Jamie Dinan's hedge fund firm York Capital has filed an amended 13D with the SEC regarding their position in Gilat Satellite Networks (GILT). Per the filing, York has disclosed a 14.3% ownership stake in the company with just over 6 million shares of GILT.
This means they've reduced their position size by over 2.1 million shares since the end of the third quarter. The filing was required due to activity on February 3rd.
The reason for the transaction is that York entered into an agreement with FIMI Opportunity Fund to sell them over 2.1 million shares for over $10.5 million.
York has been a longtime holder of Gilat, previously owning debt that they converted into stock.
Per Google Finance, Gilat Satellite Networks is "a provider of Internet protocol (IP)-based digital satellite communication and networking products and services. Gilat designs, produces and markets very small aperture terminals (VSATs) and related network equipment, such as power amplifiers and antennas. The Company operates in three businesses: Gilat Worldwide, which consists of Gilat International and Gilat Peru & Colombia; Spacenet Inc. (Spacenet), and Wavestream Corporation (Wavestream)."
For more on this hedge fund, we posted up a rare interview with Jamie Dinan where he talked about York's positions.
Friday, February 7, 2014
York Capital Reduces Gilat Satellite Networks Position
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