<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Schedule 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 1)
------------
Blue Ridge Real Estate Company and Big Boulder Corporation
- -------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, without par value, $0.30 stated par value per combined share
- -------------------------------------------------------------------------------
(Title of Class of Securities)
096005 4 20 2 (common); 096004 4 10 3 (unit)
- -------------------------------------------------------------------------------
(CUSIP Number)
Wolf, Block, Schorr and Solis-Cohen
Attn: Jason M. Shargel
Twelfth Floor Packard Building
S.E. Corner 15th and Chestnut Streets
Philadelphia, PA 19102
(215) 977-2000
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
April 23, 1996
- --------------------------------------------------------------------------------
(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 / /. (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
(Continued on following page(s))
Page 1 of 37
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 2 of 37 Pages
-------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Rea Brothers Group PLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) /x/
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
England
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY --------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON -0-
WITH --------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
114,500
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
114,500
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO/HC
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 3 of 37 Pages
-------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Finsbury Asset Management Limited
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) /x/
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
England
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY -0-
OWNED BY --------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON -0-
WITH --------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
-0-
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO/IA
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 4 of 37 Pages
-------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Finsbury Trust PLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / x /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
England and Wales
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 61,000
BENEFICIALLY -------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING -0-
PERSON -------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
61,000
-------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
61,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO/IC
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 5 of 37 Pages
-------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Ocean Wilsons (Investments) Limited
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / x /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 30,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING -0-
PERSON --------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
30,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
30,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO/IC
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 6 of 37 Pages
-------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Finsbury Growth Trust PLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) /x /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Scotland
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 27,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING -0-
PERSON --------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
27,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
27,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO/IC
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 7 of 37 Pages
-------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Finsbury Smaller Companies Trust PLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / x /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
England and Wales
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 16,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING -0-
PERSON --------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
16,000
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
16,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.8%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO/IC
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 8 of 37 Pages
-------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Reamann Trust Company Limited
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / x /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Isle of Man
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 88,000
BENEFICIALLY -----------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING -0-
PERSON -----------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
88,000(1)
-----------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
88,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO/IA
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
- --------
(1) Due to Rea Brothers Group PLC's ownership of the entire share capital of
Reaman Trust Company Limited, the dispositive power over such shares may be
deemed to be shared with Rea Brothers Group PLC.
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 9 of 37 Pages
-------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Rea Brothers (Investment Management) Limited
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / x /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
England and Wales
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES -0-
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING -0-
PERSON --------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
-0-
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
-0-
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
-0-
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO/IA
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 10 of 37 Pages
-------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Rea Brothers (Guernsey) Limited
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) / /
(b) / x /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
00
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
/ /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bailiwick of Guernsey
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER OF
SHARES 26,500
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH
REPORTING -0-
PERSON --------------------------------------------------------------
WITH 9 SOLE DISPOSITIVE POWER
26,500(2)
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
-0-
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
26,500
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.3%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO/IA
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
- --------
(2) Due to Rea Brothers Group PLC's ownership of the entire share capital of
Rea Brothers (Guernsey) Limited, the dispositive power over such shares may be
deemed to be shared with Rea Brothers Group PLC.
