UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Amendment No. 2
Titan Holdings, Inc.
(Name of Issuer)
Common Stock ($0.01 par value per share)
(Title of Class of Securities)
888303 10 4
(CUSIP Number)
John A. MacColl
Executive Vice President - General Counsel
USF&G Corporation
P.O. Box 1138
Baltimore, Maryland 21203
(410) 547-3000
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
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Page 1 of 5 Pages
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CUSIP No.: 888303 10 4 Page 2 of 5 Pages
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(1) NAME OF REPORTING PERSON: USF&G Corporation
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 52-1220567
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(2) 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*
BK, WC, OO
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(5) CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e)
|_|
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(6) CITIZENSHIP OR PLACE OF ORGANIZATION
State of Maryland
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NUMBER OF (7) SOLE VOTING POWER
SHARES 521,000
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BENEFICIALLY (8) SHARED VOTING POWER
OWNED BY 2,579,295(1)
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EACH (9) SOLE DISPOSITIVE POWER
REPORTING 521,000
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PERSON (10) SHARED DISPOSITIVE POWER
WITH 2,579,295(1)
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(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,100,295
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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)
30.8%
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(14) TYPE OF REPORTING PERSON*
CO, IC
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
(1) The Reporting Person disclaims beneficial ownership of the 2,579,295 shares
of Titan Common Stock subject to the Voting Agreement described herein.
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This Amendment No. 2 amends and supplements the statement on Schedule 13D
dated August 15, 1997, as previously amended and supplemented (the "Statement")
filed by USF&G Corporation, a Maryland corporation ("USF&G") and relating to the
shares of common stock, par value $.01 per share (the "Common Stock") of Titan
Holdings, Inc., a Texas corporation ("Titan"). Capitalized terms used herein
without definition have the same meaning as those ascribed to them in the
initial filing.
Item 3. Source and Amount of Funds and Other Consideration
The last paragraph of Item 3 is hereby amended and restated to read as
follows:
Since the filing of the Statement, USF&G Corporation has purchased an
aggregate of 521,000 shares of Titan Common Stock on the open market. The shares
were purchased using internal resources and existing credit facilities of USF&G.
Item 5. Interest in Securities of the Issuer
Item 5 is hereby amended and restated to read as follows:
(a)-(b)
As a result of the Voting Agreement, USF&G may be deemed to have shared
power to vote an aggregate of 2,579,295 shares of Titan Common Stock for the
limited purposes described in Item 4 above and in the Voting Agreement. Further,
USF&G may be deemed to have shared power with respect to the disposition of such
shares based upon the restrictions on transfer of such shares described in Item
4 above and in the Voting Agreement. USF&G has acquired 521,000 shares of Titan
Common Stock through purchases of Titan Common Stock for cash consideration on
the open market. In the aggregate the shares subject to the Voting Agreement and
the shares purchased by the USF&G constitute approximately 30.8% of the issued
and outstanding shares of Titan Common Stock.
To USF&G's knowledge, no shares of Titan Common Stock are beneficially
owned by any of the persons named in Schedule I, except for such beneficial
ownership, if any, arising solely from the Voting Agreement or their position
with USF&G.
Page 3 of 5
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(c)
Neither USF&G, nor, to USF&G's knowledge, any person named in Schedule I,
has effected any transaction in Titan Common Stock during the past 60 days,
except as disclosed herein.
The following table sets forth, for the shares purchased by USF&G, the date
of each transaction, the amount of securities involved and the price per share.
Trade Date Number of shares Price Per Share
August 25, 1997 15,400 21.6875
August 25, 1997 1,500 21.5625
August 25, 1997 10,000 21.5000
August 26, 1997 400 21.5000
August 26, 1997 5,000 21.4375
August 27, 1997 5,000 21.6875
August 27, 1997 7,200 21.5625
August 28, 1997 3,800 21.7500
August 28, 1997 8,500 21.6250
August 28, 1997 3,700 21.3750
August 28, 1997 9,000 21.3125
September 2, 1997 58,500 21.6875
September 10, 1997 183,000 21.7500
210,000 21.6875
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Total 521,000
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(d) Not applicable.
(e) Not applicable.
Page 4 of 5
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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.
Date: September 11, 1997
USF&G CORPORATION
By: /s/ Dan L. Hale
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Name: Dan L. Hale
Title: Executive Vice President -
Chief Financial Officer
