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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. 3)*
China Resources Development, Inc.
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(Name of issuer)
Common Stock, par value $.001 per share
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(Title of class of securities)
169406105
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(CUSIP number)
Lowrey Capital Management International, L.P.
90 State House Square
Hartford, CT 06103
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(Name, address and telephone number of person authorized to receive notices and
communications)
July 11, 1997
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(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.)
Page 1 of 10 Pages
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Exhibit Index appears on page 9.
Note: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-l(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 2 of 10 Pages
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13D
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CUSIP NO. 169406105 PAGE 3 OF 10 PAGES
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1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Lowrey Capital Management International, L.P.
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
00
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) [_]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware, USA
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7. SOLE VOTING POWER
NUMBER OF 195,374
SHARES -----------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 0
EACH -----------------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 195,374
WITH -----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
0
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
268,886
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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)
4.65%
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14. TYPE OF REPORTING PERSON*
PN (Limited Partnership)
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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13D
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CUSIP NO. 169406105 PAGE 4 OF 10 PAGES
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1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Lowrey Capital Management, L.L.C.
- ------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [_]
(b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
00
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_]
PURSUANT TO ITEM 2(d) or 2(e)
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware, USA
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7. SOLE VOTING POWER
NUMBER OF 73,512
SHARES -----------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 0
EACH -----------------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 73,512
WITH -----------------------------------------------------------
10. SHARED DISPOSITIVE POWER
0
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
268,886
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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)
4.65%
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14. TYPE OF REPORTING PERSON*
00 (Limited Liability Company)
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
13D
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CUSIP No. 169406105 Page 5 of 10 Pages
- ------------------- ------------------
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1. NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
John L. Lowrey
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_]
(b) [X]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
00
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED [_]
PURSUANT TO ITEM 2(d) or 2(e)
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6. CITIZENSHIP OR PLACE OF ORGANIZATION
Connecticut, USA
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7. SOLE VOTING POWER
NUMBER OF 0
SHARES ----------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER
OWNED BY 268,886
EACH ----------------------------------------------------
REPORTING 9. SOLE DISPOSITIVE POWER
PERSON 0
WITH ----------------------------------------------------
10. SHARED DISPOSITIVE POWER
268,886
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
268,886
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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)
4.65%
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14. TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Item 1. Security Issuer.
---------------
Amendments: None
Item 2. Identity and Background.
------------------------
Amendments: None
Item 3. Source and Amount of Funds or Other Consideration.
Amendments: None
Item 4. Purpose of Transaction.
----------------------
On the Advisor's direction, AMOF acquired the Preferred Stock and converted
such interests into Common Stock of the Issuer for the purpose of making an
investment in the ordinary course of its trade or business. Similarly, both AMOF
and AMON have also purchased shares in the open market. The Common Stock may be
disposed of at any time or from time to time in whole or in part.
None of the Reporting Persons has formulated any plans or proposals that
would relate to or would result in: (a) the acquisition by any person of
additional securities of the Issuer, or the disposition of securities of the
Issuer; (b) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation of the Issuer or its subsidiaries, if any; (c) a
sale or transfer of a material amount of assets of the Issuer or its
subsidiaries, if any; (d) any change in the present board of directors or
management of the Issuer, 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 Issuer;
(f) any other material change in the Issuer's business or corporate structure;
(g) changes in the Issuer's charter or bylaws or other actions that may impede
the acquisition of control of the Issuer by any person; (h) causing a class of
securities of the Issuer to be delisted from a national securities exchange or
to cease to be authorized to be quoted in an inter-dealer quotation system of a
registered national securities association; (i) causing a class of equity
securities of the Issuer to become eligible for termination of registration
pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934, as amended;
or (j) any action similar to those enumerated above.
Page 6 of 10 Pages
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Item 5. Interest in Securities of the Issuer.
