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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. __)
Pan American Silver Corp.
(Name of Issuer)
Common Stock
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(Title of Class of Securities)
697900108
(CUSIP Number)
Christopher J. Rupright, Esq.
Shartsis Friese & Ginsburg LLP
One Maritime Plaza, 18th Floor
San Francisco, CA 94111
(415) 421-6500
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(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
February 4, 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 ("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).
SEC 1746 (10-97)
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<PAGE>
SCHEDULE 13D
CUSIP No. 697900108 Page 2 of 17 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Westcliff Capital Management, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X /
(b) / /
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3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,369,500
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,369,500
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,369,500
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.7
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14 TYPE OF REPORTING PERSON*
OO and IA
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 697900108 Page 3 of 17 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Richard S. Spencer III
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a)/X /
(b)/ /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF and PF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,369,500
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,369,500
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,369,500
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.7
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 697900108 Page 4 of 17 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
David R. Korus
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,369,500
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,369,500
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,369,500
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.7
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14 TYPE OF REPORTING PERSON*
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>
<PAGE>
SCHEDULE 13D
CUSIP No. 697900108 Page 5 of 17 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Westcliff, LLC
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X /
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 540,375
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
540,375
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
540,375
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.2
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14 TYPE OF REPORTING PERSON*
OO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 697900108 Page 6 of 17 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Westcliff Partners, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
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NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 254,625
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
254,625
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
254,625
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.1
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 697900108 Page 7 of 17 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Westcliff Long/Short, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 218,400
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
218,400
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
218,400
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.9
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ---------------------------------------------------------------------------
*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>
<PAGE>
SCHEDULE 13D
CUSIP No. 697900108 Page 8 of 17 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Westcliff Partners SA, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 42,450
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
42,450
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
42,450
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.2
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ---------------------------------------------------------------------------
*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>
<PAGE>
SCHEDULE 13D
CUSIP No. 697900108 Page 9 of 17 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Westcliff Long/Short SA, L.P.
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) /X /
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E) / /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
California
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES -0-
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 24,900
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH -0-
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
24,900
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
24,900
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.1
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ---------------------------------------------------------------------------
*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>
<PAGE>
SCHEDULE 13D
CUSIP No. 697900108 Page 10 of 17 Pages
ITEM 1. SECURITY AND ISSUER.
This statement relates to the common stock (the "Stock") of Pan American
Silver Corp. ("PASC"). The principal executive office of PASC is located at
1500-625 Howe St., Vancouver, B.C. Canada A1.
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this statement (the "Reporting Persons") and the persons
enumerated in Instruction C of Schedule 13D and, where applicable, their
respective places of organization, general partners, directors, executive
officers and controlling persons, and the information regarding them, are as
follows:
(a) Westcliff Capital Management, LLC, a California limited liability
company ("WCM"); Westcliff, LLC ("WL"); Westcliff Partners, L.P., a
California limited partnership ("WP"); Westcliff Long/Short, L.P., a
California limited partnership ("WLS"); Westcliff Partners SA, L.P., a
California limited partnership ("WPSA"); Westcliff Long/Short SA, L.P.,
a California limited partnership ("WLSSA"); Richard S. Spencer III
("Spencer"); and David R. Korus ("Korus").
(b) The business address of WCM, WL, WP, WLS, WPSA, WLSSA and Spencer is 200
Seventh Avenue, Suite 105, Santa Cruz, California 95062. The business
address of Korus is 152 W. 57th Street, New York, New York 10019.
(c) WCM is the investment adviser to and a general partner of WP, WLS, WPSA
and WLSSA, which are investment limited partnerships. WL is a general
partner of WP, WLS, WPSA and WLSSA. Spencer and Korus are the sole
managers of WCM and WL.
(d) During the last five years, none of such persons has been convicted in
a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) During the last five years, none of such persons was a party to a civil
proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding was or is subject to a
judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state
securities laws or finding any violation with respect to such laws.
(f) Spencer and Korus are citizens of the United States of America.
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 697900108 Page 11 of 17 Pages
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source and amount of funds used in purchasing the Stock were as follows:
Purchaser Source of Funds Amount
WCM Funds Under Management(1) $13,501,060.04
WP Working Capital $ 2,514,985.92
WLS Working Capital $ 2,113,206.03
WPSA Working Capital $ 442,249.85
WLSSA Working Capital $ 259,578.00
(1) Consists of funds of WP, WLS, WPSA, WLSSA and various other, separately
managed, accounts invested in the Stock.
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons have acquired the Stock solely for investment purposes.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The beneficial ownership of the Stock of the persons named in Item 2 of this
statement is as follows at the date hereof:
Aggregate
Beneficially
Owned Voting Power Dispositive Power
Name Number Percent Sole Shared Sole Shared
WCM 1,369,500 5.7 -0- 1,369,500 -0- 1,369,500
WP 254,625 1.1 -0- 254,625 -0- 254,625
WLS 218,400 0.9 -0- 218,400 -0- 218,400
WPSA 42,450 0.2 -0- 42,450 -0- 42,450
WLSSA 24,900 0.1 -0- 24,900 -0- 24,900
WL 540,375 2.2 -0- 540,375 -0- 540,375
Spencer 1,369,500 5.7 -0- 1,369,500 -0- 1,369,500
Korus 1,369,500 5.7 -0- 1,369,500 -0- 1,369,500
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 697900108 Page 12 of 17 Pages
The persons filing this statement effected the following transactions in the
Stock on the dates indicated, and such transactions are the only transactions
in the Stock by the persons filing this statement since December 7, 1997.
