UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 9)*
Watts Industries, Inc.
(Name of Issuer)
Class A Common Stock, $0.10 par value per share
(Title of Class of Securities)
942749 10 2
(CUSIP number)
Frederic B. Horne
c/o Conifer Ledges, Ltd., 219 Liberty Square, Danvers, MA 01923-4302
(Name, address and telephone number of person
authorized to receive notices and communications)
October 5, 1999
(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 that is the subject of this Schedule 13D, and is filing this
schedule because of Sections 240.13d1(e), 240.13d-1(f) or 240.13d-1(g), check
the following box [ ].
Note: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Section 240.13d-7(b)
for other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 6 Pages)
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*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 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).
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SCHEDULE 13D
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CUSIP NO. 942749 10 2
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1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Frederic B. Horne
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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*
Not Applicable
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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
The United States of America
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NUMBER OF 7 SOLE VOTING POWER
SHARES 1,840,473
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BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 0
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EACH 9 SOLE DISPOSITIVE POWER
REPORTING 1,840,473
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PERSON 10 SHARED DISPOSITIVE POWER
WITH: 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,840,473
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES [X]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
7.0%
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14 TYPE OF REPORTING PERSON *
IN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
Frederic B. Horne hereby amends and supplements his originally filed
Statement on Schedule 13D dated November 8, 1991 (the "Original Statement"), as
amended by Amendment No. 1 to his Statement on Schedule 13D filed September 10,
1997 (the "First Amended Statement"), Amendment No. 2 to his Statement on
Schedule 13D dated November 3, 1997, Amendment No. 3 to his Statement on
Schedule 13D dated February 5, 1998, Amendment No. 4 to his Statement on
Schedule 13D dated May 1, 1998, Amendment No. 5 to his Statement on Schedule
13D dated October 5, 1998, Amendment No. 6 to his Statement on Schedule 13D
dated November 17, 1998, Amendment No. 7 to his Statement on Schedule 13D dated
July 26, 1999 and Amendment No. 8 to his Statement on Schedule 13D dated
September 17, 1999 (the "Eighth Amendment")with respect to the Class A Common
Stock, par value $0.10 per share (the "Common Stock") of Watts Industries, Inc.
(the "Company"). Unless otherwise indicated, capitalized terms used but not
defined herein shall have the meanings assigned to such terms in the Original
Statement. Unless otherwise indicated by use of the term "Class A Common
Stock", all of the beneficial ownership of shares of Common Stock is derived
from beneficial ownership of Class B Common Stock, par value $.10 per share
("Class B Common Stock") of the Company which is convertible into shares of
Common Stock on a share-for-share basis. References herein to "Mr. Horne" shall
be deemed to be references to Frederic B. Horne, the reporting person.
ITEM 2. IDENTITY AND BACKGROUND.
(a) Name
Frederic B. Horne
(b) Residence or Business Address
219 Liberty Square
Danvers, MA 01923-4302
(c) Principal Occupation; Name and Address
of Principal Business Office
Independent Investor
219 Liberty Square
Danvers, MA 01923-4302
(d) Past Criminal Convictions
None
(e) Past Civil Proceedings or Administrative
Proceedings Related to Federal or State
Securities Laws Resulting in a Judgment,
Decree or Final Order Finding Violations or
Enjoining Future Violations of Such Laws
<PAGE>
None
(f) Citizenship
The United States of America
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
On October 5, 1999, Frederic B. Horne converted Five Hundred Thousand
(500,000) shares of Class B Common Stock into Five Hundred Thousand (500,000)
shares of Class A Common Stock (the "Conversion"). The Conversion required no
payment of funds or other consideration.
ITEM 4. PURPOSE OF TRANSACTION.
Frederic B. Horne converted Five Hundred Thousand (500,000) shares of
Class B Common Stock into Five Hundred Thousand (500,000) shares of Class A
Common Stock in order to be in a position to achieve liquidity with respect to
such shares.
