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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 2)1
Graham-Field Health Products, Inc.
(Name of Issuer)
Common Stock, Par Value $.025
Series B Cumulative Convertible Preferred Stock, Par Value $.01
Series C Cumulative Convertible Preferred Stock, Par Value $.01
Series D Preferred Stock, Par Value $.01
(Title of Class of Securities)
384632100
(CUSIP Number)
Mark Bradbury Horton
Level 28, Majestic Centre
100 Willis Street
Wellington, New Zealand
011-64-4-470-8800
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 7, 1999
(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(e), 13d-1(f) or 13d-1(g), 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.
(Continued on following pages)
Page 1 of 7 Pages
- -----------------------
1 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 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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13D
===============================
CUSIP No. 384632100
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
BIL (Far East Holdings) Limited
- ---------======================================================================
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
- ---------======================================================================
3 SEC USE ONLY
- ---------======================================================================
4 SOURCE OF FUNDS*
OO
- ---------======================================================================
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e)
[ ]
- ---------======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Hong Kong
- ----------------------=========================================================
NUMBER OF 7 SOLE VOTING POWER
COMMON:
SHARES 2,350,185
SERIES B CUMULATIVE CONVERTIBLE PREFERRED:
3,527
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -0-
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
COMMON:
REPORTING 2,350,185
SERIES B CUMULATIVE CONVERTIBLE PREFERRED:
3,527
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
-0-
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
COMMON:
2,350,185
SERIES B CUMULATIVE CONVERTIBLE PREFERRED:
3,527
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)**
COMMON:
7.4%
SERIES B CUMULATIVE CONVERTIBLE PREFERRED:
57.8%
** WHEN AGGREGATED WITH THE VOTING POWER OF BIL SECURITIES (OFFSHORE)
LIMITED, THE TWO COMPANIES OWN APPROXIMATELY 24.7% OF THE VOTING POWER
OF GRAHAM-FIELD CAPITAL STOCK (INCLUDING SERIES B CUMULATIVE
CONVERTIBLE PREFERRED AND SERIES C CUMULATIVE CONVERTIBLE PREFERRED)
(SEE ITEM 5 OF THIS SCHEDULE 13D).
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
CO
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 7 Pages
<PAGE>
13D
===============================
CUSIP No. 384632100
===============================
- ---------======================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
BIL Securities (Offshore) Limited
- ---------======================================================================
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ X ]
(b) [ ]
- ---------======================================================================
3 SEC USE ONLY
- ---------======================================================================
4 SOURCE OF FUNDS*
OO
- ---------======================================================================
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e)
[ ]
- ---------======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
NEW ZEALAND
- ----------------------=========================================================
NUMBER OF 7 SOLE VOTING POWER
COMMON:
SHARES 2,131,121
SERIES B CUMULATIVE CONVERTIBLE PREFERRED:
2,573
SERIES C CUMULATIVE CONVERTIBLE PREFERRED:
1,000
SERIES D PREFERRED:
2,036
------=========================================================
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -0-
------=========================================================
EACH 9 SOLE DISPOSITIVE POWER
COMMON:
REPORTING 2,131,121
SERIES B CUMULATIVE CONVERTIBLE PREFERRED:
2,573
SERIES C CUMULATIVE CONVERTIBLE PREFERRED:
1,000
SERIES D PREFERRED:
2,036
------=========================================================
PERSON WITH 10 SHARED DISPOSITIVE POWER
-0-
- ----------------------=========================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
COMMON:
2,131,121
SERIES B CUMULATIVE CONVERTIBLE PREFERRED:
2,573
SERIES C CUMULATIVE CONVERTIBLE PREFERRED:
1,000
SERIES D PREFERRED:
2,036
- ---------======================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
- ---------======================================================================
Page 3 of 7 Pages
- ---------======================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)**
COMMON:
6.7%
SERIES B CUMULATIVE CONVERTIBLE PREFERRED:
42.2%
SERIES C CUMULATIVE CONVERTIBLE PREFERRED:
100%
SERIES D PREFERRED:
100%
** WHEN AGGREGATED WITH THE VOTING POWER OF BIL SECURITIES (FAR EAST
HOLDINGS) LIMITED, THE TWO COMPANIES OWN APPROXIMATELY 24.7% OF THE
VOTING POWER OF GRAHAM-FIELD CAPITAL STOCK (INCLUDING SERIES B
CUMULATIVE CONVERTIBLE PREFERRED AND SERIES C CUMULATIVE CONVERTIBLE
PREFERRED) (SEE ITEM 5 OF THIS SCHEDULE 13D).
