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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 5)
Citadel Holding Corporation
________________________________________________________________________________
(Name of Issuer)
Common Stock, par value $.01 per share
________________________________________________________________________________
(Title of Class of Securities)
172862104
_______________________________________________________________
(CUSIP Number)
James A. Wunderle, Chief Financial Officer, Reading Entertainment, Inc.
30 South 15th Street, Suite 1300, Philadelphia, Pennsylvania 19102
(215)569-3344
________________________________________________________________________________
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
September 14, 1998
_______________________________________________________________
(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>
SCHEDULE 13D/A
- ----------------------- ---------------------
CUSIP NO. 172862104 PAGE 2 OF 6 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Reading Entertainment, Inc. (successor to Reading Company)
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
PF
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 2,113,673
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
2,113,673
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,113,673
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
31.7%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT.
<PAGE>
SCHEDULE 13D/A
- ----------------------- ---------------------
CUSIP NO. 172862104 PAGE 3 OF 6 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Reading Holdings, Inc.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
Not applicable
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 2,113,673
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
2,113,673
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,113,673
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
31.7%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT.
<PAGE>
SCHEDULE 13D/A
- ----------------------- ---------------------
CUSIP NO. 172862104 PAGE 4 OF 6 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Craig Corporation
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
Not applicable
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
1,096,106
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 2,113,673
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
1,096,106
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
2,113,673
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
3,209,779
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
48.1%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT.
<PAGE>
SCHEDULE 13D/A
---------------------
PAGE 5 OF 6 PAGES
---------------------
This jointly filed Schedule 13/D (i) is Amendment No. 31 with respect to
Craig Corporation ("Craig") and it amends and supplements the Schedule 13D,
dated June 4, 1987 and Amendments thereto (the "Craig Schedule 13D") filed by
Craig relating to beneficial holdings of shares of Common Stock of Citadel
Holding Corporation ("Citadel"); and (ii) is Amendment No. 5 with respect to
Reading Entertainment, Inc. ("Reading") and Reading Holdings, Inc. ("Holdings")
and it amends and supplements the Schedule 13D, dated March 28, 1996 and the
Amendments thereto (the "Reading Schedule 13D") filed by Reading and Holdings
relating to beneficial holdings of shares of Common Stock of Citadel. Craig,
Reading and Holdings are collectively referred to herein as "Filers". All
capitalized terms used herein and not otherwise defined shall have the
respective meanings assigned to such terms in the Craig or Reading Schedule 13D.
Item 3. Source and Amount of Funds or Other Consideration
-------------------------------------------------
The purchase price for the securities ($2,128,150) was funded from working
capital.
Item 4. Purpose of Transaction
----------------------
The purchase described herein have increased the beneficial interest of Craig
and Reading in the Common Stock of the Issuer by 549,200 shares, or
approximately 8.2%. As a consequence of this purchase, Craig now beneficially
owns Common Stock of the Issuer representing approximately 48.1% and Reading,
through Holdings, now beneficially owns Common Stock of the Issuer representing
approximately 31.7% of such outstanding Common Stock.
At the present time, there is a significant amount of overlap between the
officers and directors of Craig, Reading and the Issuer. Mr. James J. Cotter is
the Chairman of the Board and Mr. S. Craig Tompkins is the Vice Chairman of the
Board of each of these three companies. Mr. Tompkins also serves as the
President of Craig and as the Principal Accounting Officer and Treasurer of
Citadel. The President of Citadel, Steve Wesson, is an officer of a Reading
subsidiary. The Issuer currently sublets all of its office space from Craig, is
a party to a management services agreement with Craig and Reading which allows
for the sharing of certain executive and administrative services between the
three companies. In addition, the Issuer owns 70,000 shares of Class A
Convertible Preferred Stock of Reading, holds certain rights to put its assets
to Reading in exchange for Reading common stock, and performs various real
estate consulting services for Reading. Craig also owns Reading common and
preferred stock representing approximately 78% of the voting power of Reading.
Given the scope and extent of their interest in the Issuer, Filers intend to
be actively involved in the direction of the business and affairs of the Issuer.
Although no assurances can be given, Filers may in the future consider one or
more transactions with the Issuer including, without limitation, a merger or
consolidation of the Issuer with or the conveyance of all or some portion of the
assets of the Issuer to an affiliate of Craig and/or Reading.
<PAGE>
---------------------
PAGE 6 OF 6 PAGES
---------------------
Due to overlap between the executives and directors of Craig, Reading and
Citadel, it is likely that certain of these overlapping officers and/or
directors will be directly involved, in their capacities as officers and/or
directors of the Issuer, in the development of the Issuer's business plan and
with respect to decisions involving the utilization of the Issuer's assets.
Filers do not regard themselves as having any responsibility to make disclosures
on Schedule 13D with respect to the activities of these individuals in their
capacities as officers and/or directors of the Issuer and presently intend only
to make disclosures on Schedule 13D where a specific plan or proposal with
respect to the Issuer has been presented to and adopted by the Craig and/or
Reading Board of Directors and disclosure is, accordingly, required under
Schedule 13D.
Filers may acquire from time to time further Common Stock in the market,
depending upon price, market conditions, evaluation of alternative uses for its
working capital, tax considerations and other conditions.
Item 5. Interest in Securities of the Issuer
------------------------------------
Item 5 is hereby amended to add the following:
On September 14, 1998, Reading Holdings, Inc., acquired, in a privately
negotiated transaction, 549,200 shares of the common stock of Citadel Holding
Corporation, at a price per share of $3.875, for an aggregate purchase price of
$2,128,150.
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.
Dated: September 16, 1998 READING ENTERTAINMENT, INC.
a Delaware corporation
By: /s/ James A. Wunderle
---------------------
James A. Wunderle
Chief Financial Officer
Dated: September 16, 1998 READING HOLDINGS, INC.
a Delaware corporation
By: /s/ James A. Wunderle
---------------------
James A. Wunderle
Vice President
