<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Initial Filing)*
Inco Ltd.
- --------------------------------------------------------------------------------
(Name of Issuer)
Class VBN Shares
- --------------------------------------------------------------------------------
(Title of Class of Securities)
453258709
- --------------------------------------------------------------------------------
(CUSIP Number)
BOB GREENWOOD: ROBERTSON, STEPHENS & COMPANY, INCORPORATED
555 CALIFORNIA STREET, SUITE 2600, SAN FRANCISCO, CA 94104
(415) 781-9700
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
OCTOBER 22, 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.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on 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 ("Act") or otherwise subject to the liabilities of that section of the act
but shall be subject to all other provisions of the Act (however, see the
Notes).
<PAGE>
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- -------------------------------------------------------------------------------
SCHEDULE 13D
- -------------------------------------------------------------------------------
CUSIP NO. 577913106 Page 2 of 15 Pages
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Robertson Stephens Contrarian Fund
Tax I.D. 94-3174915
- -------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP* (b) /X/
- -------------------------------------------------------------------------------
(3) SEC USE ONLY
- -------------------------------------------------------------------------------
(4) SOURCE OF FUNDS* 1,971,900 shares were acquired upon the exchange of
securities, without payment of funds, in the merger
of Diamond Fields Resources, Inc., a Canadian
WC corporation, with Inco Limited, a Canadian
corporation. The remaining shares were purchased
using working capital of the fund.
- -------------------------------------------------------------------------------
(5) CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
/ /
- -------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
- -------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED -----------------------------------------------------
BY EACH (8) SHARED VOTING POWER
REPORTING
PERSON WITH 3,276,350
-----------------------------------------------------
(9) SOLE DISPOSITIVE POWER
0
-----------------------------------------------------
(10) SHARED DISPOSITIVE POWER
3,276,350
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,276,350
- -------------------------------------------------------------------------------
(12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- -------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
12.65%
- -------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IV
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE,
RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION
<PAGE>
- -------------------------------------------------------------------------------
CUSIP NO. 453258709 Page 3 of 15 Pages
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Robertson Stephens Orphan Fund
Tax I.D. 94-3108651
- -------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP* (b) /X/
- -------------------------------------------------------------------------------
(3) SEC USE ONLY
- -------------------------------------------------------------------------------
(4) SOURCE OF FUNDS* 763,700 shares were acquired upon the exchange of
securities, without payment of funds, in the merger
of Diamond Fields Resources, Inc., a Canadian
WC corporation, with Inco Limited, a Canadian
corporation. The remaining shares were purchased
using working capital of the fund.
- -------------------------------------------------------------------------------
(5) CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
/ /
- -------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
- -------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED -----------------------------------------------------
BY EACH (8) SHARED VOTING POWER
REPORTING
PERSON WITH 1,350,000
-----------------------------------------------------
(9) SOLE DISPOSITIVE POWER
0
-----------------------------------------------------
(10) SHARED DISPOSITIVE POWER
1,350,000
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,350,000
- -------------------------------------------------------------------------------
(12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- -------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.21%
- -------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IV
- -------------------------------------------------------------------------------
SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE,
RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION
<PAGE>
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CUSIP NO. 453258709 Page 4 of 15 Pages
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Robertson Stephens Global Natural Resources Fund
Tax I.D. 94-6688562
- -------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP* (b) /X/
- -------------------------------------------------------------------------------
(3) SEC USE ONLY
- -------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
WC
- -------------------------------------------------------------------------------
(5) CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
/ /
- -------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
- -------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED -----------------------------------------------------
BY EACH (8) SHARED VOTING POWER
REPORTING
PERSON WITH 40,000
-----------------------------------------------------
(9) SOLE DISPOSITIVE POWER
0
-----------------------------------------------------
(10) SHARED DISPOSITIVE POWER
40,000
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
40,000
- -------------------------------------------------------------------------------
(12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- -------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.15%
- -------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IV
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE,
RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION
<PAGE>
- -------------------------------------------------------------------------------
CUSIP NO. 453258709 Page 6 of 15 Pages
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Robertson Stephens Orphan Off-shore Fund
Tax I.D. N/A
- -------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP* (b) /X/
- -------------------------------------------------------------------------------
(3) SEC USE ONLY
- -------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
WC
- -------------------------------------------------------------------------------
(5) CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
/ /
- -------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
- -------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED -----------------------------------------------------
BY EACH (8) SHARED VOTING POWER
REPORTING
PERSON WITH 325,000
-----------------------------------------------------
(9) SOLE DISPOSITIVE POWER
0
-----------------------------------------------------
(10) SHARED DISPOSITIVE POWER
325,000
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
325,000
- -------------------------------------------------------------------------------
(12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- -------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.25%
- -------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IV
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE,
RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
SCHEDULE 13D
- -------------------------------------------------------------------------------
CUSIP NO. 453258709 Page 7 of 15 Pages
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Robertson, Stephens & Company, Incorporated
Tax I.D. 94-3172874 See Exhibit A for a list of Executive Officers
- -------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP* (b) /X/
- -------------------------------------------------------------------------------
(3) SEC USE ONLY
- -------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
OO (Working Capital of Purchasing Funds) See Item 2.
