<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)*
MAXICARE HEALTH PLANS, INC.
________________________________________________________________
(Name of issuer)
Common Stock, par value $.01 per share
________________________________________________________________
(Title of class of securities)
577904204
_____________________________
(CUSIP number)
R.C.O. Hellyer
J O Hambro & Company Limited
10 Park Place
London SW1A 1LP England
011-44-171-222-2020
_______________________________________________________________________________
(Name, address and telephone number of person authorized to receive notices and
communications)
April 17, 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. [ ]
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 (the "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 1 of 14 Pages
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 577904204 PAGE 2 OF 14 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
J O Hambro & Company Limited
No S.S. or IRS Identiication Number
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
England
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
559,050
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
559,050
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
559,050
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
3.1%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
HC, 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 2 of 14 pages
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 577904204 PAGE 3 OF 14 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Growth Financial Services Limited
No S.S. or IRS Identification Number
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
England
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
305,000
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
305,000
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
305,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
1.7%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
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 3 of 14 pages
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 577904204 PAGE 4 OF 14 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
North Atlantic Smaller Companies Investment Trust plc
No S.S. or IRS Identification Number
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
England
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
305,000
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
305,000
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
305,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
1.7%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IV, 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 4 of 14 pages
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 577904204 PAGE 5 OF 14 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Christopher Harwood Bernard Mills
No S.S. or IRS Identiciation Number
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
England
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
480,200
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
480,200
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
480,200
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
2.7%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*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 5 of 14 pages
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 577904204 PAGE 6 OF 14 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
J O Hambro Capital Management Limited
No S.S. or IRS Identification Number
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
England
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
480,200
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
480,200
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
480,200
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
2.7%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IA, 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 6 of 14 pages
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 577904204 PAGE 7 OF 14 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
J O Hambro Asset Management Limited
No S.S. or IRS Identification Number
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
England
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
559,050
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
559,050
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
559,050
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
3.1%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
HC, 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 7 of 14 pages
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 577904204 PAGE 8 OF 14 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
J O Hambro Investment Management Limited
No S.S. or IRS Identification Number
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
England
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
78,850
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
78,850
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
78,850
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IA, 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 8 of 14 pages
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 577904204 PAGE 9 OF 14 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
American Opportunity Trust plc
No S.S. or IRS Identification Number
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
England
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 0
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
90,000
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 0
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
90,000
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
90,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.5%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IV, 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 9 of 14 pages
<PAGE>
AMENDMENT NO. 1 TO
------------------
STATEMENT ON SCHEDULE 13D
-------------------------
This Amendment No. 1 to the Statement on Schedule 13D (the "Amendment")
amends Items 4 and 5 of the Statement on Schedule 13D (the "Schedule 13D") filed
on April 13, 1998 with the Securities and Exchange Commission (the "SEC") by the
Filing Parties.
ITEM 4. PURPOSE OF TRANSACTION.
----------------------
Item 4 is amended and restated in its entirety to read as follows:
The Filing Parties acquired their holdings of the Common Stock because they
believed that the Common Stock represented a favorable investment opportunity.
The Filing Parties believe that it is in the best interest of of the Company's
shareholders for the Company's board of directors (the "Board") to pursue the
possibility of a strategic transaction, including a business combination or a
sale of the Company or its assets, and to execute such a transaction if it can
enhance shareholder value.
The Filing Parties are aware that the Company has stated in its preliminary
solicitation materials that "the Board has been supervising management's
evaluation of the Company's businesses and operations and enhancing and focusing
on those operations which have generated substantially all of the Company's
growth and profitability in recent years." Based on that statement, the Filing
Parties believe that the existing Board intends to retain certain of the
Company's existing operations, whereas the Filing Parties believe that the
Company should pursue the possibility of a strategic transaction or transactions
involving all of the Company's business and assets.
Therefore, the Filing Parties intend to support Mr. Paul R. Dupee, Jr. (the
"Soliciting Shareholder") in connection with his commencement of a formal
solicitation of consents in accordance with applicable proxy regulations (the
"Consent Solicitation"). The Consent Solicitation seeks to enact certain
proposals that would elect a majority of the Company's Board who are committed,
subject to their fiduciary duties, to pursuing strategic alternatives, including
a business combination or a sale of all of the Company businesses and assets.
