In an SEC Schedule 13G just filed this morning, a new — and large — holder of Textura stock is revealed, and for the first time — if my quick research is accurate. Now, since Columbia Wanger officially disclaims all direct ownership and voting power, inside its SEC filing — and indicates that it merely holds on behalf of various others — investment companies, etc., it is quite possible that this bolus of Textura stock is not a newly accreted 9 per cent stake, in any individual, nor any small group — acting in concert. [In fact, if it were an organized group acting together, a separate disclosure would also be required — at the EDGAR window, and there is none — yet. So it is more than likely a small bunch of independent positions — see next paragraph.]
Morevover, since Textura hasn’t been public for all that many years, it is also possible that the daily, monthly and quarterly shiftings of various institutional holders, each with far less than the reportable 5 per cent holdings-level, alone… just ended up the year 2015 with aggregated holdings, over at the Columbia entites’ vaults (Hah!)… all of which summed to more than 9 per cent, triggering this first-time disclosure.
Or… less probably, it could be that some savvy institutional investors are betting that NorthWater will in fact be able to prevail upon someone — or a series of someones — to engineer a transaction — for the whole company. And so, they’ve hopped onboard this now submerged u-boat, for what they hope will turn out to be a rising bow-plane bubble, on the stock. We shall see.
And we will keep you posted. But for the long suffering smaller holders of Textura, this is very likely not a bad thing — and may even be a decidedly good thing, given that Textura is trading on the NASDAQ this afternoon at $15 and change — or, within 6 per cent of its all time historic NASDAQ low-watermark.