Pleasant Lake Partners Files 13D on MagnaChip ~ market folly

Monday, June 15, 2015

Pleasant Lake Partners Files 13D on MagnaChip

Jonathan Lennon's hedge fund firm Pleasant Lake Partners has filed a 13D with the SEC regarding its position in MagnaChip (MX).  Per the filing, Pleasant Lake now owns 7.7% of the ompany with over 2.64 million shares.

This is an increase over the 919,211 shares that they owned at the end of the first quarter.  The filing indicates they were out buying throughout April, May, and into June at a wide range of prices from as low as $5.37 to as high as $7.80.  They also bought call options that expire this week as well as in September at a $7.50 strike.  MX shares currently trade around $7.49.

The 13D filing also contains the standard boilerplate about potentially meeting with management, etc.

About Pleasant Lake Partners

Prior to launching his hedge fund, Lennon previously worked as a senior analyst at John Thaler's JAT Capital.  He founded Pleasant Lake in 2012 and runs a long/short equity strategy.

About Magna Chip

Per Google Finance, Magna Chip is "a South Korea-based designer and manufacturer of analog and mixed-signal semiconductor products for high-volume consumer applications. The company operates through three segments: Display Solutions, Power Solutions, and Semiconductor Manufacturing Services. Display Solutions products include display drivers that cover a range of flat panel displays and mobile multimedia devices. Its Power Solutions products include discrete and integrated circuit solutions for power management in high-volume consumer applications. Its Semiconductor Manufacturing Services segment provides specialty analog and mixed-signal foundry services for fabless semiconductor companies that serve the consumer, computing and wireless end markets."

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