SC 13D Amendment #1

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

Amendment No. 1

 

 

CONSOL Energy Inc.

(Name of Issuer)

 

 

Common Stock

(Title of Class and Securities)

20854P109

(CUSIP Number of Class of Securities)

O. Mason Hawkins

Chairman of the Board and C.E.O.

and

Andrew R. McCarroll

Vice President & General Counsel

Southeastern Asset Management, Inc.

6410 Poplar Avenue, Suite 900

Memphis, TN 38119

(901) 761-2474

(Name, Address and Telephone Number of Person Authorized to

Receive Notices and Communications)

December 21, 2015

(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 which is the subject of this Schedule 13D, and is filing this Schedule because of Sections 240.13d-1(e), 240.13d-1(f), or 240.13d-1(g), check the following box:  x

 

 

 


SCHEDULE 13D – CONSOL Energy Inc. (“Issuer”)

 

CUSIP No. 20854P109   13D

 

  (1)   

NAMES OF REPORTING PERSONS

 

Southeastern Asset Management, Inc.            I.D. No. 62-0951781

  (2)  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:

(a)          (b)  x

 

  (3)  

SEC USE ONLY

 

  (4)  

SOURCE OF FUNDS

 

00: Funds of investment advisory clients

  (5)  

CHECK BOX IF DISCOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or
2(e)    ¨

 

  (6)  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Tennessee

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

  

  :  (7) 

  :    

 

  :

  

SOLE VOTING POWER

(Discretionary Accounts)

 

17,128,623 shares

  

  :  (8)

 

 

  :      

  :      

  

SHARED OR NO VOTING POWER

 

25,020,100 shares (Shared)

3,875,290 shares (No Vote)

  

  :  (9)

 

        

 

  :      

  

SOLE DISPOSITIVE POWER

(Discretionary Accounts)

 

21,003,913 shares

  

  :  (10)

 

  :      

 

  :      

  

SHARED DISPOSITIVE POWER

 

25,020,100 shares (Shared)

 0 shares (None)

(11)  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

46,024,013 shares

(12)  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES

 

(13)  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11

 

20.1 %

(14)  

TYPE OF REPORTING PERSON

 

IA

 

2


SCHEDULE 13D – CONSOL Energy Inc. (“Issuer”)

 

CUSIP No. 20854P109   13D

 

  (1)   

NAMES OF REPORTING PERSONS

 

Longleaf Partners Fund             I.D. No. 63-6147721

  (2)  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:

(a)          (b)  x

 

  (3)  

SEC USE ONLY

 

  (4)  

SOURCE OF FUNDS

 

00: Funds of investment company shareholders

  (5)  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEDDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or
2(e)    ¨

 

  (6)  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Massachusetts

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

  

  :  (7) 

 

  :       

 

  

SOLE VOTING POWER

 

None

  

  :  (8)

 

  :

  

SHARED VOTING POWER

 

12,263,500 shares (Shared)

  

  :  (9)

 

  :

  

SOLE DISPOSITIVE POWER

 

None

  

  :  (10)

 

  :

  

SHARED DISPOSITIVE POWER

 

12,263,500 shares (Shared)

(11)  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

12,263,500 shares

(12)  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES

 

(13)  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11

 

5.4%

(14)  

TYPE OF REPORTING PERSON

 

IV

 

3


SCHEDULE 13D – CONSOL Energy Inc. (“Issuer”)

 

CUSIP No. 20854P109   13D

 

  (1)   

NAMES OF REPORTING PERSONS

 

Longleaf Partners Small-Cap Fund             I.D. No. 62-1376170

  (2)  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:

(a)          (b)  x

 

  (3)  

SEC USE ONLY

 

  (4)  

SOURCE OF FUNDS

 

OO: Funds of investment company shareholders

  (5)  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or
2(e)    x

 

  (6)  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Massachusetts

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

  

  :  (7) 

  :

  :       

 

  

SOLE VOTING POWER

 

None

  

  :  (8)

