[SCHEDULE 13D/A] Shenandoah Telecom Co SEC Filing
This Amendment to a Schedule 13D reports that a group of Energy Capital Partners-related entities collectively beneficially own 6,774,728 shares of Shenandoah Telecommunications Company, representing 11.6% of the outstanding common stock. The filing discloses that Hill City acquired 565,813 shares in open-market transactions for approximately $8.03 million under a 10b5-1 trading plan.
The disclosure breaks down holdings: 3,553,178 shares issuable upon exchange of preferred stock held by the ECP investor, 3,221,550 shares held of record by Hill City, and 4,751 shares held by ECP Management. Hill City funded recent purchases through borrowings from Barclays Capital Inc. secured by a margin account. The filing also describes the ownership and control relationships among the ECP entities and the ECP Managers who share voting and dispositive power.
Questo emendamento alla Schedule 13D segnala che un gruppo di entità correlate a Energy Capital Partners detiene collettivamente la titolarità beneficiaria di 6,774,728 azioni di Shenandoah Telecommunications Company, pari a 11.6% del capitale ordinario in circolazione. Il deposito rende noto che Hill City ha acquistato 565,813 azioni in operazioni di mercato aperto per circa $8.03 million nell'ambito di un piano di negoziazione 10b5-1.
La comunicazione specifica la composizione delle partecipazioni: 3,553,178 azioni suscettibili di essere emesse mediante conversione di azioni privilegiate detenute dall'investitore ECP, 3,221,550 azioni registrate a nome di Hill City e 4,751 azioni detenute da ECP Management. Hill City ha finanziato gli acquisti recenti tramite prestiti da Barclays Capital Inc. garantiti da un conto margin. Il deposito descrive inoltre i rapporti di proprietà e controllo tra le entità ECP e gli ECP Managers, che condividono i poteri di voto e di disposizione.
Esta Enmienda a la Schedule 13D informa que un grupo de entidades relacionadas con Energy Capital Partners posee colectivamente la titularidad beneficiaria de 6,774,728 acciones de Shenandoah Telecommunications Company, lo que representa el 11.6% del capital social en circulación. La presentación revela que Hill City adquirió 565,813 acciones en operaciones de mercado abierto por aproximadamente $8.03 million en el marco de un plan de negociación 10b5-1.
La divulgación desglosa las participaciones: 3,553,178 acciones susceptibles de emitirse mediante el intercambio de acciones preferentes en poder del inversor ECP, 3,221,550 acciones registradas a nombre de Hill City y 4,751 acciones en poder de ECP Management. Hill City financió las compras recientes mediante préstamos de Barclays Capital Inc. garantizados con una cuenta de margen. La presentación también describe las relaciones de propiedad y control entre las entidades ECP y los ECP Managers, que comparten el poder de voto y de disposición.
이 Schedule 13D에 대한 수정서에 따르면 Energy Capital Partners 관련 법인들로 구성된 그룹이 Shenandoah Telecommunications Company의 6,774,728주를 집단적으로 실질적으로 보유하고 있으며, 이는 발행 보통주 중 11.6%에 해당합니다. 제출서류는 Hill City가 565,813주를 공개시장 거래로 약 $8.03 million에 취득했으며, 이는 10b5-1 거래계획에 따른 것이라고 밝힙니다.
공개자료는 보유 내역을 다음과 같이 분류합니다: ECP 투자자가 보유한 우선주의 교환으로 발행될 수 있는 3,553,178주, Hill City가 등기 보유한 3,221,550주, 그리고 ECP Management가 보유한 4,751주. Hill City는 최근 매입 자금을 마진 계좌를 담보로 한 Barclays Capital Inc.으로부터의 차입으로 조달했습니다. 제출서류는 또한 ECP 계열사들과 의결권 및 처분권을 공유하는 ECP 매니저들 간의 소유 및 통제 관계를 설명합니다.
Cet amendement à la Schedule 13D indique qu'un groupe d'entités liées à Energy Capital Partners détient collectivement la propriété bénéficiaire de 6,774,728 actions de Shenandoah Telecommunications Company, représentant 11.6% des actions ordinaires en circulation. Le dépôt révèle que Hill City a acquis 565,813 actions sur le marché ouvert pour environ $8.03 million dans le cadre d'un plan de négociation 10b5-1.
