Simcoe Capital Boosts Stake in Donnelley Financial

TL;DR

Simcoe Capital just upped its stake in Donnelley Financial (DFIN) - watch this space.

AI Summary

Simcoe Capital Management, LLC, through its principal Jeffrey Jaconowitz, has amended its Schedule 13D filing regarding Donnelley Financial Solutions, Inc. as of March 8, 2024. The filing indicates a change in beneficial ownership, with Simcoe Capital Management, LLC now holding a significant stake in the company's common stock.

Why It Matters

This filing signals increased investor interest and potential activism from Simcoe Capital Management in Donnelley Financial Solutions, Inc., which could influence the company's strategic direction.

Risk Assessment

Risk Level: medium — Changes in beneficial ownership filings can precede significant corporate events or shifts in strategy, introducing uncertainty.

Key Players & Entities

• Simcoe Capital Management, LLC (company) — Filing entity
• Jeffrey Jaconowitz (person) — Principal of Simcoe Capital Management, LLC
• Donnelley Financial Solutions, Inc. (company) — Subject company
• Steve Wolosky, Esq. (person) — Legal counsel
• Meagan Reda, Esq. (person) — Legal counsel
• Olshan Frome Wolosky LLP (company) — Legal counsel

FAQ

Key Financial Figures

• $0.01 — ame of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securiti
• $29,168,226 — ned by Simcoe Partners is approximately $29,168,226, including brokerage commissions. The a
• $2,494,051 — owned by Simcoe Select is approximately $2,494,051, including brokerage commissions. The a
• $802,533 — owned by SDR Partners is approximately $802,533, including brokerage commissions. The
• $64.40 — ices at which common stock was sold was $64.40 to $65.39 per share. The Reporting Pers
• $65.39 — ich common stock was sold was $64.40 to $65.39 per share. The Reporting Person underta
• $61.75 — ices at which common stock was sold was $61.75 to $62.74 per share. The Reporting Pers
• $62.74 — ich common stock was sold was $61.75 to $62.74 per share. The Reporting Person underta
• $62.75 — ices at which common stock was sold was $62.75 to $63.74 per share. The Reporting Pers
• $63.74 — ich common stock was sold was $62.75 to $63.74 per share. The Reporting Person underta
• $63.75 — ices at which common stock was sold was $63.75 to $64.73 per share. The Reporting Pers
• $64.73 — ich common stock was sold was $63.75 to $64.73 per share. The Reporting Person underta

Filing Documents

• sc13da907902006_03072024.htm (SC 13D/A) — 196KB
• 0000921895-24-000618.txt ( ) — 198KB

Source and Amount of Funds or Other Consideration

Item 3. Source and Amount of Funds or Other Consideration .

is hereby amended

Item 3 is hereby amended and restated to read as follows: The Shares purchased by each of Simcoe Partners, Simcoe Select and SDR Partners were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases. The aggregate purchase price of the 1,994,994 Shares directly owned by Simcoe Partners is approximately $29,168,226, including brokerage commissions. The aggregate purchase price of the 177,267 Shares directly owned by Simcoe Select is approximately $2,494,051, including brokerage commissions. The aggregate purchase price of the 60,226 Shares directly owned by SDR Partners is approximately $802,533, including brokerage commissions. The 36,088 Shares and 10,214 restricted stock units (“RSUs”) were granted to Mr. Jacobowitz in his capacity as a director of the Issuer. The RSUs are payable in Shares on the earlier of the first anniversary of the grant date or when Mr. Jacobowitz ceases to be a director of the Issuer.

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer . Items 5(a) - (c) are hereby amended and restated to read as follows: The aggregate percentage of Shares reported owned by each person named herein is based upon 29,090,244 Shares outstanding, as of February 15, 2024, which is the total number of Shares outstanding as reported in the Issuer’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 20, 2024. A. Simcoe Partners (a) As of the date hereof, Simcoe Partners directly owned 1,994,994 Shares. Percentage: Approximately 6.9% (b) 1. Sole power to vote or direct vote: 1,994,994 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 1,994,994 4. Shared power to dispose or direct the disposition: 0 (c) The transactions in the Shares by Simcoe Partners during the past sixty days are set forth in Schedule A and are incorporated herein by reference. B. Simcoe Select (a) As of the date hereof, Simcoe Select directly owned 177,267 Shares. Percentage: Less than 1% (b) 1. Sole power to vote or direct vote: 177,267 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 177,267 4. Shared power to dispose or direct the disposition: 0 8 CUSIP No. 25787G100 (c) Simcoe Select has not entered into any transactions in the Shares during the past sixty days. C. Simcoe Management (a) Simcoe Management, as the general partner of Simcoe Partners and Simcoe Select, may be deemed the beneficial Percentage: Approximately 7.5% (b) 1. Sole power to vote or direct vote: 2,172,261 2. Shared power to vote or direct vote: 0 3. Sole power to dispose or direct the disposition: 2,172,261 4. Shared power to dispose or direct the disposition: 0 (c) Simcoe Management has not entered into any transactions in the Shares during the past sixty day

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: March 8, 2024 SIMCOE PARTNERS, L.P. By: Simcoe Management Company, LLC General Partner By: /s/ Jeffrey Jacobowitz Name: Jeffrey Jacobowitz Title: Managing Member SIMCOE SELECT, L.P. By: Simcoe Management Company, LLC General Partner By: /s/ Jeffrey Jacobowitz Name: Jeffrey Jacobowitz Title: Managing Member SIMCOE MANAGEMENT COMPANY, LLC By: /s/ Jeffrey Jacobowitz Name: Jeffrey Jacobowitz Title: Managing Member SDR PARTNERS, LLC By: Simcoe Capital Management, LLC Investment Manager By: /s/ Jeffrey Jacobowitz Name: Jeffrey Jacobowitz Title: Managing Member SIMCOE CAPITAL MANAGEMENT, LLC By: /s/ Jeffrey Jacobowitz Name: Jeffrey Jacobowitz Title: Managing Member /s/ Jeffrey Jacobowitz JEFFREY JACOBOWITZ 11 CUSIP No. 25787G100 SCHEDULE A Transactions in the Shares During the Past Sixty Days Shares of Common Stock (Sold) Price Per Share($) Date of Sale SIMCOE PARTNERS, L.P. (155,915) 64.7034 1 03/06/2024 (98) 65.5000 03/06/2024 (66,372) 62.1937 2 03/07/2024 (7,816) 62.9183 3 03/07/2024 (17,861) 63.9645 4 03/07/2024 SDR PARTNERS, LLC (3,592) 64.7034 1 03/06/2024 (2) 65.5000 03/06/2024 (1,529) 62.1937 2 03/07/2024 (180) 62.9183 3 03/07/2024 (411) 63.9645 4 03/07/2024 1 The reported price represents a weighted average sale price. The range of prices at which common stock was sold was $64.40 to $65.39 per share. The Reporting Person undertakes to provide to the Staff, the Issuer or a security holder full information regarding the number of shares sold at each separate price. 2 The reported price represents a weighted average sale price. The range of prices at which common stock was sold was $61.75 to $62.74 per share. The Reporting Person unde

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