Jeffrey Tannenbaum‘s Fir Tree revealed an increased ownership of CIG Wireless Corp (OTCBB:CIGW). The fund currently holds nearly 48.30 million shares of the company, compared to the previous holding of 47.10 million shares. Fir Tree is major shareholder at CIG Wireless, holding more than 60.00% of the company’s common stock outstanding.
Formerly Cyber Supply Inc., CIG Wireless Corp (OTCBB:CIGW) is a leading U.S. independent owner and operator of wireless communications infrastructure, focusing on leasing antenna space to wireless service providers. The company’s shares are traded publicly on the U.S. OTC Bulletin Board. In the past 12 months, the company’s stock price fell by around 70.00% to $1.20 as of April, 2014. CIG Wireless Corp currently trades at an Enterprise Value to EBITDA of -12.xx. In 2013, the company generated losses per share of $0.44, compared to the losses per share of $0.54 generated in the previous year. In a recent press release, CIG Wireless revealed that it agreed to acquire communications towers and related assets from Southern Tower Antenna Rental, LLC.
Paul Mcginn, the company’s CEO, holds 5.6 million shares of the company.
Jeffrey Tannenbaum manages an equity portfolio with a total value of nearly 8.80 billion. Around 40.00% of the portfolio is concentrated in the Technology and Basic Materials Sectors. Almost 6.00% of the portfolio is invested in 3.00 million shares of Equinix Inc (NASDAQ:EQIX), the position worth $526.50 million. Fir Tree also holds significant positions in Aon Plc (NYSE:AON) and Express Scripts Holding Company (NASDAQ:ESRX), with more than 4.50 million shares worth $380.00 million invested in the former and 5.90 million shares worth $413.00 million invested in the latter. In the recent news, it has been revealed that the fund is trying to throw a wrench in JPMorgan Chase & Co. (NYSE:JPM)’s plan to settle its mortgage-backed securities headache.
Disclosure: None
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