- -------------------------------------------------------------------------------
(5) CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
/ /
- -------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- -------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
SHARES
0
BENEFICIALLY -----------------------------------------------------
(8) SHARED VOTING POWER
OWNED
4,991,350 shares held of record by The
Robertson Stephens Orphan Fund of which
Robertson, Stephens & Co. Investment
Management, L.P. and Bayview Investors, Ltd.
are the General Partners. Includes shares
held of record by The Robertson Stephens
Orphan Offshore Fund of which Robertson,
Stephens & Co. Investment Management, L.P.
is the General Partner. Includes shares held
of record by The Robertson Stephens
Contrarian Fund of which Robertson, Stephens
& Co. Investment Management, L.P. is
investment adviser. Includes shares held of
record by The Robertson Stephens Global
Natural Resources Fund of which Robertson,
Stephens & Co. Investment Management, L.P.
is investment adviser. Includes shares held
of record by The Robertson Stephens Partners
Fund of which Robertson, Stephens & Co.
Investment Management, L.P. is investment
adviser See Item 5.)
-----------------------------------------------------
BY EACH (9) SOLE DISPOSITIVE POWER
REPORTING 0
-----------------------------------------------------
PERSON WITH (10) SHARED DISPOSITIVE POWER
4,991,350
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,991,350
- -------------------------------------------------------------------------------
(12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- -------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.27%
- -------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<PAGE>
CUSIP NO. 577913106
- -------------------------------------------------------------------------------
CO
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE,
RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
SCHEDULE 13D
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
CUSIP NO. 453258709 Page 8 of 15 Pages
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Bayview Investors LTD
Tax I.D. 94-3172874 See Exhibit A for a list of Executive Officers
- -------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP* (b) /X/
- -------------------------------------------------------------------------------
(3) SEC USE ONLY
- -------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
OO (Working Capital of Purchasing Funds) See Item 2.
- -------------------------------------------------------------------------------
(5) CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
/ /
- -------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- -------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
SHARES
0
BENEFICIALLY
-----------------------------------------------------
OWNED (8) SHARED VOTING POWER
BY EACH 1,350,000 shares held of record by The
Robertson Stephens Orphan Fund of which
REPORTING Robertson, Stephens & Co. Investment
Management, L.P. and Bayview Investors, Ltd.
PERSON WITH are the General Partners.
-----------------------------------------------------
(9) SOLE DISPOSITIVE POWER
0
-----------------------------------------------------
(10) SHARED DISPOSITIVE POWER
1,350,000
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,350,000
- -------------------------------------------------------------------------------
(12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- -------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.21%
- -------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
CO
- -------------------------------------------------------------------------------
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
SCHEDULE 13D
- -------------------------------------------------------------------------------
CUSIP NO. 453258709 Page 9 of 15 Pages
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Robertson, Stephens & Company Investment Management L.P.
Tax I.D. 94-3181687 See Exhibit A for a list of Executive Officers
- -------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP* (b) /X/
- -------------------------------------------------------------------------------
(3) SEC USE ONLY
- -------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
OO (Working Capital of Purchasing Funds) See Item 2.
