Sec Form 13D Filing - Simcoe Capital Management LLC filing for Donnelley Financial Solutions Inc. (DFIN) - 2024-05-09

Insider filing report for Changes in Beneficial Ownership

  • Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
  • Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13D

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No. 10)1

Donnelley Financial Solutions, Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

25787G100

(CUSIP Number)

JEFFREY JACOBOWITZ

SIMCOE CAPITAL MANAGEMENT, LLC

540 Madison Avenue, 27th Floor

New York, New York 10022

(212) 448-7400

 

STEVE WOLOSKY, ESQ.

MEAGAN REDA, ESQ.

OLSHAN FROME WOLOSKY LLP

1325 Avenue of the Americas

New York, New York 10019

(212) 451-2300

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

May 7, 2024

(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 ¨.

Note:  Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits.  See § 240.13d-7 for other parties to whom copies are to be sent.

 

 

 

1              The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

CUSIP No. 25787G100

  1   NAME OF REPORTING PERSON  
         
        SIMCOE CAPITAL MANAGEMENT, LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         1,639,770  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          1,639,770  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        1,639,770  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        5.6%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

2

CUSIP No. 25787G100

  1   NAME OF REPORTING PERSON  
         
        SIMCOE PARTNERS, L.P.  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         1,471,565  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          1,471,565  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        1,471,565  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        5.0%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

3

CUSIP No. 25787G100

 

  1   NAME OF REPORTING PERSON  
         
        SIMCOE SELECT, L.P.  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         127,540  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          127,540  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        127,540  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        PN  

  

4

CUSIP No. 25787G100

 

  1   NAME OF REPORTING PERSON  
         
        SIMCOE MANAGEMENT COMPANY, LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         1,599,105  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          1,599,105  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        1,599,105  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        5.5%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

5

CUSIP No. 25787G100

 

  1   NAME OF REPORTING PERSON  
         
        SDR PARTNERS, LLC  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☒
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        WC  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        DELAWARE  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         40,665  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          40,665  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        40,665  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        Less than 1%  
  14   TYPE OF REPORTING PERSON  
         
        OO  

  

6

CUSIP No. 25787G100

 

  1   NAME OF REPORTING PERSON  
         
        JEFFREY JACOBOWITZ  
  2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) ☐
        (b) ☐
           
  3   SEC USE ONLY    
           
           
  4   SOURCE OF FUNDS  
         
        AF  
  5   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e)     ☐
       
           
  6   CITIZENSHIP OR PLACE OF ORGANIZATION  
         
        USA  
NUMBER OF   7   SOLE VOTING POWER  
SHARES          
BENEFICIALLY         1,686,072*  
OWNED BY   8   SHARED VOTING POWER  
EACH          
REPORTING         - 0 -  
PERSON WITH   9   SOLE DISPOSITIVE POWER  
         
          1,686,072*  
    10   SHARED DISPOSITIVE POWER  
           
          - 0 -  
  11   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON  
         
        1,686,072*  
  12   CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES     ☐
       
           
  13   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)  
         
        5.8%  
  14   TYPE OF REPORTING PERSON  
         
        IN  

 

*Includes 36,088 Shares held directly by Mr. Jacobowitz and 10,214 restricted stock units granted to Mr. Jacobowitz in his capacity as a director of the Issuer.

7

CUSIP No. 25787G100

 

The following constitutes Amendment No. 10 to the Schedule 13D filed by the undersigned (“Amendment No. 10”). This Amendment No. 10 amends the Schedule 13D as specifically set forth herein.

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

Item 3 is hereby amended and restated to read as follows:

The Shares purchased by each of Simcoe Partners, Simcoe Select and SDR Partners were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business) in open market purchases. The aggregate purchase price of the 1,471,565 Shares directly owned by Simcoe Partners is approximately $20,062,023, including brokerage commissions. The aggregate purchase price of the 127,540 Shares directly owned by Simcoe Select is approximately $1,639,206, including brokerage commissions. The aggregate purchase price of the 40,665 Shares directly owned by SDR Partners is approximately $497,803, including brokerage commissions.

