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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
PREMIER RESEARCH WORLDWIDE, LTD.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
740568 10 0
(CUSIP Number)
Klehr, Harrison, Harvey, Branzburg & Ellers LLP
Attn: Keith W. Kaplan, Esq.
260 S. Broad Street
Philadelphia, PA 19102
(215) 569-4143
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 31, 1999
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
[ ]
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) for other
parties to whom copies are to be sent.
*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
disclosures provided in a prior cover page.
The information required on 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 (the "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 the
Notes).
(Continued on following page(s))
Page 1 of 6
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CUSIP No. 740568100 SCHEDULE 13D Page 2 of 6 Pages
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1 NAME OF REPORTING PERSON
S.S OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
LLR Equity Partners, L.P.
______________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
______________________________________________________________________________
3 SEC USE ONLY
______________________________________________________________________________
4 SOURCE OF FUNDS*
BK and OO (see Item 3)
______________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
______________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Pennsylvania
_______________________________________________________________________________
| |
NUMBER OF | 7 | SOLE VOTING POWER
SHARES | | 916,668
BENEFICIALLY |_____|________________________________________________________
OWNED BY | |
EACH | 8 | SHARED VOTING POWER
REPORTING | | 0
PERSON WITH |_____|________________________________________________________
| |
| 9 | SOLE DISPOSITIVE POWER
| | 916,668
|_____|________________________________________________________
| |
| 10 | SHARED DISPOSITIVE POWER
| | 0
_______________|_____|________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
916,668
______________________________________________________________________________
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CUSIP No. 740568100 SCHEDULE 13D Page 3 of 6 Pages
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
______________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.5%(1)
______________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
______________________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT
(1) The percent of class represented by the amount in row 11 reflects the
Reporting Person's beneficial ownership of the Issuer's common stock.
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CUSIP No. 740568100 SCHEDULE 13D Page 4 of 6 Pages
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SCHEDULE 13D
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Item 1 Security and Issuer
- ------ ------------------------------
This statement (the "Statement") relates to the common stock, par value
$0.01 per share (the "Common Stock") of Premier Research Worldwide, Ltd.
("PRWW"). This Statement constitutes an initial filing of Schedule 13D by LLR
Equity Partners, L.P.("LLR"). This Statement constitutes an initial filing of
Schedule 13D by LLR. The address of PRWW's principal executive office is 30 S.
17th Street, Philadelphia, Pennsylvania 19103.
Item 2 Identity and Background
- -----------------------------------------
(a) This Statement is filed by LLR, as defined above.
(b-c) The address of LLR's principal executive office is c/o LLR
Capital, L.P., 1150 First Avenue, Suite 100, King of Prussia, Pennsylvania
19406. LLR is an investment fund.
(d) During the last five years, LLR has not been convicted in any
criminal proceeding.
(e) During the last five years, LLR has not been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction, as a
result of which it was or is subject to a judgment, decree or final order
enjoining future violations of, or prohibiting or mandating activities subject
to, federal or state securities laws or finding any violation with respect to
such laws.
(f) LLR is organized in Delaware.
Item 3 Source and Amount of Funds or Other Consideration
- -------------------------------------------------------------------
The securities were acquired by LLR for a price of $6 per share. Four
million dollars of the purchase price was drawn down from a line of credit LLR
has with Mellon Bank. The remainder of the purchase price was capital raised
from partners in the fund.
Item 4 Purpose of the Transaction
- --------------------------------------------
LLR's purpose in acquiring the shares of Common Stock was to acquire an
investment position in PRWW. While LLR has no current plans to increase or
(except as indicated in the next paragraph) decrease its investment position, it
intends to review the investment position from time to time. Depending upon such
review, as well as market and business conditions and other factors, LLR may
choose to purchase additional shares of the Common Stock or to sell all or a
portion of its shares of Common Stock.
LLR intends to transfer to LLR Equity Partners Parallel, L.P. a portion
of the shares of Common Stock that LLR owns at the same price per share that LLR
paid for the Common Stock.
Item 5 Interest in Securities of the Issuer
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(a-b) As of January 7, 2000, LLR is the beneficial owner of, and has sole
dispositive and voting power with respect to, 916,668 shares of Common Stock.
The 916,668 shares constitute 13.4% of the issued and outstanding shares of
Common Stock (based on 6,862,250 shares of Common Stock issued and outstanding
as reported in the Issuer's Quarterly Report on Form 10-Q for the quarter ended
September 30, 1999).
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CUSIP No. 740568100 SCHEDULE 13D Page 5 of 6 Pages
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(c) Except for the transactions described in Items 3 and 4 above, LLR has
not effected any transactions in the securities of the Issuer during the past
sixty (60) days.
(d) No persons, other than LLR, has the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of, the
shares of Common Stock beneficially owned thereby.
(e) Not applicable.
Item 6 Contracts, Arrangements, Understandings, or Relationships with Respect
to Securities of the Issuer
- --------------------------------------------------------------------------------
None.
Item 7 Material to be Filed as Exhibits
- --------------------------------------------------
None.
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CUSIP No. 740568100 SCHEDULE 13D Page 6 of 6 Pages
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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.
January 7, 2000
Date
LLR Equity Partners, L.P.
By: LLR Capital, L.P.
By: LLR Capital, LLC
By: /s/ Ira Lubert
-----------------
Name: Ira Lubert
Title: Member
