0000897069-16-001023.txt : 20160907 0000897069-16-001023.hdr.sgml : 20160907 20160907145359 ACCESSION NUMBER: 0000897069-16-001023 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20160907 DATE AS OF CHANGE: 20160907 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Full Circle Capital Corp CENTRAL INDEX KEY: 0001490013 IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-86011 FILM NUMBER: 161873277 BUSINESS ADDRESS: STREET 1: 102 GREENWICH AVENUE STREET 2: 2ND FLOOR CITY: GREENWICH STATE: CT ZIP: 06830 BUSINESS PHONE: 203-900-2100 MAIL ADDRESS: STREET 1: 102 GREENWICH AVENUE STREET 2: 2ND FLOOR CITY: GREENWICH STATE: CT ZIP: 06830 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Sims Capital Management LLC CENTRAL INDEX KEY: 0001608812 IRS NUMBER: 200157116 STATE OF INCORPORATION: WI FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 225 EAST MASON STREET, SUITE 802 CITY: MILWAUKEE STATE: WI ZIP: 53202 BUSINESS PHONE: 414-765-1107 MAIL ADDRESS: STREET 1: 225 EAST MASON STREET, SUITE 802 CITY: MILWAUKEE STATE: WI ZIP: 53202 SC 13D/A 1 cg800.htm
 
CUSIP NO. 359671104
Page 1 of 10 Pages



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13D

Under the Securities Exchange Act of 1934
(Amendment No. 2)


Full Circle Capital Corporation
(Name of Issuer)

Common Stock, par value $0.01 per share
(Title of Class of Securities)

359671104
(CUSIP Number)

David C. Sims, President, Sims Capital Management LLC
225 East Mason Street, Suite 802
Milwaukee, WI 53202-3657
Telephone: (414) 765-1107
 (Name, Address and Telephone Number of Persons Authorized to Receive Notices and Communications)

September 6, 2016
(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☐




CUSIP NO. 359671104
Page 2 of 10 Pages


1
NAME OF REPORTING PERSON
 
Sims Capital Management LLC
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
 
 
(a) ☐
(b) ☐
 
3
SEC USE ONLY
4
SOURCE OF FUNDS (SEE INSTRUCTIONS)
 
OO
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 
 
 
☐
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
Wisconsin
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
 WITH
7
SOLE VOTING POWER
 
0
8
SHARED VOTING POWER
 
1,206,324
9
SOLE DISPOSITIVE POWER
 
0
10
SHARED DISPOSITIVE POWER
 
1,206,324
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,206,324
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 
 
 
☐
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
5.36%
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
IA



CUSIP NO. 359671104
Page 3 of 10 Pages


1
NAME OF REPORTING PERSON
 
David C. Sims
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
 
 
(a) ☐
(b) ☐
 
3
SEC USE ONLY
4
SOURCE OF FUNDS (SEE INSTRUCTIONS)
 
PF
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 
 
 
☐
6
CITIZENSHIP OR PLACE OF ORGANIZATION
United States
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
 WITH
7
SOLE VOTING POWER
 
0
8
SHARED VOTING POWER
 
1,206,324
9
SOLE DISPOSITIVE POWER
 
0
10
SHARED DISPOSITIVE POWER
 
1,206,324
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,206,324
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 
 
 
☐
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
5.36%
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
IN



CUSIP NO. 359671104
Page 4 of 10 Pages


1
NAME OF REPORTING PERSON
 
Luke E. Sims
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
 
 
(a) ☐
(b) ☐
 
3
SEC USE ONLY
4
SOURCE OF FUNDS (SEE INSTRUCTIONS)
 
PF
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 
 
 
☐
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
United States
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
 WITH
7
SOLE VOTING POWER
 
12,700
8
SHARED VOTING POWER
 
1,206,324
9
SOLE DISPOSITIVE POWER
 
12,700
10
SHARED DISPOSITIVE POWER
 
1,206,324
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
1,219,024
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
 
 
 
☐
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
5.42%
14
TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
 
IN



CUSIP NO. 359671104
Page 5 of 10 Pages

Item 1.                          Security and Issuer.

This Amendment to Schedule 13D relates to shares of the Common Stock, par value $0.01 per share (the “Shares”), of Full Circle Capital Corporation, a Maryland corporation (the “Fund”).  The address of the principal executive offices of the Fund is 102 Greenwich Avenue, 2nd Floor, Greenwich, CT 06830.

Item 2. Identity and Background.