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 11 of 37 Pages
-------------
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Statement of
Reporting Persons (as defined below)
Pursuant to Section 13(d) of the
Securities Exchange Act of 1934
in respect of
BLUE RIDGE REAL ESTATE COMPANY AND
BIG BOULDER CORPORATION
This Report relates to the common stock, without par value,
stated value $0.30 per combined share (the "Shares"), of Blue Ridge Real Estate
Company and Big Boulder Corporation (collectively, the "Companies"). Such Report
constitutes Amendment No. 1 to the Schedule 13D (the "Reporting Persons
Report"), dated April 10, 1996, filed with respect to the Shares by the group
consisting of the following entities (the "Reporting Persons"): Finsbury Asset
Management Limited, formerly Finsbury Finance and Holding Company Limited
("Finsbury"), Finsbury Trust PLC, formerly The Scottish and Mercantile
Investment Company PLC ("FTP"), Ocean Wilsons (Investments) Limited,
successor-in-interest to Ocean Wilsons (Holdings) PLC ("Ocean"), Finsbury Growth
Trust PLC, formerly Scottish Cities Investment Trust PLC ("FGT"), Finsbury
Smaller Companies Trust PLC, formerly Lancashire & London Investment Trust PLC
("FSCT," and collectively with FTP, Ocean and FGT, the "Investment Companies,"
and the Investment Companies collectively with Finsbury, the "Finsbury
Entities"), Rea Brothers Group PLC ("Rea Brothers"), Reamann Trust Company
Limited ("Trust"), Rea Brothers (Investment Management) Limited ("Investment")
and Rea Brothers (Guernsey) Limited ("RBG", and collectively with Rea Brothers,
Trust and Investment, the "Rea Entities"). This Report is being filed by the
Reporting Persons pursuant to Rule 13d-1 promulgated under the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). This Report also
constitutes Amendment No. 7 to the Schedule 13D (the "Finsbury Report"), dated
January 3, 1986, filed by the Finsbury Entities and Amendment No. 13 to the
Schedule 13D (the "Rea Report"), dated January 20, 1983, filed by RBG and joined
on September 29, 1989 by Investment and Trust. Each of the Reporting Persons has
agreed that this Report be filed on behalf of all such persons and such
agreement is filed as Exhibit A to the Reporting Persons Report.
The descriptions contained in this Report of certain
agreements and documents are qualified in their entirety by reference to the
completed text of such agreements and documents filed as Exhibits hereto and
incorporated herein by reference.
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 12 of 37 Pages
-------------
The filing of this Report shall not be construed as an
admission that the Reporting Persons are a group as contemplated by Rule
13d-5(b)(1) promulgated under the Exchange Act or that any of the Reporting
Persons is the beneficial owner of any Shares covered by this Report.
Item 5. Interest in Securities of the Issuer.
This Report is being filed as a result of the following series
of transactions (each, a "Transaction" and, collectively, the "Transactions").
On April 29, 1996, RBG sold 2,000 Shares. On May 13, 1996, 113,452 Shares held
by RBG became non-discretionary, such that Rea Brothers has no voting or
dispositive rights over such Shares. On June 5, 1996, Trust sold 2,000 Shares.
On October 21, 1996, RBG sold 1,500 Shares. On November 18, 1996, Investment
sold 3,934 Shares. On April 23, 1996 FGT and FSCT's respective management
agreements with Finsbury were amended to provide that Finsbury has no voting or
dispositive rights over any Shares held by FGT or FSCT. On June 28, 1996, the
respective management agreements with Finsbury of FTP and Ocean were similarly
amended. Accordingly, Item 7 of each of the Investment Companies' cover pages
reflect the fact that the sole voting power and sole dispositive power with
respect to the Shares held by each Investment Company is held by such Investment
Company, rather than by Finsbury.
Each of Trust, Investment and RBG has sole dispositive power
over the Shares held on behalf of such Reporting Persons' discretionary account
customers. Rea Brothers has no direct dispositive or voting power over the
Shares and is a Reporting Person solely because it may be deemed to be a
beneficial owner of the Shares as a result of its ownership of Trust, Investment
and RBG.
As of the close of business on November 18, 1996, the
Reporting Persons held, respectively, the following numbers of Shares,
comprising the corresponding approximate percentages of Shares outstanding:
% of Shares
Reporting Person Number of Shares Outstanding (B)
---------------- ---------------- ---------------
FTP 61,000 3.0
Ocean 30,000 1.5
FGT 27,000 1.3
FSCT 16,000 0.8
Finsbury -0- 0.0
Trust 88,000 4.4
Investment -0- 0.0
RBG 26,500 1.3
Rea Brothers 114,500(A) 5.7
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 13 of 37 Pages
-------------
- ------------------
(A) Represents the aggregate amount of Shares held by the
Reporting Persons. Such Shares may be deemed to be
beneficially owned by Rea Brothers as a result of Rea
Brothers' direct or indirect ownership of all the
capital shares of Finsbury, Trust, Investment and
RBG. Rea Brothers does not hold any Shares for its
own account.
