Gifford Fong Discloses 6.18% Stake in PrimeEnergy Resources Corp
Ticker: PNRG · Form: SC 13D · Filed: Feb 1, 2024 · CIK: 56868
| Field | Detail |
|---|---|
| Company | Primeenergy Resources Corp (PNRG) |
| Form Type | SC 13D |
| Filed Date | Feb 1, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.10 |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: insider-ownership, beneficial-ownership, shareholder-activism, energy-sector
TL;DR
**Gifford Fong just revealed a 6.18% stake in PrimeEnergy Resources, giving him significant voting power.**
AI Summary
Gifford Fong, a prominent investor, has filed an SC 13D indicating beneficial ownership of 112,116 shares of PrimeEnergy Resources Corporation (NASDAQ: PNRG), representing 6.18% of the company's common stock. This filing, dated February 1, 2024, reveals that Fong holds sole voting power over these shares, which includes shares held by Timothy Fong and Steven Fong. This matters to investors because a significant stake by an individual investor like Fong could signal confidence in the company's future or potentially lead to activist involvement.
Why It Matters
A substantial stake by an individual investor like Gifford Fong can influence corporate governance and strategic decisions, potentially impacting shareholder value.
Risk Assessment
Risk Level: medium — While a large stake can signal confidence, it also introduces the risk of potential activist pressure or changes in company direction.
Analyst Insight
A smart investor would monitor future filings from Gifford Fong for any changes in his stake or stated intentions, as a 6.18% ownership could precede activist engagement or a vote of confidence.
Key Numbers
- 112,116 — Shares Beneficially Owned (Gifford Fong's total beneficial ownership in PrimeEnergy Resources Corp.)
- 6.18% — Percent of Class (The percentage of PrimeEnergy Resources Corp. common stock owned by Gifford Fong.)
- 18,758 — Shares held by Timothy Fong (Included in Gifford Fong's sole voting power.)
- 38,994 — Shares held by Steven Fong (Included in Gifford Fong's sole voting power.)
Key Players & Entities
- Gifford Fong (person) — reporting person, beneficial owner of shares
- PrimeEnergy Resources Corporation (company) — the issuer of the securities
- Timothy Fong (person) — holds shares for which Gifford Fong has exclusive voting rights
- Steven Fong (person) — holds shares for which Gifford Fong has exclusive voting rights
- 112,116 (dollar_amount) — aggregate shares beneficially owned by Gifford Fong
- 6.18% (dollar_amount) — percentage of class represented by Gifford Fong's ownership
Forward-Looking Statements
- Gifford Fong may seek to engage with PrimeEnergy Resources management regarding strategic direction. (Gifford Fong) — medium confidence, target: Within 6-12 months
- The increased transparency of a significant individual stake could attract more investor attention to PrimeEnergy Resources. (PrimeEnergy Resources Corporation) — low confidence, target: Within 3 months
FAQ
Who is the reporting person in this SC 13D filing?
The reporting person is Gifford Fong, as stated in Item 1 of the filing.
What is the name of the issuer whose securities are being reported?
The issuer is PrimeEnergy Resources Corporation, as identified in the 'Name of Issuer' section of the Schedule 13D.
How many shares does Gifford Fong beneficially own in PrimeEnergy Resources Corporation?
Gifford Fong beneficially owns 112,116 shares, as indicated in Row 11 of the filing.
What percentage of the class of securities does Gifford Fong's ownership represent?
Gifford Fong's ownership represents 6.18% of the class, as stated in Row 13 of the filing.
Does Gifford Fong have sole or shared voting power over the beneficially owned shares?
Gifford Fong has sole voting power over 112,116 shares, as detailed in Row 7 and Footnote (1) of the filing, which includes shares held by Timothy Fong and Steven Fong for which he has exclusive voting rights.
Filing Stats: 1,218 words · 5 min read · ~4 pages · Grade level 11.3 · Accepted 2024-02-01 13:56:24
Key Financial Figures
- $0.10 — tion (Name of Issuer) Common Stock, $0.10 par value (Title of Class of Securiti
Filing Documents
- gfi20240131_sc13d.htm (SC 13D) — 48KB
- ex_621277.htm (EX-99.1) — 5KB
- ex_621278.htm (EX-99.2) — 5KB
- a01.jpg (GRAPHIC) — 9KB
- a02.jpg (GRAPHIC) — 11KB
- 0001437749-24-002788.txt ( ) — 87KB
SIGNATURES
SIGNATURES After reasonable inquiry and to the best of our knowledge and belief, we certify that the information set forth in this statement as of February 1, 2024. By: /s/ Gifford Fong Gifford Fong