Frederic B. Horne intends continuously to review his investment in the
Company and may from time to time acquire or dispose of shares of Class A
Common Stock or Class B Common Stock, depending on various factors, including
but not limited to general economic conditions, monetary and stock market
conditions and future developments affecting Mr. Horne or the Company.
ITEM 5. INTEREST IN SECURITIES OF ISSUER.
(a) Amount Beneficially Owned:
Frederic B. Horne is deemed the beneficial owner of 1,840,473 shares of
Common Stock of the Company, of which 1,591,550 shares are shares of
Class A Common Stock, and 248,923 shares are shares of Class B Common
Stock, after giving effect to the conversion.
Mr. Horne's beneficial ownership consists of (i) 1,606,873 shares
beneficially owned by Mr. Horne, of which 1,391,550 are shares of Class
A Common Stock and 215,323 shares are shares of Class B Common Stock,
(ii) 22,600 shares of Class B Common Stock beneficially owned by an
irrevocable trust for the benefit of Kristina M. Horne for which Mr.
Horne serves as trustee, (iii) 11,000 shares of Class B Common Stock
beneficially owned by Mr. Horne as custodian for Kristina M. Horne
under the Massachusetts Uniform Gifts to Minors Act, and (iv) 200,000
shares of Class A Common Stock beneficially owned by Mr. Horne as
trustee pursuant to an irrevocable trust for the benefit of Mr. Horne
and Kristina M. Horne as well as future descendents, for which Mr.
Horne serves as a trustee.
The number of shares reported herein as beneficially owned by Mr. Horne
is identical to the number of such shares reported by Mr. Horne in the
Eighth Amended Statement.
Percent of Class:
7.0% See Note 1.
(b) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: 1,840,473
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or direct the disposition of:
1,840,473
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(iv) Shared power to dispose or direct the disposition of: 0
The number of shares reported herein as beneficially owned by Mr. Horne
is identical to the number of such shares reported by Mr. Horne in the
Eighth Amended Statement.
(c) Mr. Horne engaged in the following transactions since the filing of
the Eighth Amended Statement:
None.
(d) Not applicable
(e) Not applicable
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
Amended and Restated Stock Restriction Agreement
All shares of Class B Common Stock owned individually by or in trust for
the benefit of Timothy P. Horne, Frederic B. Horne, George B. Horne, Daniel W.
Horne, Deborah Horne and Peter W. Horne; 75,200 shares of Common Stock owned
individually by or in trust for the benefit of Tara V. Horne; 72,600 shares of
Common Stock owned in trust for the benefit of Tiffany R. Horne; and 33,600
shares of Common Stock owned individually by or in trust for the benefit of
Kristina M. Horne, and any voting trust certificates representing such shares,
are subject to a stock restriction agreement (the "Agreement"). Upon any
proposed voluntary transfer or transfer by operation of law of Class B Common
Stock or voting trust certificates representing such shares by any of the above
stockholders, or upon the death of such a stockholder holding such shares or
voting trust certificates, the other parties to the Agreement have a pro rata
right of first refusal to purchase such shares (including a second opportunity
to elect to purchase any shares not purchased under the first right of
refusal).
The purchase price per share is the 15-day average trading pricing of the
Company's Class A Common Stock while publicly traded, except in the case of
certain involuntary transfers, in which case the purchase price is book value.
This summary is qualified in its entirety by reference to the text of the
Agreement, filed as Exhibit A to the Original Statement, and the First
Amendment thereto, filed as Exhibit C to the First Amended Statement. Certain
share number information was derived from disclosure of the Company provided in
its definitive proxy statement filed with the Securities and Exchange
Commission on September 17, 1998.
* * *
This statement speaks as of its date, and no inference should be drawn
that no change has occurred in the facts set forth herein after the date
hereof.
Note 1: The percentages above have been determined as of the date hereof, based
on information received from legal counsel to the Company. According to the
Company's counsel, as of August 26, 1999, there were outstanding and entitled
to vote 16,472,507 shares of Class A Common Stock and 9,985,247 shares of Class
B Common Stock. Page 1 of 6 Pages
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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.
/s/ Frederic B. Horne
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Frederic B. Horne
Dated: October 7, 1999