(B) Based on 2,004,014 Shares outstanding as of August
31, 1996, as reported by the Companies in their
Quarterly Report on Form 10-Q for the quarterly
period ended August 31, 1996.
The table above reflects the following transactions each of
which were effected in over-the-counter transactions in the United States
subsequent to the last amendments filed to each of the Finsbury Report and Rea
Report:
1) On April 29, 1996, 2,000 Shares were sold by
RBG for a price of $6.00 per share;
2) On June 5, 1996, 2,000 Shares were sold by
Trust for a price of $6.50 per share;
3) On October 21, 1996, 1,500 Shares were sold
by RBG for a price of $6.50 per share; and
4) On November 18, 1996, 3,934 Shares were sold
by Investment for a price of $6.50 per
share.
To the best knowledge of the Reporting Persons, none of the
individuals listed in Appendix A beneficially owns any Shares. To the best
knowledge of the Reporting Persons, none of the Reporting Persons or the
individuals listed in Appendix A effected any transactions in the Shares during
the past 60 days.
Item 6. Contracts, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer.
Finsbury has a separate management agreement with each of the
Investment Companies. As described in Item 5, each of such agreements has been
amended so that Finsbury no longer has any powers of disposition or voting over
the Shares held by the Investment Companies.
RBG's agreements with its clients have been amended such that
RBG no longer has any powers of disposition or voting over an aggregate amount
of 113,452 Shares held by such clients.
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 14 of 37 Pages
-------------
Item 7. Material to be Filed as Exhibits.
Exhibit A: Resolution of FTP
Exhibit B: Resolution of FGT
Exhibit C: Resolution of FSCT
Exhibit D: Resolution of Ocean
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 15 of 37 Pages
-------------
APPENDIX A
REA BROTHERS GROUP PLC
The following is a list of the directors and officers of Rea
Brothers. Each of the persons listed is a citizen of the United Kingdom and is
principally employed as a director of Rea Brothers, unless otherwise stated. The
address of the principal office of Rea Brothers and the business address of each
person listed below is Alderman's House, Alderman's Walk, London EC2M, England.
Chairman
Sir Hugh Cubitt (1)
Deputy Chairman
W. H. Salomon (2)
Managing Director
R.W. Parsons (3)
Directors
M.J.E.G. Bower (4)
C.M.Davidge (5)
J. A. V. Townsend (6)
A.W. Dyer (7)
G.R. Moreno (8)
J.M.P. Welman (9)
Notes
(1) Retired.
(2) See attached list of directorships.
(3) See attached list of directorships.
(4) See attached list of directorships.
(5) Managing Director, Christies PLC, 8 King Street, London SW1, England.
(6) See attached list of directorships.
(7) Retired.
(8) U.S. Citizen; retired.
(9) See attached list of directorships.
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 16 of 37 Pages
-------------
FINSBURY GROUP LIMITED
The following is a list of the directors and executive officers of FGL.
Each of the persons listed is a citizen of the United Kingdom. The address of
the principal office of FGL and of the principal place of business of each
person listed is Alderman's House, Alderman's Walk, London EC2M 3XR, England.
Directors
W.H. Salomon (1)
J.A.V. Townsend (2)
D. Bailey (3)
J.M.P. Welman (4)
Notes
(1) See attached list of directorships.
(2) See attached list of directorships.
(3) See attached list of directorships.
(4) See attached list of directorships.
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 17 of 37 Pages
-------------
FINSBURY ASSET MANAGEMENT LIMITED
The following is a list of the directors and executive officers of
Finsbury. Each of the persons listed is a citizen of the United Kingdom and is
principally employed as a director or executive officer of Finsbury, unless
otherwise noted. The address of the principal office of Finsbury and of the
principal place of business of each person listed is Alderman's House,
Alderman's Walk, London EC2M 3XR, England.