- -------------------------------------------------------------------------------
(5) CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
/ /
- -------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- -------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
SHARES
0
BENEFICIALLY -----------------------------------------------------
(8) SHARED VOTING POWER
OWNED
4,991,350 shares held of record by The
BY EACH Robertson Stephens Orphan Fund of which
Robertson, Stephens & Co. Investment
REPORTING Management, L.P. and Bayview Investors, Ltd.
are the General Partners. Includes shares
PERSON WITH held of record by The Robertson Stephens
Orphan Offshore Fund of which Robertson,
Stephens & Co. Investment Management, L.P.
is the General Partner. Includes shares held
of record by The Robertson Stephens
Contrarian Fund of which Robertson, Stephens
& Co. Investment Management, L.P. is
investment adviser. Includes shares held of
record by The Robertson Stephens Global
Natural Resources Fund of which Robertson,
Stephens & Co. Investment Management, L.P.
is investment adviser. See Item 5.)
-----------------------------------------------------
(9) SOLE DISPOSITIVE POWER
0
-----------------------------------------------------
(10) SHARED DISPOSITIVE POWER
4,991,350
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,991,350
- -------------------------------------------------------------------------------
(12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- -------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.27%
- -------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
CO
- -------------------------------------------------------------------------------
<PAGE>
CUSIP NO. 577913106
*SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE,
RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
SCHEDULE 13D
- -------------------------------------------------------------------------------
CUSIP NO. 453258709 Page 10 of 15 Pages
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Paul Stephens
Tax I.D. ###-##-####
- -------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP* (b) /X/
- -------------------------------------------------------------------------------
(3) SEC USE ONLY
- -------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
WC
- -------------------------------------------------------------------------------
(5) CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
/ /
- -------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- -------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
SHARES
0
BENEFICIALLY -----------------------------------------------------
(8) SHARED VOTING POWER
OWNED
4,991,350 shares held of record by The
BY EACH Robertson Stephens Orphan Fund of which
Robertson, Stephens & Co. Investment
REPORTING Management, L.P. and Bayview Investors, Ltd.
are the General Partners. Includes shares
PERSON WITH held of record by The Robertson Stephens
Orphan Offshore Fund of which Robertson,
Stephens & Co. Investment Management, L.P.
is the General Partner. Includes shares held
of record by The Robertson Stephens
Contrarian Fund of which Robertson, Stephens
& Co. Investment Management, L.P. is
investment adviser. Includes shares held of
record by The Robertson Stephens Global
Natural Resources Fund of which Robertson,
Stephens & Co. Investment Management, L.P.
is investment adviser.)
-----------------------------------------------------
(9) SOLE DISPOSITIVE POWER
0
-----------------------------------------------------
(10) SHARED DISPOSITIVE POWER
4,991,350
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,991,350
- -------------------------------------------------------------------------------
(12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- -------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.27%
- -------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
<PAGE>
CUSIP NO. 577913106
*SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE,
RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
SCHEDULE 13D
- -------------------------------------------------------------------------------
CUSIP NO. 453258709 Page 11 of 15 Pages
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Sanford Robertson
Tax I.D. ###-##-####
- -------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP (b) /X/
- -------------------------------------------------------------------------------
(3) SEC USE ONLY
- -------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
OO (Working Capital of Purchasing Funds) See Item 2.
- -------------------------------------------------------------------------------
(5) CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
/ /
- -------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- -------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
SHARES
0
BENEFICIALLY -----------------------------------------------------
(8) SHARED VOTING POWER
OWNED
4,991,350 shares held of record by The
BY EACH Robertson Stephens Orphan Fund of which
Robertson, Stephens & Co. Investment
REPORTING Management, L.P. and Bayview Investors, Ltd.
are the General Partners. Includes shares
PERSON WITH held of record by The Robertson Stephens
Orphan Offshore Fund of which Robertson,
Stephens & Co. Investment Management, L.P.
is the General Partner. Includes shares held
of record by The Robertson Stephens
Contrarian Fund of which Robertson, Stephens
& Co. Investment Management, L.P. is
investment adviser. Includes shares held of
record by The Robertson Stephens Global
Natural Resources Fund of which Robertson,
Stephens & Co. Investment Management, L.P.
is investment adviser. See Item 5.)
