I finally found a few free minutes, away from my other duties — to look through the older SEC Form 13F filings at the SEC’s EDGAR electronic window — as previously deposited by Columbia Wanger Asset Management, LLC, of Chicago. Those forms (per SEC rules) attach a Schedule 13-F for all the holdings of public companies that haven’t (yet) bumped up into the 5 per cent of outstandings limbo-stick, as of the time the given report speaks.
And, in this (Textura) case, those reports “spoke” as of September 30, 2014, and as of March 31, 2015. And we now know (as of earlier this week) what the aggregated holdings were, as of December 31, 2015. [Those links contain the sources of the graphic, at right.] So, over the last almost 17 months, we may now see that someone (or a pack of someones — likely unrelated) — was acquring Textura shares. The holdings grew from around 3 per cent to just over 9 per cent, in that time. That’s… a big bet.
So — the $64,000 question (as ever!) is… WHY did these folks triple their position, in terms of outstandings of Textura, over the last few quarters?
On balance, I would guess that this bodes well for some form of an ultimate M&A transaction. But these folks, by choosing to file on these specific Schedules, are expressly stating that they do not seek to change control of the issuer — Textura.
They would need to file a new form, essentially immediately — under SEC rules — should their intentions change, now. That is, should they decide to become activist holders.
We will keep you posted. Now… go enjoy that D.C. snow!
Editor’s Note: As ever, you must do your own diligence — these are only my opinions — and I hold no position, short or long, in Textura. I never have. But if I do, in the future, take any such position — long or short — I will promptly disclose it here.