<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. ____)/*/
Cedar Income Fund, Ltd.
________________________________________________________________________________
(Name of Issuer)
Common Stock, $1.00 par value
________________________________________________________________________________
(Title of Class of Securities)
15043810
_______________________________________________________________
(CUSIP Number)
Robert S. Jett, III
Counsel
AEGON USA, INC.
4333 Edgewood Road, NE
Cedar Rapids, Iowa 52499
(319) 398-8040
________________________________________________________________________________
(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
December 5, 1997
_______________________________________________________________
(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 [X].
/*/ 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 1 of 25 Pages
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 15043810 PAGE 2 OF 25 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
AEGON,N.V.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
THE NETHERLANDS
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 584,567
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
584,567
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
584,567
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
26.0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
HC
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 15043810 PAGE 3 OF 25 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
AEGON USA, INC. 42-1310237
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
OO
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
IOWA
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 584,567
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
584,567
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
584,567
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
26.0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
HC
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 15043810 PAGE 4 OF 25 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
AEGON USA Investment Management, Inc.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
00
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 584,567
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
584,567
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
584,567
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
26.0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IA
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 15043810 PAGE 5 OF 25 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
PFL LIFE INSURANCE COMPANY
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
IOWA
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 375,550
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
375,550
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
375,550
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
16.7%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IC
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 15043810 PAGE 6 OF 25 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
BANKERS UNITED LIFE ASSURANCE COMPANY
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
IOWA
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF -0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 84,700
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
84,700
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
84,700
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
3.8%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IC
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 15043810 PAGE 7 OF 25 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
LIFE INVESTORS INSURANCE COMPANY OF AMERICA
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
IOWA
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 76,000
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
76,000
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
76,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
3.4%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IC
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 15043810 PAGE 8 OF 25 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
AEGON USA REALTY ADVISORS, INC.
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
IOWA
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 44,317
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
44,317
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
44,317
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
2.0%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IC
- ------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- ----------------------- ---------------------
CUSIP NO. 15043810 PAGE 9 OF 25 PAGES
- ----------------------- ---------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
FIRST AUSA LIFE INSURANCE COMPANY
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) [_]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
MARYLAND
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF
-0-
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
OWNED BY 4,000
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING
-0-
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
4,000
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
4,000
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
.2%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IC
- ------------------------------------------------------------------------------
<PAGE>
Item 1. SECURITY AND ISSUER
This Schedule relates to shares of Common Stock, $1.00 par value, (the
"Issuer Common Stock"), of Cedar Income Fund, Ltd. (the "Issuer"). Holders of
Common Stock are entitled to one vote per share on all matters to be voted on by
the Issuer's shareholders. According to information provided by the Issuer, as
of December 5, 1997, there were 2,245,411 shares of Common Stock issued and
outstanding.
The address of the Issuer's principal executive offices is 4333 Edgewood
Road, N.E., Cedar Rapids, Iowa 52499.
Item 2. IDENTITY AND BACKGROUND
(a), (b), (c) and (f). This Schedule is being filed by Aegon, N.V., a
holding company organized under the laws of The Netherlands, Aegon USA, Inc., a
subsidiary of Aegon, N.V. and a holding company incorporated under the laws of
Iowa ("Aegon"), and by six wholly owned subsidiaries of Aegon: (i) Aegon USA
Investment Management, Inc. ("AIM"), (ii) PFL Life Insurance Company ("PFL"),
(iii) Bankers United Life Assurance Company ("Bankers"), (iv) Life Investors
Insurance Company of America ("Life"), (v) Aegon USA Realty Advisors, Inc.
