509 shares, amounting to an 8.40% stake in the oil and gas exploration company.
In late June Soros beneficially owned 6,253,509 shares, i.e. 9.53%, but this included call options on 250,000 shares of Virginia Corporation (NYSE:PVA), purchased by Soros Fund Management on June 6, 2014. These options had an expiration date of July 19, 2014 and a strike price of $17.00.
As at March 31, PVA had 65,596,359 shares outstanding according to its 10Q filing.
Soros sells 250,000 call options of Penn Virginia, adds swaps
According to the latest filing, Soros Fund Management divested the aforesaid options on July 1, 2014.
This filing also reveals that Soros’ Quantum Partners entered into cash-settled total return swap contracts with certain counterparties constituting economic exposure to 700,000 shares of common stock, or 0.98% of the shares of common stock outstanding. The swaps have reference prices ranging from $12.181 to $12.9443 and expiration dates ranging from June 23, 2015 to August 11, 2015.
Taking these swaps into account Soros has an aggregate economic exposure of 9.38% in Penn Virginia Corporation (NYSE:PVA), though beneficial ownership is 8.40% as stated above....MORE
