Six Flags Shares Rise 10.97% as H Partners Funds Disclose Purchase of 1,450,000 Shares
Key Facts
Six Flags shares rose 10.97% on November 11, according to a Reuters report published by Investing.com, as the company announced the appointment of Adam Bull as chief procurement officer and H Partners funds disclosed the purchase of 1,450,000 shares. The disclosed value of the purchases was $14,929,000, executed in 3 tranches, according to disclosure data compiled by EdgarHawk from U.S. Securities and Exchange Commission filings. The funds are associated with Rehan Jaffer, a company director, but the disclosure includes a disclaimer of beneficial ownership except to the extent of his pecuniary interest. The filing therefore does not establish that Jaffer bought the shares for his personal account or that he expressed a view on the company's prospects. The stock move came on the day the appointment was announced, but the timing of the two events does not establish that either caused the rise.
Details in the disclosure showed the purchases were made at prices of $10.00, $10.86 and $10.32 per share. After the transactions, the funds' reported holdings rose from 4,900,000 shares to 6,350,000 shares, an increase of 29.6% from the pre-transaction level. The figures show the scale of the change in the funds' holdings during the period, while the beneficial ownership limitation in the filing remains central to attributing the purchases to Jaffer. The disclosure attributes the transactions to H Partners funds and says Jaffer disclaims beneficial ownership except to the extent of his pecuniary interest. The published report does not provide an explanation from the funds for the purchases.
On the executive front, Six Flags announced on November 11 that it had appointed Adam Bull as chief procurement officer. Chief Financial Officer Ash Walia said Bull's experience in procurement, technology, analytics and procurement transformation would be a "significant asset" to the company as it continues to strengthen its business. At CBRE, Bull led global procurement covering nearly $2.5 billion in corporate spending, and oversaw procurement platforms supporting about $30 billion in client spending. Before that, he oversaw $3.5 billion in spending at AstraZeneca. These previous responsibilities provide context on the scope of his procurement experience, without any published estimate of the appointment's impact on Six Flags' costs or savings.
The developments follow Six Flags' filing of its third-quarter 2026 results on November 5. Revenue was $1.17 billion, down 11.0% on a reported basis from the same period a year earlier, while revenue at comparable parks rose 1.4%. Adjusted EBITDA was $493.2 million, down 11.1% on a reported basis, but up 1.1% at comparable parks. The divergence between reported and comparable-parks measures highlights the need to read the quarter's performance in context, following the company's merger and a change in the comparison base. It also places operating results alongside the company's announcement that it is strengthening its executive team.
The company said October was weaker than planned, attributing this to unfavorable weather during some of the month's biggest holiday weekends, as well as the impact of an incident at Six Flags Over Georgia and the precautionary closure of several rides related to it. It said its comparable-parks adjusted EBITDA forecast for the fourth quarter of 2026 was between $140 million and $150 million. That range compares with $167 million on the same measure in the fourth quarter of 2025. The forecast frames the company's expectations for the coming period against the October weakness it cited in its third-quarter results. The appointment announcement provides additional executive context as the company continues to strengthen its business.