Monitor for any amendments to the Blantyre 13D that signal a shift in strategy (e.g., demands for sale, operational changes, or board expansion). The existing board seat (Mark Sardi) and the large passive-looking stake suggest Blantyre is a significant creditor-turned-shareholder with influence, but this filing provides no new catalyst. Watch NCMI's next earnings and any 8-Ks for board or strategic updates.
Price Chart
Executive Summary
Blantyre Capital II Limited filed a Schedule 13D disclosing beneficial ownership of 27,141,507 shares of National CineMedia, Inc. (NCMI), representing 28.9% of the outstanding common stock. The filing is largely administrative—Blantyre Capital II was appointed as a sub-adviser to entities already reported on a prior Blantyre Capital Ltd. 13D, and the stake reflects a 2023 transaction that settled in Q3 2026, not new buying. The filing also notes that Mark Sardi was elected to NCMI's board on May 7, 2026, pursuant to a 2023 Director Designation Agreement, indicating ongoing activist-investor board representation.
Key Financial Metrics
Key Facts
- Blantyre Capital II Limited reports beneficial ownership of 27,141,507 shares (28.9% of common stock) as of the filing.
- The stake is based on 94,070,443 shares outstanding as of August 6, 2026, per NCMI's 10-Q.
- The filing is a sub-adviser appointment; the stake was previously reported on a Blantyre Capital Ltd. 13D (filed Aug 2023, amended multiple times).
- The share count change from 27,144,639 to 27,141,507 resulted from automatic calculation adjustments upon settlement of a 2023 transaction in Q3 2026—not from new trading.
- Mark Sardi was elected to NCMI's board on May 7, 2026, under a Director Designation Agreement dated August 7, 2023, among NCMI, the Consenting Creditor Designation Committee, and Blantyre Capital Limited.
- No transactions in NCMI common stock were executed by the Reporting Person in the past 60 days.
Financial Impact
No new capital deployed; the 28.9% stake (27.1M shares) was previously reported and reflects a 2023 transaction. No financial impact from this filing alone.
Risk Factors
- The 28.9% stake gives Blantyre substantial influence, which could lead to board changes or strategic shifts that may not align with minority shareholders.
- No new buying or stated activist demands in this filing—the lack of activity could signal a passive hold, reducing near-term catalyst potential.
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| SC 13D Filing (Primary) | 0001193125-26-419074 |
| Document: 0001193125-26-419074-index-headers.html | 0001193125-26-419074 |
| Document: 0001193125-26-419074-index.html | 0001193125-26-419074 |
| Document: 0001193125-26-419074.txt | 0001193125-26-419074 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 9, 2026 17d ago | SC 13D | $2.12 | awaiting T+20 | — | $1.88 (−11.08%) |
Oct 2, 2026 25d ago | Insider Cluster | $2.14 | awaiting T+20 | — | $1.88 (−11.92%) |
Sep 21, 2026 5w ago | 8-K | $2.24 $2.08 | ▼ −7.14% | ▼ −6.24% | $1.88 (−15.85%) |
Aug 4, 2026 11w ago | Insider Cluster | $4.09 $2.51 | ▼ −38.63% | ▼ −38.03% | $1.88 (−53.91%) |
Jul 2, 2026 16w ago | Insider Cluster | $3.81 $4.18 | ▲ +9.71% | ▲ +8.86% | $1.88 (−50.52%) |
Jun 14, 2026 19w ago | Institutional Cluster | $3.57 $3.99 | ▲ +11.76% | ▲ +12.51% | $1.88 (−47.20%) |
May 12, 2026 23w ago | 8-K | $2.98 $3.58 | ▲ +20.13% | ▲ +20.75% | $1.88 (−36.74%) |
May 4, 2026 25w ago | Insider Cluster | $3.37 $3.62 | ▲ +7.42% | ▲ +1.77% | $1.88 (−44.07%) |
May 4, 2026 25w ago | Insider Cluster | $3.37 $3.62 | ▲ +7.42% | ▲ +1.77% | $1.88 (−44.07%) |
May 4, 2026 25w ago | Insider Cluster | $3.37 $3.62 | ▲ +7.42% | ▲ +1.77% | $1.88 (−44.07%) |
US Market Status
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