Engaged Capital Amends PRA Group Stake

TL;DR

**Engaged Capital just updated their PRA Group stake, watch for potential stock movement!**

AI Summary

Engaged Capital LLC filed an Amendment No. 1 to Schedule 13D on February 16, 2024, regarding its ownership in PRA Group, Inc. The filing indicates a change in their beneficial ownership of PRA Group, Inc.'s Common Stock, $0.01 par value per share, with CUSIP Number 69354N106. Glenn W. Welling of Engaged Capital, LLC is listed as the contact person for this filing.

Why It Matters

This amendment signals a change in Engaged Capital's investment position in PRA Group, which could influence the company's stock performance and strategic direction.

Risk Assessment

Risk Level: medium — Changes in significant investor holdings can introduce volatility and uncertainty for the company's stock.

Key Players & Entities

• Engaged Capital LLC (company) — filer of SC 13D/A
• PRA Group, Inc. (company) — subject company
• Glenn W. Welling (person) — contact for Engaged Capital, LLC
• $0.01 (dollar_amount) — par value per share of Common Stock

FAQ

Key Financial Figures

• $0.01 — Inc. (Name of Issuer) Common Stock, $0.01 par value per share (Title of Class o
• $36,424,184 — apital Flagship Master is approximately $36,424,184, including brokerage commissions. Item

Filing Documents

• sc13da109455056_02162024.htm (SC 13D/A) — 125KB
• 0000921895-24-000514.txt ( ) — 126KB

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 Engaged Capital Flagship Master were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 1,950,364 Shares beneficially owned by Engaged Capital Flagship Master is approximately $36,424,184, including brokerage commissions.

Purpose of Transaction

Item 4. Purpose of Transaction .

is hereby amended

Item 4 is hereby amended to add the following: The sales of Shares reported herein were undertaken for the purposes of effectuating a portfolio rebalancing and are not an indication of the Reporting Persons’ view on the future prospects of the Issuer. The Issuer remains one of the largest positions in Engaged Capital’s portfolio.

Interest in Securities of the Issuer

Item 5. Interest in Securities of the Issuer . Items 5(a), (c) and (e) are hereby amended and restated to read as follows: (a) The aggregate percentage of Shares reported owned by each person named herein is based upon 39,244,145 Shares outstanding as of October 31, 2023, which is the total number of Shares outstanding as reported in the Issuer’s quarterly report on Form 10-Q filed with the Securities and Exchange Commission on November 7, 2023. As of the date hereof, Engaged Capital Flagship Master directly beneficially owned 1,950,364 Shares, constituting approximately 4.97% of the Shares outstanding. Engaged Capital, as the general partner and investment adviser of Engaged Capital Flagship Master, may be deemed to beneficially own the 1,950,364 Shares owned by Engaged Capital Flagship Master, constituting approximately 4.97% of the Shares outstanding. Engaged Holdings, as the managing member of Engaged Capital, may be deemed to beneficially own the 1,950,364 Shares owned by Engaged Capital Flagship Master, constituting approximately 4.97% of the Shares outstanding. Mr. Welling, as the Founder and CIO of Engaged Capital and sole member of Engaged Holdings, may be deemed to beneficially own the 1,950,364 Shares owned by Engaged Capital Flagship Master, constituting approximately 4.97% of the Shares outstanding. The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own. (c) Schedule A annexed hereto lists all transactions in securities of the Issuer by the Reporting Persons during the past 60 days. All of such transactions were effected in the open market unless otherwise noted therein. 6 CUSIP No. 69354N1

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct. Dated: February 16, 2024 Engaged Capital Flagship Master Fund, LP By: Engaged Capital, LLC General Partner By: /s/ Glenn W. Welling Name: Glenn W. Welling Title: Founder and Chief Investment Officer Engaged Capital, LLC By: /s/ Glenn W. Welling Name: Glenn W. Welling Title: Founder and Chief Investment Officer Engaged Capital Holdings, LLC By: /s/ Glenn W. Welling Name: Glenn W. Welling Title: Sole Member /s/ Glenn W. Welling Glenn W. Welling 8 CUSIP No. 69354N106 SCHEDULE A Transactions in Securities of the Issuer During the Past 60 Days Nature of the Transaction Securities Purchased/(Sold) Price Per Security($) Date of Purchase/Sale ENGAGED CAPITAL FLAGSHIP MASTER FUND, LP Sale of Common Stocks (5,004) 29.0353 02/16/2024 Sale of Common Stock (6,616) 30.7668 02/16/2024 Sale of Common Stock (36,300) 27.9548 02/16/2024 Sale of Common Stock (12,466) 28.8655 02/16/2024

View Full Filing

View this SC 13D/A filing on SEC EDGAR