-----------------------------------------------------
(9) SOLE DISPOSITIVE POWER
0
-----------------------------------------------------
(10) SHARED DISPOSITIVE POWER
4,991,350
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,991,350
- -------------------------------------------------------------------------------
(12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- -------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.27%
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
SCHEDULE 13D
- -------------------------------------------------------------------------------
CUSIP NO. 453258709 Page 12 of 15 Pages
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Michael G. McCaffery
Tax I.D. ###-##-####
- -------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP (b) /X/
- -------------------------------------------------------------------------------
(3) SEC USE ONLY
- -------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
OO (Working Capital of Purchasing Funds) See Item 2.
- -------------------------------------------------------------------------------
(5) CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
/ /
- -------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- -------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
SHARES
0
BENEFICIALLY -----------------------------------------------------
(8) SHARED VOTING POWER
OWNED
4,991,350 shares held of record by The
BY EACH Robertson Stephens Orphan Fund of which
Robertson, Stephens & Co. Investment
REPORTING Management, L.P. and Bayview Investors, Ltd.
are the General Partners. Includes shares
PERSON WITH held of record by The Robertson Stephens
Orphan Offshore Fund of which Robertson,
Stephens & Co. Investment Management, L.P.
is the General Partner. Includes shares held
of record by The Robertson Stephens
Contrarian Fund of which Robertson, Stephens
& Co. Investment Management, L.P. is
investment adviser. Includes shares held of
record by The Robertson Stephens Global
Natural Resources Fund of which Robertson,
Stephens & Co. Investment Management, L.P.
is investment adviser. See Item 5.)
-----------------------------------------------------
(9) SOLE DISPOSITIVE POWER
0
-----------------------------------------------------
(10) SHARED DISPOSITIVE POWER
4,991,350
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,991,350
- -------------------------------------------------------------------------------
(12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- -------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.27%
- -------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
<PAGE>
CUSIP NO. 577913106
*SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE,
RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
SCHEDULE 13D
- -------------------------------------------------------------------------------
CUSIP NO. 453258709 Page 13 of 15 Pages
- -------------------------------------------------------------------------------
(1) NAMES OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
G. Randy Hecht
Tax I.D. ###-##-####
- -------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP* (b) /X/
- -------------------------------------------------------------------------------
(3) SEC USE ONLY
- -------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
OO (Working Capital of Purchasing Funds) See Item 2.
- -------------------------------------------------------------------------------
(5) CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e)
/ /
- -------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
- -------------------------------------------------------------------------------
NUMBER OF (7) SOLE VOTING POWER
SHARES
0
BENEFICIALLY -----------------------------------------------------
(8) SHARED VOTING POWER
OWNED
4,991,350 shares held of record by The
BY EACH Robertson Stephens Orphan Fund of which
Robertson, Stephens & Co. Investment
REPORTING Management, L.P. and Bayview Investors, Ltd.
are the General Partners. Includes shares
PERSON WITH held of record by The Robertson Stephens
Orphan Offshore Fund of which Robertson,
Stephens & Co. Investment Management, L.P.
is the General Partner. Includes shares held
of record by The Robertson Stephens
Contrarian Fund of which Robertson, Stephens
& Co. Investment Management, L.P. is
investment adviser. Includes shares held of
record by The Robertson Stephens Global
Natural Resources Fund of which Robertson,
Stephens & Co. Investment Management, L.P.
is investment adviser. See Item 5.)
-----------------------------------------------------
(9) SOLE DISPOSITIVE POWER
0
-----------------------------------------------------
(10) SHARED DISPOSITIVE POWER
4,991,350
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,991,350
- -------------------------------------------------------------------------------
(12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- -------------------------------------------------------------------------------
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.27%
- -------------------------------------------------------------------------------
(14) TYPE OF REPORTING PERSON*
IN
- -------------------------------------------------------------------------------
<PAGE>
CUSIP NO. 577913106
*SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE,
RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION
<PAGE>
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
SCHEDULE 13D
- -------------------------------------------------------------------------------
CUSIP NO. 453258709 Page 14 of 15 Pages
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(1) NAMES OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Kenneth R. Fitzsimmons
Tax I.D. ###-##-####
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER (a) / /
OF A GROUP (b) /X/
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(3) SEC USE ONLY
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(4) SOURCE OF FUNDS*
OO (Working Capital of Purchasing Funds) See Item 2.