Directors
W. H. Salomon (1)
J.A.V. Townsend (2)
D. Bailey (3)
D.B. Black (4)
C. E. Griffin (5)
M. R. King (6)
H. Spivey (7)
J.M.P. Welman (8)
Notes
(1) Deputy Chairman of Rea Brothers, Director of Rea Brothers, Adam & Harvey
Group PLC, Manganese Bronze Holdings PLC and Immuno International AG.
See attached list of directorships.
(2) Chairman of Rea Brothers Limited, Director of Rea Brothers (Isle of Man)
Limited, Immuno International AG and Blue Ridge Real Estate. See
attached list of directorships.
(3) Former Partner of Phillips & Drew. See attached list of directorships.
(4)
(5) See attached list of directorships.
(6) See attached list of directorships.
(7) See attached list of directorships.
(8) See attached list of directorships.
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 18 of 37 Pages
-------------
FINSBURY TRUST PLC
The following is a list of the directors and executive officers of FTP.
Each of the persons listed is a citizen of the United Kingdom. The principal
employment of each of the persons listed is stated below. The address of the
principal office of FTP and of the principal place of business of each person
listed is Alderman's House, Alderman's Walk, London EC2M, England, unless
otherwise stated.
Directors
J. Borwick (Chairman) (1)
J.M. St. J. Harris (2)
E.C. Teideman (3)
M. Reeve (4)
Notes
(1) Managing Director, Manganese Bronze Holdings PLC., 1 Love Lane, London
EC2V 7HJ, England.
(2) Director, Durrington Corporation Limited, 4-5 Governor Place, London,
SWIX 7HJ, England.
(3) See attached list of directorships.
(4) Director, The Tregeare Company Limited, Tregeare House, Launceston,
Cornwall, PLI5 8RE, England. See attached list of directorships.
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 19 of 37 Pages
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OCEAN WILSONS HOLDINGS LIMITED
The following is a list of the Directors and Executive Officers of OWH.
The address of the principal office of OWH is Clarendon House, Church Street
West, Hamilton HM DX, Bermuda. The citizenship, principal employment and the
principal place of business of each of the persons listed is stated below.
Directors
C. Collis (1)
E.C. Teideman (2)
J.F. Gouvea Vieira (3)
B. Huntingdon (4)
N. Carlini (5)
W.H. Salomon (6)
Notes
(1) British. Deputy Chairman of Bank of Bermuda. Senior Partner of Conyers
Dill & Pearman, Clarendon House, Church Street West, Hamilton HM DX,
Bermuda. Chairman of BF&M Ltd.
(2) British. Director FTP. Alderman's House, Alderman's Walk, London EC2M,
England. See attached list of directorships.
(3) Brazilian. Managing Partner of Escritorio de Advocacia Gouvea Vieira,
Avenida Rio Branco 85-13th Floor, 20040-004 Rio de Janeiro, Brazil.
(4) Canadian. Associate General Counsel and Vice-President Centre of
Reinsurance Co., Mythen Quai 2, 8022 Zurich, Switzerland.
(5) Brazilian. Director of Ocean, Wilson Sons Ltda. Avenida Rio Branco, 25 -
7th Floor, CEP 20093-900, P.O. Box 751, Rio De Janeiro - RJ, Brazil.
(6) British. Director of Finsbury, Rea Brothers, Adam & Harvey Group PLC,
Manganese Bronze Holdings PLC and Immuno International AG. See attached
list of directorships.
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 20 of 37 Pages
-------------
OCEAN WILSONS (INVESTMENTS) LIMITED
The following is a list of the Directors and Executive Officers of
Ocean. The address of the principal office of Ocean is Clarendon House, Church
Street West, Hamilton HM DX, Bermuda. The citizenship, principal employment and
the principal place of business of each of the persons listed is stated below.
