<PAGE> 1
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
------------------------
SCHEDULE 14D-1A
TENDER OFFER STATEMENT
PURSUANT TO SECTION 14(d)(1) OF THE SECURITIES EXCHANGE ACT OF 1934
KINNARD INVESTMENTS, INC.
(Name of Subject Company [Issuer])
SW ACQUISITION, INC.
(Bidder)
COMMON STOCK $.02 PAR VALUE
(Title of Class of Securities)
497059105
(CUSIP Number of Class of Securities)
ELDON C. MILLER
SW ACQUISITION, INC.
5500 WAYZATA BOULEVARD, SUITE 800
MINNEAPOLIS, MN 55416
(612) 542-6000
(Name, Address and Telephone numbers of Person Authorized
to Receive Notices and Communications on Behalf of Bidder)
COPIES TO:
ALBERT A. WOODWARD, ESQ.
DANIEL R. KELLY, ESQ.
MAUN & SIMON, PLC
2000 MIDWEST PLAZA BUILDING WEST
801 NICOLLET MALL
MINNEAPOLIS, MINNESOTA 55402
(612) 904-7400
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(Continued on following page(s))
Page 1 of 5 Pages
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SCHEDULE 14D-1
<TABLE>
<CAPTION>
(CUSIP NO. OF CLASS OF SECURITIES) Page 2 of 8 Pages
497059105
<S> <C>
- ----------------------------------------------------------------------------------------------------------------------
(1) Name of reporting person: SW Acquisition, Inc.
I.R.S. Identification Nos. of above persons (entities only)
Applied for
- ----------------------------------------------------------------------------------------------------------------------
(2) Check the appropriate box if a member of a group (see instructions).
(a) | |
(b) | |
- ----------------------------------------------------------------------------------------------------------------------
(3) SEC use only
- ----------------------------------------------------------------------------------------------------------------------
(4) Source of funds (see instructions)
AF
- ----------------------------------------------------------------------------------------------------------------------
(5) Check if disclosure of legal proceedings is required pursuant to Items 2(e)
or 2(f).
| |
- ----------------------------------------------------------------------------------------------------------------------
(6) Citizenship or place of organization
Minnesota
- ----------------------------------------------------------------------------------------------------------------------
(7) Aggregate amount beneficially owned by each reporting
person.
211,900
- ----------------------------------------------------------------------------------------------------------------------
(8) Check if the aggregate amount in Row (7) excludes certain shares (see
instructions).
| |
- ----------------------------------------------------------------------------------------------------------------------
(9) Percent of class represented by amount in Row (7).
4.3%
- ----------------------------------------------------------------------------------------------------------------------
(10) Type of reporting person (see instructions).
CO
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 2 of 5 Pages
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SCHEDULE 14D-1
<TABLE>
<CAPTION>
(CUSIP NO. of Class of Securities) Page 3 of 8 Pages
497059105
<S> <C>
- ----------------------------------------------------------------------------------------------------------------------
(1) Name of reporting person: Stockwalk.com Group, Inc.
I.R.S. Identification Nos. of above persons (entities only)
41-1756256
- ----------------------------------------------------------------------------------------------------------------------
(2) Check the appropriate box if a member of a group (see instructions).
(a) | |
(b) | |
- ----------------------------------------------------------------------------------------------------------------------
(3) SEC use only
- ----------------------------------------------------------------------------------------------------------------------
(4) Source of funds (see instructions)
BK, WC
- ----------------------------------------------------------------------------------------------------------------------
(5) Check if disclosure of legal proceedings is required pursuant to Items 2(e)
or 2(f)
| |
- ----------------------------------------------------------------------------------------------------------------------
(6) Citizenship or place of organization
Minnesota
- ----------------------------------------------------------------------------------------------------------------------
(7) Aggregate amount beneficially owned by each reporting person
211,900
- ----------------------------------------------------------------------------------------------------------------------
(8) Check if the aggregate amount in Row (7) excludes certain shares (see
instructions).
| |
- ----------------------------------------------------------------------------------------------------------------------
(9) Percent of class represented by amount in Row (7)
4.3%
- ----------------------------------------------------------------------------------------------------------------------
(10) Type of reporting person (see instructions)
HC, CO
- ----------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 3 of 5 Pages
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ITEM 2: IDENTITY AND BACKGROUND.
See attached Exhibit (a)(9).
ITEM 9: FINANCIAL STATEMENTS OF CERTAIN BIDDERS.
See attached Exhibit (a)(9).