Purchase Number Price
Name or Sale Date of Shares Per Share
WCM P 12-8-97 3,250 9.250
WLS P 12-8-97 450 9.250
WP P 12-8-97 1,300 9.250
WCM P 12-9-97 3,500 9.250
WLS P 12-9-97 750 9.250
WP P 12-9-97 750 9.250
WCM P 12-10-97 17,450 10.125
WLS P 12-10-97 6,350 10.125
WP P 12-10-97 6,200 10.125
WCM P 12-11-97 8,550 10.750
WLS P 12-11-97 3,250 10.750
WP P 12-11-97 3,200 10.750
WCM P 12-12-97 35,550 10.833
WLS P 12-12-97 12,400 10.833
WP P 12-12-97 12,050 10.833
WCM P 12-16-97 2,750 10.185
WLS P 12-16-97 1,250 10.185
WP P 12-16-97 1,000 10.185
WCM P 12-17-97 12,300 10.180
WLS P 12-17-97 4,400 10.180
WP P 12-17-97 3,300 10.180
WCM P 12-18-97 4,950 9.875
WLS P 12-18-97 2,450 9.875
WP P 12-18-97 2,600 9.875
WCM P 12-22-97 2,600 9.750
WLS P 12-22-97 1,300 9.750
WP P 12-22-97 1,100 9.750
WCM P 12-29-97 9,000 10.750
WLS P 12-29-97 500 10.750
WP P 12-29-97 500 10.750
WCM P 12-30-97 6,450 10.625
WLS P 12-30-97 1,850 10.625
WP P 12-30-97 1,700 10.625
(table continued on page 13)
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 697900108 Page 13 of 17 Pages
(table continued from page 12)
Purchase Number Price
Name or Sale Date of Shares Per Share
WCM P 12-31-97 19,700 10.069
WLS P 12-31-97 2,700 10.069
WP P 12-31-97 2,600 10.069
WCM P 1-2-98 17,900 10.010
WCM S 1-2-98 32,400 9.989
WLS P 1-2-98 2,600 10.010
WP P 1-2-98 400 10.010
WPSA P 1-2-98 11,500 9.823
WCM P 1-6-98 24,350 10.010
WCM S 1-6-98 29,400 9.990
WLS S 1-6-98 23,050 9.990
WLSSA P 1-6-98 14,650 10.010
WP S 1-6-98 1,200 9.990
WPSA P 1-6-98 14,650 10.010
WCM P 1-7-98 4,400 9.854
WCM S 1-7-98 4,400 9.833
WCM P 1-8-98 16,400 9.179
WLS P 1-8-98 8,950 9.179
WP P 1-8-98 9,650 9.179
WCM P 1-9-98 20,000 9.199
WLS P 1-9-98 8,300 9.199
WLSSA P 1-9-98 150 9.199
WP P 1-9-98 11,550 9.199
WCM P 1-12-98 7,650 8.172
WCM P 1-12-98 10,300 8.292
WLS P 1-12-98 1,450 8.292
WLS P 1-12-98 400 8.172
WLSSA P 1-12-98 350 8.292
WLSSA P 1-12-98 250 8.172
WP P 1-12-98 1,700 8.172
WP P 1-12-98 2,900 8.292
WCM S 1-21-98 35,600 8.802
WCM P 1-21-98 35,600 8.822
WCM P 2-3-98 16,400 9.900
WLS P 2-3-98 3,900 9.900
WLSSA P 2-3-98 600 9.900
WP P 2-3-98 3,050 9.900
WPSA P 2-3-98 1,050 9.900
(table continued on page 14)
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 697900108 Page 14 of 17 Pages
(table continued from page 13)
Purchase Number Price
Name or Sale Date of Shares Per Share
WCM P 2-4-98 213,150 11.526
WLS P 2-4-98 51,600 11.526
WLSSA P 2-4-98 6,050 11.526
WP P 2-4-98 59,200 11.526
WPSA P 2-4-98 10,000 11.526
WCM P 2-5-98 31,200 11.125
WLS P 2-5-98 7,300 11.125
WLSSA P 2-5-98 850 11.125
WP P 2-5-98 9,100 11.125
WPSA P 2-5-98 1,550 11.125
WCM P 2-6-98 27,500 10.851
WLS P 2-6-98 7,200 10.851
WLSSA P 2-6-98 800 10.851
WP P 2-6-98 7,900 10.851
WPSA P 2-6-98 1,600 10.851
WCM P 2-9-98 31,000 10.719
WLS P 2-9-98 7,850 10.719
WLSSA P 2-9-98 900 10.719
WP P 2-9-98 8,750 10.719
WPSA P 2-9-98 1,500 10.719
WCM P 2-10-98 23,950 10.750
WP P 2-10-98 1,050 10.750
WCM P 2-11-98 4,600 10.500
WLS P 2-11-98 4,150 10.500
WLSSA P 2-11-98 300 10.500
WP P 2-11-98 5,350 10.500
WPSA P 2-11-98 600 10.500
All transactions were executed through the Nasdaq National Market System.