Directors
C. Charles Collis (Chairman) (1)
J.F. Gouvea Vieira (2)
C.F. Alexander Cooper (3)
N. Carlini (4)
W.H. Salomon (5)
K.W. Middleton (6)
Notes
(1) British. Deputy Chairman of Bank of Bermuda. Senior Partner of Conyers
Dill & Pearman, Clarendon House, Church Street West, Hamilton HM DX,
Bermuda.
(2) Brazilian. Managing Partner of Escritorio de Advocacia Gouvea Vieira,
Avenida Rio Branco 85-13th Floor, 20040 Rio de Janeiro, Brazil.
(3) Canadian. Associate General Counsel and Vice-President of Centre
Reinsurance Companies, Cumberland House, One Victoria Street, P. O. Box
HM 1788, Hamilton HM HX, Bermuda.
(4) Brazilian. Director of OWH, Wilson Sons Ltda Avenida Rio Branco, 25 -
7th Floor , CEP 20093-900, P.O. Box 751, Rio de Janiero - RJ, Brazil.
(5) British. Director of Finsbury, Rea Brothers, Adam and Harvey Group PLC,
Manganese Bronze Holdings PLC and Immuno International AG. Alderman's
House, Alderman's Walk, London EC2M, England. See attached list of
directorships.
(6) British New Zealand. Alderman's House, Alderman's Walk, London EC2M,
England.
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 21 of 37 Pages
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FINSBURY GROWTH TRUST PLC
The following is a list of the directors and executive officers of FGT.
Each of the persons listed below is a citizen of the United Kingdom except where
stated. The principal employment of each of the persons listed is stated below.
The address of the principal office of FGT and of the principal place of
business of each person listed is Alderman's House, Alderman's Walk, London
EC2M, England., unless otherwise stated.
Directors
M. Reeve (Chairman) (1)
Rt. Hon. Sir Patrick Nairne, G.C.B., M.C., P.C. (2)
G. W. B. Warman (3)
J. Beckman (4)
S.W. Urry (5)
C. Brundin (6)
Notes
(1) Director, FTP. Director, The Tregeare Company Limited, Tregeare House,
Launceston, Cornwall, PL15 8RE, England..
(2) Former Permanent Secretary, Department of Health and Social Security;
Retired master of St. Catherine's College, University of Oxford. See
attached list of directorships.
(3) Director, Charterhouse Tilney Securities Ltd., 1 Paternoster Row,
London, EC2, England.
(4) Swedish. Beckman Enoch & Glass Ltd., 10 Hill Street, London WIX 7FU,
England.
(5) Director, Shop & Store Group, Ltd., Burley House, Bradford Road,
Burley-in-Wharfedale, 1lkley, West Yorkshire LS29 7DZ.
(6) Director, Oxford University, School of Management Studies, Radcliffe
Infirmary, Oxford OX2 6HE.
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 22 of 37 Pages
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FINSBURY SMALLER COMPANIES TRUST PLC
The following is a list of the directors and executive officers of
FSCT. Each of the persons listed below is a citizen of the United Kingdom except
where stated. The principal employment of each of the persons listed is stated
below. The address of the principal office of FSCT and of the principal place of
business of the persons listed is Alderman's House, Alderman's Walk, London
EC2M, England., unless otherwise stated.
Directors
S.B. Gibbs (Chairman) (1)
Rt. Hon. Sir Patrick Nairne, G.C.B., M.C., P.C. (2)
J.M.G. Heynes (3)
J.P. de Blocq van Kuffeler (4)
M. Moore (5)
Notes
(1) Chairman of B Elliot PLC, Elliot House, Victoria Road, London NW10 6NY;
director, Equity Consort Investment Trust PLC, Five Arrows House, St.
Swithins Lane, London EC4N 8NR; Director, Moray Firth Malting Ltd.,
Elliot Industrial Estate, Arbroath, Angus DD11 2NJ.
(2) Former Permanent Secretary, Department of Health and Social Security;
Retired Master, St. Catherine's College, University of Oxford. See
attached list of directorships.
