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. 5)1
Gulfport Energy Corporation
(Name of Issuer)
Common Stock, $0.01 par value
(Title of Class of Securities)
402635304
(CUSIP Number)
FIREFLY VALUE PARTNERS, LP
601 West 26th Street, Suite 1520
New York, New York 10001
(212) 672-9600
STEVE WOLOSKY, ESQ.
KENNETH MANTEL, 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)
November 21, 2019
(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. 402635304
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Firefly Value Partners, LP | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| OO | |||||||||||||||||||
| 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 | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 15,756,000 | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 15,756,000 | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 15,756,000 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 9.9% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| PN, IA | |||||||||||||||||||
| 2 |
CUSIP No. 402635304
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| FVP Master Fund, 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 | ||||||||||||||||||
| Cayman Islands | |||||||||||||||||||
| NUMBER OF | 7 | SOLE VOTING POWER | |||||||||||||||||
| SHARES | |||||||||||||||||||
| BENEFICIALLY | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 15,756,000 | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 15,756,000 | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 15,756,000 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 9.9% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| PN | |||||||||||||||||||
| 3 |
CUSIP No. 402635304
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| FVP GP, LLC | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| OO | |||||||||||||||||||
| 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 | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 15,756,000 | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 15,756,000 | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 15,756,000 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 9.9% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| OO | |||||||||||||||||||
| 4 |
CUSIP No. 402635304
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Firefly Management Company GP, LLC | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| OO | |||||||||||||||||||
| 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 | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 15,756,000 | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 15,756,000 | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 15,756,000 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 9.9% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| OO | |||||||||||||||||||
| 5 |
CUSIP No. 402635304
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Ryan Heslop | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| OO | |||||||||||||||||||
| 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 | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 15,756,000 | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 15,756,000 | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 15,756,000 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 9.9% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| IN | |||||||||||||||||||
| 6 |
CUSIP No. 402635304
| 1 | NAME OF REPORTING PERSON | ||||||||||||||||||
| Ariel Warszawski | |||||||||||||||||||
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ | |||||||||||||||||
| (b) ☐ | |||||||||||||||||||
| 3 | SEC USE ONLY | ||||||||||||||||||
| 4 | SOURCE OF FUNDS | ||||||||||||||||||
| OO | |||||||||||||||||||
| 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 | - 0 - | ||||||||||||||||||
| OWNED BY | 8 | SHARED VOTING POWER | |||||||||||||||||
| EACH | |||||||||||||||||||
| REPORTING | 15,756,000 | ||||||||||||||||||
| PERSON WITH | 9 | SOLE DISPOSITIVE POWER | |||||||||||||||||
| - 0 - | |||||||||||||||||||
| 10 | SHARED DISPOSITIVE POWER | ||||||||||||||||||
| 15,756,000 | |||||||||||||||||||
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | ||||||||||||||||||
| 15,756,000 | |||||||||||||||||||
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | ☐ | |||||||||||||||||
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | ||||||||||||||||||
| 9.9% | |||||||||||||||||||
| 14 | TYPE OF REPORTING PERSON | ||||||||||||||||||
| IN | |||||||||||||||||||
| 7 |
CUSIP No. 402635304
The following constitutes Amendment No. 5 to the Schedule 13D filed by the undersigned (“Amendment No. 5”). This Amendment No. 5 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 FVP Master Fund 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 transactions. The aggregate purchase price of the 15,756,000 Shares beneficially owned by FVP Master Fund is approximately $153,338,929, including brokerage commissions.
| Item 4. | Purpose of Transaction. |
Item 4 is hereby amended to add the following:
On November 21, 2019, Firefly Value Partners issued a press release announcing the delivery of a letter to the Board. In the letter, Firefly Value Partners discussed its meaningful investment in the Issuer since 2013 and history of public and private engagement with the Issuer and the Board. This engagement included recent communications during which Firefly Value Partners specifically identified the need for three directors on the Board to be replaced and for a shareholder representative to be added to the Board. Firefly Value Partners stated that it is disappointed that the Issuer has rebuffed its proposal to collaborate with the Issuer to identify three candidates to join the Board who possess the right mix of skillsets and experience—and add a principal of Firefly Value Partners to the Board to ensure that the best interests of all shareholders are represented. Instead, on November 18, 2019, the Issuer announced the planned resignations of nearly half of the Board without naming their replacements or providing a timeline to do so.
Firefly Value Partners believes that the incumbent Board – which has overseen massive value destruction and a number of poor decisions – should not be trusted to identify new directors who are sufficiently independent and experienced. Firefly Value Partners asked that the Board immediately fill one of the new director vacancies with a principal of Firefly Value Partners as a shareholder representative. As a director, this shareholder representative would work collaboratively with the remaining Board members to select the best candidates to fill the upcoming vacancies and complete the belated Board refresh, then help establish improved capital allocation and governance oversight at the Issuer.