Sims Capital Management LLC (“SCM”):
 
(a)
Sims Capital Management LLC (a Wisconsin limited liability company) (“SCM”).  SCM is owned 50% by David C. Sims and 50% by Luke E. Sims.  Messrs. David C. Sims and Luke E. Sims, respectively, are the only managers and officers of SCM.
 
(b)
225 East Mason Street, Suite 802, Milwaukee, WI  53202-3657
 
(c)
SEC-registered investment advisor (IA)
 
(d)
Not applicable
 
(e)
Not applicable
 
(f)
Wisconsin
 

David C. Sims:
 
(a)
David C. Sims
 
(b)
225 East Mason Street, Suite 802, Milwaukee, WI  53202-3657
 
(c)
President of Sims Capital Management LLC, an SEC-registered investment advisor.  SCM’s business address is 225 East Mason Street, Suite 802, Milwaukee, WI 53202-3657.
 
(d)
Not applicable
 
(e)
Not applicable
 
(f)
United States
 



CUSIP NO. 359671104
Page 6 of 10 Pages


Luke E. Sims:
 
(a)
Luke E. Sims
 
(b)
225 East Mason Street, Suite 802, Milwaukee, WI  53202-3657
 
(c)
Chairman of Sims Capital Management LLC, an SEC-registered investment advisor.  SCM’s business address is 225 East Mason Street, Suite 802, Milwaukee, WI 53202-3657.
 
(d)
Not applicable
 
(e)
Not applicable
 
(f)
United States
 

Each of the persons identified in this Amendment to Schedule 13D is a party to that certain Joint Filing Agreement attached hereto as Exhibit 99.1.

Item 3. Source and Amount of Funds or Other Consideration.

SCM purchased Shares with investment funds held by advisory clients.  SCM owns no Shares itself.

To the knowledge of SCM, no borrowed funds were used by advisory clients in purchasing Shares, except that advisory client Peregrine Investment Fund LLC (“Peregrine”), a private investment fund affiliated with the reporting persons, maintains a customary brokerage margin account and some portion of Peregrine’s purchases may have been made with borrowed funds.

Luke E. Sims used his personal investment funds to purchase Shares.

Item 4. Purpose of Transaction.

The reporting persons have purchased Shares because they believe the Shares are undervalued.  The reporting persons, or any of them, may from time to time purchase additional Shares, either in the open market, in privately-negotiated transactions, or otherwise.  Moreover, the reporting persons, or any of them, may from time to time dispose of Shares, either in the open market, in privately-negotiated transactions, or otherwise.

The Fund reportedly created a special committee (“Special Committee”) of its Board of Directors (“Board”) in November 2015.  The purpose of this Special Committee was to consider the Fund’s strategic options.

The creation of the Special Committee was, to the best of SCM’s knowledge, first publicly reported in mid-February 2016.

In late April 2016, SCM sent a letter to the Special Committee proposing various strategic options for the Special Committee to consider, including strategies to utilize the Fund’s approximately $45 million of net realized and unrealized capital losses (“Tax Losses”).  Nothing came of these various SCM-proposed strategic options.

In late June 2016, the Fund announced a complex merger proposal (“Proposed Merger”) for the merger of the Fund into a newly-created entity (Great Elm Capital Corp.) (“Survivor”), which proposal also included significant investments by funds affiliated with MAST Capital Management, LLC (“MAST”), and managerial roles by various current MAST principals and employees.  The Proposed Merger included, among other things, the contribution by MAST and MAST affiliates to the Survivor of certain junk (high yield) bonds and/or other securities issued by high risk and/or financially-troubled issuers.


CUSIP NO. 359671104
Page 7 of 10 Pages


Since the announcement of the Proposed Merger through mid‑July 2016, SCM sent three (3) letters to the Fund’s Board raising various issues with respect to: (i) the convoluted structure and complexity of the Proposed Merger, and (ii) raising specific issues with respect to the quality and pricing of certain of the MAST assets proposed to be contributed to the Survivor in the Proposed Merger, particularly the securities of Avanti Communications PLC.  (Copies of these letters are included as exhibits to this filing.)  The investing public apparently agrees with our assessment of the Proposed Merger since the Fund’s stock price declined after the Proposed Merger was announced and continues to trade at a significant discount (currently approximately 26%) from the Fund’s March 31, 2016 net asset value (NAV) of $3.61 per share.