(3) Formerly Underwriting Agent at Lloyd's of London. 40 Lime Street, London
EC1, England.
(4) British/Dutch. Chief Executive, Provident Financial PLC, Colonade,
Sunbridge Road, Bradford, BDI 2LQ England.
(5) British. Director, 32 Louer Belgrave Street, London, SW1W 0LN, England.
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 23 of 37 Pages
-------------
REAMANN TRUST COMPANY LIMITED
The following is a list of the directors and executive officers of
Trust. Each of the persons listed is a citizen of the United Kingdom. Each of
the persons listed is principally employed as a director of Trust. The address
of the principal office of Trust and the business address of each person listed
below is P.O. Box 203, 29 Athol Street, Douglas, Isle of Man, British Isles.
Managing Director
D.C. Litton, A.C.I.B.
Directors
I.M.E. Bancroft, A.C.I.B.
W.A. Hamilton-Turner, A.C.I.B.
M.J. Lewin
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 24 of 37 Pages
-------------
REA BROTHERS (INVESTMENT MANAGEMENT) LIMITED
The following is a list of the directors and executive officers of
Investment. Each of the persons listed is a citizen of the United Kingdom. Each
of the persons listed is principally employed as a director of Investment,
unless otherwise stated. The address of the principal office of Investment and
the business address of each person listed below is Alderman's House, Alderman's
Walk, London EC2M, England, unless otherwise stated.
Managing Director
J.M.P. Welman
Directors
R.W. Parasons (1)
M.J.E.G Bower (2)
M.D. Reeder
A.F. Arscott
P.A. Cook
T.J.J. Roberts
M.R. King
D.B. Black
H. Spivey
J.A.V. Townsend (3)
D.A. Palmer
C.E. Griffin
Notes
(1) Managing Director, Rea Brothers. See attached list of directorships.
(2) Director, Rea Brothers.
(3) Finsbury, Alderman's House, Alderman's Walk, London EC 2M 3XR, England.
Deputy Chairman of Rea Brothers, Chairman of Rea Brothers Limited,
Director of Rea Brothers (Isle of Man) Limited, Immuno International AG
and Blue Ridge Real Estate. See attached list of directorships.
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 25 of 37 Pages
-------------
REA BROTHERS (GUERNSEY) LIMITED
The following is a list of the directors and executive officers of RBG.
Each of the persons listed is a citizen of the United Kingdom and resident of
the Bailiwick of Guernsey, except Mr. Teideman, who is a citizen of the United
Kingdom and a resident of England. The address of the principal office of RBG ad
the business address of each of its directors is Commerce House, Les Banques,
St. Peter Port, Guernsey, unless otherwise stated. Each of the persons listed is
principally employed as a director of RBG, unless otherwise stated.
Directors
R.A. Heaume, F.C.C.A. (1)
R. Le C. Brelsford (2)
R.W. Parsons (3)
L.J. Banks
M.K. Pratt
W.H. Salomon (4)
S.M. Jones
D.A. Palmer (5)
Notes
(1) Retired; formerly, Administrator of Income Tax, Guernsey; Cherry Tree,
Clos du Murier, St. Sampsons, Guernsey.
(2) Advocate, Carey Langlois & Co., 7 New Street, St. Peter Port, Guernsey.
(3) Managing Director, Rea Brothers, Alderman's House, Alderman's Walk,
London EC2M, England. See attached list of directorships.
(4) See attached list of directorships.
(5) See attached list of directorships.
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 26 of 37 Pages
-------------
SALOMON 1961 SETTLEMENT
Salomon 1961 Settlement is a discretionary family trust settled by the
late Sir Walter and Lady Salomon in 1961. Salomon has no place of business. The
following is a list of the trustees of Salomon, both of which are residents of
Bermuda.
Trustees
Codan Trust Company Limited (1)
Frank Mutch (2)
Notes
(1) Clarendon House, P.O. Box HM 666, Church Street, Hamilton, Bermuda.