("Realty") and (vi) First AUSA Life Insurance Company ("AUSA") (the subsidiaries
named in (ii) - (vi) above are referred to herein collectively as the
"Subsidiaries"). Aegon, N.V., Aegon and the Subsidiaries (with the exception of
Realty) are primarily engaged in the insurance business throughout Europe and
the U.S. AIM provides investment management services and Realty provides real
estate advisory services. Aegon, N.V.'s executive offices are located
Mariahoeveplein 50, 2591 TV The Hague, The Netherlands. Aegon's and AUSA's
executive offices are located at 1111 North Charles Street, Baltimore, Maryland
21201. The executive offices of AIM, PFL, Bankers, Life and Realty are located
at 4333 Edgewood Road NE, Cedar Rapids, Iowa 52499.
The names, business addresses, principal occupations and citizenship of the
directors and executive officers of Aegon, N.V., Aegon, AIM and each of the
Subsidiaries are set forth in Annex A hereto.
Realty acts as Advisor and Aegon USA Realty Management, Inc. ("Management")
acts as Property Manager for the Issuer. Both Realty and Management are wholly
owned subsidiaries of Aegon.
(d) and (e). During the last five years, none of Aegon, N.V., Aegon, AIM or
any of the Subsidiaries, and, to the best knowledge of Aegon, N.V., Aegon, AIM
and the Subsidiaries, none of the directors and executive officers of Aegon,
N.V., Aegon, AIM or the Subsidiaries, have (i) been convicted in a criminal
proceeding (excluding traffic violations and similar misdemeanors) or (ii) been
a party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding have been or are subject to a
judgment, decree or final order enjoining future violations of, or
Page 10 of 25 pages
<PAGE>
prohibiting or mandating activities subject to, Federal or State securities laws
or finding any violation with respect to such laws.
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
All shares of Common Stock were purchased by the Subsidiaries with working
capital of the Subsidiaries.
Item 4. PURPOSE OF TRANSACTION
The Subsidiaries have entered into a tender agreement, dated as of December
5, 1997 (the "Tender Agreement"), with SKR Management Corp., a New York
corporation ("SKR"), a copy of which is filed as an exhibit to the Form 8-K
filed by the Issuer on December 8, 1997 (the "Form 8-K") and incorporated herein
by reference. The Tender Agreement was executed in connection with the execution
of a Memorandum of Understanding, dated as of December 5, 1997, between the
Issuer and SKR (the "Memorandum of Understanding"). The Memorandum of
Understanding, a copy of which is filed as an exhibit to the Form 8-K, provides
for, among other things and subject to certain conditions, a tender offer by SKR
for all of the outstanding shares of Issuer Common Stock at a price of $7.00 per
share. For additional information with respect to the Tender Agreement, see Item
6 below.
Item 5. INTEREST IN SECURITIES OF THE ISSUER
(a) and (b) The Subsidiaries collectively own 584,567 shares of Issuer
Common Stock, constituting 26.0% of the outstanding Common Stock of the Issuer
(see pages 2-9 hereof for the number of shares beneficially owned by each
reporting person). This represents 26.0% of the total voting power of the Issuer
Common Stock.
(c) There have been no transactions in shares of Issuer Common Stock by
Aegon, N.V., Aegon, AIM or the Subsidiaries, or to the best knowledge of Aegon,
N.V., Aegon, AIM or the Subsidiaries, by any of the executive officers or
directors of Aegon, N.V., Aegon, AIM or the Subsidiaries, during the past 60
days.
(d) Not applicable.
(e) Not applicable.
Item 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
The Tender Agreement
The Tender Agreement was executed by the Subsidiaries in order to induce
SKR to execute the Memorandum of Understanding and in consideration of the
substantial expenses
Page 11 of 25 pages
<PAGE>
incurred and to be incurred by SKR in connection therewith. In the Tender
Agreement, each of the Subsidiaries has agreed, subject to the terms and
conditions specified therein, to tender or cause to be tendered to SKR pursuant
to the Tender Offer all of the shares of Issuer Common Stock owned by such
Subsidiary. No consideration was paid in connection with the execution of the
Tender Agreement. None of Aegon, N.V., Aegon or AIM is a party to the Tender
Agreement.
