CENX Form 4: Glencore Converts Preferred, Disposes 27.5M Shares
Rhea-AI Filing Summary
Glencore entities reported Section 16 activity in Century Aluminum (CENX). On 09/30/2025 Glencore AG converted 28.48 shares of Series A Convertible Preferred Stock into 2,848 shares of Common Stock. The filing also reports a disposition of 27,500,000 shares of Common Stock. Following the reported transactions, the filing shows 12,557,356 shares beneficially owned on an indirect basis. The converted preferred shares are held by Glencore AG, which is a direct wholly-owned subsidiary of Glencore International AG; Glencore plc may be deemed an indirect owner of those holdings.
Positive
- Conversion disclosed of Series A Convertible Preferred Stock into common shares, increasing transparency
- Clear ownership chain showing holdings by Glencore AG, Glencore International AG and potential indirect ownership by Glencore plc
Negative
- Large reported disposition of 27,500,000 common shares without stated purpose or price
- Filing lacks transaction price details for the reported disposition, limiting assessment of economic impact
Insights
TL;DR: Large 27.5M-share disposition with a small preferred-to-common conversion; ownership structure consolidates control across Glencore entities.
The filing records a conversion of 28.48 Series A preferred shares into 2,848 common shares and a notable reported disposal of 27,500,000 common shares. The remaining reported beneficial ownership is 12,557,356 shares (indirect). For investors, the key facts are the sizeable direct disposal and the intercompany holdings: Glencore AG holds converted shares while Glencore International AG holds additional common stock, with Glencore plc as the ultimate parent. The filing provides transaction details but does not state prices or the purpose of the disposal.
TL;DR: Related-party conversions and large disposition warrant attention to insider coordination and ownership concentration.
The report documents related Glencore entities acting as reporting persons, showing conversion mechanics for Series A Convertible Preferred Stock and a material disposal of common shares. The disclosure clarifies direct and indirect ownership chains but does not explain the rationale for the 27.5M-share disposition or whether it was part of a corporate reorganization. The filing is compliant in form and links holdings across Glencore AG, Glencore International AG and Glencore plc.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Conversion | Series A Convertible Preferred Stock | 28.48 | $0.00 | $0.00 |
| Conversion | Common Stock | 2,848 | $0.00 | $0.00 |
| holding | Common Stock | -- | -- | -- |
Footnotes (3)
- F1. Represents shares of Common Stock acquired upon conversion of 28.48 shares of Series A Convertible Preferred Stock on September 30, 2025.
- F2. Each share of Series A Convertible Preferred Stock is convertible into 100 shares of Common Stock at the times and under the circumstances described in the Certificate of Designation for the Series A Convertible Preferred Stock. The Series A Convertible Preferred Stock has no expiration date.
- F3. The shares of Common Stock reported in Line 1 of Table I and the shares of Series A Convertible Preferred Stock reported in Table II are held directly by Glencore AG, a direct wholly-owned subsidiary of Glencore International AG, and may be deemed to be indirectly beneficially owned by Glencore International AG. The Common Stock reported on Line 2 of Table I is held directly by Glencore International AG. Glencore International AG is wholly owned by Glencore plc, which may be deemed an indirect beneficial owner of the securities held by Glencore AG and Glencore International AG.
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