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The Exhibit Index appears on page 6.
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-A
FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES
PURSUANT TO SECTION 12(b) OR (g) OF THE
SECURITIES EXCHANGE ACT OF 1934
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PROVANT, INC.
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(Exact name of registrant as specified in its charter)
DELAWARE 04-3395167
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(State of incorporation or organization) (IRS Employer
Identification No.)
67 BATTERYMARCH STREET, SUITE 600, BOSTON, MASSACHUSETTS 02110
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(Address of principal executive offices) (Zip Code)
If this form relates to the registration of a class of securities pursuant to
Section 12(b) of the Exchange Act and is effective pursuant to General
Instruction A.(c), please check the following box [ ].
If this form relates to the registration of a class of securities pursuant to
Section 12(g) of the Exchange Act and is effective pursuant to General
Instruction A.(d), please check the following box [X].
Securities Act registration statement file number to which this form relates
________________
(If applicable)
Securities to be registered pursuant to Section 12(b) of the Act:
None
Securities to be registered pursuant to Section 12(g) of the Act:
Title of each class Name of each exchange on which
to be so registered each class is to be registered
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Preferred Stock Purchase Rights None
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ITEM 1. DESCRIPTION OF SECURITIES TO BE REGISTERED.
On July 13, 2000, the Board of Directors of PROVANT, Inc. (the "Company")
adopted a Shareholder Rights Plan pursuant to which a dividend of one preferred
share purchase right (a "Right") for each outstanding share of common stock, par
value $.01 per share (the "Common Shares"), of the Company will be distributed
to the stockholders of record as of the close of business on July 28, 2000 (the
"Record Date"). Each Right entitles the registered holder to purchase from the
Company one one-hundredth of a share of Series A Preferred Stock, par value $.01
per share (the "Series A Preferred Shares"), of the Company, at a price of
$25.00 per one one-hundredth of a Series A Preferred Share (the "Purchase
Price"), subject to adjustment. The description and terms of the Rights are set
forth in a Rights Agreement (the "Rights Agreement") between the Company and
Fleet National Bank, as Rights Agent (the "Rights Agent").
Until the earlier to occur of (i) 10 days following a public announcement
that a person or group of affiliated or associated persons (an "Acquiring
Person") has acquired beneficial ownership of 15% or more of the outstanding
Common Shares or (ii) 10 business days (or such later date as may be determined
by action of the Board of Directors prior to such time as any person becomes an
Acquiring Person) following the commencement of, or announcement of an intention
to make, a tender offer or exchange offer the consummation of which would result
in the beneficial ownership by a person or group of 15% or more of such
outstanding Common Shares (the earlier of such dates being called the
"Distribution Date"), the Rights will be evidenced, with respect to any of the
Common Share certificates outstanding as of the Record Date, by such Common
Share certificate with a copy of this Summary of Rights attached thereto.
The Rights Agreement provides that, until the Distribution Date, the Rights
will be transferred with and only with the Common Shares. Until the Distribution
Date (or earlier redemption or expiration of the Rights), new Common Share
certificates issued after the Record Date, upon transfer or new issuance of
Common Shares, will contain a notation incorporating the Rights Agreement by
reference. Until the Distribution Date (or earlier redemption or expiration of
the Rights), the surrender for transfer of any certificates for Common Shares
outstanding as of the Record Date, even without such notation or a copy of this
Summary of Rights being attached thereto, will also constitute the transfer of
the Rights associated with the Common Shares represented by such certificate. As
soon as practicable following the Distribution Date, separate certificates
evidencing the Rights ("Right Certificates") will be mailed to holders of record
of the Common Shares as of the close of business on the Distribution Date and
such separate Right Certificates alone will evidence the Rights.
The Rights are not exercisable until the Distribution Date. The Rights will
expire on the close of business on July 28, 2010 (the "Final Expiration Date"),
unless the Rights are earlier redeemed by the Company, as described below.
The Purchase Price payable, and the number of Series A Preferred Shares or
other securities or property issuable, upon exercise of the Rights are subject
to adjustment from time to time to prevent dilution (i) in the event of a stock
dividend on, or a subdivision, combination or reclassification of, the Series A
Preferred Shares, (ii) upon the grant to holders of the Series A Preferred
Shares of certain rights or warrants to subscribe for or purchase Series A
Preferred
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Shares at a price, or securities convertible into Series A Preferred Shares with
a conversion price, less than the then current market price of the Series A
Preferred Shares, or (iii) upon the distribution to holders of the Series A
Preferred Shares of evidences of indebtedness or assets (excluding regular
periodic cash dividends paid out of earnings or retained earnings or dividends
payable in Series A Preferred Shares) or of subscription rights or warrants
(other than those referred to above).
The number of outstanding Rights and the number of one one-hundredths of a
Series A Preferred Share issuable upon exercise of each Right are also subject
to adjustment in the event of a stock split of the Common Shares or a stock
dividend on the Common Shares payable in Common Shares or subdivisions,
consolidations or combinations of the Common Shares occurring, in any such case,
prior to the Distribution Date.