 

  :

  

SHARED VOTING POWER

 

12,494,200 shares

  

  :  (9)

  :

  :

  

SOLE DISPOSITIVE POWER

 

None

  

  :  (10)

 

  :

  

SHARED DISPOSITIVE POWER

 

12,494,200 shares

(11)  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

12,494,200 shares

(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

 

IV

 

4


SCHEDULE 13D – CONSOL Energy Inc. (“Issuer”)

 

CUSIP No. 20854P109   13D

 

  (1)   

NAMES OF REPORTING PERSONS

 

O. Mason Hawkins             I.D. No. XXX-XX-XXXX

  (2)  

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:

(a)          (b)  x

 

  (3)  

SEC USE ONLY

 

  (4)  

SOURCE OF FUNDS

 

00: None

  (5)  

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or
2(e)    ¨

 

  (6)  

CITIZENSHIP OR PLACE OF ORGANIZATION

 

Citizen of United States

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

  

  :  (7) 

  :

 

  :       

  

SOLE VOTING POWER

(Discretionary Accounts)

 

None

  

  :  (8)

 

  :

  

SHARED VOTING POWER

 

None

  

  :  (9)

 

  :

  

SOLE DISPOSITIVE POWER

 

None

  

  : (10)

 

  :

  

SHARED DISPOSITIVE POWER

 

None

(11)  

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

 

None (See Item 3)

(12)  

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11 EXCLUDES CERTAIN SHARES    ¨

 

(13)  

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11

 

0.0%

(14)  

TYPE OF REPORTING PERSON

 

IN

 

5


SCHEDULE 13D – CONSOL Energy Inc. (“Issuer”)

 

Item 5. Interest In Securities Of The Issuer

(a) The aggregate number and percentage of Securities to which this Schedule 13D relates is 46,024,013 shares of the common stock of the Issuer, constituting approximately 20.1% of the 229,053,634 shares outstanding.

 

     Common
Shares
Held
     % of outstanding
Common Shares
 

Voting Authority

     

Sole:

     17,128,623         7.5

Shared:

     25,020,100      10.9

None:

     3,875,290         1.7

Total

     46,024,013         20.1

 

* Consists of shares owned by Longleaf Partners Fund (12,263,500), Longleaf Partners Small-Cap Fund (12,494,200, and Longleaf Partners Global Fund (262,400), each a series of Longleaf Partners Funds Trust, an open-end management investment company registered under the Investment Company Act of 1940.

 

Dispositive Authority      

Sole:

     21,003,913         9.2

Shared:

     25,020,100      10.9

None:

     0         0.0

Total

     46,024,013         20.1

 

* Consists of shares owned by Longleaf Partners Fund (12,263,500), Longleaf Partners Small-Cap Fund (12,494,200), and Longleaf Partners Global Fund (262,400), each a series of Longleaf Partners Funds Trust, an open-end management investment company registered under the Investment Company Act of 1940.

(b) Southeastern generally has the sole power to dispose of or to direct the disposition of the Securities held for discretionary accounts of its investment clients, and may be granted the sole power to vote or direct the vote of such Securities; such powers may be retained by or shared with the respective clients for shared or non-discretionary accounts. Shares held by any Series of Longleaf Partners Funds Trust are reported in the “shared” category.

(c) Purchase or sale transactions in the Securities during the past sixty days are disclosed on Schedule II.

(d) The investment advisory clients of Southeastern have the sole right to receive and, subject to notice, to withdraw the proceeds from the sale of the Securities, and the sole power to direct the receipt of dividends from any of the Securities held for their respective accounts. Such clients may also terminate the investment advisory agreements without penalty upon appropriate notice. Southeastern does not have an economic interest in any of the Securities reported herein.

(e) Not applicable.

 

6


SCHEDULE 13D – CONSOL Energy Inc. (“Issuer”)

 

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.

