De lening wordt verstrekt door verschillende investeerders, waaronder fondsen van West Face Capital, je hebt gelijk ZR dat West Face Capital Inc. (WFC) een hedgefund is. Maar dat maakt niet uit, het principe blijft hetzelfde, geld wat uitgeleend wordt zien de uitleners ook graag terug komen. ZR om 12:06 schrijf je: "ik vrees dat de uitleners nooit hun geld terugkrijgen" en om 21:39 beweer je precies het tegenovergestelde "De uitlener weet natuurlijk dat XEL in geval van nood altijd nog nieuwe aandelen kan dumpen".
Ik heb hieronder wat zaken over WFC op een rijtje gezet. Komt goed over, slim, scherp en oog voor beleggers belangen. Boland die hieronder genoemd wordt, is de directeur van WFC. Betrokkenheid van WFC geeft juist meer zekerheid voor beleggers op een hogere koers!!
Grtz Bara
West Face Capital, Inc. (WFC) manages the Sunrise Partners, L.P. hedge fund and the West Face Event Fund. The firm invests in mainly Canadian and U.S. stocks, but will also look at international opportunities as well as bonds and convertibles. WFC looks for event-driven stocks with catalysts to positively drive the price. The firm seeks stocks that have recently declined in price or are going through restructuring or bankruptcy. WFC was founded in 1998. The Sunrise Partners, L.P. hedge fund launched in 1998.
Ontario Teachers' Pension Plan is investing US$500 million and activist investment manager West Face Capital is investing $250 million in the $2.9 billion purchase of Saks Inc. by Hudson's Bay Co., confirmed Deborah Allan, director, communications and media relations for the Toronto-based pension plan. “It's a classic OTPP investment, which partners with a leading industry player to dramatically transform a company, and which demonstrates all of OTPP's strengths as a leading, long-term investor. We're very excited to be involved in such a dynamic transaction involving such historied and iconic brands.”
Mr. Boland declined to comment on the letter, which was obtained by The Globe and Mail. In a statement, Toronto-based West Face said it acquired shares in the companies because of “clearly identifiable steps to unlocking ... value that should be as evident to management as it is to the shareholders.” West Face’s letter also revealed that the fund bought a minority stake in struggling U.S. grocer Safeway Inc.
Mr. Boland is one of a number of North American activists who are targeting underperforming companies with increasing frequency to push management and directors for change.
The shift reflects increased shareholder frustration with laggard companies and growing investment pressure to deliver returns in volatile markets. Unlike many of his high-profile U.S. brethren, Mr. Boland seldom speaks out publicly against target companies, instead preferring to work quietly with boards and executives to boost shareholder returns.
What most impressed teachers was Boland’s Zen-like confidence in going against the grain. “It was quite apparent early on that he was an independent thinker,” says Rob Heinkel, a Sauder finance professor. “He was very hard-working, always very calm, not cocky or smug. What distinguishes Greg is his gut feel. When he locks on to an idea, he goes with it. He has conviction.”
In little more than five years, he has successfully agitated for change at more than a dozen Canadian companies, including Stelco, ACE Aviation and UTS Energy, pocketing gains by pushing for new strategies, asset sales or lucrative takeovers.
HOW WEST FACE WINS
Stelco West Face made a gutsy bet on the steelmaker, buying an 18% stake at $5.50 a share, issued as part of the company’s bankruptcy reorganization in 2004. West Face supported a restructuring on a bet that the stock would soar with recovering steel prices. Less than a year later, Stelco was acquired by U.S. Steel Corp. for $38.50 a share.
UTS Energy The oil sands producer’s stock price collapsed nearly 90% in 2008. But West Face calculated UTS had more than $6 a share in cash and asset value, and so bought a 15% stake, at less than $1 a share. West Face pushed Total SA to make a takeover offer. UTS exits at $3.60 a share.
Vector Aerospace When the maintenance company’s largest shareholder made a low-ball offer that would have given him a majority position, West Face saw opportunity and acquired a 19% stake at less than $7 a share. Betting that the sector was ripe for consolidation, West Face nudged the board to consider alternatives. The company was acquired in 2011 by European giant EADS for $13 a share.