Things are getting done even through the turmoil at Pirate Capital. Today they filed an amended 13D for PW Eagle and now own a 22.5% stake, up from 20.5% on August 31 — with purchases made through yesterday.
In August, Pirate Capital entered into a Rule 10b5-1 trading plan with regard to PW Eagle’s common shares. The trading plan is effective until Feb. 22, 2007, and provides for the purchase of up to $30 million of PW Eagle’s common shares.
Shares of PW Eagle closed Thursday at $28.98 each.
In May, it was reported that Pirate Capital had notified PW Eagle of its intention to acquire more than 20% of the company’s voting shares and that it might buy additional shares, enabling it to hold more than 33.3% of the shares entitled to vote.
In late May, PW Eagle’s shareholders elected seven new directors, boosting the board’s membership from five, and the board formed a strategic committee to look into the potential sale of the company.
These were the purchases according to the 13D/A:
(c) The following transactions in the Shares were effected by the
Reporting Persons in the last 60 days, each of which was effected on the open
market.
Jolly Roger Offshore Fund LTD
Trade Date Shares Purchased (Sold) Price per Share ($)
———- ———————– ——————-
08/31/2006 448,296 34.87*
09/06/2006 5,762 33.99
09/07/2006 6,620 33.51
09/08/2006 5,640 33.98
09/11/2006 3,804 33.60
09/12/2006 2,440 33.99
09/13/2006 1,804 33.85
09/14/2006 2,800 33.88
09/15/2006 5,193 33.97
09/18/2006 4,520 33.76
09/19/2006 4,674 33.84
09/20/2006 2,400 33.95
09/21/2006 8,800 32.97
09/22/2006 10,400 31.33
09/25/2006 47,861 29.90
09/26/2006 48,500 28.94
09/27/2006 21,000 29.55
09/28/2006 53,855 29.23
Jolly Roger Fund LP
Trade Date Shares Purchased (Sold) Price per Share ($)
———- ———————– ——————-
08/31/2006 (448,296) 34.87*
*Represents internal allocation only
Pirate Capital Boosts PW Eagle Stake To 22.5% – Dow Jones Newswires
Tags: Hedge funds, Pirate Capital