The 36,088 Shares and 10,214 restricted stock units (“RSUs”) were granted to Mr. Jacobowitz in his capacity as a director of the Issuer. The RSUs are payable in Shares on the earlier of the first anniversary of the grant date or when Mr. Jacobowitz ceases to be a director of the Issuer.

Item 5.Interest in Securities of the Issuer.

Items 5(a) - (c) are hereby amended and restated to read as follows:

The aggregate percentage of Shares reported owned by each person named herein is based upon 29,315,874 Shares outstanding, as of April 26, 2024, which is the total number of Shares outstanding as reported in the Issuer’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 1, 2024.

A.Simcoe Partners
(a)As of the date hereof, Simcoe Partners directly owned 1,471,565 Shares.

Percentage: Approximately 5.0%

(b)1. Sole power to vote or direct vote: 1,471,565
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 1,471,565
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in the Shares by Simcoe Partners during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
B.Simcoe Select
(a)As of the date hereof, Simcoe Select directly owned 127,540 Shares.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 127,540
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 127,540
4. Shared power to dispose or direct the disposition: 0

 

8

CUSIP No. 25787G100

(c)The transactions in the Shares by Simcoe Select during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
C.Simcoe Management
(a)Simcoe Management, as the general partner of Simcoe Partners and Simcoe Select, may be deemed the beneficial owner of the (i) 1,471,565 Shares owned by Simcoe Partners and (ii) 127,540 Shares owned by Simcoe Select.

Percentage: Approximately 5.5%

(b)1. Sole power to vote or direct vote: 1,599,105
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 1,599,105
4. Shared power to dispose or direct the disposition: 0

 

(c)Simcoe Management has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of Simcoe Partners and Simcoe Select during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
D.SDR Partners
(a)As of the date hereof, SDR Partners directly owned 40,665 Shares.

Percentage: Less than 1%

(b)1. Sole power to vote or direct vote: 40,665
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 40,665
4. Shared power to dispose or direct the disposition: 0

 

(c)The transactions in the Shares by SDR Partners during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
E.Simcoe Capital
(a)Simcoe Capital, as the investment manager to each of Simcoe Partners, Simcoe Select and SDR Partners, may be deemed the beneficial owner of the (i) 1,471,565 Shares owned by Simcoe Partners, (ii) 127,540 Shares owned by Simcoe Select and (iii) 40,665 Shares owned by SDR Partners.

Percentage: Approximately 5.6%

(b)1. Sole power to vote or direct vote: 1,639,770
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 1,639,770
4. Shared power to dispose or direct the disposition: 0

 

9

CUSIP No. 25787G100

(c)Simcoe Capital has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of each of Simcoe Partners, Simcoe Select and SDR Partners during the past sixty days are set forth in Schedule A and are incorporated herein by reference.
F.Mr. Jacobowitz
(a)Mr. Jacobowitz, as Managing Member of each of Simcoe Management and Simcoe Capital, may be deemed the beneficial owner of the (i) 1,471,565 Shares owned by Simcoe Partners, (ii) 127,540 Shares owned by Simcoe Select and (iii) 40,665 Shares owned by SDR Partners. Mr. Jacobowitz has also been granted 36,088 Shares and 10,214 RSUs in his capacity as a director of the Issuer. The RSUs are payable in Shares on the earlier of the first anniversary of the grant date or when Mr. Jacobowitz ceases to be a director of the Issuer.

Percentage: Approximately 5.8%

(b)1. Sole power to vote or direct vote: 1,686,072
2. Shared power to vote or direct vote: 0
3. Sole power to dispose or direct the disposition: 1,686,072
4. Shared power to dispose or direct the disposition: 0

 

(c)Mr. Jacobowitz has not entered into any transactions in the Shares during the past sixty days. The transactions in the Shares on behalf of each of Simcoe Partners, Simcoe Select and SDR Partners during the past sixty days are set forth in Schedule A and are incorporated herein by reference.

The filing of this Schedule 13D shall not be deemed an admission that the Reporting Persons are, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, the beneficial owners of any securities of the Issuer he or it does not directly own. Each of the Reporting Persons specifically disclaims beneficial ownership of the securities reported herein that he or it does not directly own.

 

10

CUSIP No. 25787G100

SIGNATURES

After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: May 9, 2024

  SIMCOE PARTNERS, L.P.
   
