Ravenswood/Robotti Amend Tidewater Stake Filing

TL;DR

Ravenswood/Robotti updated their Tidewater stake filing on 3/8/24. Watch closely.

AI Summary

Ravenswood Investment Company, L.P. and its affiliates have filed an amendment (No. 8) to their Schedule 13D/A concerning Tidewater Inc. The filing, dated March 8, 2024, indicates a change in their beneficial ownership of Tidewater Inc. common stock. The group members include various entities associated with Ravenswood and Robotti & Company.

Why It Matters

This filing signals a potential shift in significant shareholder positions or strategies for Tidewater Inc., which could influence its stock performance and corporate governance.

Risk Assessment

Risk Level: medium — Schedule 13D/A filings often indicate significant shareholder activity, which can lead to volatility or strategic changes in the company.

Key Players & Entities

• Tidewater Inc. (company) — Subject Company
• Ravenswood Investment Company, L.P. (company) — Group Member
• Ravenswood Investments III, L.P. (company) — Group Member
• Ravenswood Management Company, L.L.C. (company) — Group Member
• Robotti & Co Advisors, LLC (company) — Group Member
• Robotti & Company, Inc (company) — Group Member
• Robotti Securities, LLC (company) — Group Member
• Suzanne & Robert Robotti Foundation, Inc. (company) — Group Member
• Suzanne Robotti (person) — Group Member
• Robert Robotti (person) — Filing Party

FAQ

Key Financial Figures

• $0.001 — r Inc. (Name of Issuer) Common Stock, $0.001 Par Value Per Share (Title of Class of
• $2,449,000 — ly held by Mr. Robotti is approximately $2,449,000 (including brokerage fees and expenses)
• $12,704,000 — h are disclosed below) is approximately $12,704,000 (including brokerage fees and expenses)
• $69,000 — obotti Securities, LLC is approximately $69,000 (including brokerage fees and expenses)
• $428,000 — y Mrs. Suzanne Robotti is approximately $428,000 (including brokerage fees and expenses)
• $28,911,000 — neficially held by RIC is approximately $28,911,000 (including brokerage fees and expenses)
• $19,377,000 — eneficially held by RI is approximately $19,377,000 (including brokerage fees and expenses)
• $48,000 — by Robotti Foundation is approximately $48,000 (including brokerage fees and expenses)

Filing Documents

• ef20023736_sc13da.htm (SC 13D/A) — 327KB
• 0001140361-24-012130.txt ( ) — 329KB

of the Amended Statement is hereby amended and restated to read as follows

Item 2 of the Amended Statement is hereby amended and restated to read as follows: (a), (b), (c) and (f). This Statement is filed on behalf of Robert E. Robotti ("Robotti"), Robotti & Company, Incorporated ("ROBT"), Robotti & Company Advisors, LLC ("Robotti Advisors"), Robotti Securities, LLC ("Robotti Securities"), Suzanne Robotti, Ravenswood Management Company, L.L.C. ("RMC"), The Ravenswood Investment Company, L.P. ("RIC"), Ravenswood Investments III, L.P. ("RI"), and the Suzanne and Robert Robotti Foundation, Inc. ("Robotti Foundation" and together with Robotti, ROBT, Robotti Advisors, Robotti Securities, Suzanne Robotti, RMC, RIC, and RI, the "Reporting Persons"). Mr. Robotti is a United States citizen whose principal occupation is serving as the president and treasurer of ROBT. ROBT, a New York corporation, is the parent holding company of Robotti Advisors and Robotti Securities. Robotti Advisors, a New York limited liability company, is an investment adviser registered under the Investment Advisers Act of 1940, as amended. Robotti Securities, a New York limited liability company, is a broker-dealer registered under Section 15 of the Securities Exchange Act of 1934, as amended ("Exchange Act"). Suzanne Robotti is a United States citizen and wife of Mr. Robotti. Mr. Robotti is Managing Director of RMC. RMC, a New York limited liability company, is the general partner of RIC and RI. RIC, a Delaware limited partnership, and RI, a New York limited partnership, are private investment partnerships engaged in the purchase and sale of securities for their own accounts. RIC and RI are also advisory clients of Robotti Advisors. The Robotti Foundation is a nonprofit and nonstock corporation organized pursuant to Section 102 of the General Corporation Law of the State of Delaware and exempt from tax under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended. The address of each of the Reporting Persons is 125 Park Avenue, Suite 1607, New York, NY 10017.

