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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. __________)*
Bitstream Inc.
------------------------------
(Name of Issuer)
Class A Common Stock, par value $.01 per share
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(Title of Class of Securities)
091736 10 8
(CUSIP Number)
Paul A. Gajer, Esq., Rubin Baum Levin Constant & Friedman
30 Rockefeller Plaza, 29th Floor
New York, New York 10112
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
October 30, 1996
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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.)
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).
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CUSIP NO. 091736 10 8 PAGE 2 OF 20
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SCHEDULE 13D
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
JHI Development Capital Limited
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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*
None (Item 3)
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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
Jersey, Channel Islands
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NUMBER OF 7 SOLE VOTING POWER 736,616 (1)
SHARES -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER 0
OWNED BY -------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER 736,616 (1)
REPORTING -------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER 0
WITH
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
736,616 (1)
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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)
14.2%
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14 TYPE OF REPORTING PERSON*
CO
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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.
(1) Includes 722,382 outstanding shares of Bitstream Inc. Class A Common
Stock and 14,234 shares issuable to JHI Development Capital Limited
upon the exercise of warrants.
3
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CUSIP NO. 091736 10 8 PAGE 3 OF 20
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
James Hardie (Holdings) Limited
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
None
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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
Jersey, Channel Islands
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NUMBER OF 7 SOLE VOTING POWER (Items 2 and 5)
SHARES -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER (Items 2 and 5)
REPORTING -------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
(Items 2 and 5)
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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)
0.0%
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14 TYPE OF REPORTING PERSON*
CO
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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.
4
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CUSIP NO. 091736 10 8 PAGE 4 OF 20
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
James Hardie Industries Limited
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
None
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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
Sydney, Australia
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NUMBER OF 7 SOLE VOTING POWER (Items 2 and 5)
SHARES -------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY -------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER (Items 2 and 5)
REPORTING -------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
(Items 2 and 5)
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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)
0.0%
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14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*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.
5
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CUSIP NO. 091736 10 8 PAGE 5 OF 20
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ITEM 1. SECURITY AND ISSUER
This statement on Schedule 13D relates to the Class A Common Stock, par
value $.01 per share (the "Common Stock"), of Bitstream Inc., a Delaware
corporation ("Bitstream"). The principal executive offices of Bitstream are
located at 215 First Street, Cambridge, Massachusetts 02142.
ITEM 2. IDENTITY AND BACKGROUND
The information set forth below is given with respect to (i) JHI
Development Capital Limited, a company registered under the laws of Jersey,
Channel Islands ("JHI"), (ii) James Hardie (Holdings) Limited ("JH Holdings"), a
company registered under the laws of Jersey, Channel Islands, and (iii) James
Hardie Industries Limited, a publicly held corporation organized under the laws
of Australia ("JH Industries"), and each director and executive officer thereof,
on Annexes 2A, 2B and 2C, respectively. On each of Annexes 2A through 2C hereto,
column (a) indicates the name of each person; column (b) indicates the address
of the principal business and the address of the principal office of each entity
or the business address of each natural person; column (c) indicates each such
entity's principal business or such natural person's present principal
occupation or employment and the name, principal business and address of any
corporation or other organization in which such employment is conducted as
applicable; column (d) indicates whether or not, during the last five years,
such person, or any executive officer, director or controlling person of such
person, has been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors) and, if so, the dates, nature of conviction,
name and location of court, and penalty imposed, or other disposition of the
case; column (e) indicates whether or not, during the last five years, such
person, or any executive officer, director or controlling person of such person,
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, and, if so, identifies and describes
such proceedings and summarizes the terms of such judgment, decree or final
order; and column (f) indicates, in the case of any natural person, the
citizenship of such person.
This Schedule 13D is being filed by JHI, JH Holdings and JH Industries
(collectively, the "Reporting Persons"). JHI is the record holder and may be
deemed "beneficial owner," within the meaning of the Securities Exchange Act of
1934, as amended (the "Exchange Act"), of the Common Stock covered hereby. JHI
is a subsidiary of JH Holdings. Accordingly, JH Holdings may be regarded as the
"beneficial owner," within the meaning of the
6
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CUSIP NO. 091736 10 8 PAGE 6 OF 20
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Exchange Act, of the Common Stock held by JHI. JH Holdings is indirectly
controlled by JH Industries. Accordingly, JH Industries may be deemed to be the
"beneficial owner," within the meaning of the Exchange Act, of the Common Stock
held by JHI.