Series A Preferred Shares purchasable upon exercise of the Rights will not
be redeemable. Each Series A Preferred Share will be entitled to a quarterly
dividend payment equal to the greater of (a) $1.00 or (b) 100 times the dividend
declared per Common Share. In the event of liquidation, the holders of the
Series A Preferred Shares will also be entitled to a preferential payment equal
to the greater of (a) $1.00 per share plus all accrued and unpaid dividends,
whether or not declared, and (b) 100 times the aggregate payment made per Common
Share. Each Series A Preferred Share will have 100 votes, voting together with
the Common Shares. In the event of any merger, consolidation or other
transaction in which Common Shares are exchanged, each Series A Preferred Share
will be entitled to receive 100 times the amount received per Common Share.
These rights are protected by customary antidilution provisions.
Because of the nature of the Series A Preferred Shares' dividend,
liquidation and voting rights, the value of the one one-hundredth interest in a
Series A Preferred Share purchasable upon exercise of each Right should
approximate the value of one Common Share.
In the event that, following the date of the first public announcement that
a person has become an Acquiring Person (the "Shares Acquisition Date"), the
Company is acquired in a merger or other business combination transaction or 50%
or more of the value of its consolidated assets or earning power are sold or
otherwise transferred, proper provision will be made so that each holder of a
Right will thereafter have the right to receive, upon the exercise thereof at
the then current exercise price of the Right, that number of shares of common
stock of the acquiring company which at the time of such transaction will have a
market value of two times the exercise price of the Right. In the event that any
person becomes an Acquiring Person (unless such person first acquires 15% or
more of the outstanding Common Shares by a purchase pursuant to a tender offer
for all of the Common Shares for cash, which purchase increases such person's
beneficial ownership to 90% or more of the outstanding Common Shares), proper
provision shall be made so that each holder of a Right, other than Rights
beneficially owned by the Acquiring Person (which will thereafter be void), will
thereafter have the right to receive upon exercise that number of Common Shares
having a market value of two times the exercise price of the Right.
At any time after the acquisition by a person or group of affiliated or
associated persons of beneficial ownership of 15% or more of the outstanding
Common Shares and prior to the acquisition by such person or group of 50% or
more of the outstanding Common Shares, the
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Board of Directors of the Company may exchange the Rights (other than Rights
owned by such person or group which have become void), in whole or in part, at
an exchange ratio of one Common Share, or one one-hundredth of a Series A
Preferred Share (or of a share of a class or series of the Company's preferred
stock having equivalent rights, preferences and privileges), per Right (subject
to adjustment).
With certain exceptions, no adjustment in the Purchase Price will be
required until cumulative adjustments require an adjustment of at least 1% in
such Purchase Price. No fractional Series A Preferred Shares will be issued
(other than fractions which are integral multiples of one one-hundredth of a
Series A Preferred Share, which may, at the election of the Company, be
evidenced by depositary receipts) and in lieu thereof, an adjustment in cash
will be made based on the market price of the Series A Preferred Shares on the
last trading day prior to the date of exercise.
At any time prior to the close of business on the Shares Acquisition Date
(but not thereafter), the Board of Directors of the Company may redeem the
Rights in whole, but not in part, at a price of $.01 per Right (the "Redemption
Price"). Subject to the foregoing, the redemption of the Rights may be made
effective at such time, on such basis and with such conditions as the Board of
Directors in its sole discretion may establish. Immediately upon any redemption
of the Rights, the right to exercise the Rights will terminate and the only
right of the holders of Rights will be to receive the Redemption Price.
The terms of the Rights may be amended by the Board of Directors of the
Company without the consent of the holders of the Rights, except that from and
after the Distribution Date no such amendment may adversely affect the interests
of the holders of the Rights.
Until a Right is exercised, the holder thereof, as such, will have no
rights as a stockholder of the Company, including, without limitation, the right
to vote or to receive dividends.
ITEM 2. EXHIBITS.
1 Rights Agreement dated as of July 18, 2000, between PROVANT, Inc. and
Fleet National Bank, as Rights Agent, which includes as Exhibit A the
form of Certificate of Designation of Series A Preferred Stock, as
Exhibit B the form of Right Certificate, and as Exhibit C a Summary of
Rights to Purchase Series A Preferred Shares. Pursuant to the Rights
Agreement, Right Certificates will not be mailed until as soon as
practicable after the earlier of the tenth day after announcement that
a person or group has acquired beneficial ownership of 15% or more of
the Common Shares or the tenth day after a person commences or
announces its intent to commence an offer the consummation of which
would result in a person beneficially owning 15% or more of the Common
Shares.
2 Form of common stock certificate for PROVANT, Inc. containing legend
with respect to the issuance of the Rights.
3 Press Release dated July 18, 2000 of PROVANT, Inc.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this registration statement to be signed
on its behalf by the undersigned, thereunto duly authorized.
PROVANT, INC.
Date: July 21, 2000 By: /s/ Rajiv Bhatt
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Rajiv Bhatt
Executive Vice President
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EXHIBIT INDEX
EXHIBIT METHOD OF FILING PAGE NUMBER
1 Rights Agreement dated as of July 18, Filed herewith 7
2000 between PROVANT, Inc. and
Fleet National Bank, as Rights Agent,
which includes as Exhibit A the form
of Certificate of Designation of Series
A Preferred Stock, as Exhibit B the
form of Right Certificate, and as
Exhibit C a Summary of Rights to
Purchase Series A Preferred Shares.
2 Form of common stock certificate for Filed herewith 58
PROVANT, Inc. containing legend
with respect to the issuance of the
Rights.
3 Press Release dated July 18, 2000 of Filed herewith 60
PROVANT, Inc.
