Shamrock Activist Value Fund has reduced its stake in Panera Bread Co., and there’s an interesting omission in the fund’s latest SEC filing.  Shamrock revealed this week that it now holds a 3.25 percent stake in Panera, down from 4.67 percent in a July 21 filing.

Missing from the latest document is any mention of how Shamrock intends to live up to the word “activist” in its name. In the July SEC filing,  Shamrock had included the following language:

The Reporting Persons believe that the Company has governance deficiencies that, among other things, impede accountability to the detriment of stockholder value. Although the Company has recently created a lead independent director position and appointed two new independent directors, the Reporting Persons continue to believe that the value to the holders of Class A Common Shares could be enhanced if the Company (1) adopted a majority voting standard for the election of directors; (2) declassified its staggered board to permit the annual election of all Company directors; and (3) secured the conversion of the outstanding shares of multiple vote Class B Common Shares into Class A Common Shares so that all shares of common stock have the same voting rights. The Reporting Persons have had, and anticipate having further, discussions with the Company’s senior management and the directors regarding the Reporting Person’s ideas to enhance stockholder value.

I wonder how those talks with senior management went. At any rate, perhaps Shamrock decided that its own shareholder value had been enhanced enough. The fund made its first Panera disclosure in December, when it had acquired shares for an average of $41.85 apiece. The 405,662 shares it sold in July and August brought an average of $52.74.

Shamrock, based in Burbank, Calif., is headed by Roy Disney and Stanley Gold.