  By:

Simcoe Management Company, LLC

General Partner

     
  By:

/s/ Jeffrey Jacobowitz

    Name: Jeffrey Jacobowitz
    Title: Managing Member

 

 

  SIMCOE SELECT, L.P.
   
  By:

Simcoe Management Company, LLC

General Partner

     
  By:

/s/ Jeffrey Jacobowitz

    Name: Jeffrey Jacobowitz
    Title: Managing Member

 

 

  SIMCOE MANAGEMENT COMPANY, LLC
   
  By:

/s/ Jeffrey Jacobowitz

    Name: Jeffrey Jacobowitz
    Title: Managing Member

 

 

  SDR PARTNERS, LLC
   
  By:

Simcoe Capital Management, LLC

Investment Manager

     
  By:

/s/ Jeffrey Jacobowitz

    Name: Jeffrey Jacobowitz
    Title: Managing Member

 

 

  SIMCOE CAPITAL MANAGEMENT, LLC
   
  By:

/s/ Jeffrey Jacobowitz

    Name: Jeffrey Jacobowitz
    Title: Managing Member

 

 

 

/s/ Jeffrey Jacobowitz

  JEFFREY JACOBOWITZ

 

11

CUSIP No. 25787G100

SCHEDULE A

Transactions in the Shares During the Past Sixty Days

Shares of Common Stock

(Sold)

Price Per

Share($)

Date of

Sale

 

SIMCOE PARTNERS, L.P.

(102,596) 63.53041 05/06/2024
(13,698) 64.25632 05/06/2024
(273,818) 63.24433 05/07/2024
(14,029) 63.89464 05/07/2024
(59,304) 62.02405 05/08/2024
(34,124) 62.94996 05/08/2024
(25,860) 62.37987 05/09/2024

 

SIMCOE SELECT, L.P.

(9,990) 63.53041 05/06/2024
(1,334) 64.25632 05/06/2024
(26,664) 63.24433 05/07/2024
(1,366) 63.89464 05/07/2024
(5,775) 62.02405 05/08/2024
(3,323) 62.94996 05/08/2024
(1,275) 62.37987 05/09/2024

 

CUSIP No. 25787G100

SDR PARTNERS, LLC

(3,915) 63.53041 05/06/2024
(523) 64.25632 05/06/2024
(10,451) 63.24433 05/07/2024
(535) 63.89464 05/07/2024
(2,264) 62.02405 05/08/2024
(1,303) 62.94996 05/08/2024
(570) 62.37987 05/09/2024

  


1 The reported price represents a weighted average sale price. The range of prices at which common stock was sold was $63.19 to $64.18 per share. The Reporting Person undertakes to provide to the Staff, the Issuer or a security holder full information regarding the number of shares sold at each separate price.

2 The reported price represents a weighted average sale price. The range of prices at which common stock was sold was $64.19 to $64.49 per share. The Reporting Person undertakes to provide to the Staff, the Issuer or a security holder full information regarding the number of shares sold at each separate price.

3 The reported price represents a weighted average sale price. The range of prices at which common stock was sold was $62.89 to $63.88 per share. The Reporting Person undertakes to provide to the Staff, the Issuer or a security holder full information regarding the number of shares sold at each separate price.

4 The reported price represents a weighted average sale price. The range of prices at which common stock was sold was $63.89 to $63.99 per share. The Reporting Person undertakes to provide to the Staff, the Issuer or a security holder full information regarding the number of shares sold at each separate price.

5 The reported price represents a weighted average sale price. The range of prices at which common stock was sold was $61.44 to $62.43 per share. The Reporting Person undertakes to provide to the Staff, the Issuer or a security holder full information regarding the number of shares sold at each separate price.

6 The reported price represents a weighted average sale price. The range of prices at which common stock was sold was $62.44 to $63.31 per share. The Reporting Person undertakes to provide to the Staff, the Issuer or a security holder full information regarding the number of shares sold at each separate price.

7 The reported price represents a weighted average sale price. The range of prices at which common stock was sold was $62.20 to $62.77 per share. The Reporting Person undertakes to provide to the Staff, the Issuer or a security holder full information regarding the number of shares sold at each separate price.