Albion River Management Amends Ducommun Stake

TL;DR

Albion River Management just updated their Ducommun (DCO) filing - big shareholder action incoming.

AI Summary

Albion River Management LLC, through Darren Farber, has amended its Schedule 13D filing regarding Ducommun Inc. (ticker: DCO) as of November 7, 2024. The filing indicates a change in beneficial ownership, with Albion River Management LLC now holding a significant stake in the company.

Why It Matters

This amendment signals a potential shift in control or influence for Ducommun Inc., as a significant shareholder has updated their position, which could lead to strategic changes or activism.

Risk Assessment

Risk Level: medium — Changes in beneficial ownership filings can indicate activist investor interest or potential takeover activity, introducing uncertainty.

Key Numbers

• $.01 — Par Value (Par value of Ducommun Inc. common stock)

Key Players & Entities

• Albion River Management LLC (company) — Filing entity
• Darren Farber (person) — Authorized contact for Albion River Management LLC
• Ducommun Inc. (company) — Subject company
• 2600 Tower Oaks Boulevard, Suite 280 (address) — Business address of Albion River Management LLC
• Rockville, MD 20852 (address) — Business address of Albion River Management LLC
• November 7, 2024 (date) — Date of event requiring filing

FAQ

Key Financial Figures

• $66,458,943 — a total purchase price of approximately $66,458,943, including commissions. All of such fun

Filing Documents

• formsc13da.htm (SC 13D/A) — 128KB
• ex-1.htm (EX-1) — 12KB
• 0001493152-24-044938.txt ( ) — 141KB

of the Amended Schedule 13D is hereby amended

Item 4 of the Amended Schedule 13D is hereby amended and restated in its entirety to read as follows: The Reporting Persons initially acquired 1,321,216 shares of Common Stock over which they exercised beneficial ownership in the belief that the shares of Common Stock were undervalued and were an attractive investment opportunity. The Reporting Persons then had discussions with the Issuer’s senior management and board of directors of the Issuer (the “Board”), regarding the Issuer’s business and direction. On April 1, 2024, Mr. Farber sent a letter to the Board (the “First Letter”), which, among other things, expressed the Reporting Persons’ strong interest in acquiring, in cash, all outstanding shares of Common Stock of the Issuer. The First Letter to the First Letter, the Board rejected the Reporting Persons’ proposal to acquire all outstanding shares of the Issuer. From the date of that initial rejection to July 17, 2024, the Reporting Persons acquired an additional 28,317 shares of Common Stock under the continued belief that the shares of Common Stock were still undervalued and remained an attractive investment opportunity. On July 15, 2024, Mr. Farber sent a second letter to the Board (the “Second Letter”). In the Second Letter, the Reporting Persons increased their initial bid, and reiterated their desire to acquire, in cash, all outstanding shares of Common Stock of the Issuer. The Board again rejected the Reporting Persons’ proposal to acquire all outstanding shares of the issuer. From the date of the second rejection to November 7, 2024, the Reporting Persons continued to have extensive private engagements with the Issuer about how to increase shareholder value (including, without limitation, supporting the appointment of new Board members). On November 7, 2

Contracts,

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer. Other than the joint filing agreement filed as Exhibit B to this Amendment, the Reporting Persons have no knowledge of any contracts, arrangements, understandings or relationships (legal or otherwise) among the persons named in response to Item 2 or between such persons and any person with respect to any securities of the Issuer. Item 7. Material to be Filed as Exhibits. All previous exhibits submitted as part of the Amended Schedule 13D are incorporated herein by reference. Exhibit A Joint Filing Statement, dated November 12, 2024.

SIGNATURES

SIGNATURES After reasonable inquiry and to the best of their knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct. Dated: November 12, 2024 Albion River Management LLC By: /s/ Mark Schneiderman Name: Mark Schneiderman Title: Chief Legal Officer Ignium LP By: Ignium GP, LLC, its general partner By: /s/ Mark Schneiderman Name: Mark Schneiderman Title: General Counsel Darren Farber By: /s/ Darren Farber SCHEDULE I The following table lists all transactions completed by the Reporting Persons in the Common Stock during the past sixty (60) days, which were all completed through open market transactions. Date and Nature of Transaction Price per Share Number of Shares of Common Stock 9/13/24 – Sale 65.18 727 9/16/24 – Sale 65.16 600 9/17/24 – Sale 65.15 598 9/18/24 – Sale 65.13 21,223 10/17/24 – Sale 66.31 7,522 10/18/24 – Sale 66.24 100 11/4/24 – Purchase 59.74 4,737 11/7/24 – Sale 68.26 100,222 11/8/24 – Sale 68.08 170,536 11/11/24 – Sale 69.21 209,064 11/12/24 – Sale 68.01 53,834

View Full Filing

View this SC 13D/A filing on SEC EDGAR