Special Situations Digest #28

Kanen Wealth Management LLC owns approximately 4% of Zevia's outstanding shares and urges the Board to initiate a formal strategic review including a sale.

CAS Investment Partners, LLC is pushing for board changes at Hilton Grand Vacations Inc. (HGV) after converting its passive stake to an active position. The filer holds 5,070,709 shares, a 6.5% stake acquired for approximately $221,578,144. CAS Investment Partners has initiated communications with the company regarding board composition and the potential nomination of Clifford Sosin and other individuals. The conversion from a Schedule 13G to a 13D with a board-composition agenda marks the start of an activist campaign centered on governance.

Steven Sarracino and Activant have reported an 8.9% stake in Better Home & Finance Holding Company (BETR) and are engaging with the board and management regarding CEO succession and board composition. Based on a Schedule 13D/A filed August 14, 2026, the reporting persons beneficial ownership consists of 1,290,178 Class A shares. The filing notes the reporting persons may be part of a broader group that could beneficially own 4,539,572 shares, or approximately 26.8% of shares outstanding, though group status is expressly disclaimed. This signals an activist push on governance and CEO succession with a potential 26.8% bloc in play.

Emerita filed its Statement of Claim, naming former executives David Gower, Lawrence Guy, Damian Lopez, Greg Duras, and Hélio Diniz, along with Falcon Metais Ltda., MGLIT Empreendimentos Ltda., and Lithium Ionic Corp. as defendants. PM Super Fund's court application, scheduled, seeks an order under sections 248 and 249 of Ontario's Business Corporations Act requiring court approval before any settlement or discontinuance of the Falcon litigation. The proxy deadline is 10:00 a.m. Eastern Time on Friday, August 21, 2026. Emerita Resources Corp. provided shareholders with additional facts regarding the Falcon Project and the PM Super Fund's withhold campaign ahead of the August 25, 2026 Annual General and Special Meeting.

Silchester International Investors LLP is pushing for capital policy changes and business restructuring at Tadano Ltd. (6395.T). The investor holds a 5.78% stake as of August 13, 2026, representing 7,481,900 shares. Silchester intends to propose governance strengthening, capital efficiency improvements, dividend increases, and buybacks. The position has decreased from a previous 6.82% following disposals throughout July and August 2026. This Japanese large shareholding report signals an activist agenda while the filer reduces exposure.

Rangeley also proposes disclosure of a management plan with explicit capital cost assumptions and addition of at least one outside director with capital markets experience. The filer published its proposals on a website (unlockingdainichi.com) in August 2026 and may increase its stake by more than 5% within three months if it deems the stock undervalued.

SoundThinking (SSTI) is facing an activist campaign by a substantial shareholder that has pushed for board changes and strategic alternatives. CEO Ralph Clark referenced the effort during the August 13, 2026, Q2 earnings call, where the company reported positive adjusted EBITDA of $1.2 million for the quarter. Specific demands, stake size, and timelines were not disclosed. The call confirms an active campaign that has already raised the possibility of strategic alternatives.

Elliott Investment Management has nominated six director candidates to the board of Northern Star Resources Limited (NST.AX) after private talks failed to reach an agreement. The candidates include former Anglo American CEO Mark Cutifani and former Barrick CFO Graham Shuttleworth. Elliott currently holds a 5.6% stake and stated it does not seek control of the board or plan to install its own employees. Incoming CEO Suresh Vadnagra is scheduled to replace Stuart Tonkin. The activist has escalated from private engagement to public board nominations, though it maintains a preference for a negotiated agreement over unilateral action.

Tanarra Capital CEO John Wylie owns a 9% stake in Cleanaway. Cleanaway intends to recommend shareholders accept a $9.4 billion takeover bid from EQT. EQT is completing nine weeks of due diligence. Wylie wrote to board chair Samantha Hogg saying he was unimpressed by how the offer was negotiated and presented as fait accompli.

Mithaq Capital SPC and related reporting persons beneficially own 13,593,236 common shares of The Children's Place, approximately 61.1% of outstanding shares. A definitive agreement dated August 11, 2026 formalized the grant date for a 500,000-share restricted stock award to Muhammad Asif Seemab. The award vests in three equal tranches tied to market capitalization thresholds: $265 million, $400 million, and $600 million. Unvested shares expire on the 5th anniversary of the grant date (August 11, 2031) and revert to Mithaq unless an extension is granted.