SCHEDULE 13D
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CUSIP No. 367631 10 8 Page 1 of 7 Pages
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)
GATEWAY INDUSTRIES, INC.
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(Name of Issuer)
Common Stock, $.001 par value
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(Title of Class of Securities)
367631 10 8
(CUSIP Number)
Jeffrey L. Steele, Esq.
1775 Eye Street, N.W.
Washington, D.C. 20006
(202) 261-3314
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Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 28, 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.)
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>
- --------- ----------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Peter Cundill & Associates (Bermuda) Ltd.
N/A
- --------- ----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- --------- ----------------------------------------------------------------------
SEC USE ONLY
3
- --------- ----------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------- ----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [ ]
- --------- ----------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6 Bermuda
- ---------
- --------------------------------------------------------------------------------
7
NUMBER OF SHARES SOLE VOTING POWER
BENEFICIALLY OWNED BY
EACH REPORTING PERSON 0
WITH
--------- -----------------------------------------------
8
SHARED VOTING POWER
0
--------- ----------------------------------------------
9
SOLE DISPOSITIVE POWER
0
--------- ----------------------------------------------
10
SHARED DISPOSITIVE POWER
0
- ----------- --------------------------------------------------------------------
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- ------------ -------------------------------------------------------------------
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- ------------ -------------------------------------------------------------------
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.00%
- ------------ -------------------------------------------------------------------
14
TYPE OF REPORTING PERSON
CO, IA (Canadian)
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<PAGE>
- --------- ----------------------------------------------------------------------
1
NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Peter Cundill Holdings (Bermuda) Ltd.
N/A
- --------- ----------------------------------------------------------------------
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
- --------- ----------------------------------------------------------------------
3
SEC USE ONLY
- --------- ---------------------------------------------------------------------
4
SOURCE OF FUNDS
OO
- --------- ----------------------------------------------------------------------
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- --------- ----------------------------------------------------------------------
6
CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
- --------------------------------------------------------------------------------
NUMBER OF
SHARES 7 SOLE VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH
REPORTING
PERSON
WITH
--------- ----------------------------------------------
8 SHARED VOTING POWER
0
--------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ------------ -------------------------------------------------------------------
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- ------------ -------------------------------------------------------------------
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- ------------ ------------------------------------------------------------------
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.00%
- ------------ -------------------------------------------------------------------
14
TYPE OF REPORTING PERSON
HC
- ------------ -------------------------------------------------------------------
<PAGE>
- --------- ----------------------------------------------------------------------
1
NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
F. Peter Cundill
N/A
- --------- ----------------------------------------------------------------------
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
- -------- -----------------------------------------------------------------------
3
SEC USE ONLY
- --------- ---------------------------------------------------------------------
4
SOURCE OF FUNDS
OO
- --------- ----------------------------------------------------------------------
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
- --------- ----------------------------------------------------------------------
6
CITIZENSHIP OR PLACE OF ORGANIZATION
Canada
- ----------------------- --------- ---------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY
EACH
REPORTING
PERSON
WITH
--------- ----------------------------------------------
8 SHARED VOTING POWER
0
--------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ------------ -------------------------------------------------------------------
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- ------------ -------------------------------------------------------------------
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
- ------------ -------------------------------------------------------------------
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.00%
- ------------ ------------------------------------------------------------------
14
TYPE OF REPORTING PERSON
IN
- ------------ -------------------------------------------------------------------
<PAGE>
This Amendment No. 1 to the Statement on Schedule 13D heretofore filed
on or about August 30, 1996, is filed by Peter Cundill & Associates (Bermuda)
Ltd., a Bermuda corporation ("PCB"), Peter Cundill Holdings (Bermuda) Ltd., a
Bermuda corporation ("Holdings"), and F. Peter Cundill, a Canadian citizen
residing in England ("Cundill") (PCB, Holdings and Cundill are sometimes also
referred to herein individually as a "Reporting Person" and collectively as
"Reporting Persons"), to reflect the following amendments to Item 5:
ITEM 5 IS HEREBY AMENDED AND RESTATED TO READ AS FOLLOWS IN ITS
ENTIRETY:
Item 5(d):
No transactions in the Shares have been effected by the Reporting
Persons or to the best knowledge of the Reporting Persons, by any executive
officer, director, affiliate or subsidiary thereof during the past 60 days,
except the following transactions, each of which was made in a broker's
transaction in the open market.
Reporting Person Sale/ No. of Shares Price
Purchase Date Share
PCB on behalf of Sale 9/28/98 50,000 $1.750
PCA
PCB on behalf of Sale 9/28/98 150,000 $1.750
International
Item 5 (e):
As of September 28, 1998, the Reporting Persons ceased to be the
beneficial owners of more than five percent of the Issuer's Shares.
<PAGE>
Item 7. Materials Filed as Exhibits.
In accordance with Rule 101(a)(2)(ii) of Regulation ST, the
following exhibits which have been previously filed in paper format, are not
required to be restated electronically and are incorporated by reference herein.
Exhibit 1 - Power of Attorney for
Peter Cundill & Associates (Bermuda) Ltd
(Incorporated by reference to Exhibit A to
Item 7 of Amendment No. 9 to Schedule 13D
filed by the Reporting Persons on October
12, 1995 with respect to the common stock of
BRL Enterprises, Inc.)
Exhibit 2 - Power of Attorney for
Peter Cundill Holdings (Bermuda) Ltd
(Incorporated by reference to Exhibit B to
Item 7 of Amendment No. 9 to Schedule 13D
filed by the Reporting Persons on October
12, 1995 with respect to the common stock of
BRL Enterprises, Inc.)
Exhibit 3 - Power of Attorney for F.
Peter Cundill (Incorporated by reference to
Exhibit C to Item 7 of Amendment No. 9 to
Schedule 13D filed by the Reporting Persons
on October 12, 1995 with respect to the
common stock of BRL Enterprises, Inc.)
<PAGE>
SIGNATURES
The undersigned certify, after reasonable inquiry and to the best
knowledge and belief of the undersigned, that the information set forth in this
Statement is true, complete and correct. The undersigned agree to the filing of
this single Statement on Schedule 13D.
PETER CUNDILL & ASSOCIATES
(BERMUDA) LTD.
Date: October 5, 1998 By: /s/Patrick W.D. Turley
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Patrick W.D. Turley
Attorney-in-Fact*
PETER CUNDILL
HOLDINGS
(BERMUDA) LTD.
Date: October 5, 1998 By: /s/Patrick W.D. Turley
----------------------
Patrick W.D. Turley
Attorney-in-Fact*
F. PETER CUNDILL
Date: October 5, 1998 By: /s/Patrick W.D. Turley
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Patrick W.D. Turley
Attorney-in-Fact*
*Pursuant to Power of Attorney on file with the Commission and incorporated by
reference herein.
