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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
FRIEDE GOLDMAN
INTERNATIONAL, INC.
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(Name of Issuer)
Common Stock, $.01 Par Value
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(Title of Class of Securities)
0003584301
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(CUSIP NUMBER)
CAMBRIDGE INVESTMENTS LIMITED
600 Montgomery Street
27th Floor
San Francisco, California 94111
Tel. No.: (415) 627-3017
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
- with copies to -
Michael G. Tannenbaum, Esq.
Newman Tannenbaum Helpern Syracuse & Hirschtritt LLP
900 Third Avenue - 13th Floor
New York, New York 10022
(212) 508-6700
September 23, 1997
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(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(b)(3) or (4) check the following
box [ ]
Check the following box if a fee is being paid with the statement [ ]
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, as amended ("Exchange Act") or otherwise subject to the
liabilities of that section of the Exchange Act but shall be subject to all
other provisions of the Exchange Act.
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<TABLE>
<CAPTION>
<S> <C> <
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CUSIP No. 0003584301 13D
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1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Cambridge Investments Limited
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
00
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 750,400 shares of Common Stock (See Item 5)
OWNED BY
EACH ------------------------------------------------------------------------------------
REPORTING 8 SHARED VOTING POWER
PERSON WITH
0
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9 SOLE DISPOSITIVE POWER
750,400 shares of Common Stock (See Item 5.)
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10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
750,400 shares of Common Stock (See Item 5.)
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.15% of Common Stock (See Item 5)
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14 TYPE OF REPORTING PERSON*
IA
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</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT
Page 2 of 9 Pages
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SCHEDULE 13D
This Schedule 13D is being filed on behalf of Cambridge
Investments Limited, a California corporation, registered as an investment
advisor in the State of California, regarding shares of Friede Goldman
International, Inc. acquired on behalf of certain of its clients.
Item 1. Security and Issuer
Securities acquired: Common Stock, $.01 par value
Issuer: Friede Goldman International, Inc.
525 East Capitol Street
Suite 402
Jackson, Mississippi 39201
Item 2. Identity and Background
Cambridge Investments Limited, a California corporation
("Cambridge" or "CIL"), is registered as an investment advisor in the State of
California and provides investment management services to private individuals
and institutions. Cambridge's contracts with its clients generally provide that
Cambridge is responsible for designing and implementing the client's overall
investment strategy; for conducting direct portfolio management strategies to
the extent Cambridge determines that it is appropriate to utilize its own
portfolio management capabilities. Cambridge is located at 600 Montgomery
Street, San Francisco, California 94111. Cambridge has not been convicted in a
criminal proceeding during the last five (5) years. Cambridge is not, and during
the past five (5) years was not, a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result thereof, subject
to any 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.
Mr. John R. Tozzi ("Mr. Tozzi") is the sole shareholder,
director and principal of Cambridge. His business address is 600 Montgomery
Street, San Francisco, California 94111. Mr. Tozzi's principal occupation is
investment management and he is a United States citizen. During the past five
years, Mr. Tozzi has not been (a) convicted in a criminal proceeding, or (b) a
party to any civil proceeding as a result of which he has been subject to any
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.
Item 3. Source and Amount of Funds
Cambridge, through Cambridge Energy, L.P. ("CELP"), Cambridge
Energy Fund International Ltd. ("CEF"), Cambridge Oil & Gas, L.P. ("COG"),
Cambridge Oil & Gas International Fund, Ltd. ("COG Int'l"), Palamundo LDC
("Palamundo"), Quantum
Page 3 of 9 Pages
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Partners, LDC ("QUE"), Cambridge, and the Cambridge Profit Sharing Plan (the
"Plan") (collectively, the "Funds"), has invested approximately $34,543,525.40
in Common Stock of the Issuer as described in Item 5 below. CELP, CEF, COG,
COG Int'l, Palamundo, QUE, Cambridge and the Plan have invested approximately
$8,630,187.82, $11,378,984.35, $198,366.36, $1,342,235.13, $613,572.64,
$4,279,379.11, $3,468,240.00 and $587,592.50, respectively. The source of
these funds was the respective working capital of each of the Funds. Mr. John
R. Tozzi ("JRT") may be deemed to have invested indirectly approximately
$4,044,967.50 in the Common Stock of the Issuer as described below.