J O Hambro & Company, J O Hambro Asset Management, J O Hambro Investment
Management and GFS are not participants in the Consent Solicitation but may be
deemed to be members of a group with the other Filing Parties, the Soliciting
Shareholder and the other participants in the Consent Solicititation (the
"Group") by virtue of their beneficial ownership of the Common Stock and their
relationship to certain participants in the Consent Solicitation.
On April 22, 1998, the Soliciting Shareholder filed a definitive consent
solicitation statement (the "Solicitation Statement") with the Securities and
Exchange Commission pursuant to the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), and the applicable rules thereunder. The Solicitation
Statement described the proposals of the Soliciting Shareholder, which would, in
part, add ten new directors to the Board, thereby increasing the authorized
number of directors to seventeen and fill the resulting new directorships with
the Soliciting Shareholder Nominees (as defined below), who would constitute a
majority of the Board. The Soliciting
Page 10 of 14 Pages
<PAGE>
Shareholder has also proposed repealing any bylaw amendments adopted by the
Board since February 1, 1998.
According the Solicitation Statement, the Soliciting Shareholder has
proposed for election ten people (the "Soliciting Shareholder Nominees") to fill
the newly-created directorships including Christopher H. B. Mills, Enrique F.
Gittes and Claudia M. Perkins (collectively, the "J O Hambro Nominees"). Mr.
Mills is a Filing Party. Mr. Gittes has served as Director of NASCIT, a Filing
Party, since 1993, and Ms. Perkins has served as a Director of J O Hambro
Capital Management, a Filing Party, since 1995.
Mr. Mills, along with the Soliciting Shareholder and another Soliciting
Shareholder Nominee, will solicit individuals, brokers, banks, bank nominees and
other institutional holders in connection with the Consent Solicitation and will
not receive additional compensation for such solicitation.
The J O Hambro Nominees have no present intention to change the existing
senior management of the Company or to halt the Company's announced plans to
streamline its operations and to focus on the Company's most profitable
operations, although the J O Hambro Nominees believe the Company should pursue a
strategic transaction or transactions that include these operations as well.
The J O Hambro Nominees intend to support the appointment of a committee to
oversee the implementation of the plan to pursue strategic alternatives.
The Soliciting Shareholder, J O Hambro Capital Management, NASCIT and
American Opportunity Trust have entered into an oral agreement under which the
costs of the Consent Solicitation will be shared 40% by the Soliciting
Shareholder, 40% by NASCIT and 20% by American Opportunity Trust. The J O
Hambro Nominees expect to join the other Soliciting Shareholder Nominees in
supporting the Soliciting Shareholder's request for reimbursement of costs and
expenses in connection with the Consent Solicitation.
Although certain of the Filing Parties have agreed to share the costs
associated with the Consent Solicitation, the Filing Parties have not agreed,
and are not contractually obligated, to vote the shares of Common Stock
beneficially owned by such Filing Parties in any manner in connection with the
Consent Solicitation or with respect to any other vote of the shareholders of
the Company. The Filing Parties reserve the right to participate in or initiate,
alone or with others, any other plans, proposals or transactions of a similar or
different nature with respect to the Company or its securities.
The Filing Parties intend to review their investment in the Company on a
continuing basis and, depending on various factors, including the Company's
business, affairs and financial position, other developments concerning the
Company, the price level of the Common Stock, conditions in the securities
markets and general economic and industry conditions, as well as other
investment opportunities available to the Filing Parties, may in the future take
such actions with respect to their investment in the Company as they deem
appropriate in light of the circumstances existing from time to time. Such
actions may include the purchase of additional Common Stock in the open market,
in privately negotiated transactions or otherwise, or the sale at any time of
all or a portion of the Common Stock now owned or hereafter acquired by the
Filing Parties to one or more purchasers. The Filing Parties may revise the
proposals or submit additional proposals for action by shareholders by written
consent or for adoption by shareholders at any meeting of shareholders.