(2) Attorney, Conyers, Dill and Pearman, Clarendon House, P.O. Box HM 666,
Church Street, Hamilton, Bermuda.
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 27 of 37 Pages
-------------
SALOMON 1989 SETTLEMENTS
The Salomon 1989 Settlements are a series of four trusts settled by Lady
Salomon in 1989. The Trusts have no place of business. The following is a list
of the Trustees of the Trusts, both of which are residents of Bermuda.
Trustees
Codan Trust Company Ltd. (1)
Nichols B.B. Dill, Jr. (2)
Notes
(1) Clarendon House, P.O. Box HM 666, Church Street, Hamilton, Bermuda.
(2) Partner, Conyers, Dill and Pearman, Clarendon House, P.O. Box HM 666,
Church Street, Hamilton, Bermuda.
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 28 of 37 Pages
-------------
SALOMON 1990 SETTLEMENTS
The Salomon 1990 Settlements are a series of sixteen trusts settled by
Lady Salomon in 1990. The Trusts have no place of business. The following is a
list of the Trustees of the Trusts, both of which are residents of Bermuda.
Trustees
Codan Trust Company Ltd. (1)
Nichols B.B. Dill, Jr. (2)
Notes
(1) Clarendon House, P.O. Box HM 666, Church Street, Hamilton, Bermuda.
(2) Partner, Conyers, Dill and Pearman, Clarendon House, P.O. Box HM 666,
Church Street, Hamilton, Bermuda.
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 29 of 37 Pages
-------------
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.
REA BROTHERS GROUP PLC
By: CAROLINE GRIFFIN
-------------------------------
Caroline Griffin
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 30 of 37 Pages
-------------
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.
FINSBURY ASSET MANAGEMENT LIMITED
By: CAROLINE GRIFFIN
-------------------------------
Caroline Griffin
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 31 of 37 Pages
-------------
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.
FINSBURY TRUST PLC
By: H. SPIVEY
-------------------------------
H. Spivey
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 32 of 37 Pages
-------------
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.
OCEAN WILSONS (INVESTMENTS)
LIMITED
By: K. W. MIDDLETON
-------------------------------
K. W. Middleton
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 33 of 37 Pages
-------------
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.
FINSBURY GROWTH TRUST PLC
By: H. SPIVEY
-------------------------------
H. Spivey
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 34 of 37 Pages
-------------
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.
FINSBURY SMALLER COMPANIES
TRUST PLC
By: H. SPIVEY
-------------------------------
H. Spivey
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 35 of 37 Pages
-------------
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.
REAMANN TRUST COMPANY LIMITED
By: CAROLINE GRIFFIN
-------------------------------
Caroline Griffin
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 36 of 37 Pages
-------------
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.
REA BROTHERS (INVESTMENT
MANAGEMENT) LIMITED
By: CAROLINE GRIFFIN
-------------------------------
Caroline Griffin
<PAGE>
CUSIP No. 096005 4 20 2
096004 4 10 3 13D/A Page 37 of 37 Pages
-------------
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.
REA BROTHERS (GUERNSEY) LIMITED
By: R. PARSONS
-------------------------------
R. Parsons
<PAGE>
Exhibit A
FINSBURY TRUST PLC
Alderman's House, Alderman's Walk, London EC2M 3XR
I, Hillary Spivey, Secretary of FINSBURY TRUST PLC, DO HEREBY
CERTIFY that the following is a true copy of Resolutions adopted by the Board of
Directors of the Company on 23 April, 1996 and that such Resolutions are still
in force and effect as at the date hereof:
"RESOLVED that the following amendment to the Investment Management Agreement
dated 14 June, 1989 between the Company and Finsbury Asset Management Limited be
and is hereby approved:
"Notwithstanding any rights or obligations conferred by the
Investment Management Agreement dated 14 June, 1989 between
Finsbury Asset Management Limited ("the Manager") and Finsbury
Trust Plc ("the Company") the Manager shall have no
dispositive, voting or other rights over the Blue Ridge Real
Estate and Big Boulder Corporation shares held by the Company
nor shall the Manager have any discretionary authority to buy
and sell such shares".