Item 4. Purpose of the Transaction
Cambridge, through the Funds, has acquired shares of Common
Stock reported in Item 5(c) hereof over the last sixty (60) days, and prior
thereto, for portfolio investment purposes only, and does not have any present
plans or proposals that relate to or would result in any change in the
business, policies, management, structure or capitalization of the Issuer.
Cambridge reserves the right to acquire, or dispose of, additional securities
of the Issuer or any of its securities in the ordinary course of business, to
the extent deemed advisable in light of their general investment and trading
policies, market conditions or other factors. The Issuer may from time to time
contact large shareholders with a view towards discussing the acquisition of
their shares. Other than as described above, Cambridge does not have plans or
proposals which would result in any of the following:
1) the acquisition by any person of additional securities of
the Issuer, or the disposition of securities of the
Issuer;
2) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Issuer or any
of its subsidiaries;
3) a sale or transfer of a material amount of assets of the
Issuer or any of its subsidiaries;
4) any change in the present board of directors or management
of the Issuer, including any plans or proposals to change
the number or term of directors or to fill any vacancies
on the board;
5) any material change in the present capitalization or
dividend policy of the Issuer;
6) any other material change in the Issuer's business or
corporate structure;
7) changes in the Issuer's charter, by-laws or instruments
corresponding thereto or other actions which may impede
the acquisition of control of the Issuer by any person;
8) causing a class of securities of the issuer to be delisted
from a national securities exchange or to cease to be
authorized to be quoted in an
Page 4 of 9 Pages
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interdealer quotation system of a registered national
securities association;
9) causing a class of securities of the Issuer to become
eligible for termination of registration pursuant to
Section 12(g)(4) of the Exchange Act; or
10) any action similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer
(a) As of October 7, 1997, Cambridge is the beneficial owner
of 750,400 shares of Common Stock, or 6.15% shares of the shares outstanding.
Of the 750,400 shares of Common Stock described above, (i) 153,380 are deemed
beneficially owned by Cambridge in its capacity as investment advisor for the
institutional account of CELP; (ii) 294,550 are deemed beneficially owned by
Cambridge in its capacity as investment advisor for the institutional account
of CEF; (iii) 4,200 are deemed beneficially owned by Cambridge in its capacity
as investment advisor for the institutional account of COG; (iv) 29,100 are
deemed beneficially owned by Cambridge in its capacity as investment advisor
for the institutional account of COG Int'l; (v) 10,590 are deemed beneficially
owned by Cambridge in its capacity as investment advisor for the managed
account of Palamundo; (vi) 73,980 are deemed beneficially owned by Cambridge
in its capacity as investment advisor for the managed account of QUE; (vii)
79,880 are deemed beneficially owned by Cambridge in its capacity as
investment advisor for its own account; and (viii) 12,360 are deemed
beneficially owned by Cambridge in its capacity as investment advisor for the
institutional account of the Plan. JRT, directly and indirectly, may be deemed
the beneficial owner of 94,360 shares of Common Stock or, in the aggregate,
.77% of the shares outstanding.
The number of shares beneficially owned by Cambridge, and
the percentage of outstanding shares represented thereby, have been computed
in accordance with Rule 13d-3 under the Exchange Act. The percentage of
ownership of Cambridge on October 7, 1997 is based on 12,202,521 outstanding
shares of the Issuer's Common Stock as reported in the Issuer's Quarterly
Report on Form 10-Q for the period ended June 30, 1997.
(b) Cambridge has the sole power to vote and dispose of the
shares of Common Stock held for the institutional accounts of the Funds
mentioned above.
