Ontario Teachers Pension Plan Board's Form 4 filing
AZEK Co Inc. (AZEK) · filed May 18, 2023
- Accession no.
- 0001839882-23-013054
- Filed
- May 18, 2023
- Trade date
- May 16, 2023
- Filing delay
- 2 days
- Rule 10b5-1 plan
- Not checked
This filing lists 1 non-derivative transaction. Open-market sales total $170.5M. It was filed 2 days after the trade.
Reporting owners
A Form 4 can have several reporting owners, such as a person and a fund they control. Trade tables show the first one.
| Owner | Relationship to the company |
|---|---|
| Ontario Teachers Pension Plan BoardCIK 0000937567 | Director |
Non-derivative securities (Table I)
Acquisitions and disposals of common stock and similar shares, one row per line on the filing.
| Trade date | Security | Transaction | Shares | Price | Value | Shares after | Ownership | Flags |
|---|---|---|---|---|---|---|---|---|
| May 16, 2023 | Class A Common Stock, par value $0.001 per share | SSaleDisposed | −7,000,000 | $24.36 | −$170,520,000 | 7,325,990 | Direct |
Footnotes and remarks
Livermore keeps the footnotes that transaction prices refer to, all footnotes of amendments (Form 4/A) and the filing's remarks. Other footnotes, such as how indirect holdings are held or the details of a trading plan, are only in the original on SEC EDGAR.
No transaction price on this filing refers to a footnote.
Remarks
For as long as OTPP held at least 5% of the total outstanding shares of the Issuer, OTPP had the right to nominate directors for election to the board of directors of the Issuer pursuant to a stockholders agreement, dated June 11, 2020, by and among the Issuer, Ares Corporate Opportunities Fund IV, L.P. ("ACOF IV") and OTPP. OTPP and ACOF IV had previously jointly nominated one director to the Issuer's board of directors, and OTPP has nominated one director. As a result of the Offering, OTPP will no longer hold more than 5% of the outstanding shares of Class A Common Stock and will therefore no longer be entitled to nominate directors of the Board. OTPP's current director nominee will continue in its position until its successor is duly elected. Accordingly, OTPP may be deemed to be a director by deputization until such time.