Subs: Elliot Takes 5% Stake

 

Paul Singer of Elliot Capital has taken a >5% stake in PAH via various funds of his. This is noteworthy because Singer specializes in “special situations” and that is exactly what PAH is as they prepare to seperate.

He has had tremendous success over the years with his yoe of investing so it is very good for current shareholders to see him take a large stake…..

From the filing:

OWNERSHIP
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.

 

(a) Amount beneficially owned:
Elliott Associates individually beneficially owns 4,998,417 shares of Common Stock, including 1,494,007 shares of Common Stock underlying notational principal amount derivative agreements in the form of physically settled swaps (the “Physical Derivative Agreements”), and including 274,711 shares of Common Stock through The Liverpool Limited Partnership, a Bermuda limited partnership that is a wholly-owned subsidiary of Elliott Associates (“Liverpool”).
Elliott International and International Advisors together beneficially own the 10,621,636 shares of Common Stock held by Elliott International, including 3,174,765 shares of Common Stock underlying Physical Derivative Agreements.
Elliott Associates, Elliott International and International Advisors together beneficially own an aggregate of 15,620,053 shares of Common Stock, including 4,668,772 shares of Common Stock underlying Physical Derivative Agreements.
(b) Percent of class:
The aggregate percentage of shares of Common Stock reported owned by each person named herein is based upon 287,097,154 shares of Common Stock outstanding, which is the total number of shares of Common Stock outstanding as of October 27, 2017 as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 2, 2017.
Elliott Associates beneficially owned 1.7% of the outstanding shares of Common Stock.
Elliott International and International Advisors owned approximately 3.7% of the outstanding shares of Common Stock.
Elliott Associates, Elliott International and International Advisors’ aggregate beneficial ownership constituted approximately 5.4% of the outstanding shares of Common Stock.
(c) Number of shares as to which such person has:

 

(i) Sole power to vote or to direct the vote
Elliott Associates has sole power to vote or direct the vote of 4,998,417 shares of Common Stock, including 1,494,007 shares of Common Stock underlying Physical Derivative Agreements.

 

 

CUSIP No.  925652109 13G Page 8 of 10 Pages

 

(ii) Shared power to vote or to direct the vote
Elliott International and International Advisors together have shared power to vote or direct the vote of 10,621,636 shares of Common Stock, including 3,174,765 shares of Common Stock underlying Physical Derivative Agreements.
(iii) Sole power to dispose or to direct the disposition of
Elliott Associates has sole power to dispose or direct the disposition of 4,998,417 shares of Common Stock, including 1,494,007 shares of Common Stock underlying Physical Derivative Agreements.
(iv) Shared power to dispose or to direct the disposition of
Elliott International and International Advisors together have shared power to dispose or direct the disposition of 10,621,636 shares of Common Stock, including 3,174,765 shares of Common Stock underlying Physical Derivative Agreements.

 




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