Activist Glenn Greenberg Ups Stake in Higher One, Wants a Board Seat
Brave Warrior Advisors, led by Glenn Greenberg, reported in a newly amended filing with the SEC that it has proposed a recommendation for the board of Higher One Holdings, Inc (NYSE:ONE). At the same time, the fund slightly increased its exposure in Higher One Holdings to 4.641 million shares, from 4.638 million held earlier.
Earlier in September, Brave Warrior decreased its exposure in Higher One from 6.3 million shares, mentioned in its latest 13F filing. At the same time, the fund presented several points which showed that the current Board of Higher One "has not adequately performed its duties to supervise and evaluate management performance."
In this way, the lead director of Higher One's Board offered Greenberg to present names of qualified potential directors. Greenberg also will propose more candidates expecting that the Board "will follow through by reconstituting itself with qualified and truly independent members."