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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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. 1)*
NETWORKS ELECTRONIC CORP.
________________________________________________________________________________
(Name of Issuer)
Common Stock, par value $0.25 per share
________________________________________________________________________________
(Title of Class of Securities)
641219100
_______________________________________________________________
(CUSIP Number)
Derick Marsh, c/o GWB (USA), Inc., Five Concourse Parkway, Suite 810, Atlanta,
GA 30328-6111 (770)395-2941
________________________________________________________________________________
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
10/15/99
_______________________________________________________________
(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(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.
* 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).
(Continued on following pages)
(Page 1 of 5 Pages)
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CUSIP NO. 641219100 PAGE 2 OF 5 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
NE Holdco Corp.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
AF
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
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SOLE VOTING POWER
7
NUMBER OF 1,681,133
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
0
OWNED BY
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EACH SOLE DISPOSITIVE POWER
9
REPORTING 1,681,133
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
0
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,681,133
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
100%
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TYPE OF REPORTING PERSON*
14
CO
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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.
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CUSIP NO. 641219100 PAGE 3 OF 5 PAGES
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Item 1. Security and Issuer
Security: Common Stock, par value $0.25 per share
Issuer: Networks Electronic Corp., 9750 De Soto Avenue, Chatsworth, CA
91311
Item 2. Identity and Background
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<S> <C> <C>
(1) a) NE Holdco Corp. ("NEHC")
b) Five Concourse Parkway, Suite 810, Atlanta, GA 30328-6111
c) NEHC's principal business is to act as a special purpose holding company.
d) NEHC has not been convicted in a criminal proceeding in the past five years.
e) NEHC has not been a party to a civil proceeding of a judicial or administrative body of
competent jurisdiction in the past five years.
f) State of Incorporation: Delaware
(2) a) Bryan Clarke
b) Five Concourse Parkway, Suite 810, Atlanta, GA 30328-6111
c) President and Chief Executive Officer, GWB (USA), Inc. ("GWB"), Five Concourse
Parkway, Suite 810, Atlanta, GA 30328-6111. GWB is an investment firm specializing
in leveraged buyouts.
d) Mr. Clarke has not been convicted in a criminal proceeding in the past five years.
e) Mr. Clarke has not been a party to a civil proceeding of a judicial or administrative body
of competent jurisdiction in the past five years.
f) Citizenship: U.K.
(3) a) Derick Marsh
b) Five Concourse Parkway, Suite 810, Atlanta, GA 30328-6111
c) Executive Vice President, GWB (USA), Inc. ("GWB"), Five Concourse Parkway,
Suite 810, Atlanta, GA 30328-6111. GWB is an investment firm specializing in
leveraged buyouts.
d) Mr. Marsh has not been convicted in a criminal proceeding in the past five years.
e) Mr. Marsh has not been a party to a civil proceeding of a judicial or administrative body
of competent jurisdiction in the past five years.
f) Citizenship: U.S.A.
(4) a) Bradley Morgan
b) Five Concourse Parkway, Suite 810, Atlanta, GA 30328-6111
c) Executive Vice President, GWB (USA), Inc. ("GWB"), Five Concourse Parkway,
Suite 810, Atlanta, GA 30328-6111. GWB is an investment firm specializing in
leveraged buyouts.
d) Mr. Morgan has not been convicted in a criminal proceeding in the past five years.
e) Mr. Morgan has not been a party to a civil proceeding of a judicial or administrative body
of competent jurisdiction in the past five years.
f) Citizenship: U.S.A.
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Item 3. Source and Amount of Funds
Source: Affiliate of reporting person
Amount: $5,898,667.50
Item 4. Purpose of the Transaction
Purpose: NE Merger Corp., a direct wholly owned subsidiary of NEHC,
was merged with and into Networks Electronic Corp. ("NEC") on October
15, 1999. Pursuant to the Stock Purchase Agreement dated July 16,
1999, NEHC purchased 894,644 shares of Common Stock
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CUSIP NO. 641219100 PAGE 4 OF 5 PAGES
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of NEC on September 9, 1999 as the first step in a two-step
transaction. In the second step, pursuant to the Agreement and Plan of
Merger by and among NE Holdco Corp., NE Merger Corp. and Networks
Electronic Corp., dated as of July 16, 1999 (the "Merger Agreement"),
NEHC purchased 786,489 shares of Common Stock of NEC on October 15,
1999, such shares being the balance of outstanding stock of NEC.
Item 5. Interest in Securities of the Issuer
1) NEHC
a) Amount of Securities: 1,681,133
Percent: 100%
b) NEHC has sole power to vote or to direct the vote and the sole
power to dispose or direct the disposition of the 1,681,133
shares.
c) NEHC purchased 894,644 shares of Common Stock of NEC from Ileana
Wachtel and Rodica Patrichi as trustees of the Mihai D. Patrichi
Trust, David Wachtel, Ileana Wachtel, Radu Patrichi and Rodica
Patrichi, in a private sale at a purchase price of $7.50 per share
on September 9, 1999. On October 15, 1999, pursuant to the Merger
Agreement, NEHC purchased 786,489 shares of Common Stock, such
amount being the outstanding balance of Common Stock of NEC, in a
private sale at a purchase price of $7.50 per share.
d) Not applicable.
e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
See Item 4.
Item 7. Material to be Filed as Exhibits
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Exhibit
Number Description
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<C> <S>
1. Agreement and Plan of Merger by and among NE Holdco Corp., NE
Merger Corp. and Networks Electronic Corp., dated as of July
16, 1999, incorporated by reference to Exhibit 1 to Schedule
13D filed with the Securities and Exchange Commission via
EDGAR on September 20, 1999.
2. Stock Purchase Agreement, dated as of July 16, 1999
incorporated by reference to Exhibit 2 to Schedule 13D filed
with the Securities and Exchange Commission via EDGAR on
September 20, 1999.
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CUSIP NO. 641219100 PAGE 5 OF 5 PAGES
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SIGNATURES
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.
11/3/99
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Date
NE HOLDCO CORP.
By: /s/ Derick C. Marsh
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Its: Vice President and Secretary
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