0001221073-12-000011.txt : 20120209 0001221073-12-000011.hdr.sgml : 20120209 20120209172350 ACCESSION NUMBER: 0001221073-12-000011 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20120209 DATE AS OF CHANGE: 20120209 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: VERSANT CORP CENTRAL INDEX KEY: 0000865917 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 943079392 STATE OF INCORPORATION: CA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-48823 FILM NUMBER: 12588480 BUSINESS ADDRESS: STREET 1: 255 SHORELINE STREET 2: SUITE 450 CITY: REDWOOD CITY STATE: CA ZIP: 94065 BUSINESS PHONE: 650-232-2400 MAIL ADDRESS: STREET 1: 255 SHORELINE STREET 2: SUITE 450 CITY: REDWOOD CITY STATE: CA ZIP: 94065 FORMER COMPANY: FORMER CONFORMED NAME: VERSANT OBJECT TECHNOLOGY CORP DATE OF NAME CHANGE: 19960428 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC. CENTRAL INDEX KEY: 0001238990 IRS NUMBER: 820566501 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 3601 W. 76TH STREET STREET 2: SUITE 225 CITY: EDINA STATE: MN ZIP: 55435 BUSINESS PHONE: 9522244350 MAIL ADDRESS: STREET 1: 3601 W. 76TH STREET STREET 2: SUITE 225 CITY: EDINA STATE: MN ZIP: 55435 FORMER COMPANY: FORMER CONFORMED NAME: BRIDGEWATER CAPITAL ADVISORS INC DATE OF NAME CHANGE: 20030605 SC 13G/A 1 vsnt.htm VERSANT CORPORATION

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No. 1)*

Versant Corporation

(Name of Issuer)

Common Stock

(Title of Class of Securities)

925284309

(CUSIP Number)

December 31, 2011

(Date of Event which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

[X] Rule 13d-1(b)
[   ] Rule 13d-1(c)
[   ] Rule 13d-1(d)

* 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 the disclosures provided in a prior cover page.

The information required in 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 Instructions).

CUSIP No.: 925284309
1 NAME OF REPORTING PERSON
PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.

I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
82-0566501
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a)  [   ]
(b)  [   ]
3 SEC USE ONLY
 
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Minnesota
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH 5 SOLE VOTING POWER
147,902
6 SHARED VOTING POWER
0
7 SOLE DISPOSITIVE POWER
147,902
8 SHARED DISPOSITIVE POWER
0
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
147,902
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES []

11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.01%
12 TYPE OF REPORTING PERSON
IA

CUSIP No.: 925284309
ITEM 1(a). NAME OF ISSUER:
Versant Corporation
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
255 Shoreline Drive, Suite 450
Redwood City, California 94065
ITEM 2(a). NAME OF PERSON FILING:
PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.
ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE OR, IF NONE, RESIDENCE:
3601 West 76th Street; Suite 225
Edina, Minnesota 55435
ITEM 2(c). CITIZENSHIP:
Minnesota
ITEM 2(d). TITLE OF CLASS OF SECURITIES:
Common Stock
ITEM 2(e). CUSIP NUMBER:
925284309
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO SECTION 240.13d-1(b), or 13d-2(b) or (c) CHECK WHETHER THE PERSON FILING IS A:
(a) [   ]  Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78c);
(b) [   ]  Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c);
(c) [   ]  Insurance company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c);
(d) [   ]  Investment company registered under Section 8 of the Investment Company Act of 1940
(15 U.S.C 80a-8);
(e) [X]  An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E);
(f) [   ]  An employee benefit plan or endowment fund in accordance with 240.13d-1(b)(1)(ii)(F);
(g) [   ]  A parent holding company or control person in accordance with 240.13d-1(b)(1)(ii)(G);
(h) [   ]  A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act
(12 U.S.C. 1813);
(i) [   ]  A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j) [   ]  A non-U.S. institution in accordance with 240.13d-1(b)(1)(ii)(J);
(k) [   ]  Group, in accordance with 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution
in accordance with 240.13d1(b)(1)(ii)(J), please specify the type of institution:
ITEM 4. OWNERSHIP:
Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned:
147,902
(b) Percent of class:
5.01%
(c) Number of shares as to which the person has:
(i)   Sole power to vote or to direct the vote:
147,902
(ii)  Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
147,902
(iv) Shared power to dispose or to direct the disposition of:
0
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS:
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following [   ].
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON:
N/A 
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY:
N/A 
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP:
N/A 
ITEM 9. NOTICE OF DISSOLUTION OF GROUP:
N/A 
ITEM 10. CERTIFICATION:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date
PUNCH & ASSOCIATES INVESTMENT MANAGEMENT, INC.
/s/
Signature
Howard Punch, President
Name/Title