In addition, the Tender Agreement provides for a "purchase option" (the
"Option"), exercisable by SKR in certain circumstances. Upon receipt of notice
from the Subsidiaries of a "Triggering Event," defined as "(i) the proposal by
any person or group of persons of a Competing Transaction (as defined in the
Memorandum of Understanding) in which the consideration to be received by
holders of Issuer Common Stock is in excess of $7.00 per share in cash and which
is applicable to each share of Issuer Common Stock outstanding (other than any
shares of Issuer Common Stock owned by the person or group of persons proposing
such Competing Transaction or any of their respective affiliates), and (ii) the
withdrawal by the Board of Directors of the Issuer of its recommendation or
proposed recommendation to the shareholders of the Issuer that they tender their
shares in the Tender Offer," SKR has the right, pursuant to the Tender
Agreement, to purchase all shares of Issuer Common Stock owned by the
Subsidiaries at a price determined as described below.
The purchase price payable by SKR upon exercise of the Option shall be
equal to the price per share payable in the Competing Transaction giving rise to
the Triggering Event; provided, however, in the event the price per share paid
by SKR in the Tender Offer or in such Competing Transaction is increased (i)
after SKR has given notice of its intent to exercise the Option, then SKR shall
pay to the Subsidiaries in cash an additional amount per share for the shares to
be purchased pursuant to the Option equal to the difference between (x) the
highest price per share paid or to be paid by SKR in the Tender Offer or in such
Competing Transaction, as applicable, and (y) the per share purchase price
previously anticipated to be paid by SKR to the Subsidiaries, or (ii) after SKR
has purchased the shares pursuant to the Option, then SKR shall pay to the
Subsidiaries in cash an additional amount per share for the Shares so purchased
equal to the difference between (x) the highest price per share paid by SKR in
the Tender Offer or in any Competing Transaction, as applicable, and (y) the per
share purchase price previously paid by SKR to the Subsidiaries.
Investment Management Agreements
Each of PFL, Bankers, Life and AUSA have entered into separate agreements
with AIM, which gives AIM, subject to certain conditions in such agreements,
power to direct the investment and reinvestment of the assets in such
subsidiary's account, including the securities of the Issuer, in AIM's sole
discretion. Realty has informally given AIM the same power over its assets.
Page 12 of 25 pages
<PAGE>
Item 7. MATERIAL TO BE FILED AS EXHIBITS
(a) Agreement among Aegon USA, Inc., PFL Life Insurance Company, Bankers
United Life Assurance Company, Life Investors Insurance Company of America,
Aegon USA Realty Advisors, Inc. and First AUSA Life Insurance Company relating
to the joint filing of the Schedule 13D.
(b) Tender Agreement, dated as of December 5, 1997, by and among the
Subsidiaries and SKR Management Corp. (incorporated by reference to Exhibit 2.3
to the Issuer's Current Report on Form 8-K filed on December 8, 1997, File No.
0-14510).
(c) Memorandum of Understanding, dated as of December 5, 1997, by and
among the Issuer and SKR Management Corp. (incorporated by reference to Exhibit
2.1 to the Issuer's Current Report on Form 8-K filed December 8, 1997, File No.
0-14510).
Page 13 of 25 pages
<PAGE>
SIGNATURE
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.
December 15, 1997 AEGON, N.V.
/s/ Donald J. Shepard
By:__________________________________
Donald J. Shepard
Name: ___________________________
Executive
Title:___________________________
AEGON USA, INC.
/s/ Brenda Clancy
By:__________________________________
Brenda Clancy
Name: ___________________________
Senior V.P. and Treasurer
Title:___________________________
AEGON USA INVESTMENT MANAGEMENT, INC.
/s/ Patrick E. Falconio
By:__________________________________
Patrick E. Falconio
Name: ___________________________
President
Title:___________________________
PFL LIFE INSURANCE COMPANY
/s/ William L. Burler
By:__________________________________
William L. Burler
Name: ___________________________
President
Title:___________________________
BANKERS UNITED LIFE ASSURANCE
COMPANY
/s/ Brenda Clancy
By:__________________________________
Brenda Clancy
Name: ___________________________
CFO and Treasurer
Title:___________________________
Page 14 of 25 pages
<PAGE>
LIFE INVESTORS INSURANCE COMPANY OF
AMERICA
/s/ Patrick S. Baird
By:__________________________________
Patrick S. Baird
Name: ___________________________
Senior V.P.