(c) The transactions in the Issuer's securities by Cambridge
over the last sixty (60) days are listed in Annex A attached hereto and made a
part hereof.
(d) The Funds, respectively, have the right to participate
in the receipt of dividends from, or proceeds from the sale of securities held
on behalf of such funds.
(e) Not Applicable.
Page 5 of 9 Pages
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Item 6. Contracts, Arrangement, Understandings or Relationships with
Respect to Securities of the Issuer
Not Applicable.
Item 7. Material to be Filed as Exhibits
Not Applicable
Page 6 of 9 Pages
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ANNEX A
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
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DATE TRANS SHARES PRICE ACCOUNT
(A/D)
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8/21/97 A 4,480 33.5599 CELP
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8/21/97 A 1,200 33.5599 COG
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8/21/97 A 140 33.5599 PAL
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8/21/97 A 1,280 33.5599 QUE
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8/22/97 A 1,450 32.7987 CELP
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8/22/97 A 400 32.7987 COG
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8/22/97 A 450 32.7987 QUE
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8/26/97 A 1,850 35.325 CEF
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8/26/97 A 1,900 35.325 CELP
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8/26/97 A 500 35.325 COG
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8/26/97 A 100 35.325 COGI
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8/26/97 A 100 35.325 PAL
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8/26/97 A 550 35.325 QUE
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9/4/97 A 12,500 41.8 JRT*
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9/4/97 A 12,500 41.8 CIL
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9/5/97 A 5,500 42.25 JRT*
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9/5/97 A 6,000 42.25 CIL
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9/5/97 A 5,500 52.25 The Plan
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9/8/97 A 360 41.75 JRT*
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9/8/97 A 380 41.75 CIL
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9/8/97 A 360 41.75 The Plan
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9/9/97 A 1,500 43.875 JRT*
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9/9/97 A 1,500 43.875 JRT*
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9/9/97 A 64,500 43.875 JRT*
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9/9/97 A 500 44.25 JRT*
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9/9/97 A 61,000 43.875 CIL
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9/9/97 A 6,500 43.875 The Plan
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9/9/97 A 500 43.875 JRT*
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9/9/97 A 1,500 43.875 JRT*
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</TABLE>
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<TABLE>
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<S> <C> <C> <C> <C>
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9/9/97 A 1,500 43.875 JRT*
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9/9/97 A 1,500 43.875 JRT*
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9/18/97 A 12,400 50.625 CEF
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9/18/97 A 12,400 50.625 CELP
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9/18/97 A 900 50.625 COGI
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9/18/97 A 600 50.625 PAL
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9/18/97 A 3,200 50.625 QUE
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9/23/97 A 137,000 59.0173 CEF
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9/23/97 A 137,000 59.0173 CELP
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9/23/97 D (2,800) 58 CELP
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9/23/97 A 18,100 59.0173 COGI
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9/23/97 A 69,900 50.625 QUE
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9/23/97 A 8,100 59.0173 COGI
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9/23/97 A 10,000 59.0173 PAL
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10/1/97 D (4,700) 60.625 CEF
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10/1/97 D (2,400) 60.625 CELP
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10/1/97 A 2,100 60.625 COG
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10/1/97 A 6,400 60.625 COGI
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10/1/97 D (200) 60.625 PAL
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10/1/97 D (1,200) 60.625 QUE
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10/2/97 D (700) 61.625 CEF
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10/2/97 D (650) 61.625 CELP
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10/2/97 D (50) 61.625 PAL
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10/2/97 D (200) 61.625 QUE
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10/3/97 A 1,600 61.625 COGI
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</TABLE>
* These transactions relate to shares held by family members and entities
established for their benefit.
Page 8 of 9 Pages
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Signatures
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: October 7, 1997
CAMBRIDGE INVESTMENTS, LIMITED
By: /s/ Jocelyn Weingart
--------------------------------
Joelyn Weingart,
Vice President
Page 9 of 9 Pages