ITEM 11: MATERIAL TO BE FILED AS EXHIBITS.
(a)(9) Supplement to Offer to Purchase dated December 17, 1999.
SIGNATURE
After due inquiry and to the best of the undersigned's knowledge and
belief, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: December 17, 1999 SW ACQUISITION, INC.
By: /s/ Paul R. Kuehn
--------------------------
Name: Paul R. Kuehn
Title: President
After due inquiry and to the best of the undersigned's knowledge and
belief, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: December 17, 1999 SW ACQUISITION, INC.
By: /s/ Paul R. Kuehn
--------------------------
Name: Paul R. Kuehn
Title: President
Page 4 of 5 Pages
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EXHIBIT INDEX
EXHIBIT
NAME
(a)(9) Supplement to Offer to Purchase
Page 5 of 5 Pages
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EXHIBIT 99.(A)(9)
SUPPLEMENT TO OFFER TO PURCHASE
ALL OUTSTANDING SHARES OF COMMON STOCK
OF
KINNARD INVESTMENTS, INC.
BY
SW ACQUISITION, INC.
A WHOLLY-OWNED SUBSIDIARY OF STOCKWALK.COM GROUP, INC.
Pursuant to Rule 14d-6(d) of the Rules and Regulations under the Securities
Exchange Act of 1934, SW Acquisition, Inc. ("Purchaser") supplements the
information contained in Section 8 ("Certain Information Concerning the
Company") of the Offer to Purchase as follows:
On December 10, 1999, Kinnard Investments, Inc. (the "Company")
received an arbitration award against Dain Rauscher Corporation based on
the Company's claim that Dain improperly recruited 18 of the Company's
brokers. A National Association of Securities Dealers arbitration panel
awarded the Company $9,117,000 in compensatory damages, $7,100,000 in
punitive damages and $349,719 in attorneys' fees. According to news
reports, Dain intends to appeal the award.
The Purchaser and Stockwalk.com Group, Inc. ("Stockwalk") are
currently considering what effect, if any, the award will have on their
offer.
In addition, Purchaser supplements the information contained in Section 9
("Certain Information Concerning the Purchaser and Stockwalk") with the
following selected financial information of Stockwalk and its affiliates set
forth below which has been excerpted and derived from Stockwalk's Form 10-Q for
the period ending September 30, 1999 and from Stockwalk's Form 8-K dated July
22, 1999. More comprehensive financial and other information is included in such
reports, including management's discussion and analysis of financial condition
and results of operations, and in other reports and documents filed by the
Company with the Commission. The pro forma financial information gives
retroactive effect to the merger of MJK Holdings, Inc. with a subsidiary of NM
Holdings, Inc. (the predecessor of Stockwalk) completed on July 6, 1999. The
financial information set forth below is qualified in its entirety by reference
to such reports and documents filed with the Commission and all of the financial
statements and related notes contained therein.
SUMMARY OF SELECTED FINANCIAL INFORMATION OF
STOCKWALK.COM GROUP, INC.
(IN THOUSANDS, EXCEPT PER SHARE DATA)
<TABLE>
<CAPTION>
SIX MONTHS ENDED
MJK HOLDINGS, INC. SEPTEMBER 30
MARCH 31, ---------------------- PRO FORMA
1999 (UNAUDITED)
PRO FORMA MARCH 31, MARCH 31, -------------------
(UNAUDITED) 1999 1998 1999 1998
----------- --------- --------- ---- ----
<S> <C> <C> <C> <C> <C>
Financial Condition:
Cash and cash equivalents................ $ 5,295 $ 3,201 $ 3,283 $ 3,000 N/A
Total assets............................. 325,102 322,353 272,616 303,876 N/A
Total liabilities........................ 315,365 315,342 271,258 291,958 N/A
Shareholders' equity..................... 9,737 7,011 1,358 11,917 N/A
Operating Results:
Total revenues........................... $ 55,729 $ 55,590 $ 47,093 $ 27,096 $27,544
Total operating expenses................. 53,400 53,333 48,916 30,880 26,229
Income (loss) before income taxes........ 2,329 2,258 (1,823) (3,784) 1,315
Net income (loss)........................ 1,313 1,273 (1,224) (2,304) 883
Per Share Data:
Earnings (loss) - Basic.................. .08 .30 (.29) (.12) .05
Earnings (loss) - Diluted................ .08 .30 (.29) (.12) .05
Dividends declared....................... .00 .00 .00 .00 .00
</TABLE>