- ---------======================================================================
14 TYPE OF REPORTING PERSON*
CO
- ---------======================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 4 of 7 Pages
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This Amendment No. 2 to the Schedule 13D, which amends the Schedule 13D
initially filed on November 27, 1996 (collectively, with all amendments thereto,
the "Schedule 13D"), relates to four distinct classes of equity securities: (1)
the Common Stock of Graham-Field Health Products, Inc. ("GFI") (2) the Series B
Cumulative Convertible Preferred Stock of GFI, (3) the Series C Cumulative
Convertible Preferred Stock of GFI, and (4) the Series D Preferred Stock of GFI
(collectively hereinafter referred to as the "GFI Capital Stock"). Capitalized
terms used but not otherwise defined herein shall have the meaning described to
such terms in the Schedule 13D.
Item 2. Identity and Background.
Item 2 of the Schedule 13D is amended and restated as follows:
(b) The principal business address of (i) BIL (Far East Holdings) Limited
("BIL") is 2605 World Trade Centre, 280 Gloucester Road, Causeway Bay, Hong
Kong, (ii) BIL Securities (Offshore) Limited ("Offshore") and Brierley
Investments Limited ("Brierley Investments") is Level 28, Majestic Centre, 100
Willis Street, Wellington, New Zealand. Both BIL and Offshore are indirect,
wholly-owned subsidiaries of Brierley Investments.
Item 3. Source and Amount of Funds and Other Consideration.
Item 3 of the Schedule 13D is amended and restated as follows:
On August 4, 1999, BIL and Offshore acquired 56,329 shares and 36,624
shares, of GFI Common Stock respectively, as a result of a dividend payment on
their respective holdings of the Cumulative Convertible Preferred Stock of GFI.
The Common Stock acquired was issued at a price of $2.11 per share, representing
the 30-day average closing stock price of GFI Common Stock for the 30-day period
immediately prior to June 30, 1999.
Item 4. Purpose Of The Transaction.
Item 4 of the Schedule 13D is amended and restated as follows:
Page 5 of 7 Pages
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BIL and Offshore, through their parent Brierley Investments, have initiated
a process to identify a buyer or buyers for their GFI Capital Stock on
satisfactory terms. Should they identify such buyer or buyers BIL and Offshore
intend to dispose of the securities on such terms.
Item 5. Interest in Securities of the Issuer.
Item 5 of the Schedule 13D is amended and restated as follows:
(a) The aggregate number and percentage of shares of GFI Common Stock,
Series B Cumulative Convertible Preferred Stock (assuming a conversion price of
$15.50 per share) and Series C Cumulative Convertible Preferred Stock (assuming
a conversion price of $20 per share) beneficially owned by BIL and Offshore is
8,916,789 shares, representing 24.7% of the voting power of GFI capital stock,
which includes 31,594,633 shares of GFI Common Stock outstanding as of August 5,
1999 (as reported by GFI in its Quarterly Report on Form 10-Q for the period
ended June 30, 1999 filed with the Securities and Exchange Commission on August
13, 1999) and 4,435,483 shares of GFI Common Stock issuable upon conversion of
the Series B Cumulative Convertible Preferred Stock and Series C Cumulative
Convertible Preferred Stock. The aggregate number and percentage of Series D
Preferred Stock beneficially owned by Offshore is 2,036 shares, representing
100% of the outstanding shares of Series D Preferred Stock. Each share of
non-voting Series D Preferred Stock has substantially the same economic rights
as 1000 shares of GFI Common Stock.
Page 6 of 7 Pages
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SIGNATURES
After reasonable inquiry and to the best of the knowledge and belief of the
undersigned, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
Dated: October 7, 1999
BIL (FAR EAST HOLDINGS) LIMITED
By: /s/ Mark B. Horton
------------------------------
Name: Mark B. Horton
Title: Company Secretary
BIL SECURITIES (OFFSHORE) LIMITED
By: /s/ Mark B. Horton
------------------------------
Name: Mark B. Horton
Title: Company Secretary
Page 7 of 7 Pages