La déclaration détaille les participations : 3,553,178 actions susceptibles d'être émises en échange d'actions privilégiées détenues par l'investisseur ECP, 3,221,550 actions détenues au nominatif par Hill City et 4,751 actions détenues par ECP Management. Hill City a financé les achats récents par des emprunts auprès de Barclays Capital Inc. garantis par un compte de marge. Le dépôt décrit également les relations de propriété et de contrôle entre les entités ECP et les ECP Managers, qui partagent les pouvoirs de vote et de disposition.
Dieser Nachtrag zur Schedule 13D berichtet, dass eine Gruppe mit Energy Capital Partners verbundener Unternehmen gemeinsam wirtschaftlich berechtigt ist an 6,774,728 Aktien der Shenandoah Telecommunications Company, was 11.6% des ausstehenden Stammkapitals entspricht. Die Einreichung legt offen, dass Hill City 565,813 Aktien in Markttransaktionen für etwa $8.03 million im Rahmen eines 10b5-1 Handelsplans erworben hat.
Die Offenlegung gliedert die Bestände wie folgt: 3,553,178 Aktien, die bei Umtausch von vom ECP-Investor gehaltenen Vorzugsaktien ausgegeben werden können, 3,221,550 Aktien, die von Hill City als eingetragener Inhaber gehalten werden, und 4,751 Aktien, die von ECP Management gehalten werden. Hill City finanzierte die jüngsten Käufe durch Kredite von Barclays Capital Inc., besichert durch ein Margin-Konto. Die Einreichung beschreibt außerdem die Eigentums- und Kontrollverhältnisse zwischen den ECP-Einheiten und den ECP-Managern, die Stimm- und Verfügungsrechte gemeinsam ausüben.
- Aggregate stake of 6,774,728 shares (11.6%) disclosed, providing clear, material ownership transparency
- Recent accumulation of 565,813 shares for ~$8.03M executed under a 10b5-1 trading plan, signaling systematic purchases
- Detailed ownership breakdown (including shares issuable upon preferred exchange and record holders) aids investor analysis
- Hill City funded purchases via margin borrowings from Barclays Capital Inc., introducing leverage to the acquisition
- Shared voting and dispositive power among named managers could concentrate influence; filing disclaims beneficial ownership but does not eliminate governance considerations
Insights
TL;DR: ECP-related entities now report an 11.6% stake after an $8.03M accumulation under a 10b5-1 plan; the holding is material but non-directional.
The Schedule 13D/A discloses a material, >10% aggregate position in SHEN totaling 6,774,728 shares. The recent Hill City purchases (565,813 shares for ~$8.03M) were executed under a 10b5-1 plan, indicating systematic accumulation rather than ad hoc trading. The mix of shares includes 3,553,178 shares issuable upon exchange of preferred stock, which affects potential conversion-related dilution and control dynamics. Funding via a margin loan introduces leverage into the acquisition profile. Overall, the disclosure is material for investors but does not by itself indicate a change in strategy or near-term operational plans for the issuer.
TL;DR: The filing reveals coordinated ownership and shared voting power across multiple ECP entities, creating a material governance position without explicit intent stated.
The report details the governance and control linkages among ECP ControlCo, ECP Management and related partnership entities, with named managers sharing voting and dispositive power. Collectively holding 11.6% of SHEN is large enough to affect governance discussions or board dynamics, depending on future actions, but the filing contains no statement of intent beyond acquisition and ownership structure. The inclusion of shares issuable upon preferred exchange is important for assessing potential voting and economic shifts if conversion occurs.
Questo emendamento alla Schedule 13D segnala che un gruppo di entità correlate a Energy Capital Partners detiene collettivamente la titolarità beneficiaria di 6,774,728 azioni di Shenandoah Telecommunications Company, pari a 11.6% del capitale ordinario in circolazione. Il deposito rende noto che Hill City ha acquistato 565,813 azioni in operazioni di mercato aperto per circa $8.03 million nell'ambito di un piano di negoziazione 10b5-1.
La comunicazione specifica la composizione delle partecipazioni: 3,553,178 azioni suscettibili di essere emesse mediante conversione di azioni privilegiate detenute dall'investitore ECP, 3,221,550 azioni registrate a nome di Hill City e 4,751 azioni detenute da ECP Management. Hill City ha finanziato gli acquisti recenti tramite prestiti da Barclays Capital Inc. garantiti da un conto margin. Il deposito descrive inoltre i rapporti di proprietà e controllo tra le entità ECP e gli ECP Managers, che condividono i poteri di voto e di disposizione.
