SCHEDULE 13D/A: Camac Partners Increases Stake in Gold Reserve Ltd. to 17.8%
Beneficial Ownership Update
Camac Partners and its affiliated funds have increased their beneficial ownership in Gold Reserve Ltd. to 17.8% of outstanding Class A common shares, totaling over 20 million shares.
Summary
- Camac Partners, LLC, Camac Capital, LLC, Camac Fund, LP, Camac Fund II, LP, and Eric Shahinian (collectively, the "Reporting Persons") have filed Amendment No. 11 to their Schedule 13D regarding Gold Reserve Ltd.
- The Reporting Persons collectively beneficially own 20,105,283 Class A common shares of Gold Reserve Ltd., representing 17.8% of the 113,037,414 shares outstanding as of September 30, 2024.
- Camac Fund, LP beneficially owns 10,589,030 shares, constituting approximately 9.4% of the outstanding shares, with an aggregate purchase price of approximately $19,655,584.
- Camac Fund II, LP beneficially owns 9,516,253 shares, constituting approximately 8.4% of the outstanding shares, with an aggregate purchase price of approximately $19,112,619.
- The shares were purchased using working capital, which may include margin loans made by brokerage firms.
- Transactions in the past 60 days include purchases by Camac Fund LP ranging from $1.6200 to $1.9200 per share, and by Camac Fund II, LP ranging from $1.8560 to $2.1000 per share.
Sentiment
Score: 7
Explanation: The document reports a significant increase in beneficial ownership by an investment group, which can be interpreted positively as a vote of confidence or a precursor to value-enhancing activism. However, it is a factual ownership disclosure and does not contain performance or outlook details from the company itself.
Positives
- The increased stake by an investment group like Camac Partners could signal confidence in Gold Reserve Ltd.'s underlying value or potential for future strategic improvements.
- Continued accumulation of shares by Camac Funds suggests a long-term investment perspective or a belief in the undervaluation of Gold Reserve Ltd.'s assets.
Future Outlook
The document, a Schedule 13D amendment filed by an investor group, does not contain any forward-looking statements or guidance provided by Gold Reserve Ltd. management.
Industry Context
This filing indicates a significant increase in ownership by an activist investor group in Gold Reserve Ltd., a company in the gold mining sector. Such an accumulation of shares by an activist investor often suggests a belief in the company's undervaluation or potential for strategic changes, which could include advocating for operational improvements, asset monetization, or corporate governance reforms within the broader mining industry context.
Stakeholder Impact
- Shareholders: Potential for increased shareholder activism and pressure on management to unlock value, which could lead to strategic changes or improved returns.
- Management: May face increased scrutiny and pressure from a significant activist shareholder, potentially influencing corporate strategy and governance.
Key Dates
| Date | Description |
|---|---|
| 12/08/2021 | Original Schedule 13D filing date. |
| 06/09/2022 | Amendment date to Schedule 13D. |
| 08/15/2022 | Amendment date to Schedule 13D. |
| 10/25/2022 | Amendment date to Schedule 13D. |
| 11/08/2022 | Amendment date to Schedule 13D. |
| 07/27/2023 | Amendment date to Schedule 13D. |
| 12/18/2023 | Amendment date to Schedule 13D. |
| 01/17/2024 | Amendment date to Schedule 13D. |
| 02/27/2024 | Amendment date to Schedule 13D. |
| 05/07/2024 | Amendment date to Schedule 13D. |
| 09/30/2024 | Date as of which 113,037,414 shares of Gold Reserve Ltd. were reported outstanding. |
| 10/02/2024 | Amendment date to Schedule 13D. |
| 11/27/2024 | Date Gold Reserve Ltd. reported shares outstanding on its Form 6-K. |
| 02/04/2025 | Camac Fund LP purchased 100,000 shares at $1.6200. |
| 03/06/2025 | Camac Fund LP purchased 27,376 shares at $1.7000. |
| 03/07/2025 | Camac Fund LP purchased 100 shares at $1.7000. |
| 03/10/2025 | Camac Fund LP purchased 383,401 shares at $1.9200. |
| 03/12/2025 | Camac Fund II, LP purchased 17,154 shares at $2.0500. |
| 03/13/2025 | Camac Fund II, LP purchased 14,000 shares at $2.0600. |
| 03/21/2025 | Date of event which required the filing of this statement; Camac Fund II, LP purchased 100,000 shares at $2.1000 and 331,900 shares at $2.0747. |
| 03/24/2025 | Camac Fund II, LP purchased 1,500 shares at $1.8560. |
| 03/25/2025 | Signature date of the current Schedule 13D Amendment No. 11. |
Keywords
Gold Reserve Ltd., Class A common shares, Schedule 13D, beneficial ownership, Camac Partners, Camac Capital, Eric Shahinian, investment, activist investor, SEC filing, mining, gold
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