CARBO Ceramics holder Wilks reports 9.7% stake, says may take more active role
As reported earlier, Dan Wilks and Staci Wilks each beneficially own 1,000,143 shares of CARBO Ceramics common stock, representing 4.3% of CARBO's issued and outstanding common stock. Wilks Brothers beneficially owns 1,305,676 shares of common stock, representing 5.6% of CARBO's issued and outstanding common stock. The Wilks may be deemed to beneficially own, in the aggregate, 2,305,819 shares of common stock, representing approximately 9.7% of CARBO's issued and outstanding shares. In a filing, the Wilks' stated: "The Reporting Person originally acquired the shares of Common Stock in the ordinary course of business for investment purposes because it believed that the shares, when purchased, were undervalued and represented an attractive investment opportunity. The Reporting Person typically does not file Schedule 13D reports because, even when it acquires a significant stake in companies, it typically does not seek to change or influence the control of the companies in which it invests. In the case of the Company, however, the Reporting Person believes that due to ongoing relative and absolute underperformance of the Company's stock price, the Reporting Person may need to take a more active role in order to preserve and maximize the value of its investment and, in turn, maintain and increase value for the benefit of all shareholders. As a result, the Reporting Person has engaged, and expects to continue to engage, in discussions with management, the board of directors, other stakeholders of the Company and other relevant parties concerning the business, operations, management, strategy and future plans of the Company." In morning trading following the filing, CARBO Ceramics shares have risen 3% to $11.27.