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 697900108 Page 15 of 17 Pages
ITEM. 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
WCM and WL are the general partners of WP, WLS, WPSA and WLSSA pursuant to
limited partnership agreements providing to WCM the authority, among other
things, to invest the funds of WP, WLS, WPSA and WLSSA in the Stock, to vote
and dispose of the Stock and to file this statement on behalf of WP, WLS,
WPSA and WLSSA. Pursuant to such limited partnership agreements, the general
partners of WP, WLS, WPSA and WLSSA are entitled to allocations based on
assets under management and realized and unrealized gains, under certain
conditions. Pursuant to investment management agreements (the "IMAs"), WCM
is authorized, among other things, to invest funds of its various investment
advisory clients in securities, and to vote and dispose of those securities.
The IMAs may be terminated by either party pursuant to the terms of the IMAs
and provide for fees payable to WCM, based on assets under management, and,
in certain cases, realized and unrealized gains and losses if certain
conditions are met.
<PAGE>
<PAGE>
SCHEDULE 13D
CUSIP No. 697900108 Page 16 of 17 Pages
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
A. Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G.
SIGNATURES
After reasonable inquiry and to the best of my knowledge, I certify that
the information set forth in this statement is true, complete and correct.
DATED: February ___, 1998
WESTCLIFF PARTNERS, L.P. /s/ Richard S. Spencer III
Richard S. Spencer III
By: Westcliff Capital Management David R. Korus
LLC, General Partner
By: /s/ Richard S. Spencer III
By: /s/ Richard S. Spencer III Richard S. Spencer III,
Richard S. Spencer III Attorney-in-Fact
Manager
WESTCLIFF CAPITAL MANAGEMENT, LLC
WESTCLIFF LONG/SHORT, L.P. By: /s/ Richard S. Spencer III
Richard S. Spencer III
Manager
By: Westcliff Capital Management,
LLC, General Partner WESTCLIFF, LLC
By: /s/ Richard S. Spencer III By: /s/ Richard S. Spencer III
Richard S. Spencer III Richard S. Spencer
Manager Manager
WESTCLIFF PARTNERS SA, L.P. WESTCLIFF LONG/SHORT SA, L.P.
By: Westcliff Capital Management, By: Westcliff Capital Management,
LLC, General Partner LLC, General Partner
By: /s/ Richard S. Spencer III By: /s/ Richard S. Spencer III
Richard S. Spencer III Richard S. Spencer
Manager Manager
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SCHEDULE 13D
CUSIP No. 697900108 Page 17 of 17 Pages
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
OF STATEMENT ON SCHEDULE 13D OR 13G
The undersigned agree to file jointly with the Securities and Exchange
Commission (the "SEC") any and all statements on Schedule 13D or Schedule 13G
(and any amendments or supplements thereto) required under section 13(d) of
the Securities Exchange Act of 1934, as amended, in connection with purchases
by the undersigned of Common Stock of Pan American Silver Corp. For that
purpose, the undersigned hereby constitute and appoint Westcliff Capital
Management, LLC, a California limited liability company, as their true and
lawful agent and attorney-in-fact, with full power and authority for and on
behalf of the undersigned to prepare or cause to be prepared, sign, file with
the SEC and furnish to any other person all certificates, instruments,
agreements and documents necessary to comply with section 13(d) and
section 16(a) of the Securities Exchange Act of 1934, as amended, in
connection with said purchases, and to do and perform every act necessary and
proper to be done incident to the exercise of the foregoing power, as fully
as the undersigned might or could do if personally present.
DATED: February ___, 1998
WESTCLIFF PARTNERS, L.P. /s/ Richard S. Spencer III
Richard S. Spencer III
By: Westcliff Capital Management David R. Korus
LLC, General Partner
By: /s/ Richard S. Spencer III
By: /s/ Richard S. Spencer III Richard S. Spencer III,
Richard S. Spencer III Attorney-in-Fact
Manager
WESTCLIFF CAPITAL MANAGEMENT, LLC
WESTCLIFF LONG/SHORT, L.P. By: /s/ Richard S. Spencer III
Richard S. Spencer III
Manager
By: Westcliff Capital Management,
LLC, General Partner WESTCLIFF, LLC
By: /s/ Richard S. Spencer III By: /s/ Richard S. Spencer III
Richard S. Spencer III Richard S. Spencer
Manager Manager
WESTCLIFF PARTNERS SA, L.P. WESTCLIFF LONG/SHORT SA, L.P.
By: Westcliff Capital Management, By: Westcliff Capital Management,
LLC, General Partner LLC, General Partner
By: /s/ Richard S. Spencer III By: /s/ Richard S. Spencer III
Richard S. Spencer III Richard S. Spencer
Manager Manager
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