SCM sent another letter, dated August 11, 2016, to the Fund’s Board of Directors raising concerns with respect to: (i) the flawed sale process employed by the Special Committee (and in turn endorsed by the full Fund Board) and (ii) the extravagant consulting payments (estimated by SCM to be in the range of $9 Million) payable post-closing to Messrs. John Stuart and Gregg Felton, the sole principals and officers of the Fund’s current investment advisor.  (A copy of this letter is attached as an exhibit to this Amendment to Schedule 13D.)  This $9 Million estimate represents fifteen percent (15%) of the current $60 Million equity market capitalization of the Fund.  SCM challenged the Fund Board to seek an advisory report from the U.S. Securities and Exchange Commission (“SEC”) with respect to the fairness of the Proposed Merger to Fund shareholders.  This procedure to request an advisory report from the SEC is expressly allowed pursuant to Section 25 of the Investment Company Act of 1940 (the “1940 Act”).  If the Fund Board refuses to seek such an advisory report from the SEC, then SCM will seek to line up holders of Fund shares holding at least 25% of the outstanding shares in order to seek such an advisory report directly from the SEC (again as expressly allowed and contemplated by the 1940 Act).
 
SCM sent a letter, dated September 6, 2016, to the Fund’s Board of Directors: (i) detailing some of the publicly-available information with respect to MAST’s recent investment performance and (ii) raising the related issue as to why the draft Registration Statement/Proxy Statement doesn’t include any information with respect to MAST’s historic investment performance.    This letter is included as an exhibit to this filing.

SCM believes that Fund shareholders will be better served by turning down the Proposed Merger, and then proceeding to liquidate the Fund.  (We acknowledge the fact that liquidation will result in the destruction of the value of the Tax Losses, but we have not been successful in getting the Special Committee or the entire Fund Board to address this issue.)  SCM does not necessarily believe that liquidation is the best option available to the Fund and its shareholders, but believes that it is far preferable to the Proposed Merger.

SCM believes that Fund shareholders should receive a minimum consideration of Fund NAV as of March 31, 2016 ($3.61 per share), plus a pro rata share of the Fund’s net investment income from that date to the date of liquidation.   Based upon its recent financial performance, the Fund has been generating positive net investment income.

To the extent the actions described herein may be deemed to constitute a “control purpose” with respect to the Securities Exchange Act of 1934, as amended, and the regulations thereunder, the reporting persons have such a purpose.  Except as noted in this Amendment to Schedule 13D, none of the reporting persons currently has any plans or proposals, which relate to, or would result in, any of the matters referred to in paragraphs (a) through (j), inclusive of Item (4) of Schedule 13D.  Such persons may, at any time and from time to time, review or reconsider their positions and formulate plans or proposals with respect thereto.

Item 5. Interests in Securities of the Issuer.

(a) The reporting persons in the aggregate beneficially own 1,219,024 Shares, representing 5.42% of the Fund’s 22,472,213 outstanding Shares (based on the Fund’s Form 10-Q for the quarter ended March 31, 2016).  All of these Shares are owned; none are subject to a right to acquire by any reporting person.


CUSIP NO. 359671104
Page 8 of 10 Pages


(b) Each reporting person (in the group) has beneficial ownership of Shares as follows:

Sims Capital Management LLC:

 
(i)
Sole power to vote:
---
  
 
(ii)
Shared power to vote:
1,206,324
  
 
(iii)
Sole power to dispose:
---
  
 
(iv)
Shared power to dispose:
1,206,324
  

David C. Sims:

 
(i)
Sole power to vote:
---
  
 
(ii)
Shared power to vote:
1,206,324
  
 
(iii)
Sole power to dispose:
---
  
 
(iv)
Shared power to dispose:
1,206,324
  

Luke E. Sims

 
(i)
Sole power to vote:
12,700
  
 
(ii)
Shared power to vote:
1,206,324
  
 
(iii)
Sole power to dispose:
12,700
  
 
(iv)
Shared power to dispose:
1,206,324
  

(c) During the 60-day period preceding the filing of this Amendment to Schedule 13D, the reporting persons have purchased and/or sold Shares in the open market as follows:
 
Name
Trade Date
Number of Shares Purchased/(Sold)
Price Per Share
Sims Capital Management LLC
Sims Capital Management LLC
Sims Capital Management LLC
Sims Capital Management LLC
Sims Capital Management LLC
Sims Capital Management LLC
Sims Capital Management LLC
Sims Capital Management LLC
Sims Capital Management LLC
Sims Capital Management LLC
Sims Capital Management LLC
Sims Capital Management LLC
Sims Capital Management LLC
Sims Capital Management LLC
Sims Capital Management LLC
Sims Capital Management LLC
Sims Capital Management LLC
06/14/16
06/15/16
06/16/16
06/17/16
06/21/16
06/22/16
06/23/16
07/05/16
07/22/16
07/25/16
07/26/16
07/27/16
07/28/16
07/29/16
08/01/16
08/05/16
08/08/16
149,913
132,087
27,663
41,000
30,053
40,275
37,809
(27,521)
12,559
9,860
29,613
1,695
2,100
21,108
28,607
35,795
2,700
$ 2.69
2.69
2.71
2.69
2.73
2.73
2.73
2.69
2.63
2.66
2.69
2.63
2.65
2.66
2.68
2.61
2.57