Firefly Value Partners implored the Board to collaborate with it on the upcoming Board refresh, and stated that if its calls for collaborative engagement are ignored, Firefly Value Partners will pursue any and all options available to effect the necessary change, including the nomination of director candidates for election to the Board at the Issuer’s 2020 annual meeting of shareholders.
A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
| Item 5. | Interest in Securities of the Issuer. |
Items 5(a)-(c) are hereby amended and restated to read as follows:
| 8 |
CUSIP No. 402635304
The aggregate percentage of Shares reported owned by each person named herein is based upon 159,709,221 Shares outstanding, as of October 25, 2019, 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 November 1, 2019.
| A. | FVP Master Fund |
| (a) | As of the close of business on November 25, 2019, FVP Master Fund beneficially owned 15,756,000 Shares. |
Percentage: Approximately 9.9%
| (b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 15,756,000 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 15,756,000 |
| (c) | FVP Master Fund has not entered into any transactions in the securities of the Issuer during the past 60 days. |
| B. | Firefly Value Partners |
| (a) | Firefly Value Partners, as the investment manager of FVP Master Fund, may be deemed the beneficial owner of the 15,756,000 Shares owned by FVP Master Fund. |
Percentage: Approximately 9.9%
| (b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 15,756,000 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 15,756,000 |
| (c) | Firefly Value Partners has not entered into any transactions in the securities of the Issuer during the past 60 days. |
| C. | FVP GP |
| (a) | FVP GP, as the general partner of FVP Master Fund, may be deemed the beneficial owner of the 15,756,000 Shares owned by FVP Master Fund. |
Percentage: Approximately 9.9%
| (b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 15,756,000 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 15,756,000 |
| (c) | FVP GP has not entered into any transactions in the securities of the Issuer during the past 60 days. |
| 9 |
CUSIP No. 402635304
| D. | Firefly Management |
| (a) | Firefly Management, as the general partner of Firefly Value Partners, may be deemed the beneficial owner of the 15,756,000 Shares owned by FVP Master Fund. |
Percentage: Approximately 9.9%
| (b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 15,756,000 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 15,756,000 |
| (c) | Firefly Management has not entered into any transactions in the securities of the Issuer during the past 60 days. |
| E. | Mr. Heslop |
| (a) | Mr. Heslop, as a Managing Member of FVP GP and Firefly Management, may be deemed the beneficial owner of the 15,756,000 Shares owned by FVP Master Fund. |
Percentage: Approximately 9.9%
| (b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 15,756,000 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 15,756,000 |
| (c) | Mr. Heslop has not entered into any transactions in the securities of the Issuer during the past 60 days. |
| F. | Mr. Warszawski |
| (a) | Mr. Warszawski, as a Managing Member of FVP GP and Firefly Management, may be deemed the beneficial owner of the 15,756,000 Shares owned by FVP Master Fund. |
Percentage: Approximately 9.9%
| (b) | 1. Sole power to vote or direct vote: 0 2. Shared power to vote or direct vote: 15,756,000 3. Sole power to dispose or direct the disposition: 0 4. Shared power to dispose or direct the disposition: 15,756,000 |
| (c) | Mr. Warszawski has not entered into any transactions in the securities of the Issuer during the past 60 days. |
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 Exchange Act, the beneficial owners of any securities of the Issuer that 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. 402635304
| Item 6. | Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer. |
Item 6 is hereby amended and restated to read as follows:
FVP Master Fund previously held American-style call options referencing an aggregate of 2,600,000 Shares with an exercise price of $7.50 per share and expiring on January 17, 2020. FVP Master Fund has sold all of these call options, and accordingly no longer holds call options referencing Shares.
| Item 7. | Material to be Filed as Exhibits. |
| 99.1 | Press Release, dated November 21, 2019. |
| 11 |
CUSIP No. 402635304
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: November 25, 2019
| FVP Master Fund, L.P. | |||
| By: | FVP GP, LLC, | ||
| its General Partner | |||
| By: |
/s/ Ariel Warszawski | ||
| Name: | Ariel Warszawski | ||
| Title: | Managing Member | ||
| Firefly Value Partners, LP | |||
| By: | Firefly Management Company GP, LLC, | ||
| its General Partner | |||
| By: |
/s/ Ariel Warszawski | ||
| Name: | Ariel Warszawski | ||
| Title: | Managing Member | ||
| FVP GP, LLC | |||
| By: |
/s/ Ariel Warszawski | ||
| Name: | Ariel Warszawski | ||
| Title: | Managing Member | ||
| Firefly Management Company GP, LLC | |||
| By: |
/s/ Ariel Warszawski | ||
| Name: | Ariel Warszawski | ||
| Title: | Managing Member | ||
|
/s/ Ariel Warszawski | |
| Ariel Warszawski |
|
/s/ Ryan Heslop | |
| Ryan Heslop |
| 12 |