Edward Lampert, a director at Sears Hometown and Outlet Stores Inc, has exercised his rights, in the aftermath of the corporate Spin-off with Sears Holdings Corporation (NASDAQ:SHLD). Mr Lampert will own 5,118,582 shares of common stock in Sears Hometown, directly, after disposing 23,469,942 derivatives, and a total of 8,679,153 indirectly through various investment arms, including ESL partners LP, SPE I Partners LP, and RBS Partners LP, among others, after disposing a total of 39,796,030 derivatives.
RBS Partners LP is Mr. Lampert's value based hedge fund and is a general partner in all eight of his investment arms, as listed in the SEC Form 4 filing. Lampert's RBS Partner is the majority holder with more than 40% ownership in Sears Holdings Corporation (NASDAQ:SHLD), which just separated with Sears Hometown & Outlets Inc.
On Monday, October 8th, Sears Holdings announced the expiration of the Sears Hometown and Outlets Inc. (NASDAQ:SHOS) rights offering, thereby triggering the next step in the corporate spin-off. We covered in one of our articles that Sears Hometown expects to start trading at the NASDAQ stock exchange on October 12, upon conclusive report on tabulation statistics by Computershare Inc.
The company had offered 23.1 billion shares of common stock with a par value of 0.01, at an exercise price of $3.27 per share. The company's stock is valued at $15.00 per share, which should be the opening price at the NASDAQ stock exchange tomorrow.
Meanwhile, Lambert purchased 2,399,824 shares of common stock in Sears Holdings, transacted on September 4, at an average price of $52.75, which rallied the company's stock trade at about $61.54 per share, up $2.18, or 3.67% rise from yesterday's close, as at the time of this writing.