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(5) CHECK 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
UNITED STATES
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NUMBER OF (7) SOLE VOTING POWER
SHARES
0
BENEFICIALLY -----------------------------------------------------
(8) SHARED VOTING POWER
OWNED
4,991,350
BY EACH -----------------------------------------------------
(9) SOLE DISPOSITIVE POWER
REPORTING
0
PERSON WITH -----------------------------------------------------
(10) SHARED DISPOSITIVE POWER
4,991,350
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(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,991,350
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(12) CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.27%
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(14) TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT! INCLUDE BOTH SIDES OF THE COVER PAGE,
RESPONSES TO ITEMS 1-7 (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE
ATTESTATION
<PAGE>
Item 1: SECURITY AND ISSUER.
This Schedule 13D is filed with respect to the Class VBN shares of Inco
Ltd., - located at 145 King Street West, Suite 1500, Toronto, Ontario, Canada
(the "Company").
ITEM 2: IDENTITY AND BACKGROUND.
The Schedule 13D is filed on behalf of the Robertson Stephens
Contrarian Fund, the Robertson Stephens Global Natural Resources Fund, the
Robertson Stephens Orphan Fund L.P., the Robertson Stephens Orphan Off-shore
Fund, Bayview Investors Ltd., Robertson, Stephens & Company, Inc. ("RS&Co.,
Inc."), and RS&Co., Inc.'s five shareholders, Messrs. Sanford R. Robertson, Paul
H. Stephens, Michael G. McCaffery, G. Randy Hecht, and Kenneth R. Fitzsimmons.
The purchase of the Company's shares giving rise to this schedule 13D were made
by the Robertson Stephens Contrarian Fund, the Robertson Stephens Global Natural
Resources Fund, the Robertson Stephens Orphan Fund L.P., and the Robertson
Stephens Orphan Off-shore Fund ("the Funds").
This Schedule 13D relates to the indirect beneficial ownership RS&Co., Inc.
in the shares of the Company held by the Fund. Messrs. Robertson, Stephens,
McCaffery, Hecht and Fitzsimmons disclaim any beneficial ownership with respect
to shares of the Company that RS&Co., Inc. may be deemed to be beneficially own,
are included in this Schedule 13D for protective disclosure purposes only, and
shall not be deemed by their inclusion in this Schedule 13D to have made any
admission that any such person has any beneficial interest in such shares.
Set forth below is the following information with respect to the persons
signing this Schedule 13D: name; place of organization; address of principal
business and office; principal business; information concerning criminal
convictions during the past five years; and information concerning civil or
administrative proceedings during the past five years with respect to any state
or federal securities laws.
I. (a) The Robertson Stephens Contrarian Fund, A Massachusetts Business
Trust. The Registered Investment Manager of The Robertson Stephens
Contrarian Fund is: Robertson Stephens Investment Management, L.P.
The General Partner of Robertson Stephens Investment Management, L.P.
is Robertson, Stephens & Company, Incorporated.
(b) 555 California Street, Suite 2600
San Francisco, CA 94104
(c) Business Trust, Registered Investment Company.
(d) No convictions in criminal proceedings.
(e) No civil or administrative proceedings.
II (a) The Robertson Stephens Global Natural Resources Fund, A Massachusetts
Business Trust. The Registered Investment Manager of The Robertson
Stephens Global Natural Resources Fund is: Robertson Stephens
Investment Management, L.P. The General Partner of
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CUSIP NO. 577913106
Robertson Stephens Investment Management, L.P. is Robertson, Stephens
& Company, Incorporated.
(b) 555 California Street, Suite 2600
San Francisco, CA 94104
(c) Business Trust, Registered Investment Company.
(d) No convictions in criminal proceedings.
(e) No civil or administrative proceedings.
III.(a) The Robertson Stephens Orphan Fund, A California Limited
Partnership.
(b) 555 California Street, Suite 2600
San Francisco, CA 94104
(c) Limited Partnership
(d) No convictions in criminal proceedings.
(e) No civil or administrative proceedings.
