Starboard Value has increased its stake in Canadian energy company Algonquin Power & Utilities to 5%, adding pressure on a company that has seen investment, and demands, from two other activists.
According to a regulatory filing Friday, Jeff Smith’s fund holds 34.14 million shares.
News of Starboard’s interest in Algonquin was first reported in late April, though the size of the position was unclear. In fact, according to the filing, the activist began building its stake in early May.
Having now reached the 5% holding disclosure threshold, Starboard will now be required to make public information on additional trades and demands it makes at the company.
Today’s disclosure did not include details on the activist’s plans, other than to say it would monitor the investment and possibly speak with management.
However, it comes as Algonquin also faces pressure from activist Ancora Advisors, which on April 17 disclosed a new position and called on Algonquin to accelerate planned asset sales. While on May 1 it was reported that Keith Meister’s Corvex Management had also initiated a stake, though its size and the activists intentions have not been disclosed.
Algonquin’s New York traded stock was quoted at $8.23 per share late Friday afternoon, down 1.02%. Year to date it has gained around 26% in value.