Title:___________________________
AEGON USA REALTY ADVISORS, INC.
/s/ Patrick E. Falconio
By:_________________________________
Patrick E. Falconio
Name:____________________________
Director
Title:___________________________
FIRST AUSA LIFE INSURANCE COMPANY
/s/ Patrick S. Baird
By:__________________________________
Patrick S. Baird
Name: ___________________________
President
Title:___________________________
Page 15 of 25 pages
<PAGE>
Annex A
The following sets forth the company, name of individual and present
principal occupation or employment of each of the directors and executive
officers of Aegon, N.V., Aegon, AIM, PFL, Bankers, Life, Realty and AUSA. The
business address for directors and executive officers of AEGON, N.V. is
Mariahoeveplein 50, 2591 TV the Hague, The Netherlands. The business address for
each of the AEGON and AUSA directors and executive officers is 1111 N. Charles
Street, Baltimore, Maryland 21201. The business address for each of the AIM,
PFL, Bankers, Life and Realty directors and executive officers is 4333 Edgewood
Road, N.E., Cedar Rapids, Iowa 52499.
<TABLE>
<CAPTION>
Company Name Position
- ----------------------------- ------------------------------ ------------------------
<S> <C> <C>
Aegon, N.V. Van Wijk, H.B. Principal Account Officer
Aegon, N.V. Van de Veijn, P. Executive Officer
Aegon, N.V. Shepard, Donald J. Executive Officer
Aegon, N.V. Storm, K.J. Chief Executive Officer
Aegon, N.V. Van Schaik, G. Supervisory Board Member
Aegon, N.V. Oort, C.J. Supervisory Board Member
Aegon, N.V. DeWit, F.J. Supervisory Board Member
Aegon, N.V. Gerritse, G. Supervisory Board Member
Aegon, N.V. Van Hoof, J.A.P. Supervisory Board Member
Aegon, N.V. Scholten, W. Supervisory Board Member
Aegon, N.V. Tabaksblat, M. Supervisory Board Member
Aegon, N.V. Paijs, K.M.H. Supervisory Board Member
Aegon, N.V. Leysen, A. Supervisory Board Member
Aegon, N.V. Davis, P.J. Supervisory Board Member
Aegon, N.V. Okay, O.J. Supervisory Board Member
Aegon, N.V. Peters, J.F.M. Supervisory Board Member
Aegon, N.V. DeRuiter, H. Supervisory Board Member
Aegon USA, Inc. Bailey, II, Irving W. Director
Aegon USA, Inc. Disharoon, Leslie B. Director
Aegon USA, Inc. Dunn, Jr., Edward K. Director
Aegon USA, Inc. Foster, William H. Director
Aegon USA, Inc. Meyer, Edward C. Director
Aegon USA, Inc. Shepard, Donald J. Director
Aegon USA, Inc. Storm, Kornelis J. Director
Aegon USA, Inc. Warren, E. Kirby Director
Aegon USA, Inc. Bailey, II, Irving W. Vice Chairman of The Board
Aegon USA, Inc. Baird, Patrick S. Chief Operating officer
Aegon USA, Inc. Shepard, Donald J. Chairman of The Board, C.E.O. and President
Aegon USA, Inc. Baird, Patrick S. Executive Vice President
Aegon USA, Inc. Clancy, Brenda K. Senior Vice President and Treasurer
Aegon USA, Inc. Falconio, Patrick E. Chief Investment officer and Executive Vice President
Aegon USA, Inc. Herbert, Jr., Bart Executive Vice President
Aegon USA, Inc. Kolsrud, Douglas C. Executive Vice President
Aegon USA, Inc. Vermie, Craig D. Secretary
Aegon USA, Inc. Dutcher, Joseph A. Director of Internal Audit
</TABLE>
Page 16 of 25 pages
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
Aegon USA Investment Clancy, Brenda K. Director
Management, Inc.