IV. (a) The Robertson Stephens Orphan Fund, A California Limited Partnership.
Robertson, Stephens & Co. Investment Management L.P. and Bayview
Investors Ltd are the General Partners.
(b) 555 California Street, Suite 2600
San Francisco, CA 94104
(c) Limited Partnership
(d) No convictions in criminal proceedings.
(e) No civil or administrative proceedings.
V. (a) Bayview Investors Ltd. is a California Limited Partnership.
Robertson, Stephens & Co, Inc. is the General Partner.
(b) 555 California Street, Suite 2600
San Francisco, CA 94104
(c) Limited Partnership
(d) No convictions in criminal proceedings.
(e) No civil or administrative proceedings.
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CUSIP NO. 577913106
VI. (a) The Robertson Stephens Orphan Offshore Fund, A Cayman Islands Limited
Partnership. Robertson, Stephens & Co. Investment Management L.P. is
the General Partner.
(b) 555 California Street, Suite 2600
San Francisco, CA 94104
(c) Limited Partnership
(d) No convictions in criminal proceedings.
(e) No civil or administrative proceedings.
VII.(a) Robertson, Stephens & Co Investment Management L.P. is a California
limited Partnership. Robertson, Stephens & Co. Inc. is the General
Partner.
(b) 555 California Street, Suite 2600
San Francisco, CA 94104
(c) Limited Partnership
(d) No convictions in criminal proceedings.
(e) No civil or administrative proceedings.
VIII.(a) Robertson, Stephens & Company, Incorporated, is a California
Corporation. Robertson, Stephens & Company, Incorporated is the
General Partner of Robertson, Stephens & Company, Investment
Management, L.P.
(b) 555 California Street, Suite 2600
San Francisco, CA 94104
(c) Corporation, Investment Banking.
(d) No convictions in criminal proceedings.
(e) No civil or administrative proceedings.
IX. (a) Paul H. Stephens.
(b) 555 California Street, Suite 2600
San Francisco, CA 94104
(c) Paul H. Stephens is Managing Director and Chief Investment Officer,
and a shareholder, of Robertson, Stephens & Company, Incorporated.
(d) No convictions in criminal proceedings.
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CUSIP NO. 577913106
(e) No civil or administrative proceedings.
X. (a) Sanford R. Robertson.
(b) 555 California Street, Suite 2600
San Francisco, CA 94104
(c) Sanford R. Robertson is the Chairman of and a shareholder of
Robertson, Stephens & Company, Incorporated.
(d) No convictions in criminal proceedings.
(e) No civil or administrative proceedings.
XI. (a) Michael G. McCaffery.
(b) 555 California Street, Suite 2600
San Francisco, CA 94104
(c) Michael G. McCaffery is the President and Chief Executive Officer, and
a shareholder, of Robertson, Stephens & Company, Incorporated.
(d) No convictions in criminal proceedings.
(e) No civil or administrative proceedings.
XII. (a) G. Randy Hecht.
(b) 555 California Street, Suite 2600
San Francisco, CA 94104
(c) G. Randy Hecht is the Executive Vice President, Chief Operating
Officer, and shareholder of Robertson, Stephens & Company,
Incorporated.
(d) No convictions in criminal proceedings.
(e) No civil or administrative proceedings.
XIII.(a) Kenneth R. Fitzsimmons.
(b) 555 California Street, Suite 2600
San Francisco, CA 94104
(c) Kenneth R. Fitzsimmons is the Managing Director, Director of Capital
Markets, and shareholder of Robertson, Stephens & Company,
Incorporated.
(d) No convictions in criminal proceedings.
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CUSIP NO. 577913106
(e) No civil or administrative proceedings.
ITEM 3: SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION:
The securities with respect to which this Schedule 13D is filed were
purchased by the Funds using working capital contributed by their respective
partners.
ITEM 4: PURPOSE OF TRANSACTION:
The securities with respect to which this Schedule 13D is filed were
purchased by the Funds in the ordinary course of investment and not with the
intention nor effect of changing or influencing control of the Issuer. The
reporting persons may sell all or part or acquire additional securities of the
Issuer depending on market conditions and other economic factors.
ITEM 5: INTEREST IN SECURITIES OF THE ISSUER.
