Rick Miller
Bryan Cave LLP
1201 W. Peachtree St., 14th Floor
Atlanta, GA 30309
Tel: (404) 572-6600
|
CUSIP No. 717098206
|
Page 2 of 7 Pages
|
1
|
NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Privet Fund LP
|
|||
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
|
(a) þ
(b) ¨
|
||
3
|
SEC USE ONLY
|
|||
4
|
SOURCE OF FUNDS
WC
|
|||
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o
|
|||
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
|
|||
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
|
7
|
SOLE VOTING POWER
0
|
||
8
|
SHARED VOTING POWER
1,220,362
|
|||
9
|
SOLE DISPOSITIVE POWER
0
|
|||
10
|
SHARED DISPOSITIVE POWER
1,220,362
|
|||
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,220,362
|
|||
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES þ
|
|||
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.5%
|
|||
14
|
TYPE OF REPORTING PERSON
PN
|
CUSIP No. 717098206
|
Page 3 of 7 Pages
|
1
|
NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Privet Fund Management LLC
|
|||
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
|
(a) þ
(b) ¨
|
||
3
|
SEC USE ONLY
|
|||
4
|
SOURCE OF FUNDS
WC, AF
|
|||
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o
|
|||
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
|
|||
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
|
7
|
SOLE VOTING POWER
0
|
||
8
|
SHARED VOTING POWER
1,343,428
|
|||
9
|
SOLE DISPOSITIVE POWER
0
|
|||
10
|
SHARED DISPOSITIVE POWER
1,343,428
|
|||
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,343,428
|
|||
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES þ
|
|||
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.5%
|
|||
14
|
TYPE OF REPORTING PERSON
OO
|
CUSIP No. 717098206
|
Page 4 of 7 Pages
|
1
|
NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ryan Levenson
|
|||
2
|
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
|
(a) þ
(b) ¨
|
||
3
|
SEC USE ONLY
|
|||
4
|
SOURCE OF FUNDS
AF
|
|||
5
|
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) o
|
|||
6
|
CITIZENSHIP OR PLACE OF ORGANIZATION United States
|
|||
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH:
|
7
|
SOLE VOTING POWER
0
|
||
8
|
SHARED VOTING POWER
1,343,428
|
|||
9
|
SOLE DISPOSITIVE POWER
0
|
|||
10
|
SHARED DISPOSITIVE POWER
1,343,428
|
|||
11
|
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,343,428
|
|||
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
|
|||
13
|
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.5%
|
|||
14
|
TYPE OF REPORTING PERSON
IN
|
CUSIP No. 717098206
|
Page 5 of 7 Pages
|
Exhibit 99.1
|
Letter to Independent Directors
|
CUSIP No. 717098206
|
Page 6 of 7 Pages
|
Date: April 5, 2013
|
PRIVET FUND LP
By: Privet Fund Management, LLC,
Its Managing Partner
By: /s/ Ryan Levenson
Name: Ryan Levenson
Its: Sole Manager
PRIVET FUND MANAGEMENT LLC
By: /s/ Ryan Levenson
Name: Ryan Levenson
Its: Sole Manager
/s/ Ryan Levenson
Ryan Levenson
|
CUSIP No. 717098206
|
Page 7 of 7 Pages
|
1.
|
Privet Fund LP
|
Nature of Transaction (Purchase/Sale)
|
|||
Trade Date
|
Number of Shares
|
Price Per Share (1)
|
|
3/27/2013
|
Purchase
|
91,032
|
$3.7321
|
2.