Attention: Intentional misstatements or omissions of fact constitute Federal criminal violations (see 18 U.S.C. 1001).
CUSIP No.: 925284309
Brian
EX-99 2 punch_13gletter.htm LETTER TO BOARD Unassociated Document
 
January 27, 2012 Punch
Versant Corporation A BOUTIQUE  INVESTMENT ADVISORY
255 Shoreline Drive, Suite 450  
Redwood City,CA 94065  
Attn: Board of Directors of Versant Corporation  
 
Dear Members of the Board of Directors,
 
We are writing to you today as shareholders of Versant Corporation  to express our continued  frustration with the current policies of management  and the Board of Directors of the company.  We have previously communicated  these sentiments  with the Board and management  but have to date received no formal reply.  Punch and Associates Investment Management, Inc. is the beneficial owner of 5.0% of the common shares outstanding as of December 31, 2011, and we have been shareholders since January of 2006.
 
We are frustrated that the Board of Directors has not given more serious attention to the destruction of shareholder  value that has taken place over the past five years. We are also concerned that now, under pressure to "use or lose" the capital available to it,the company will engage in aggressive acquisitions or investments  that may destroy even more value.
 
Capital Allocation over the Past Five Years-The Record of History
 
All companies,as a matter of policy,must decide whether earnings generated by their business should be paid out to the owners of the company or instead reinvested in the business to produce further returns.  Capital allocation decisions should be based on objective,quantifiable return opportunities and the results should be reviewed periodically against actual returns generated.
 
Versant has adopted a policy of returning capital to shareholders through periodic stock buybacks while retaining the majority of its earnings. Over the past five years, the company has earned $24,300,000 in net income, spent $10,500,000 on share repurchases,paid no dividends,and  retained $13,800,000. By our estimation,the combined wealth destroyed by these policies is in excess of $16,000,000.
 
Share Repurchases
 
Since 2006, the company has made the following share repurchases:
 
Fiscal Year
  
Repurchase
Activity
    
Net Reduction in
Basic Share Count
    
Average Per-share
cost of Repurchases
  
2011
   $ 3,000,000       277,997     $ 10.79  
2010
   $ 4,300,000       339,824     $ 12.65  
2009
   $ 3,200,000       193,635     $ 16.52  
2008
   $ 0       (74,657 )*     --  
2007
   $ 0       (74,956 )*     --  
Total
   $ 10,500,000       661,843     $ 15.86  
 
*share count increases with no offsetting repurchases

Punch & Associates Investment Management, Inc.
3601 West 76th Street, Suite 225, Edina, MN 55435   Phone: (952) 224 4350 or (800) 241 5552   Fax: (952) 224 4351   www.punchinvest.com

 
1
 
 
While it is commendable that the company did not repurchase shares in 2007 and 2008 at lofty prices, the total benefit to shareholders of a reduced share count over these past five years has been at an average cost of nearly $16 per share. Considering today's share price of less than $10,this repurchase activity has destroyed nearly $4,000,000 of shareholder wealth. Even assuming that the intrinsic value of the company is significantly higher than $10,this repurchase activity has not generated acceptable,if any, returns to shareholders.  It is clear that the decision to repurchase shares was not made conservatively and prudently but rather as a means to "defend" the share price by paying prices at or above the intrinsic value of the company.
 
Retained Earnings
 
Looking to the record of returns generated by retained earnings, we find that the $13,800,000 retained by the company over the past five years has generated the following returns to shareholders:
 
   
FY2006
    
FY2011
    
Change
  
Net Income
   $ 4,300,000     $ 700,000       -83.7 %
Cash Flow from Operations
   $ 3,270,000     $ 2,500,000       -23.6 %
Cash and Equivalents
   $ 23,150,000     $ 8,230,000     $ +14,920,000  
Per Share Market  Value*
   $ 13.62     $ 9.46       -30.5 %
 
*12-31-06 to 12-31-11, which includes the actual announcement of annual results
 
Based on the change in per-share market value over this time, the re-investment of earnings into the business has destroyed nearly $12,500,000 and has served no purpose other than to fill the coffers of the company. While the business has continued to deteriorate,management has allowed cash to build at the expense of much-needed investment to stabilize and grow sales and earnings.
 
Dividend Policy
 
Given this track record of continued  wealth destruction, we strongly advocate that the company adopt a policy of returning capital to shareholders. We would like the company  to immediately institute a substantial special dividend concurrent with an ongoing dividend that represents a high level of earnings payout. A high level of payout would be more than supported by the profitability of the core business and still leave ample resources for further investments. We look forward  to your response.

 

 
 
2
 
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