(a) (b) The aggregate number and percentage of the class of
securities identified pursuant to Item 1 of this Schedule 13D that are
beneficially owned by the persons listed in Item 2 are as follows:
<TABLE>
<CAPTION>
No. of Shares
Name of Beneficially Percentage of
Beneficial Owner Owned Class(1)
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<S> <C> <C>
The Robertson Stephens Contrarian Fund 3,276,350 (2) 12.65%
The Robertson Stephens Orphan Fund 1,350,000 (3) 5.21%
Bayview Investors Ltd. 1,350,000 (4) 5.21%
The Robertson Stephens Global Natural Resources 40,000 (5) .15%
The Robertson Stephens Orphan Offshore Fund 325,000 (6) 1.25%
Robertson, Stephens & Co Investment Mngmt L.P. 4,991,350 (7) 19.27%
Robertson, Stephens & Company, Incorporated 4,991,350 (8) 19.27%
Paul H. Stephens 4,991,350 (9) 19.27%
Sanford R. Robertson 4,991,350 (10) 19.27%
Michael G. McCaffery 4,991,350 (11) 19.27%
G. Randy Hecht 4,991,350 (12) 19.27%
Kenneth R. Fitzsimmons 4,991,350 (13) 19.27%
</TABLE>
(1) All percentages in this table are based, pursuant to Rule 13D-1(e) of the
Securities Exchange Act of 1934 as amended, on 25,899,000 Class VBN
shares of Inco, Limited.
(2) The Contrarian Fund is a registered investment company. Robertson,
Stephens & Company Investment Management, L.P. is the registered investment
manager for the Contrarian Fund. RS&Co., Inc. is the General Partner of
Robertson, Stephens & Company Investment Management, L.P.
(3) The Orphan Fund is a California Limited Partnership. Robertson, Stephens &
Company Investment Management, L.P. is a General Partner of the Orphan
Fund. RS&Co., Inc. is the General Partner of Robertson, Stephens &
Company Investment Management, L.P.
<PAGE>
(4) Bayview Investors, a California Limited Partnership, as General Partner of
the Orphan Fund is deemed to have shared dispositive power over 1,350,000
shares of the Company.
(5) The Global Natural Resources Fund is a registered investment company.
Robertson, Stephens & Company Investment Management, L.P. is the registered
investment manager for the Fund. RS&Co., Inc. is the General Partner of
Robertson, Stephens & Company Investment Management, L.P.
(6) The Orphan Offshore fund is a Cayman Islands Limited Partnership.
Robertson, Stephens & Company Investment Management, L.P. is the General
Partner.
(7) Robertson, Stephens & Co. Investment Management L.P. ("RSIM") is a
California Limited Partnership. RSIM is the registered investment adviser
to the Robertson Stephens Global Natural Resources Fund.
(8) Robertson, Stephens & Company, Incorporated, a California Corporation, is
the General Partner of Robertson, Stephens & Company Investment Management,
L.P. and as such is deemed to have shared dispositive power over 4,991,350
shares of the Company.
(9) Paul H. Stephens is the Chief Investment Officer of RS&Co., Inc. and as
such may be deemed to have shared voting power over 4,991,350 shares of the
Company. He is also a shareholder of Robertson, Stephens & Company Inc.
(10) Sanford R. Robertson is Chairman and a shareholder of Robertson, Stephens &
Company Inc. and as such may be deemed to have shared voting power over
4,991,350 shares of the Company held by the Funds.
(11) Michael G. McCaffery is President and Chief Executive Officer and a
shareholder of Robertson, Stephens & Company Inc. and as such may be deemed
to have shared voting power over 4,991,350 shares of the Company held by
the Funds.
(12) G. Randy Hecht is Executive Vice President, Chief Operating Officer and a
shareholder of Robertson, Stephens & Company Inc. and as such may be deemed
to have shared voting power over 4,991,350 shares of the Company held by
the Funds.
(13) Kenneth R. Fitzsimmons is the Managing Director, Director of Capital
Markets and a shareholder of Robertson, Stephens & Company Inc. and as such
may be deemed to have shared voting power over 4,991,350 shares of the
Company held by the Funds.