Aegon USA Investment Falconio, Patrick E. Director
Management, Inc.
Aegon USA Investment Vermie, Craig D. Director
Management, Inc.
Aegon USA Investment Falconio, Patrick E. President
Management, Inc.
Aegon USA Investment Flynn, Donald E. Executive Vice President
Management, Inc.
Aegon USA Investment Halfpap, David R. Senior Vice President
Management, Inc.
Aegon USA Investment Kolsrud, Douglas C. Executive Vice President
Management, Inc.
Aegon USA Investment O'Brien, Ralph M. Senior Vice President
Management, Inc.
Aegon USA Investment Opp, Steven P. Senior Vice President
Management, Inc.
Aegon USA Investment Ross, James D. Executive Vice President
Management, Inc.
Aegon USA Investment Sheets, Clifford A. Executive Vice President
Management, Inc.
Aegon USA Investment Vanmeter, Michael Senior Vice President
Management, Inc.
Aegon USA Investment Theobald, Gregory W. Secretary
Management, Inc.
Aegon USA Investment Kettering, Jon D. Treasurer
Management, Inc.
PFL Life Insurance Company Baird, Patrick S. Director
PFL Life Insurance Company Busler, William L. Director
PFL Life Insurance Company Falconio, Patrick E. Director
PFL Life Insurance Company Kolsrud, Douglas C. Director
PFL Life Insurance Company Vermie, Craig D. Director
PFL Life Insurance Company Baird, Patrick S. Chief Operating officer and Senior Vice President
PFL Life Insurance Company Busler, William L. Chairman of The Board and President
PFL Life Insurance Company Rekoski, David G. Division Executive Vice Pres.
</TABLE>
Page 17 of 25 pages
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
PFL Life Insurance Company Barry, Leo C. Executive Vice President
PFL Life Insurance Company Brown, Larry G. Senior Vice President
PFL Life Insurance Company Dykhouse, Jack R. Executive Vice President
PFL Life Insurance Company Eno, Rex B. Executive Vice President
PFL Life Insurance Company Falconio, Patrick E. Chief Investment Officer and Senior Vice President
PFL Life Insurance Company Herbert, Jr., Bart Executive Vice President
PFL Life Insurance Company Jenkins, B. Larry Executive Vice President
PFL Life Insurance Company Kenney, John R. Executive Vice President
PFL Life Insurance Company Schlossberg, Tom A. Executive Vice President
PFL Life Insurance Company Soppe, Janet M. Executive Vice President
PFL Life Insurance Company Vermie, Craig D. Secretary
PFL Life Insurance Company Clancy, Brenda K. Treasurer
PFL Life Insurance Company Kolsrud, Danny L. Director of Taxes
Bankers United Life Assurance Baird, Patrick S. Director
Company
Bankers United Life Assurance Falconio, Patrick E. Director
Company
Bankers United Life Assurance Kenney, John R. Director
Company
Bankers United Life Assurance Kolsrud, Douglas C. Director
Company
Bankers United Life Assurance Vermie, Craig D. Director
Company
Bankers United Life Assurance Baird, Patrick S. Chief Operating Officer and Senior Vice President
Company
Bankers United Life Assurance Collins, Herb C. Division Executive Vice
Company Pres.
Bankers United Life Assurance Hurley, G. John Division Executive Vice
Company Pres.
Bankers United Life Assurance Kenney, John R. Chairman of The Board and President
Company
Bankers United Life Assurance Yaeger, Alan M. Division Executive Vice
Company Pres.