 


CUSIP NO. 359671104
Page 9 of 10 Pages


(c) Each advisory client of Sims Capital Management LLC has the right to receive dividends from, and the proceeds from the sale of, Shares held by such advisory client.  Luke E. Sims has the right to receive dividends from, and the proceeds from the sale of, his individually-owned Shares.

(e)        Not applicable.

Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.

Not applicable.
 
Item 7.                          Material to be Filed as Exhibits.

Exhibit No.
Description
   
99.1
Joint Filing Agreement.*
   
99.2
Letter, dated July 1, 2016, from Sims Capital Management LLC to Full Circle Capital Corporation Board of Directors.*
   
99.3
Letter, dated July 11, 2016, from Sims Capital Management LLC to Full Circle Capital Corporation Board of Directors.*
   
99.4
Letter, dated July 18, 2016, from Sims Capital Management LLC to Full Circle Capital Corporation Board of Directors.*
   
99.5
Letter, dated August 11, 2016, from Sims Capital Management LLC to Full Circle Capital Corporation Board of Directors.*
   
 99.6  Letter, dated September 6, 2016, from Sims Capital Management LLC to Full Circle Capital Corporation Board of Directors.
_______________________
*  Previously filed


CUSIP NO. 359671104
Page 10 of 10 Pages

SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Date:            September 6, 2016
 

 
SIMS CAPITAL MANAGEMENT LLC
 
 
By:            /s/ David C. Sims
David C. Sims
President
 
  
 
 
/s/ David C. Sims
David C. Sims
  
 
 
/s/ Luke E. Sims
Luke E. Sims
 
  
 
 EX-99.5 2 cg800996.htm
Exhibit 99.6

September 6, 2016
 
 

PERSONAL AND CONFIDENTIAL

Board of Directors
Full Circle Capital Corporation
102 Greenwich Avenue, 2nd Floor
Greenwich, CT 06830


Gentlemen:

We continue to evaluate the proposed merger involving FULL Circle Capital Corporation (“FULL”).  We are surprised and concerned that the investment performance for MAST Capital is not included as part of the Form N-14 Registration Statement/Proxy Statement.

Why would the investment performance be omitted?  Presumably, this was a core element of the Special Committee’s selection process and board approval.  Investment performance is the primary consideration for shareholders.  The omission is alarming.

The publicly-available information reinforces our alarm.  We note major losses at Nebraska Books in 2016, where MAST controls the capital structure, the debt and the equity.

From the information we have been able to piece together, we are aware of investments in the following companies:

Company
Symbol
Debt/Equity
2016 Return,
     
through August 31
Nebraska Book Holdings*
NEEB
Equity
-92%
Nebraska Book Holdings*
NEEB3875833
Debt
-66%
Everi Holdings
EVRI
Equity
-52%
Forbes Energy
FES
Equity
-45%
Moduslink Global
MLNK
Equity
-42%
General Communication
GNCMA
Equity
-30%
Great Elm Capital**
GEC
Equity
-54%
Avanti Communications
AVN (London)
Equity
-79%
Avanti Communications
AVNL4056402
Debt
2%

*Peter Reed, portfolio manager for GECC, is a director.
**Parent company of the advisor for GECC.

The Board has taken in excess of a year and wasted millions of shareholders’ dollars evaluating strategic options.   Liquidation clearly remains the best choice for shareholders, who will not support a transaction valued at $2.60 while the NAV is above $3.60.
 
 
Sims Capital Management LLC  | 225 East Mason Street, Suite 802  | Milwaukee, WI 53202
(414) 765-1107   |   www.simscapital.com

Very truly yours,

/s/ Luke E. Sims

Luke E. Sims, Chairman
 

cc:   Bulldog Investors, LLC
 
cc:   RiverNorth Capital Management, LLC
 
 
 
 
 
Sims Capital Management LLC  | 225 East Mason Street, Suite 802  | Milwaukee, WI 53202
(414) 765-1107   |   www.simscapital.com

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