SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1 )
PennCorp Financial Group, Inc.
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(Name of Issuer)
Common Stock ($.01 par value); 3.375 Convertible Preferred Stock
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(Title of Class of Securities)
708094107
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(CUSIP Number)
Dennis J. Block, Esq.
Cadwalader, Wickersham & Taft
100 Maiden Lane
New York, NY 10038
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
November 23, 1999
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(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 that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(d)(3) or (4), check the
following box |_|.
Note: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7(b) 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).
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SCHEDULE 13D
CUSIP No. 708094107 Page 2 of 7 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
National Bancshares Corporation of Texas
74-1692337
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)(a)|X| (b)|_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
WC - Working Capital
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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
Texas
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7 SOLE VOTING POWER
NUMBER OF 177,100 $3.375 convertible preferred shares
(each convertible into 2.21214 common shares),
SHARES equivalent to 391,816 common shares.
67,330 $3.500 convertible preferred shares
BENEFICIALLY (each convertible into 1.4326 common
shares), equivalent to 96,456 common shares.
OWNED BY 1,787,472 common shares and common share equivalents
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EACH REPORTING 8 SHARED VOTING POWER
Same
PERSON WITH
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9 SOLE DISPOSITIVE POWER
Same
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10 SHARED DISPOSITIVE POWER
Same
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
177,100 $3.375 convertible preferred shares (each convertible into
2.21214 common shares), equivalent to 391,816 common shares.
67,330 $3.500 convertible preferred shares (each convertible into
1.4326 common shares), equivalent to 96,456 common shares
1,787,472 common shares and common share equivalent
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions)|_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.321% common shares 7.700% $3.375 convertible preferred stock
2.340% $3.500 convertible preferred stock 5.95% of common shares
outstanding plus Filer's common share equivalents
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14 TYPE OF REPORTING PERSON (See Instructions)
HC - Holding Company
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<PAGE>
SCHEDULE 13D
CUSIP No. 708094107 Page 3 of 7 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
NBT of Delaware Inc.
51-0372119
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(See Instructions)(a)|X| (b)|_|
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3 SEC USE ONLY
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4 SOURCE OF FUNDS (See Instructions)
WC - Working Capital
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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
Delaware
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7 SOLE VOTING POWER
NUMBER OF 177,100 $3.375 convertible preferred shares
(each convertible into 2.21214 common shares),
SHARES equivalent to 391,816 common shares.
67,330 $3.500 convertible preferred shares
BENEFICIALLY (each convertible into 1.4326 common
shares), equivalent to 96,456 common shares.
OWNED BY 1,787,472 common shares and common share equivalents
----------------------------------------------------
EACH REPORTING 8 SHARED VOTING POWER
Same
PERSON WITH
----------------------------------------------------
9 SOLE DISPOSITIVE POWER
Same
----------------------------------------------------
10 SHARED DISPOSITIVE POWER
Same
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
177,100 $3.375 convertible preferred shares (each convertible into
2.21214 common shares), equivalent to 391,816 common shares.
67,330 $3.500 convertible preferred shares (each convertible into
1.4326 common shares), equivalent to 96,456 common shares
1,787,472 common shares and common share equivalents
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
(See Instructions)|_|
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.321% common shares
7.700% $3.375 convertible preferred stock
2.340% $3.500 convertible preferred stock
5.95% of common shares outstanding plus Filer's common share
equivalents
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14 TYPE OF REPORTING PERSON (See Instructions)
HC - Holding Company
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<PAGE>
Page 4 of 7 Pages
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This Amendment No. 1 ("Amendment No. 1") amends and supplements
the Statement on Schedule 13D (the "Schedule 13D") filed on November 18, 1998
by and on behalf of National Bancshares Corporation of Texas ("National
Bancshares") and NBT of Delaware, Inc. (together with National Bancshares,
the "Reporting Persons").
ITEM 4. PURPOSE OF TRANSACTION.
On November 23, 1999, National Bancshares sent a letter to the
Issuer offering to acquire all of the outstanding shares of the Issuer's common
stock at a price of $1.00 per share. The offer is subject to certain conditions
as set forth in National Bancshares' November 23, 1999 letter to the Issuer, a
copy of which is attached as Exhibit 1 hereto and is incorporated herein by
reference.
The Reporting Persons intend to pursue the alternatives available to
them in order to effect a business combination with the Issuer on the terms set
forth in National Bancshares' November 23, 1999 letter. The Reporting Persons
may acquire additional securities of the Issuer in the open market or in
privately negotiated transactions. In addition, the Reporting Persons may
exercise any or all rights available to them as stockholders of the Issuer,
including, without limitation, the right to contact other holders of the
Issuer's securities.
Except as disclosed above, the Reporting Persons do not have any
present intention to take any of the actions described in paragraphs (b) through
(j) of Item 4 of Schedule 13D.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 1 Letter dated November 23, 1999 from National Bancshares
Corporation of Texas to PennCorp Financial Group, Inc.
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Page 5 of 7 Pages
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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: November 24, 1999
NATIONAL BANCSHARES CORPORATION OF
TEXAS
By: /s/ Marvin Melson
--------------------------------
Name: Marvin Melson
NBT OF DELAWARE, INC.
By: /s/ Jay H. Lustig
--------------------------------
Name: Jay H. Lustig
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Page 6 of 7 Pages
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EXHIBIT INDEX
Exhibit 1 Letter dated November 23, 1999 from National Bancshares Corp. to
PennCorp Financial Group, Inc.
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Page 7 of 7 Pages
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Exhibit 1
[NATIONAL BANCSHARES Letterhead]
November 23, 1999
VIA TELECOPY
Mr. David C. Smith
Chairman of the Board
PennCorp Financial Group, Inc.
c/o SFSC
717 North Harwood Street
Dallas, TX 75201
PennCorp Financial Group, Inc. ("PFG")
Dear David:
As you may know, National Bancshares Corporation of Texas, and its
wholly-owned subsidiary, NBT of Delaware, Inc. have owned approximately 4.3% of
the shares of PFG common stock for some time. In light of PFG's current
financial condition, we believe that a sale of PFG at this time would provide
the best possible opportunity for your shareholders to realize the maximum value
for their shares.
We therefore are prepared to offer $1.00 per share in cash for the
27,915,531 common shares of PFG that we do not already own. Our proposal is
subject to (i) due diligence, (ii) obtaining the necessary regulatory approvals,
(iii) obtaining appropriate consents from the holders of debt instruments of PFG
and preferred stock in PFG, and (iv) obtaining financing for the transaction. We
believe all of these conditions (other than regulatory approvals) can be
satisfied within sixty (60) days.
It is our strong preference to work with you toward a negotiated
transaction. To that end, we ask that you and other members of your board, who
are entrusted with the fiduciary duty of acting in your shareholders' best
interest, meet with us at your earliest convenience to discuss our proposal.
Although we do not consider our interest in PFG as anything other
than "friendly," we reserve the right to pursue any and all alternatives
available to complete our proposed transaction.
We would appreciate your response to this letter no later than 3:00
p.m. Central Standard Time on November 29, 1999.
Yours truly,
Jay H. Lustig
Chairman of the Board
cc: Members of the Board of NBC