|
Privet Fund Management LLC
|
Nature of Transaction (Purchase/Sale)
|
|||
Trade Date
|
Number of Shares
|
Price Per Share (1)
|
|
3/27/2013
|
Purchase
|
3,000
|
$3.9899
|
\7_?8J12&`*D$'D$=ZXW2],\.ZC="!?#UY;G:6WSQ
MLJ\=LYKK[:".UMXX(%V11J%5?0#I2C)RU"$G+4>K*V=K`X.#@]*"RJ0&8`G@
M9/6N=\&_\?6N_P#80DI/%?\`R&/#_P#U]G^5+G]WF%S^[S'24BL&&5((]0:6
MO/O#.IWFC++
"3GCZU96P9=-EM@^7EW%G M(ZECD_SJH\W4%7]X/+9"$7'W6(P33#HBS"9[I]\TF`K*2-@`XQ]#S2O/H&I,-4B^WS M6C*5>-=RD]'XS@>]-GU=(+&"X>,L9L81>2!W/X4ATDS13"YD!>4+ATX*L!C( MIL6BJQB%VWFI#$(T`R.>Y/Z47F&I8FO3YD<5L@EDD7?DG``]2:CN+^:WMF>2 M*,.KJH^?Y3D]<]J;#IL]NL;0RKYD0*+N'#)G@'Z>M,ETF602.3$)9&4[0#L& M#G\:'S!J/;4S$]NLJHWG.5+1MD*,=:+O5A!/<1+'N\F+S-Q.`3GI3FTYYB#, M(DPC*!&.,GO44FD2O;X,JF9HW5V(X8L0<_I2]^P:A+J_V>*.6=4=7<+^Y;=M MXZFGW6IO&LS6\:2")%?);A@?2G"PE?R?-6!!$X;$8/S<8YJ+^Q`BW:Q2D+<` M!5/(3Z>U'OAJ6YKEX+>-Y$4L[JI"GCDT\7.;YK?;P(P^[\<8IM_:R7%ND<14 M,K*PW=#@U$+:\%VMQ^XR4V.,GU[5; E4(K.[MD,-M+%Y1)(+@EDS_`#J^BL``QR0.3ZT1OU!>8XUGWE_):S*' MB7RF8*#N^9B?05H&LZ]L9[I]I>,Q;@P)7YDQZ4Y7MH#&/J TAEC0F28[5CSR&[@_3FFR:=) ]\@U));RYMH9)+BW7:B[LJ_'7H M ,TRYTGSKQKM M659@5,9(SC&<@_7-/W[(>MM`&H7#&=TMU:*%]K#=\Q&,YQ6A%*LL22( 5,2*%0#J,#O3C?J/4HQZU%):R MR"-EDB;:4/4_-C(]JDM;][BZ>,"%41RA!?YCCVJ*;1!+9I&92LJ.6#KW!;.# M4UI936]S(Q6!D>0ONQ\PS^%)61/,,HD8*..%Q@5G[Q.I#_:EP(XV>*%"\IB!+ MG`QGOCVJ\]Q(+/S1&LKG@+&<@_C55]+E$<01HW:.9I<..#G/'ZU;>*X^QE(? M)CFQ@8!V@T1YE>X]2J=5$,4YN4"/$P7"G(8GH!3KR]N(;=)HXXFW`#:6.23V M%1+I IK;3&B,'F2!DA!(7'\1[_@*/>8M1G]I/OR80 M(1((2V[G=G'3TR:U*S#ILIE9?,3[.TWG$8^;. WO5C4[];&`2%#(S,`%7J?7\A44VG2LD^QUW23+*,]!@ M#C]*)--:[N%DOMI5%*JB$X!/4_E4^]:W46HMSJL-O<6T;`E+A2P<=!C'7\ZC MFU*8;O)A1@)_(^9B/3FE@TG8T:R,'AC5T"D?PL1@?ABFP:.T$(C6 /RJ6Y6T M%J:BL&4%3D$<5#=RR11YA0.V?XFP`/4TEA;O;6J0N^\H-H;V[?I3KJ.9T'D, M@(/(<9##TJW>PT9\6K23H#;P!V5"[Y;C`)''KTITNJE#%(8QY$NT*=WS-GT' MM3(M)G@W-!+&KRJ5DRIP,DGCZ9I\NERR1I;ET,";0K$?.H'I^59^_86HZ+4F M.QY8@L4P)C8-D\#//X5-IEX;R+>?+[<(V2/K5>/3+A1&IF0+`"(B%R