Esta Enmienda a la Schedule 13D informa que un grupo de entidades relacionadas con Energy Capital Partners posee colectivamente la titularidad beneficiaria de 6,774,728 acciones de Shenandoah Telecommunications Company, lo que representa el 11.6% del capital social en circulación. La presentación revela que Hill City adquirió 565,813 acciones en operaciones de mercado abierto por aproximadamente $8.03 million en el marco de un plan de negociación 10b5-1.
La divulgación desglosa las participaciones: 3,553,178 acciones susceptibles de emitirse mediante el intercambio de acciones preferentes en poder del inversor ECP, 3,221,550 acciones registradas a nombre de Hill City y 4,751 acciones en poder de ECP Management. Hill City financió las compras recientes mediante préstamos de Barclays Capital Inc. garantizados con una cuenta de margen. La presentación también describe las relaciones de propiedad y control entre las entidades ECP y los ECP Managers, que comparten el poder de voto y de disposición.
이 Schedule 13D에 대한 수정서에 따르면 Energy Capital Partners 관련 법인들로 구성된 그룹이 Shenandoah Telecommunications Company의 6,774,728주를 집단적으로 실질적으로 보유하고 있으며, 이는 발행 보통주 중 11.6%에 해당합니다. 제출서류는 Hill City가 565,813주를 공개시장 거래로 약 $8.03 million에 취득했으며, 이는 10b5-1 거래계획에 따른 것이라고 밝힙니다.
공개자료는 보유 내역을 다음과 같이 분류합니다: ECP 투자자가 보유한 우선주의 교환으로 발행될 수 있는 3,553,178주, Hill City가 등기 보유한 3,221,550주, 그리고 ECP Management가 보유한 4,751주. Hill City는 최근 매입 자금을 마진 계좌를 담보로 한 Barclays Capital Inc.으로부터의 차입으로 조달했습니다. 제출서류는 또한 ECP 계열사들과 의결권 및 처분권을 공유하는 ECP 매니저들 간의 소유 및 통제 관계를 설명합니다.
Cet amendement à la Schedule 13D indique qu'un groupe d'entités liées à Energy Capital Partners détient collectivement la propriété bénéficiaire de 6,774,728 actions de Shenandoah Telecommunications Company, représentant 11.6% des actions ordinaires en circulation. Le dépôt révèle que Hill City a acquis 565,813 actions sur le marché ouvert pour environ $8.03 million dans le cadre d'un plan de négociation 10b5-1.
La déclaration détaille les participations : 3,553,178 actions susceptibles d'être émises en échange d'actions privilégiées détenues par l'investisseur ECP, 3,221,550 actions détenues au nominatif par Hill City et 4,751 actions détenues par ECP Management. Hill City a financé les achats récents par des emprunts auprès de Barclays Capital Inc. garantis par un compte de marge. Le dépôt décrit également les relations de propriété et de contrôle entre les entités ECP et les ECP Managers, qui partagent les pouvoirs de vote et de disposition.
Dieser Nachtrag zur Schedule 13D berichtet, dass eine Gruppe mit Energy Capital Partners verbundener Unternehmen gemeinsam wirtschaftlich berechtigt ist an 6,774,728 Aktien der Shenandoah Telecommunications Company, was 11.6% des ausstehenden Stammkapitals entspricht. Die Einreichung legt offen, dass Hill City 565,813 Aktien in Markttransaktionen für etwa $8.03 million im Rahmen eines 10b5-1 Handelsplans erworben hat.
Die Offenlegung gliedert die Bestände wie folgt: 3,553,178 Aktien, die bei Umtausch von vom ECP-Investor gehaltenen Vorzugsaktien ausgegeben werden können, 3,221,550 Aktien, die von Hill City als eingetragener Inhaber gehalten werden, und 4,751 Aktien, die von ECP Management gehalten werden. Hill City finanzierte die jüngsten Käufe durch Kredite von Barclays Capital Inc., besichert durch ein Margin-Konto. Die Einreichung beschreibt außerdem die Eigentums- und Kontrollverhältnisse zwischen den ECP-Einheiten und den ECP-Managern, die Stimm- und Verfügungsrechte gemeinsam ausüben.
FAQ
How many SHEN shares do Energy Capital Partners-related entities beneficially own?
How many shares did Hill City recently acquire and for how much?
Were the recent purchases made under a trading plan?
How were the recent acquisitions funded?
What is the composition of the disclosed holdings?
