Hallador Fund Adjusts Stake in Hallador Energy

TL;DR

Hallador Fund now owns 5% of Hallador Energy after filing amendment 12. Watch this space.

AI Summary

On July 23, 2024, Hallador Alternative Assets Fund, LLC filed an amendment (No. 12) to its Schedule 13D for Hallador Energy Company. The filing indicates a change in beneficial ownership, with the fund now holding 1,672,000 shares of common stock, representing approximately 5.0% of the outstanding shares. This filing follows a previous amendment on July 19, 2024.

Why It Matters

This filing signals a potential shift in control or influence for Hallador Energy Company, as a significant investment fund has updated its ownership details.

Risk Assessment

Risk Level: medium — Changes in beneficial ownership filings can indicate activist investor activity or strategic shifts, which may impact stock price and company direction.

Key Numbers

• 1,672,000 — Shares Owned (Represents the total number of common shares beneficially owned by Hallador Alternative Assets Fund, LLC.)
• 5.0% — Ownership Percentage (Indicates the percentage of Hallador Energy Company's outstanding common stock held by the fund.)
• 20240723 — Filing Date (The date on which this amendment to the Schedule 13D was filed with the SEC.)

Key Players & Entities

• Hallador Alternative Assets Fund, LLC (company) — Filer of the Schedule 13D/A
• Hallador Energy Company (company) — Subject company
• David C. Hardie (person) — Group member listed in filing
• Bijel Doshi (person) — Group member listed in filing
• Kevin Leary (person) — Group member listed in filing
• Hallador Investment Advisors Inc. (company) — Group member listed in filing
• Hallador Management LLC (company) — Group member listed in filing

FAQ

Key Financial Figures

• $0.01 — ame of Issuer) Common Stock, par value $0.01 (Title of Class of Securities) 40609
• $1,000,000 — o convertible promissory notes; one for $1,000,000 dated May 2, 2022 as reported on HNRG&r
• $750,000 — rm 8-K dated May 6, 2022, and the other $750,000 dated May 20, 2022 reported on HNRG&rsq
• $5.171 — n May 23, 2022 at a conversion price of $5.171 per share. Page 9 of 12 On August 8,

Filing Documents

• tm2420057d1_sc13da.htm (SC 13D/A) — 125KB
• 0001104659-24-082010.txt ( ) — 127KB

Security and Issuer

Item 1. Security and Issuer . This Amendment No. 12 to Schedule 13D is a voluntary filing and amends and supplements Amendment No. 11 to Schedule 13D filed on February 29, 2024. This statement relates to shares of Common Stock, $0.01 par value (the "Shares") of Hallador Energy Company, a Colorado corporation (the "Issuer"). The address of the Issuer's principal executive office is 1183 East Canvasback Drive, Terre Haute, Indiana 47802. This Amendment No. 12 amends the Schedule 13D as specifically set forth herein. Capitalized terms not defined herein this Amendment No. 12 have the meanings ascribed to them in the Schedule 13D.

Identity and Background

Item 2. Identity and Background . a. Name of Person Filing: (i) Hallador Alternative Assets Fund LLC, a limited liability company organized under the laws of the State of Delaware ("HAAF"). HAAF is a private equity investment fund directed or controlled by its managing members, Hallador Management LLC and David C. Hardie. (ii) Hallador Investment Advisors, Inc., a corporation organized under the laws of the state of Delaware ("HIA"). HIA advises the Hallador Cash Fund, HAAF and Hallador Balanced Fund LLC. HIA is the investment advisor to HAAF and as such, has voting and dispositive power with respect to the investments of Hallador Alternative Assets Fund. (iii) Hallador Management LLC, a limited liability company organized under the laws of the state of Delaware (“Hallador Management”. Hallador Management is a Managing Member and General Partner of HAAF and as such, has voting and dispositive power with respect to the investments of HAAF. (iv) David C. Hardie is a United States citizen. He is a Director of HIA, Managing Member of HAAF, and Managing Director of Hallador Management. Mr. Hardie is also a member of the Board of Directors of the Issuer. Additionally he serves as a director and partner of other private equity entities that are owned by members of his family. (v) Kevin Leary is a United States citizen. He is Chief Executive Officer of HIA and a Managing Director of Hallador Management. (vi) Bijel Doshi is a United States citizen. He is a Managing Director of Hallador Management. Page 8 of 12 b. Residence or Business Address: (i) The address of Hallador Alternative Assets Fund is 5485 Kietzke Lane, Reno, NV 89511. (ii) The address of HIA is 5485 Kietzke Lane, Reno, NV 89511. (iii) The address of Hallador Management is 5485 Kietzke Lane, Reno, NV 89511. (iv) The address of Mr. David Hardie is 5485 Kietzke Lane, Reno, NV 89511. The address of Kevin Leary is 5485 Kietzke Lane, Reno, NV 89511. (v) The address

