Millennium And Israel Englander Report 5.6% Passive Stake In First Horizon
A Schedule 13G filed Monday lists 26,345,431 shares and certifies the position was not taken to influence control of the Memphis bank.
Millennium Management and its founder Israel Englander beneficially own 26,345,431 First Horizon shares, or 5.6% of the class, according to a passive ownership filing (Schedule 13G) dated Monday. The filing certifies the stake was not acquired to change or influence control of the Memphis-based bank.
What the 13G says
A Schedule 13G is the short-form disclosure filed by holders who cross 5% without seeking control. This one cites September 28 as the date of the event that triggered it.
Integrated Core Strategies (US), a Millennium-linked reporting entity, separately reported 24,336,953 shares, or 5.1% of the class. Millennium Management LLC, Millennium Group Management LLC and Englander each report the larger 26,345,431-share, 5.6% figure.
Voting power is shared, not sole. Every reporting person lists zero shares with sole voting power and shares voting power over the full position (24,336,953 for Integrated Core Strategies, 26,345,431 for the other three).
How the ownership is structured
The filing says the shares are held by entities under the voting control and investment discretion of Millennium Management and/or other investment managers that may be controlled by Millennium Group Management, the managing member of Millennium Management. It describes Englander as the sole voting trustee of that managing member.
The filers add that this description should not be read as an admission of beneficial ownership of the shares held by those entities.
In the control certification, the signers say the securities were not acquired and are not held "for the purpose of or with the effect of changing or influencing the control of the issuer of the securities."
In Monday trading, as of the 6:36 p.m. ET reading, First Horizon shares were at $23.36, down 0.26%, for a market value of $11.1 billion.
