Shah Capital Management, managed by Himanshu H. Shah, has reported increasing its stake in UTStarcom Holdings Corp (NASDAQ:UTSI). Mr. Shah has acquired some 34,900 common stock shares of the company at $2.56 apiece, according to the filing.
Recently, Shah Capital disclosed upping its position in UTStarcom Holdings Corp (NASDAQ:UTSI) to 9.85 million ordinary shares, amounting to a 25.99% stake, from the previously held 7.85 million.
UTStarcom Holdings Corp (NASDAQ:UTSI) is a global provider of IP-based, and Broadband Network Solutions for Telecommunications operators. Other significant shareholders of UTStarcom Holdings Corp (NASDAQ:UTSI) include Phil Frohlich’s Prescott Group Capital Management and Chuck Royce’s Royce & Associates, owning around 2.31 million and 910,000 shares, respectively.
In a separate filing, Claus Moller’s P2 Capital Partners has revealed raising its stake in UTi Worldwide Inc. (NASDAQ:UTIW). The fund has acquired 175,000 7.00% Convertible Preference Shares that can be converted into ordinary shares. In an earlier filing, P2 Capital disclosed holding over 11.27 million shares, the stake amassing 10.8% of the common stock.
UTi Worldwide Inc. (NASDAQ:UTIW) is an international, non-asset-based supply chain services and solutions company providing air and ocean freight forwarding, contract logistics, customs brokerage, distribution, inbound logistics, truckload brokerage, and other supply chain management services. On March 4, the company announced that it completed both of its private offerings, which consisted of $350 million of 4.50% convertible senior notes due 2019 and $175 million worth of 7.00% convertible preference shares. The company also granted the initial purchasers in the notes offering an option to purchase up to an additional $50 million of the notes, which have been exercised in full, increasing the aggregate principal amount of the notes to $400 million.
The largest shareholders of UTi Worldwide Inc. (NASDAQ:UTIW) include Joel Ramin’s 12 West Capital Management, in which the fund held 5.03 million shares at the end of the fourth quarter of 2013. Another investor Ken Brodkowitz and Mike Vermut’s Newland Capital owned 119,343 shares.
P2 Capital Partners focuses on smaller cap public companies and uses a private equity-like approach to identify and value potential investment opportunities. The largest holdings in the fund’s equity portfolio include Blount International Inc (NYSE:BLT), in which the fund disclosed owning 7.37 million shares, worth about $106.7 million, at the end of 2013. It is followed by ACI Worldwide Inc (NASDAQ:ACIW), in which the fund held a $84.2 million stake, containing around 1.30 million shares.
Disclosure: none
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