Dated: December 23, 2015

 

Southeastern Asset Management, Inc.
By  

/s/ Andrew R. McCarroll

  Andrew R. McCarroll
  Vice President and General Counsel
  Longleaf Partners Fund
  Longleaf Partners Small-Cap Fund
  By: Southeastern Asset Management, Inc.
 

/s/ Andrew R. McCarroll

  Andrew R. McCarroll
  Vice President & General Counsel
  O. Mason Hawkins, Individually
 

/s/ O. Mason Hawkins

Joint Filing Agreement

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, the persons or entities named below agree to the joint filing on behalf of each of them of this Initial Schedule 13D with respect to the Securities of the Issuer and further agree that this joint filing agreement be included as an exhibit to this Initial to Schedule 13D. In evidence thereof, the undersigned hereby execute this Agreement as of December 23, 2015.

 

Southeastern Asset Management, Inc.
By  

/s/ Andrew R. McCarroll

  Andrew R. McCarroll
  Vice President and General Counsel
  Longleaf Partners Fund
  Longleaf Partners Small-Cap Fund
  By: Southeastern Asset Management, Inc.
 

/s/ Andrew R. McCarroll

  Andrew R. McCarroll
  Vice President & General Counsel
  O. Mason Hawkins, Individually
 

/s/ O. Mason Hawkins

 

7


SCHEDULE 13D – CONSOL Energy Inc. (“Issuer”)

 

SCHEDULE II

 

Transaction Type

 

Date

  # of Shares     Price per
Share*
 

Purchase

  October 28, 2015     10,400        7.16   

Sale

  October 30, 2015     1,600        6.57   

Sale

  October 30, 2015     400        6.57   

Sale

  October 30, 2015     2,100        6.57   

Sale

  October 30, 2015     3,500        6.57   

Sale

  October 30, 2015     4,000        6.57   

Sale

  October 30, 2015     2,700        6.57   

Sale

  October 30, 2015     200        6.57   

Sale

  October 30, 2015     300        6.57   

Sale

  October 30, 2015     900        6.57   

Sale

  October 30, 2015     700        6.57   

Sale

  October 30, 2015     400        6.57   

Sale

  October 30, 2015     1,000        6.57   

Sale

  October 30, 2015     300        6.57   

Sale

  October 30, 2015     1,300        6.57   

Sale

  October 30, 2015     1,400        6.57   

Sale

  October 30, 2015     800        6.57   

Sale

  October 30, 2015     2,400        6.57   

Purchase

  November 2, 2015     9,000        7.86   

Sale

  November 10, 2015     800        8.03   

Sale

  November 10, 2015     8,000        8.03   

Sale

  November 10, 2015     3,600        8.03   

Sale

  November 10, 2015     1,900        8.03   

Sale

  November 10, 2015     4,400        8.03   

Sale

  November 10, 2015     2,100        8.03   

Sale

  November 10, 2015     1,500        8.03   

Sale

  November 10, 2015     3,000        8.03   

Sale

  November 10, 2015     600        8.03   

Sale

  November 10, 2015     2,000        8.03   

Sale

  November 10, 2015     600        8.03   

Sale

  November 10, 2015     1,500        8.03   

Sale

  November 10, 2015     2,300        8.03   

Sale

  November 12, 2015     7,400        7.20   

Sale

  November 12, 2015     5,200        7.20   

Sale

  November 12, 2015     400        7.20   

Sale

  November 12, 2015     9,900        7.20   

Sale

  November 12, 2015     18,000        7.20   

Sale

  November 12, 2015     13,848        7.20   

Sale

  November 12, 2015     6,400        7.20   

Sale

  November 12, 2015     800        7.20   

Sale

  November 12, 2015     900        7.20   

Sale

  November 12, 2015     3,500        7.20   

Sale

  November 12, 2015     4,000        7.20   

Sale

  November 12, 2015     2,452        7.20   

Sale

  November 19, 2015     5,111        7.93   

 

8


SCHEDULE 13D – CONSOL Energy Inc. (“Issuer”)

 

