• TOMS files passive 13G as Golar kicks off strategic review
• Synopsys directors overwhelmingly reelected at AGM
• Harley-Davidson shareholders anticipate new CEO’s turnaround plan

Must reads

21 April: Golar LNG has picked up an interesting new shareholder as the Bermuda-based natural gas company embarks on a strategic review.

A 13G filed after the bell yesterday reveals that TOMS Capital Investment Management bought 6.19m shares of Golar LNG in 1Q26. That works out to 6.1% of shares outstanding. Golar designs and operates marine infrastructure for the liquefaction of natural gas.

The name didn’t appear on TOMS Capital’s last 13F, which didn’t have much exposure to energy. Given the extreme recent volatility in the energy space, this may simply fall under a routine trade or investment. We would also note that it’s a passive 13G filing rather than an active 13D. While TOMS tends to stock behind the scenes even for its activist positions, the fact it’s a 13G suggests we may not hear much regarding the fund’s plans, if there are any at all.

However, we would note the new investment comes just as a review of strategic alternatives is underway. Last month, Golar announced the appointment of Goldman Sachs to advise on the review, which is expected to include exploring a variety of ways to unlock shareholder value, including a sale of the company.

Golar has previously said it received unsolicited offers several years ago and decided not to sell. On the company’s last earnings call in February, Chairman Tor Troim said he believed that the stock price was undervalued.

While we can’t rule anything out, the board’s push to unlock value and TOMS filing a passive13G suggests it’s unlikely the current review was due to a push by TOMS to explore options. Still, if TOMS is simply along for the ride, it’s worth noting the fund does have a pretty good record as far as recent deals.

TOMS was one of the many activists in Kenvue when it struck a sale to Kimberly-Clark. The cash and stock offer valued shares of Kenvue at a 46% premium at the time. TOMS also revealed a new 3.78m share Kellanova stake in 1Q24, when the stock was hanging around the USD 55 level. The company agreed to sell itself in August 2024 for USD 83.50 per share in cash.

Shares of Golar have already risen about 40% so far this year. The position, worth USD 325m based on yesterday’s close, not only makes TOMS one of Golar’s largest shareholders but is one of the fund’s largest positions as well.

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21 April: Chip designer Synopsys disclosed the results of its shareholder meeting after market close on Monday, showing that the current board appears to have strong support in light of Elliott’s rumored position in the stock.

Recall, Elliott reportedly took a stake in the firm last month in what looked to be an operational-focused campaign. The Radar wrote then that the fund was likely pushing for Synopsys to narrow the significant operating margin gap between it and competitor Cadence Design Systems.

Following that report, Synopsys shareholders voted in favor of the current board last week with all ten directors overwhelmingly re-elected at the 16 April AGM. Votes for say-on-pay and the equity incentive plan sailed through, too.

There is an important caveat here. The 2026 AGM record date was set for 17 February and about a month before the Journal‘s report that Elliott had a “multibillion-dollar” position in the stock. So, it’s possible that the fund’s stake wasn’t represented in the final tally, and, besides, it’s not a given that Elliott would have necessarily voted against the directors, either, given the hitherto constructive tone of its campaign.

Still, the fact that shareholders lined up in support of a stock which trails the S&P 500 over the past three years – not to mention the semiconductor index which is up 34% in 2026, compared to Synopsys’ 2% decline – is suggestive of some faith in the current board to stage a turnaround, or at least a reasonably long leash to see if it can. If Elliott’s campaign adopts a more combative tone, that’s something to keep in mind.

Synopsys has not yet scheduled its 2Q earnings report. The company held its FY 2Q25 call on 28 May of last year.

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21 April: Harley-Davidson is gearing up for a very important earnings report.

This morning, the Milwaukee-based motorcycle company announced plans to release 1Q26 earnings and present its strategic plan on 5 May. This will mark the third earnings report for new CEO Artie Starrs, so we’ll get a good idea on how he plans to turn things around.

Harley-Davidson has had quite a ride over the last 12 months. In April of last year, shareholder H Partners kicked off a fight that eventually led to a withhold campaign against three directors. The firm’s partner, Jared Dourdeville, stepped down from the Harley-Davidson board over “grave concerns.”

While the three directors that H Partners targeted for removal are no longer on the board, it seems H Partners may be moving on as well. The firm had been selling its stake down last year, ending 2025 with 2.5m shares. The activist held 11.3m when Dourdeville stepped down.

Harley-Davidson had a rough earnings report back in February, posting what appeared to be a kitchen sink quarter for the new CEO. With the company’s 1Q26 report coming out in two weeks, we’ll soon find out if that’s the case. Will the new plan resonate with investors, or will Harley-Davidson ride right back onto the activist watchlist? Stay tuned.

Live activist situations

Activist announcements

20 April: Impactive Capital announced that it released a supplemental investor presentation in connection with WEX. Impactive addressed some of the statements made by the company.

Impactive has a 4.9% stake in WEX.

Company announcements

21 April: Fermi announced on 20 April a series of strategic and leadership initiatives under a new phase of its evolution. Among other things, the company said that Lead Independent Board Director Marius Haas has stepped into the role of chairman of the board, and its co-founder Toby Neugebauer has departed from his role as chief executive officer, but he remains a member of the board.

Neugebauer issued a press release, calling on the Fermi board to conduct an immediate process, led by an independent investment bank, for the sale of the company to a third party.

21 April: Allied Gaming & Entertainment announced that its board of directors has taken note of unusual volatility in the trading of its common stock in the secondary market and has received market analysis information from Woprai regarding short-selling activity in its stock. The company said that the board has promptly established a special committee and working mechanism, and has authorized the relevant professional teams to conduct further review and evaluation of trading activity in its stock.

Knighted Pastures announced on 14 April that it and Allied Gaming have reached a comprehensive and mutually agreed resolution of all outstanding matters between the parties.

20 April: Snap disclosed that Chief Financial Officer Derek Andersen would leave the company for a new professional opportunity. Snap said that Andersen’s last day was expected to be 8 May. Snap noted that it planned to appoint Doug Hott, its current vice president of finance, strategy, and corporate development, to serve as its CFO.

Irenic Capital Management, which has an economic interest in approximately 2.5% of Snap’s class A shares, issued a letter to the company in March, outlining a plan for change at Snap.

20 April: Kingstone Companies announced that its board of directors has agreed with President and Chief Executive Officer Meryl Golden to extend the term of her employment agreement through 10 January 2029. The company said that the extension was recommended by the compensation committee.

In March, Gregory Fortunoff, who has a 5.9% stake in Kingstone, requested that the board initiate a formal review of strategic alternatives, including a potential sale of the company.