FrontFour Capital Amends Stake in PhenixFIN Corp

TL;DR

FrontFour Capital filed an amendment to their 13D on PhenixFIN, watch for changes.

AI Summary

FrontFour Capital Group LLC, through its Master Fund, has amended its Schedule 13D filing regarding PhenixFIN Corporation. The filing, dated March 5, 2024, indicates a change in beneficial ownership. David Lorber is listed as the authorized person to receive notices for FrontFour Capital Group LLC.

Why It Matters

This amendment signals a potential shift in the ownership structure or strategy of PhenixFIN Corporation, which could impact its stock price and future business decisions.

Risk Assessment

Risk Level: medium — Schedule 13D filings often precede significant corporate actions or activist investor involvement, which can introduce volatility.

Key Players & Entities

• FrontFour Capital Group LLC (company) — Filing entity
• FrontFour Master Fund, Ltd. (company) — Group member
• PhenixFIN Corporation (company) — Subject company
• David Lorber (person) — Authorized person for filing entity

FAQ

Key Financial Figures

• $5,124,096 — deemed to have beneficial ownership, is $5,124,096.84, which was obtained from personal fu
• $44.50 — hares Price Per Share 2/23/24 1,300 $44.50 (1) 2/26/24 175 $44.06 2/27/24 92
• $44.06 — 3/24 1,300 $44.50 (1) 2/26/24 175 $44.06 2/27/24 927 $44.97 (2) 3/1/24 18,
• $44.97 — ) 2/26/24 175 $44.06 2/27/24 927 $44.97 (2) 3/1/24 18,934 $45.0799 (3) 3/
• $45.0799 — 7/24 927 $44.97 (2) 3/1/24 18,934 $45.0799 (3) 3/1/24 560 (4) $45.08 (1) The
• $45.08 — 8,934 $45.0799 (3) 3/1/24 560 (4) $45.08 (1) The reported price is a weighted a
• $44.36 — ple transactions at prices ranging from $44.36 to $44.53, inclusive. The Reporting Per
• $44 — ctions at prices ranging from $44.36 to $44.53, inclusive. The Reporting Persons un
• $44.62 — ple transactions at prices ranging from $44.62 to $45.00, inclusive. The Reporting Per
• $45 — ctions at prices ranging from $44.62 to $45.00, inclusive. The Reporting Persons un
• $45.06 — ple transactions at prices ranging from $45.06 to $45.08, inclusive. The Reporting Per

Filing Documents

• ef20023332_sc13da.htm (SC 13D/A) — 109KB
• 0001140361-24-011407.txt ( ) — 110KB

is hereby amended as follows

Item 3 is hereby amended as follows: The amount of funds used by Mr. Lorber to acquire the Common Stock beneficially owned by him and by his spouse's individual retirement account (IRA), as to which he is deemed to have beneficial ownership, is $5,124,096.84, which was obtained from personal funds. Item 5. Interest in Securities of the Issuer Items 5(a) – (c) are hereby amended as follows: (a) As of the date hereof, the Master Fund beneficially owned 81,662.416 shares of Common Stock, Mr. Lorber beneficially owned directly 124,333 shares of Common Stock, and Mr. Lorber was deemed to beneficially own 3,000 shares of Common Stock in his spouse's IRA, constituting approximately 4.0%, 6.0% and less than 1%, respectively, of the shares of Common Stock outstanding. 1 Mr. Lorber, as a managing member and principal owner of FrontFour Capital, may be deemed to beneficially own the 81,662.416 shares of Common Stock beneficially owned by the Master Fund, which, together with the 124,333 shares of Common Stock he beneficially owns directly and 3,000 shares of Common Stock of which he is deemed to have beneficial ownership, constitute approximately 10.1% of the Common Stock outstanding. FrontFour Capital, as the investment manager of the Master Fund, may be deemed to beneficially own the 81,662.416 shares of Common Stock beneficially owned by the Master Fund, which constitute approximately 4.0% of the Common Stock outstanding. (b) Mr. Lorber has the sole power to vote or dispose of 124,333 shares of Common Stock beneficially owned by him and the shared power to vote or dispose of 3,000 shares of Common Stock held in his spouse's IRA. By reason of his responsibility for the supervision and conduct of investment activities of the Master Fund and as managing member and principal owner of FrontFour Capital, Mr. Lorber may be deemed to possess the shared power to vote and dispose of the shares of Common Stock beneficially owned by the Master Fund. By reason of its respons

View Full Filing

View this SC 13D/A filing on SEC EDGAR