Sale

  November 19, 2015     5,000        7.93   

Sale

  November 19, 2015     2,000        7.93   

Sale

  November 19, 2015     3,994        7.93   

Sale

  November 24, 2015     100        7.48   

Sale

  November 24, 2015     300        7.48   

Sale

  November 24, 2015     900        7.48   

Sale

  November 24, 2015     500        7.48   

Sale

  November 24, 2015     900        7.48   

Sale

  November 24, 2015     24,000        7.48   

Sale

  November 24, 2015     4,500        7.48   

Sale

  November 24, 2015     3,000        7.48   

Sale

  November 24, 2015     3,200        7.48   

Sale

  November 24, 2015     5,000        7.48   

Sale

  November 24, 2015     1,800        7.48   

Sale

  November 24, 2015     4,900        7.48   

Sale

  November 24, 2015     3,100        7.48   

Sale

  November 24, 2015     1,200        7.48   

Sale

  November 24, 2015     2,251        7.48   

Sale

  November 24, 2015     2,200        7.48   

Sale

  November 24, 2015     800        7.48   

Sale

  November 24, 2015     149        7.48   

Sale

  December 7, 2015     6,000        6.62   

Sale

  December 7, 2015     4,000        6.62   

Sale

  December 7, 2015     1,900        6.62   

Sale

  December 7, 2015     1,100        6.62   

Sale

  December 7, 2015     800        6.62   

Sale

  December 7, 2015     1,000        6.62   

Sale

  December 7, 2015     300        6.62   

Sale

  December 7, 2015     400        6.62   

Sale

  December 7, 2015     500        6.62   

Sale

  December 7, 2015     1,900        6.62   

Sale

  December 7, 2015     2,499        6.62   

Sale

  December 7, 2015     2,000        6.62   

Sale

  December 7, 2015     200        6.63   

Sale

  December 7, 2015     1,500        6.62   

Sale

  December 8, 2015     14,000        6.65   

Sale

  December 8, 2015     15,000        6.65   

Sale

  December 8, 2015     7,000        6.65   

Sale

  December 8, 2015     4,000        6.65   

Sale

  December 8, 2015     1,100        6.65   

Sale

  December 8, 2015     2,800        6.65   

Sale

  December 8, 2015     4,000        6.65   

Sale

  December 8, 2015     1,200        6.65   

Sale

  December 8, 2015     1,200        6.65   

Sale

  December 8, 2015     1,300        6.65   

Sale

  December 8, 2015     5,000        6.65   

Sale

  December 8, 2015     7,649        6.65   

Sale

  December 8, 2015     1,800        6.65   

Sale

  December 8, 2015     3,200        6.65   

 

9


SCHEDULE 13D – CONSOL Energy Inc. (“Issuer”)

 

Sale

  December 8, 2015     5,700        6.65   

Sale

  December 8, 2015     3,100        6.65   

Sale

  December 8, 2015     8,700        6.65   

Purchase

  December 9, 2015     205,300        6.92   

Purchase

  December 14, 2015     72,800        6.83   

Purchase

  December 15, 2015     12,600        6.54   

Sale

  December 21, 2015     2,900        7.92   

Sale

  December 21, 2015     4,200        7.92   

Sale

  December 21, 2015     1,300        7.92   

Sale

  December 21, 2015     4,800        7.92   

Sale

  December 21, 2015     12,000        7.92   

Sale

  December 21, 2015     10,300        7.92   

Sales and purchases by Southeastern clients in the ordinary course of business on the New York Stock Exchange or through Electronic Communication Networks (ECNs). Southeastern does not have a “pecuniary interest” as defined by Securities Exchange Act of 1934 Rule 16a-1 with respect to its client’s holdings and no single client owns over 10% of the Issuer’s Securities. In addition to the above transactions, clients of Southeastern terminating their advisory relationship removed the following shares from Southeastern’s discretion: December 9, 2015 – 27,000 shares; December 15, 2015 – 167,984 shares.

 

* Exclusive of commissions.

 

10