</TABLE>
Page 18 of 25 pages
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
Bankers United Life Assurance Barry, Leo C. Senior Vice President
Company
Bankers United Life Assurance Brown, Larry G. Senior Vice President
Company
Bankers United Life Assurance Busler, William L. Executive Vice President
Company
Bankers United Life Assurance Dykhouse, Jack R. Executive Vice President
Company
Bankers United Life Assurance Eno, Rex B. Executive Vice President
Company
Bankers United Life Assurance Falconio, Patrick E. Chief Investment Officer and Senior Vice President
Company
Bankers United Life Assurance Greer, Richard R. Senior Vice President
Company
Bankers United Life Assurance Herbert, Jr., Bart Executive Vice President
Company
Bankers United Life Assurance Soppe, Janet M. Executive Vice President
Company
Bankers United Life Assurance Vermie, Craig D. Secretary
Company
Bankers United Life Assurance Clancy, Brenda K. Treasurer
Company
Bankers United Life Assurance Kolsrud, Danny L. Director of Taxes
Company
Life Investors Insurance Baird, Patrick S. Director
Company of America
Life Investors Insurance Busler, William L. Director
Company of America
Life Investors Insurance Clancy, Brenda K. Director
Company of America
Life Investors Insurance Eno, Rex B. Director
Company of America
Life Investors Insurance Falconio, Patrick E. Director
Company of America
Life Investors Insurance Kolsrud, Douglas C Director
Company of America
Life Investors Insurance Vermie, Craig D. Director
Company of America
Life Investors Insurance Baird, Patrick S. Chief Operating Officer and Senior Vice President
Company of America
Life Investors Insurance Eno, Rex B. Chairman of The Board and President
Company of America
</TABLE>
Page 19 of 25 pages
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
Life Investors Insurance Rekoski, David G. Division Executive Vice
Company of America Pres.
Life Investors Insurance Verhagen, Cor H. International Director
Company of America
Life Investors Insurance Brown, Larry G. Senior Vice President
Company of America
Life Investors Insurance Busler, William L. Executive Vice President
Company of America
Life Investors Insurance Dykhouse, Jack R. Executive Vice President
Company of America
Life Investors Insurance Falconio, Patrick E. Chief Investment Officer and
Company of America Senior Vice President
Life Investors Insurance Herbert, Jr., Bart Executive Vice President
Company of America
Life Investors Insurance Jenkins, B. Larry Executive Vice President
Company of America
Life Investors Insurance Kenney, John R. Executive Vice President
Company of America
Life Investors Insurance Schlossberg, Tom A. Executive Vice President
Company of America
Life Investors Insurance Soppe, Janet M. Executive Vice President
Company of America
Life Investors Insurance Vermie, Craig D. Secretary
Company of America
Life Investors Insurance Clancy, Brenda K. Treasurer
Company of America
Life Investors Insurance Kolsrud, Danny L. Director of Taxes
Company of America
</TABLE>
Page 20 of 25 pages
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
Aegon USA Realty Advisors Inc. Blankenship, David L. Director
Aegon USA Realty Advisors Inc. Clancy, Brenda K. Director
Aegon USA Realty Advisors Inc. Falconio, Patrick E. Director
Aegon USA Realty Advisors Inc. Kaplan, Steven J. Director
Aegon USA Realty Advisors Inc. Kolsrud, Douglas C. Director
Aegon USA Realty Advisors Inc. Schlossberg, Tom A. Director
Aegon USA Realty Advisors Inc. Blankenship, David L. Chairman of the Board and
President
Aegon USA Realty Advisors Inc. Dewald, Maureen Senior Vice President
and Secretary
Aegon USA Realty Advisors Inc. Fletcher, Alan F. Senior Vice President
Aegon USA Realty Advisors Inc. Ford, J. Dennis Senior Vice President
Aegon USA Realty Advisors Inc. Nordstrom, Thomas L. Senior Vice President
Aegon USA Realty Advisors Inc. Schumacher, Lindsay Senior Vice President
</TABLE>
Page 21 of 25 pages
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