(c) The following transactions were effected during the past sixty days:
Entity Date Price Shares Where Effected
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Contrarian Fund 6/25/97 20.39 82,300 Open Market Buy
Contrarian Fund 6/25/97 20.46 6,000 Open market Buy
Contrarian Fund 7/22/97 18.77 146,000 Open Market Buy
Contrarian Fund 7/25/97 18.52 145,800 Open Market Buy
Contrarian Fund 7/28/97 18.47 183,000 Open Market Buy
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CUSIP NO. 577913106
Contrarian Fund 7/28/97 18.47 64,100 Open Market Buy
Contrarian Fund 8/12/97 18.52 172,750 Open Market Buy
Orphan Fund 6/26/97 20.52 42,900 Open Market Buy
Orphan Fund 7/22/97 18.77 44,400 Open Market Buy
Orphan Fund 7/23/97 18.52 44,500 Open Market Buy
Orphan Fund 7/28/97 18.47 19,700 Open Market Buy
Orphan Fund 7/28/97 18.47 56,400 Open market Buy
Orphan Fund 8/12/97 18.52 262,100 Open market Buy
Orphan 7/23/97 18.77 9,600 Open Market Buy
(Offshore) Fund
Orphan 7/25/97 18.52 9,700 Open Market Buy
(Offshore) Fund
Orphan 7/28/97 18.47 16,500 Open Market Buy
(Offshore) Fund
Orphan 8/12/97 18.52 64,200 Open Market Buy
(Offshore) Fund
All Purchases and Sales were effected on the open market.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Please refer to Item 5.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
The following exhibits are filed herewith:
Exhibit A - Agreement of Joint Filing
Exhibit B - Power of Attorney
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CUSIP NO. 577913106
ITEM 8. SIGNATURE PAGE.
After reasonable inquiry and to the best of my knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: August 21, 1997
THE ROBERTSON STEPHENS CONTRARIAN FUND, A REGISTERED INVESTMENT
COMPANY.
By Robertson, Stephens & Company, Incorporated
By: Paul H. Stephens*
----------------------------------------------------
Paul H. Stephens
Managing Director and Chief Investment Officer
ROBERTSON, STEPHENS & COMPANY, INCORPORATED
By: Paul H. Stephens*
----------------------------------------------------
Paul H. Stephens
Managing Director and Chief Investment Officer
Sanford R. Robertson*
----------------------------------------------------
Sanford R. Robertson
Michael G. McCaffery*
----------------------------------------------------
Michael G. McCaffery
G. Randy Hecht*
----------------------------------------------------
G. Randy Hecht
Kenneth R. Fitzsimmons*
----------------------------------------------------
Kenneth R. Fitzsimmons
*By:
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Robert C. Greenwood
Pursuant to Power of Attorney
Previously Filed
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CUSIP NO. 577913106
EXHIBIT A
AGREEMENT OF JOINT FILING
The undersigned hereby agree that they are filing jointly pursuant to
Rule 13d-1(f)(1) of the Act of the Statement dated May 2, 1994 containing the
information required by Schedule 13D, for the Common Stock of Inco Ltd., - VBN
Shares held by The Robertson Stephens Contrarian Fund and Robertson, Stephens &
Company, Incorporated.
Dated: August 21, 1997
THE ROBERTSON STEPHENS CONTRARIAN FUND, A REGISTERED INVESTMENT
COMPANY.
By Robertson, Stephens & Company Incorporated
By: Paul H. Stephens*
----------------------------------------------------
Paul H. Stephens
Managing Director and Chief Investment Officer
ROBERTSON, STEPHENS & COMPANY INCORPORATED
By: Paul H. Stephens*
-----------------
Paul H. Stephens
Managing Director and Chief Investment Officer
Paul H. Stephens*
-----------------
Paul H. Stephens
Managing Director and Chief Investment Officer
Sanford R. Robertson*
---------------------
Sanford R. Robertson
Michael G. McCaffery*
---------------------
Michael G. McCaffery
G. Randy Hecht*
---------------
G. Randy Hecht
<PAGE>
Kenneth R. Fitzsimmons*
-----------------------
Kenneth R. Fitzsimmons
*By
----------------------
Robert C. Greenwood
Pursuant to Power of Attorney
Previously Filed