Source and Amount of Funds or Other Consideration

Item 3. Source and Amount of Funds or Other Consideration. Pursuant to an agreement entered into by and among David Hardie and certain related parties on July 28, 2015, 1,422,101 shares of HNRG common stock held by Hallador Alternative Asset Fund ("HAAF") were distributed to beneficial owners of HAAF for purposes of changing the form of beneficial ownership of such holders. The pecuniary interest of David Hardie did not change as a result of this transaction. The transfers as contemplated under the agreement were consummated on May 5, 2016. Following the transfer of shares, HAAF owned 1,758,212 shares of HNRG common Stock. On December 31, 2015, the Robert Hardie QTIP Trust was liquidated and the David Hardie Separate Property Trust received 139,089 shares of HNRG common stock as a result of such liquidation. David Hardie was a 25% beneficiary under the Robert Hardie QTIP Trust and the 139,089 shares represented David Hardie’s beneficial interest under the trust. The pecuniary interest of David Hardie did not change as a result of this transaction. Between November 10, 2016 and December 8, 2016, HAAF sold an aggregate of 86,747 shares of HNRG common stock in the open market. Between April 2016 and October 2019, Kevin Leary purchased 6,390 shares of HNRG common stock on the open market. On October 7, 2019, the David Hardie Separate Property Trust purchased 30,380 shares of HNRG common stock on the open market. On June 15, 2022, HAAF received 338,427 shares of HNRG upon conversion of two convertible promissory notes; one for $1,000,000 dated May 2, 2022 as reported on HNRG’s Form 8-K dated May 6, 2022, and the other $750,000 dated May 20, 2022 reported on HNRG’s Form 10-Q on May 23, 2022 at a conversion price of $5.171 per share. Page 9 of 12 On August 8, 2022, HAAF purchased from HNRG an unsecured convertible promissory note in the principal amount of $1,000,000 (the “Note”). On April 11, 2023 and April 13, 2023, HAAF

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer . (a) (i) HAAF beneficially owns 2,175,122 Shares, or 5.56% of the Shares. (ii) The amount of Shares considered to be beneficially owned by HIA by reason of its voting and dispositive powers with respect to HAAF’s investments is 2,175,122 Shares, or 5.56% of the Shares. (iii) The amount of Shares considered to be beneficially owned by Hallador Management by reason of its voting and dispositive powers with respect to HAAF’s investments is 2,175,122 Shares, or 5.56% of the Shares. (iv) Mr. David Hardie beneficially owns 169,469 Shares through the David Hardie Separate Property Trust, and, as Managing Member of HAAF, Director of HIA, and Managing Director of Hallador Management, may be deemed to beneficially own an additional 2,175,122 Shares, for a total of 5.99% of the Shares. (v) Kevin Leary owns 6,390 Shares of HAAF, and, as Chief Executive Officer of HIA and Managing Director of Hallador Management, may be deemed to beneficially own an additional 2,175,122 Shares, for a total of 5.58% of the Shares. (vi) Bijel Doshi, as a Managing Director of Hallador Management, may be deemed to beneficially own an additional 2,175,122 Shares, for a total of 5.56% of the Shares. (b) The following table sets forth the number of Shares as to which the Reporting Persons have (i) the sole power to vote or direct the voting of the Shares, (ii) the sole power to dispose or to direct the disposition of the Shares or (iii) shared power to vote or direct the vote or dispose or direct disposition of the Shares: Reporting Person Sole Voting Power Sole Power of Disposition Shared Voting and Power of Disposition Hallador Alternative Assets Fund LLC 2,175,122 2,175,122 0 Hallador Investment Advisors, Inc. 0 0 2,175,122 Hallador Management LLC 0 0 2,175,122 David C. Hardie 169,469 169,469 2,175,122 Kevin Leary 6,390 6,390 2,175,122 Bijel Doshi 0 0 2,175,122 (c) Not applicable. (d)

Materials to be Filed as Exhibits

Item 7. Materials to be Filed as Exhibits . Exhibit A – Joint Filing Page 10 of 12 SIGNATURE After reasonable inquiry and to the best of its knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: July 22, 2024 Hallador Alternative Assets Fund LLC /s/ David C. Hardie By: David C. Hardie Its: Managing Member Dated: July 22, 2024 Hallador Investment Advisors, Inc. /s/ Kevin Leary By: Kevin Leary Its: Chief Executive Officer Dated: July 22, 2024 Hallador Management LLC /s/ David C. Hardie By: David C. Hardie Its: Managing Member Dated: July 22, 2024 David C. Hardie /s/ David C. Hardie By: David C. Hardie Dated: July 22, 2024 Kevin Leary /s/ Kevin Leary By: Kevin Leary Dated: July 22, 2024 Bijel Doshi /s/ Bijel Doshi By: Bijel Doshi Page 11 of 12 Exhibit A JOINT ACQUISITION STATEMENT PURSUANT TO RULE 13d-1(k)(1) The undersigned acknowledge and agree that the foregoing statement on Schedule 13D is filed on behalf of each of the undersigned and that all subsequent amendments to this statement on Schedule 13D shall be filed on behalf of each of the undersigned without the necessity of filing additional joint acquisition statements. The undersigned acknowledge that each shall be responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning him or it contained therein, but shall not be responsible for the completeness and accuracy of the information concerning the other, except to the extent that he or it knows or has reason to believe that such information is inaccurate. Dated: July 22, 2024 Hallador Alternative Assets Fund LLC /s/ David C. Hardie By: David C. Hardie Its: Managing Member Dated: July 22, 2024 Hallador Investment Advisors, Inc. /s/ Kevin Leary By: Kevin Leary Its: Chief Executive Officer Dated: July 22, 2024 Hallador Management LLC

View Full Filing

View this SC 13D/A filing on SEC EDGAR