H. SPIVEY
---------------------------
Mrs. H. Spivey
SECRETARY
Dated: This the 23rd day of April, 1996.
<PAGE>
Exhibit B
FINSBURY GROWTH TRUST PLC
Alderman's House, Alderman's Walk, London EC2M 3XR
I, Hillary Spivey, Secretary of FINSBURY GROWTH TRUST PLC, DO
HEREBY CERTIFY that the following is a true copy of Resolutions adopted by the
Board of Directors of the Company on 23 April, 1996 and that such Resolutions
are still in force and effect as at the date hereof:
"RESOLVED that the following amendment to the Investment Management Agreement
dated 7 July, 1989 between the Company and Finsbury Asset Management Limited be
and is hereby approved:
"Notwithstanding any rights or obligations conferred by the
Investment Management Agreement dated 7 July, 1989 between
Finsbury Asset Management Limited ("the Manager") and Finsbury
Growth Trust Plc ("the Company") the Manager shall have no
dispositive, voting or other rights over the Blue Ridge Real
Estate and Big Boulder Corporation shares held by the Company
nor shall the Manager have any discretionary authority to buy
and sell such shares".
H. SPIVEY
- ---------------------------
Mrs. H. Spivey
SECRETARY
Dated: This the 23rd day of April, 1996.
<PAGE>
Exhibit C
FINSBURY SMALLER COMPANIES TRUST PLC
Alderman's House, Alderman's Walk, London EC2M 3XR
I, Hillary Spivey, Secretary of FINSBURY SMALLER COMPANIES
TRUST PLC, DO HEREBY CERTIFY that the following is a true copy of Resolutions
adopted by the Board of Directors of the Company on 23 April, 1996 and that such
Resolutions are still in force and effect as at the date hereof:
"RESOLVED that the following amendment to the Investment Management Agreement
dated 7 July, 1989 between the Company and Finsbury Asset Management Limited be
and is hereby approved:
"Notwithstanding any rights or obligations conferred by the
Investment Management Agreement dated 7 July, 1989 between
Finsbury Asset Management Limited ("the Manager") and Finsbury
Smaller Companies Trust Plc ("the Company") the Manager shall
have no dispositive, voting or other rights over the Blue
Ridge Real Estate and Big Boulder Corporation shares held by
the Company nor shall the Manager have any discretionary
authority to buy and sell such shares".
H. SPIVEY
- ---------------------------
Mrs. H. Spivey
SECRETARY
Dated: This the 23rd day of April, 1996.
<PAGE>
Exhibit D
OCEAN WILSONS (INVESTMENTS) LIMITED
Clarendon House
Church Street West
Hamilton HM DX Bermuda
I, Sarah J. Cooke, Secretary of OCEAN WILSONS (INVESTMENTS)
LIMITED, DO HEREBY CERTIFY that the following is a true copy of Resolutions
adopted by the Board of Directors of the Company on the 28th day of June, 1996
and that such Resolutions are still in full force and effect as at the date
hereof:
"RESOLVED that the following amendment to the Investment Management Agreement
dated 3rd April 1992 between the Company and Finsbury Asset Management Limited
be and is hereby approved:
"Notwithstanding any rights or obligations conferred by the
Investment Management Agreement dated 3rd April 1992 between
Finsbury Asset Management Limited ("the Manager") and Ocean
Wilsons (Investments) Limited ("the Company") the Manager
shall have no dispositive, voting or other rights over the
Blue Ridge Real Estate and Big Boulder Corporation shares held
by the Company nor shall the Manager have any discretionary
authority to buy and sell such shares."
FURTHER RESOLVED THAT THE EXECUTION by Mr. E. C. Teideman, a Director of the
Company, of a letter confirming the amendment to the said Agreement be and is
hereby approved and ratified."
SARAH J. COOKE
-------------------------------
Sarah J. Cooke
SECRETARY
Dated: This the 28th day of June, 1996