Page 11 of 14 Pages
<PAGE>
Except as described in this Item 4, as of the date of this Amendment none
of the Filing Parties has formulated any plans or proposals that relate to or
would result in: (a) the acquisition by any person of additional securities of
the Company, or the disposition of securities of the Company; (b) an
extraordinary corporate transaction, such as a merger, reorganization or
liquidation of the Company or its subsidiaries, if any; (c) a sale or transfer
of a material amount of assets of the Company or its subsidiaries, if any; (d)
any change in the present board of directors or management of the Company,
including any change in the number or term of directors or the filling of any
existing vacancies on the board; (e) any material change in the present
capitalization or dividend policy of the Company; (f) any other material change
in the Company's business or corporate structure; (g) changes in the Company's
charter or bylaws or other actions that may impede the acquisition of control of
the Company by any person; (h) causing a class of securities of the Company to
be delisted from a national securities exchange or to cease to be authorized to
be quoted in an interdealer quotation system of a registered national securities
association; (i) causing a class of equity securities of the Company to become
eligible for termination of registration pursuant to Section 12(g)(4) of the
Exchange Act; or (j) any action similar to those enumerated above.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
------------------------------------
No changes except that Items 5(a-b, e) are restated in their entirety to
read as follows:
(a) - (b) The aggregate number and percentage of the outstanding Common
Stock of the Company beneficially owned (i) by each of the Filing Parties, and
(ii) to the knowledge of the Filing Parties, by each other person who may be
deemed to be a member of the Group, is as follows:
<TABLE>
<CAPTION> Number
of Number of
Number of Shares: Shares: Sole
Filing Aggregate Shares: Sole Shared or Shared
Party Number of Power to Power to Power to Approximate
- -------------------- Shares: Vote Vote Dispose Percentage*
--------- ------------ --------- ------------- ------------
<S> <C> <C> <C> <C> <C>
J O Hambro 559,050 0 559,050 559,050 3.1%
& Company(1)
J O Hambro Asset 559,050 0 559,050 559,050 3.1%
Management(1)
J O Hambro 480,200 0 480,200 480,200 2.7%
Capital Management
J O Hambro 78,850 0 78,850 78,850 0.4%
Investment
Management(1)
Christopher H.B. 480,200 0 480,200 480,200 2.7%
Mills
GFS(1) 305,000 0 305,000 305,000 1.7%
- ------------------------------------------------------------------------------------
</TABLE>
Page 12 of 14 Pages
<PAGE>
<TABLE>
<S> <C> <C> <C> <C> <C>
NASCIT 305,000 0 305,000 305,000 1.7%
American 90,000 0 90,000 90,000 0.5%
Opportunity Trust
George H. 1,000 1,000 0 1,000 **
Bigelow(2)
Lawrence 9,000 9,000 0 9,000 0.1%
Sosnow(2)
Paul R. Dupee, 327,100 327,100 0 327,100 1.8%
Jr.(2)
- ------------------------------------------------------------------------------------
</TABLE>
* Based on 17,925,381 shares of Common Stock, par value $.01 per share
outstanding as of March 25, 1998, which is based on information reported in the
Company's Annual Report on Form 10-K for the year ended December 31, 1997.
** Less than one tenth of one percent.
(1) J O Hambro & Company, J O Hambro Asset Management, J O Hambro
Investment Management and GFS are not participants in the Consent Solicitation
but may be deemed to be members of the Group by virture of their beneficial
ownership of the Common Stock and their relationship to certain participants in
the Consent Solicitation.
(2) Mr. Bigelow, Mr. Sosnow and Mr. Dupee are participants in the Consent
Solicitation and, therefore, may be deemed to be part of the Group. The
beneficial ownership information relating to such persons is based upon the
publicly available information contained in Amendment No. 2 to the Preliminary
Proxy Statement filed with the SEC on April 17, 1998 on behalf of such
persons.
(e) On April 17, 1998, the Soliciting Shareholder filed Amendment No. 2 to
his Preliminary Proxy Statement with the SEC which, among other things, revised
the number of shares of Common Stock beneficially owned by the Soliciting
Shareholder to correct a clerical error. As a result, the Group does not
beneficially own greater than 5% of the outstanding Common Stock of the Company.
Page 13 of 14 Pages
<PAGE>
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this Amendment is true, complete and correct.
Dated: 22 April 1998 J O HAMBRO CAPITAL MANAGEMENT LIMITED
By: /s/ Claudia Perkins
--------------------------------------------
Name: Claudia Perkins
Title: Director
Executed on behalf of the parties thereto
pursuant to the Joint Filing Agreement
previously filed.
Page 14 of 14 Pages