of the Amended Statement is hereby amended and restated to read as follows

Item 3 of the Amended Statement is hereby amended and restated to read as follows: The aggregate purchase price of the 124,675 shares of Common Stock directly beneficially held by Mr. Robotti is approximately $2,449,000 (including brokerage fees and expenses). All of the shares of Common Stock directly beneficially held by Mr. Robotti were paid for using his personal funds. The aggregate purchase price of the 680,201 shares of Common Stock directly beneficially held by Robotti Advisors (excluding shares beneficially owned by Robotti Advisors and held by RIC and RI which are disclosed below) is approximately $12,704,000 (including brokerage fees and expenses). All of the shares of Common Stock directly beneficially held by Robotti Advisors (other than those directly held by RIC and RI and disclosed below) were paid for using the personal funds of its advisory clients. The aggregate purchase price of the 2,825 shares of Common Stock beneficially held by Robotti Securities, LLC is approximately $69,000 (including brokerage fees and expenses). All of the shares of Common Stock held by Robotti Securities were paid for using its working capital and the personal funds of its discretionary customers. The aggregate purchase price of the 33,500 shares of Common Stock directly beneficially held by Mrs. Suzanne Robotti is approximately $428,000 (including brokerage fees and expenses). All of the shares of Common directly beneficially held by Mrs. Suzanne Robotti were paid for using her personal funds. The aggregate purchase price of the 1,599,417 shares of Common Stock directly beneficially held by RIC is approximately $28,911,000 (including brokerage fees and expenses). All of the shares of Common Stock directly beneficially held by RIC were paid for using its working capital. The aggregate purchase price of the 982,457 shares of Common Stock directly beneficially held by RI is approximately $19,377,000 (including brokerage fees and expenses). All of the shares of Common

of the Amended Statement is hereby amended and restated to read as follows

Item 5 of the Amended Statement is hereby amended and restated to read as follows: (a)-(b) As of March 7, 2024, the aggregate number of shares of Common Stock and percentage of the outstanding Common Stock of the Issuer beneficially owned (i) by each of the Reporting Persons, and (ii) to the knowledge of the Reporting Persons, by each other person who may be deemed to be a member of a group, is as follows: SCHEDULE 13D CUSIP No. 88642R109 Page 13 of 16 Pages Reporting Person (1) Aggregate Number of Shares Number of Shares: Sole Power to Vote or Dispose Number of Shares: Shared Power to Vote or Dispose Approximate Percentage* Robert Robotti (2)(3)(4)(6)(7)(8) 3,392,575 124,675 3,267,900 6.49% Robotti & Company, Incorporated (3)(4)(6)(7) 3,264,900 0 3,264,900 6.25% Robotti & Company Advisors, LLC (3)(6)(7) 3,262,075 0 3,262,075 6.24% Robotti Securities, LLC (4) 2,825 0 2,825 ** Suzanne Robotti (5)(8) 36,500 33,500 3,000 ** Ravenswood Management Company, L.L.C. (6)(7) 2,581,874 0 2,581,874 4.94% The Ravenswood Investment Company, L.P. (6) 1,599,417 0 1,599,417 3.06% Ravenswood Investments III, L.P. (7) 982,457 0 982,457 1.88% The Suzanne and Robert Robotti Foundation, Inc. (8) 3,000 0 3,000 ** * Based on the aggregate of (i) 52,271,097 shares of Common Stock, $0.001 par value per share, outstanding as of February 15, 2024, as disclosed in the Issuer's Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 29, 2024. ** Less than 1% (1) Each of the Reporting Persons disclaims beneficial ownership of the securities held by any other Reporting Person except to the extent of such Reporting Person's pecuniary interest therein, if any. (2) Mr. Robotti has the sole power to dispose or direct the disposition, and to vote or direct the vote, of 124,675 shares of Common Stock directly beneficially held by him personally. (3) Each of Mr. Robotti and ROBT sh

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View this SC 13D/A filing on SEC EDGAR