First AUSA Life Insurance Baird, Patrick S. Director
Company
First AUSA Life Insurance Brown, Larry G. Director
Company
First AUSA Life Insurance Busler, William L. Director
Company
First AUSA Life Insurance Clancy, Brenda K. Director
Company
First AUSA Life Insurance Falconio, Patrick E. Director
Company
First AUSA Life Insurance Herbert, Jr., Bart Director
Company
First AUSA Life Insurance Kolsrud, Douglas C. Director
Company
First AUSA Life Insurance Kontz, Robert J. Director
Company
First AUSA Life Insurance Vermie, Craig D. Director
Company
First AUSA Life Insurance Baird, Patrick S. Chairman of The Board and President
First AUSA Life Insurance Falconio, Patrick E. Chief Investment Officer and Senior Vice President
Company
First AUSA Life Insurance Vermie, Craig D. Secretary
Company
First AUSA Life Insurance Clancy, Brenda K. Treasurer
Company
First AUSA Life Insurance Kontz, Robert J. Controller
Company
First AUSA Life Insurance Kolsrud, Danny L. Director of Taxes
Company
</TABLE>
Page 22 of 25 pages
<PAGE>
Exhibit (a)
Agreement
This Agreement is made by and among (i) Aegon, N.V., (ii) Aegon USA, Inc.,
(iii) Aegon USA Investment Management, Inc., (iv) PFL Life Insurance Company,
(v) Bankers United Life Assurance Company, (vi) Life Investors Insurance Company
of America, (vii) Aegon USA Realty Advisors, Inc. and (viii) First AUSA Life
Insurance Company.
Whereas, each of the parties hereto may be required to file a statement
with the U.S. Securities and Exchange Commission containing the information
required by Schedule 13D with respect to shares of Common Stock of Cedar Income
Fund, Ltd.; and
Whereas, the parties hereto desire to set forth their agreement regarding
the joint filing of a statement containing such information.
Now, therefore, the parties hereto hereby agree as follows:
1. Pursuant to Rule 13d-1(f) under the Securities Exchange Act of 1934,
the parties hereto shall jointly prepare and file a single statement on behalf
of each of them containing the information required by Schedule 13D with respect
to shares of Common Stock of Cedar Income Fund, Ltd. and any amendments thereto.
Each party shall be responsible for the timely filing of such statement and
amendments thereto and for the completeness and accuracy of information
concerning such party contained therein.
2. This Agreement may be executed in one or more counterparts.
Page 23 of 25 pages
<PAGE>
In Witness Whereof, the parties hereunto have executed this Agreement.
Aegon, N.V.
By: /s/ Donald J. Shepard
--------------------------------
Name: Donald J. Shepard
---------------------------
Title: Executive
--------------------------
Aegon USA, Inc.
By: /s/ Brenda Clancy
--------------------------------
Name: Brenda Clancy
---------------------------
Title: Senior V.P. and Treasurer
--------------------------
Aegon USA Investment Management, Inc.
By: /s/ Patrick E. Falconio
--------------------------------
Name: Patrick E. Falconio
---------------------------
Title: President
--------------------------
PFL Life Insurance Company
By: /s/ William L. Busler
--------------------------------
Name: William L. Busler
---------------------------
Title: President
--------------------------
Bankers United Life Assurance Company
By: /s/ Brenda Clancy
--------------------------------
Name: Brenda Clancy
---------------------------
Title: CFO and Treasurer
--------------------------
Page 24 of 25 pages
<PAGE>
Life Investors Insurance Company of America
By: /s/ Patrick S. Baird
--------------------------------
Name: /s/ Patrick S. Baird
---------------------------
Title: Senior Vice President
--------------------------
Aegon USA Realty Advisors, Inc.
By: /s/ Patrick E. Falconio
--------------------------------
Name: /s/ Patrick E. Falconio
---------------------------
Title: Director
--------------------------
First AUSA Life Insurance Company
By: /s/ Patrick S. Baird
--------------------------------
Name: /s/ Patrick S. Baird
---------------------------
Title: President
--------------------------
Page 25 of 25 pages
