Thomist Capital Amends Peabody Energy Stake Filing

TL;DR

Thomist Capital updated their Peabody Energy stake filing on 9/24. Watch for changes.

AI Summary

Thomist Capital Management, LP, along with Brian Kuzma and Thomist Fund, LP, filed an amendment to their Schedule 13D on September 24, 2024, regarding their beneficial ownership of Peabody Energy Corp. The filing indicates a change in their holdings, though specific new percentages or dollar amounts are not detailed in this excerpt. This amendment updates their previous filings concerning their investment in the coal mining company.

Why It Matters

This filing signals a potential shift in significant shareholder activity for Peabody Energy, which could influence market perception and stock price.

Risk Assessment

Risk Level: medium — Amendments to Schedule 13D filings often indicate changes in significant investor positions, which can lead to increased stock volatility.

Key Players & Entities

• Thomist Capital Management, LP (company) — Filer of Schedule 13D/A
• Peabody Energy Corp (company) — Subject company
• Brian Kuzma (person) — Group member
• Thomist Fund, LP (company) — Group member
• Logan Moncrief (person) — Associated with Thomist Capital Management, LP

FAQ

Key Financial Figures

• $0.01 — ame of Issuer) Common Stock, par value $0.01 per share (Title of Class of Securitie
• $78,321,301 — s follows: The Fund used approximately $78,321,301 (excluding brokerage commissions) in th
• $70,199,572 — The Managed Accounts used approximately $70,199,572 (excluding brokerage commissions) in th
• $1.45B — lan focused on share buybacks given the $1.45B of cash currently on the balance sheet,
• $27 — Common Stock with an exercise price of $27 per share. The Fund and the Managed Acc
• $25 — call options with an exercise price of $25 per share expired on September 20, 2024

Filing Documents

• form_sc13da-peabody.htm (SC 13D/A) — 169KB
• 0001315863-24-000675.txt ( ) — 171KB

is hereby amended and restated in its entirety to read as follows

Item 3 is hereby amended and restated in its entirety to read as follows: The Fund used approximately $78,321,301 (excluding brokerage commissions) in the aggregate to purchase the shares of Common Stock and the options to purchase Common Stock held by it reported in this Schedule 13D. The Managed Accounts used approximately $70,199,572 (excluding brokerage commissions) in the aggregate to purchase the shares of Common Stock and the options to purchase Common Stock held by the Managed Accounts reported in this Schedule 13D. The source of the funds used to acquire the shares of Common Stock and options to purchase Common Stock reported herein was the working capital of the Fund and the Managed Accounts, which at any given time may include funds borrowed on margin in the ordinary course and on customary terms. Item4. PURPOSE OF TRANSACTION

is hereby supplemented and superseded, as the case may be, as follows

Item 4 is hereby supplemented and superseded, as the case may be, as follows: The shares of Common Stock and call options directly held by the Fund and the Managed Accounts and beneficially owned by the Reporting Persons reported herein were acquired for investment purposes in the ordinary course of business in the belief that the Common Stock is undervalued and represents an attractive investment opportunity. The Reporting Persons remain engaged in a constructive and collaborative dialogue with management and are encouraged by steps taken by management to unlock and accelerate value for shareholders. The Jefferies Conference Investor Presentation from September 5, 2024 shows increasing commitment to the buyback and discloses the NAV of the Centurion asset. As previously disclosed, the Reporting Persons have made suggestions to the Issuer's management team regarding operational and strategic opportunities to maximize shareholder value, including, but not limited to: (i) a shareholder return plan focused on share buybacks given the $1.45B of cash currently on the balance sheet, (ii) unlocking value in the Issuer's Powder River Basin (PRB) asset, and (iii) selling down a stake in Centurion to free up cash flow for shareholder returns while simultaneously placing a strong valuation marker on the asset, and may pursue other plans or proposals that relate to or could result in any of the matters set forth in clauses (a)-(j) of Item 4 of Schedule 13D. The Reporting Persons intend to have a dialog with the Issuer's management regarding the above and may also speak with the board of directors ("Board") of the Issuer, other current or prospective shareholders, industry analysts, existing or potential strategic partners or competitors, investment and financing professionals, sources of credit and other third parties with respect to the above. The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors, includin

