XNAS:ANEN Insider Activity 4 Filing - 1/27/2012

Effective Date 1/27/2012

FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Vintage Capital Management LLC
  2. Issuer Name and Ticker or Trading Symbol
ANAREN INC [ANEN]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) __X__ Other (specify below)
Please see footnotes
(Last)
(First)
(Middle)
4705 S. APOPKA VINELAND ROAD, SUITE 210
3. Date of Earliest Transaction (Month/Day/Year)
01/27/2012
(Street)

ORLANDO, FL 32819
4. If Amendment, Date Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock, par value $.01 per share 01/27/2012   P   158,000 A $16.8 1,678,000 I Please see footnotes(1)(2)(3)(4)(5)(6)(7)
Common Stock, par value $.01 per share 01/27/2012   P   6,000 A $16.8006 1,684,000 I Please see footnotes(1)(2)(3)(4)(5)(6)(7)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Vintage Capital Management LLC
4705 S. APOPKA VINELAND ROAD, SUITE 210
ORLANDO, FL 32819
    X   Please see footnotes
Vintage Partners, L.P.
4705 S. APOPKA VINELAND ROAD, SUITE 210
ORLANDO, FL 32819
      Please see footnotes
VINTAGE PARTNERS GP, LLC
4705 S. APOPKA VINELAND ROAD, SUITE 210
ORLANDO, FL 32819
      Please see footnotes
Vintage Avenue, L.P.
4705 S. APOPKA VINELAND ROAD, SUITE 210
ORLANDO, FL 32819
      Please see footnotes
Vintage Avenue GP, LLC
4705 S. APOPKA VINELAND ROAD, SUITE 210
ORLANDO, FL 32819
      Please see footnotes
KAHN CAPITAL MANAGEMENT LLC
4705 S. APOPKA VINELAND ROAD, SUITE 210
ORLANDO, FL 32819
      Please see footnotes
KAHN BRIAN RANDALL
4705 S. APOPKA VINELAND ROAD, SUITE 210
ORLANDO, FL 32819
      Please see footnotes

Signatures

 Vintage Partners, L.P., by: Vintage Partners GP, LLC, its General Partner, by: /s/ Brian R. Kahn, Manager   01/31/2012
** Signature of Reporting Person Date

 Vintage Partners GP, LLC, by: /s/ Brian R. Kahn, Manager   01/31/2012
** Signature of Reporting Person Date

 Vintage Avenue, L.P., by: Vintage Avenue GP, LLC, its General Partner, by: /s/ Brian R. Kahn, Manager   01/31/2012
** Signature of Reporting Person Date

 Vintage Avenue GP, LLC, by: /s/ Brian R. Kahn, Manager   01/31/2012
** Signature of Reporting Person Date

 Vintage Capital Management, LLC, by: /s/ Brian R. Kahn, Manager   01/31/2012
** Signature of Reporting Person Date

 Kahn Capital Management, LLC, by: /s/ Brian R. Kahn, Manager   01/31/2012
** Signature of Reporting Person Date

 /s/ Brian R. Kahn   01/31/2012
** Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) In addition to Vintage Capital Management, LLC, a Delaware limited liability company ("Vintage Capital"), this Form 4 is being filed jointly by Vintage Partners, L.P., a Delaware limited partnership ("Vintage Partners"), Vintage Partners GP, LLC, a Delaware limited liability company ("Partners GP"), Vintage Avenue, L.P., a Delaware limited partnership ("Vintage Avenue"), Vintage Avenue GP, LLC, a Delaware limited liability company ("Avenue GP"), Kahn Capital Management, LLC, a Delaware limited liability company ("Kahn Capital"), and Brian R. Kahn, a citizen of the United States of America, each of whom has the same business address as Vintage Capital.
(2) Following all of the transactions reported on this Form 4, Vintage Partners owns 606,804 shares of common stock, par value $.01 per share ("Common Stock"), of Anaren, Inc. both beneficially and as direct owner. Following all of the transactions reported on this Form 4, Vintage Avenue owns 1,077,196 shares of Common Stock both beneficially and as direct owner. Vintage Partners and Vintage Avenue each disclaims beneficial ownership of the shares of Common Stock owned beneficially and directly by the other.
(3) Partners GP, as the general partner of Vintage Partners, has the power to direct the voting and disposition of the shares of Common Stock that Vintage Partners owns beneficially and directly, and accordingly may be deemed to be the beneficial owner (as that term is defined in Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended) of the shares of Common Stock owned beneficially and directly by Vintage Partners. Partners GP disclaims beneficial ownership of such shares for all other purposes, except to the extent of its pecuniary interest therein.
(4) Avenue GP, as the general partner of Vintage Avenue, has the power to direct the voting and disposition of the shares of Common Stock that Vintage Avenue owns beneficially and directly, and accordingly may be deemed to be the beneficial owner of the shares of Common Stock owned beneficially and directly by Vintage Avenue. Avenue GP disclaims beneficial ownership of such shares for all other purposes, except to the extent of its pecuniary interest therein.
(5) Vintage Capital, as the investment manager of Vintage Partners and Vintage Avenue, has the power to direct the voting and disposition of the shares of Common Stock that Vintage Partners and Vintage Avenue own beneficially and directly, and accordingly may be deemed to be the beneficial owner of the shares of Common Stock owned beneficially and directly by Vintage Partners and Vintage Avenue. Vintage Capital disclaims beneficial ownership of such shares for all other purposes, except to the extent of its pecuniary interest therein.
(6) Kahn Capital, as a member and the majority owner of each of Partners GP, Avenue GP and Vintage Capital, may be deemed to have the power to direct the voting and disposition of the shares of Common Stock that Vintage Partners and Vintage Avenue own beneficially and directly, and accordingly may be deemed to be the beneficial owner of the shares of Common Stock owned beneficially and directly by Vintage Partners and Vintage Avenue. Kahn Capital disclaims beneficial ownership of such shares for all other purposes, except to the extent of its pecuniary interest therein.
(7) Mr. Kahn, as the manager of each of Partners GP, Avenue GP, Vintage Capital and Kahn Capital, has the power to direct the voting and disposition of the shares of Common Stock that Vintage Partners and Vintage Avenue own beneficially and directly, and accordingly may be deemed to be the beneficial owner of the shares of Common Stock owned beneficially and directly by Vintage Partners and Vintage Avenue. Mr. Kahn disclaims beneficial ownership of such shares for all other purposes, except to the extent of his pecuniary interest therein.

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XNAS:ANEN Insider Activity 4 Filing - 1/27/2012
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