Energy Capital/Hill City buy 24,492 SHEN shares; indirect stake 3.34M
Rhea-AI Filing Summary
Insiders affiliated with Energy Capital Partners and Hill City made open-market purchases of Shenandoah Telecommunications Co. (SHEN) common stock on August 20 and August 21, 2025. The filings show 15,433 shares were acquired on 08/20/2025 at a weighted-average price of $12.5179 and 9,059 shares on 08/21/2025 at a weighted-average price of $12.6562, for a total of 24,492 shares purchased. Following these transactions, the reporting persons are shown as beneficially owning 3,338,122 shares indirectly. The disclosures identify multiple affiliated entities and managers that may be deemed to share beneficial ownership; each disclaims ownership except for pecuniary interest. Footnotes state purchases occurred at prices within the specified ranges and that additional affiliated entities are filing separate Form 4s.
Positive
- None.
Negative
- None.
Insights
TL;DR: Insiders executed modest open-market purchases totaling 24,492 SHEN shares, increasing indirect holdings to 3.34 million shares.
The Form 4s report two purchase transactions totaling 24,492 shares at weighted-average prices of $12.5179 and $12.6562 on 08/20/2025 and 08/21/2025. The disclosed ownership is indirect, held of record by Hill City, with an extended ownership chain through Energy Capital Partners entities and ECP ControlCo, LLC. The footnotes clarify the weighted-average pricing ranges and the reporting structure. From a trading-surveillance perspective, these are routine Schedule 16 disclosures documenting open-market purchases by affiliated private-equity entities and managers; they do not, on their face, alter the issuer’s disclosed capital structure beyond confirming continued insider accumulation and shared beneficial ownership among related entities.
TL;DR: Related entities and named managers are disclosed as sharing indirect beneficial ownership; each disclaims ownership except for pecuniary interest.
The filing provides detailed attribution of record ownership to Hill City and an ownership chain involving Energy Capital Partners funds and ECP ControlCo, LLC, and names the board/managers who share voting and dispositive power. Such layered disclosures are standard for private-equity-affiliated holdings and clarify who may be deemed to control vote and disposition rights. The separate Form 4 filings by related entities, as noted in remarks, help ensure each party’s record is transparent. No direct officer-level transactions or derivative exercises are reported in this filing.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Purchase | Common Stock | 9,059 | $12.6562 | $115K |
| Purchase | Common Stock | 15,433 | $12.5179 | $193K |
Footnotes (1)
- The price reported in Column 4 is a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $12.47 to $12.6248. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote. The securities are held of record by Hill City. ECP ControlCo, LLC is the managing member of Energy Capital Partners IV, LLC, which is the general partner of Energy Capital Partners GP IV, LP, which is the general partner of each of (i) Energy Capital Partners IV-A, LP, (ii) Energy Capital Partners IV-B, LP, (iii) Energy Capital Partners IV-C, LP, and (iv) Energy Capital Partners IV-D, LP (the "Funds"). Energy Capital Partners GP IV, LP is also the general partner of Energy Capital Partners IV-B (Hill City IP), LP ("Hill City IP"). Each of (i) Energy Capital Partners IV-A, LP, (ii) Hill City IP, (iii) Energy Capital Partners IV-C, LP, and (iv) Energy Capital Partners IV-D, LP are the members of Hill City Holdings GP, LLC, which is the general partner of Hill City. ECP ControlCo, LLC is controlled by its board of managers, which consists of Douglas Kimmelman, Peter Labbat, Tyler Reeder, Rahman D'Argenio, Raoul Hughes and Xavier Robert, all of whom collectively share the power to vote and dispose of the securities beneficially owned by ECP ControlCo, LLC. As a result of these relationships, each of the foregoing entities and individuals may be deemed to share beneficial ownership of the securities held of record by Hill City. Each such entity and individual disclaims beneficial ownership of these securities except to the extent of their pecuniary interest therein. The price reported in Column 4 is a weighted-average price. These shares were purchased in multiple transactions at prices ranging from $12.42 to $12.74. The reporting person undertakes to provide the Issuer, any security holder of the Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