is hereby amended and restated in its entirety to read as follows

Item 5 is hereby amended and restated in its entirety to read as follows: (a) – (b) The responses of the Reporting Persons to Items (7) through (11) and (13) of the cover pages of this Schedule 13D are incorporated herein by reference. As of the date hereof, the Manager, the GP and Mr. Kuzma beneficially own an aggregate of 11,694,172 shares of Common Stock, which shares of Common Stock may be deemed to be beneficially owned by each of the Manager, the GP and Mr. Kuzma, and which represent approximately 9.29% of the outstanding Common Stock. As of the date hereof, the Fund beneficially owns an aggregate of 5,988,919 shares of Common Stock, and which represent approximately 4.76% of the outstanding Common Stock. The number of shares beneficially owned above includes 5,300,000 shares that may be acquired through the exercise of American-style exchange-traded call options that are deemed to be beneficially owned by the Manager, the GP and Mr. Kuzma and 2,674,300 shares that may be acquired through the exercise of American-style exchange-traded call options that are directly held and deemed to be beneficially owned by the Fund. All percentages set forth herein are based on 125.9 million shares of common stock of the Issuer outstanding as of August 2, 2024, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 8, 2024. The Fund and the Managed Accounts have delegated to Manager voting and investment power over the securities held directly by the Funds and the Managed Accounts. As a result, each of the Manager, the GP, as the general partner of Manager, and Mr. Kuzma, as Managing Member of the GP, may be deemed to exercise voting and investment power over the shares of Common Stock directly held by the Fund and the Managed Accounts. (c) Information concerning transactions in the shares of Common Stock and options to purchase Common Stock effected by the Reporting Persons on behalf of the Fund and the Manag

is hereby amended and supplemented by the addition of the following

Item 6 is hereby amended and supplemented by the addition of the following: As of 5 p.m. New York City time on September 24, 2024, the Fund and the Managed Accounts currently have an aggregate long American-style exchange-traded call option position relating to 5,300,000 shares of Common Stock that expire on October 18, 2024 (the "October Calls"). The October Calls consist of options to purchase 5,300,000 shares of Common Stock with an exercise price of $27 per share. The Fund and the Managed Accounts may from time-to-time purchase and sell exchange-traded options contracts relating to shares of Common Stock.

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of his or its knowledge and belief, each of the undersigned certifies that the information set fothomirth in this Date: September 24, 2024 THOMIST CAPITAL MANAGEMENT, LP By: Thomist Capital, LLC, its general partner By: /s/ Brian Kuzma Name: Brian Kuzma Title: Managing Member THOMIST CAPITAL, LLC By: /s/ Brian Kuzma Name: Brian Kuzma Title: Managing Member THE THOMIST FUND, LP By: Thomist Capital, LLC, its general partner By: /s/ Brian Kuzma Name: Brian Kuzma Title: Managing Member By: /s/ Brian Kuzma BRIAN KUZMA Schedule I TRANSACTIONS IN SHARES OF COMMON STOCK BY THE REPORTING PERSONS The following table sets forth all transactions in the shares of Common Stock effected by each of the Reporting Persons (on behalf of the Funds) since the most recent filing of Schedule 13D. All such transactions were purchases or sales of shares of Common Stock or options to purchase Common Stock effected in the open market or through the exercise of options, and the table excludes commissions paid in per share prices. Instrument Traded Effecting Beneficial Trade Date Shares or Contracts Purchased (Sold) Price Per Share ($) or Contract(1) Trading Account Call Option (Exercise Price 30, Expiration October 18, 2024) 8/27/2024 (6,100) contracts relating to (610,000) shares 0.0543 The Fund (600) contracts relating to (60,000) shares 0.0543 Managed Account 1 (300) contracts relating to (30,000) shares 0.0543 Managed Account 2 Common Stock 8/28/2024 66,667 23.2816 Managed Account 1 33,333 23.2816 Managed Account 2 Common Stock 8/28/2024 33,333 23.1327 Managed Account 1 16,667 23.1327 Managed Account 2 Common Stock 8/28/2024 16,667 23.0594 Managed Account 1 8,333 23.0594 Managed Account 2 Common Stock 8/28/2024 16,667 22.97 Managed Account 1 8,333 22.97 Managed Account 2 Call Option (Exercise Price 30,

View Full Filing

View this SC 13D/A filing on SEC EDGAR