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5(a-b) The aggregate number and percentage of the outstanding shares of the
Issuer beneficially owned by each of the Reporting Persons are as follows:
<TABLE>
<CAPTION>
Number of Number of
Number of Shares: Shares: Sole
Aggregate Shares: Sole Shared or Shared
Filing Number of Power to Power to Power to Approximate
Party Shares: Vote Vote Dispose Percentage/l/
- ----- --------- ------------ --------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Lowrey Capital 195,374 195,374 0 195,374 3.38%
Management
International,
L.P.
Lowrey Capital
Management,
L.L.C. 73,512 73,512 0 73,512 1.27%
John L. Lowrey 268,886 0 268,886 0 4.65%
</TABLE>
5(c). Reported transactions since April 14, 1997 are illustrated in the
following table:
Page 7 of 10 Pages
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<TABLE>
<CAPTION>
JOHN
REPORTING PERSON LCMI LCM LOWREY
Amendment Action/ Common Common Common
Date Balance Price Stock Stock Stock
<S> <C> <C> <C> <C> <C>
14 - April Balance 445,489 153,997 599,486
15 - April Sale 3.250 (3,750) (1,250) (5,000)
16 - April Sale 3.500 (4,650) (1,550) (6,200)
25 - April Purchase 3.000 3,750 1,250 5,000
30 - April Purchase 3.3125 1,875 625 2,500
06 - May Sale 3.625 (4,500) (1,500) (6,000)
12 - May Sale 3.625 (975) (325) (1,300)
14 - May Sale 3.625 (2,972) (1,028) (4,000)
15 - May Sale 3.625 (375) (125) (500)
16 - May Sale 3.625 (8,943) (1,057) (10,000)
19 - May Sale 3.625 (3,150) (1,050) (4,200)
02 - June Sale 4.250 (14,250) (4,750) (19,000)
13 - June Sale 4.250 (3,000) (3,000)
16 - June Sale 4.200 (1,875) (625) (2,500)
17 - June Sale 4.2259 (27,450) (9,150) (36,600)
18 - June Sale 4.3536 (23,700) (7,900) (31,600)
19 - June Sale 4.3939 (35,625) (11,875) (47,500)
20 - June Sale 4.3873 (11,250) (3,750) (15,000)
23 - June Sale 4.4498 (19,500) (6,500) (26,000)
24 - June Sale 4.2588 (14,250) (4,750) (19,000)
25 - June Sale 4.1998 (3,000) (1,000) (4,000)
26 - June Sale 3.9498 (13,125) (4,375) (17,500)
27 - June Sale 4.0208 (13,125) (4,375) (17,500)
30 - June Sale 3.9409 (13,125) (4,375) (17,500)
01 - July Sale 4.0350 (16,500) (5,500) (22,000)
08 - July Sale 3.9498 (11,250) (3,750) (15,000)
09 - July Sale 3.9498 (5,400) (1,800) (7,200)
======= ======= =======
TOTAL Balance 195,374 73,512 268,886
</TABLE>
Page 8 of 10 Pages
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5(d). The investor's of AMOF and AMON have an economic interest in the
dividends from, and the proceeds of sales of, the Fund's investments.
5(e). Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
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to Securities of the Issuer.
---------------------------
As investment advisor and General Partner for AMOF and AMON, the advisor
and the General Partner have the right to transfer and vote the securities held
by AMOF and AMON, including those of the Issuer. John Lowrey has the power under
the constituent documents of the advisor and General Partner to vote and dispose
of the securities owned by AMOF and AMON.
Item 7. Material to be Filed as Exhibits.
--------------------------------
None.
Page 9 of 10 Pages
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Signature
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After reasonable inquiry and to the best of its knowledge and belief, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
July 11, 1997
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(Date)
/s/ John L. Lowrey
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(Signature)
John L. Lowrey
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(Name/Title)
/s/ John L. Lowrey
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(Signature)
John L. Lowrey, President
Lowrey Capital Management International, L.P.
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(Name/Title)
/s/ John L. Lowrey
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(Signature)
John L. Lowrey, President
Lowrey Capital Management, L.L.C.
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(Name/Title)
Page 10 of 10 Pages