The Reporting Persons do not admit they constitute a "group" for
purposes of Section 13(d) under the Exchange Act.
7
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CUSIP NO. 091736 10 8 PAGE 7 OF 20 PAGES
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<TABLE>
<CAPTION>
Annex 2A
JHI DEVELOPMENT CAPITAL LIMITED
-------------------------------
====================================================================================================================================
<S> <C> <C> <C> <C> <C>
(a) (b) (c) (d) (e) (f)
- --------------------------- -------------------------- --------------------------------------- --- --- ----------------
- ------------------------------------------------------------------------------------------------------------------------------------
JHI Development Capital St. James House JHI Development Capital Limited ("JHI") No No Not Applicable
Limited New St. James Place is engaged in the business of invest-
St. Helier, Jersey JE4 8WH ments holding.
Channel Islands
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Robert Anthony Christensen St. James House Mr. Christensen is a director of JHI. No No British
New St. James Place Mr. Christensen's principal employer is
St. Helier, Jersey JE4 8WH Volaw Trust & Corporate Services
Channel Islands Limited, a company registered under the
laws of Jersey, Channel Islands
("Volaw"), which has a principal place
of business at St. James House, New St.
James Place, St. Helier, Jersey JE4 8WH,
Channel Islands, of which Mr.
Christensen is a Managing Director.
Volaw is principally engaged in the
business of providing trust and
corporate administration services.
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Alison Mary Holland St. James House Ms. Holland is a director of JHI. Ms. No No British
New St. James Place Holland's principal employer is Volaw,
St. Helier, Jersey JE4 8WH at which she is an International
Channel Islands Financial Consultant.
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Nicholas St. John Brooks Devonshire House Mr. Brooks is a director of JHI. Mr. No No British
60 Goswell Road Brooks is a partner at Kingston Smith, a
London, England EC1M 7AD partnership of chartered accountants,
organized under the laws of England,
which has a principal place of business
at Devonshire House, 60 Goswell Road,
London, England EC1M 7AD.
- ------------------------------------------------------------------------------------------------------------------------------------
Bryon Gottfried Borgardt 26300 La Alameda Mr. Borgardt is a director of JHI. Mr. No No United States
Suite 250 Borgardt's principal employer is James
Mission Viejo, California Hardie Industries (USA) Inc., a
92691 corporation organized under the laws of
the state of California, which has a
principal place of business at 26300 Las
Alameda, Mission Viejo, California 92691
("JH USA"), of which Mr. Borgardt is the
Senior Vice President, Finance and
Administration. JH USA is principally
engaged in the business of manufacturing
and supplying building products and
services.
====================================================================================================================================
</TABLE>
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CUSIP NO. 091736 10 8 PAGE 8 OF 20 PAGES
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<TABLE>
<CAPTION>
Annex 2B
JAMES HARDIE (HOLDINGS) LIMITED
-------------------------------
====================================================================================================================================
<S> <C> <C> <C> <C> <C>
(a) (b) (c) (d) (e) (f)
- --------------------------- -------------------------- --------------------------------------- --- --- ----------------
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James Hardie (Holdings) St. James House James Hardie (Holdings) Limited ("JH No No Not Applicable
Limited New St. James Place Holdings") is engaged in the business of
St. Helier, Jersey JE4 8WH investment holding.
Channel Islands
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Robert Anthony Christensen See Annex 2A Mr. Christensen is a director of JH No No British
Holdings. See Annex 2A for information
regarding Mr. Christensen.
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Alison Mary Holland See Annex 2A Ms. Holland is a director of JH No No British
Holdings. See Annex 2A for information
regarding Ms. Holland.
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Nicholas St. John Brooks See Annex 2A Mr. St. John Brooks is a director of JH No No British
Holdings. See Annex 2A for information
regarding Mr. St. John Brooks.
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Bryon Gottfried Borgardt See Annex 2A Mr. Borgardt is a director of JH No No United States
Holdings. See Annex 2A for information
regarding Mr. Borgardt.
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Trevor Lennard Norman St. James House Mr. Norman is a director of JH Holdings. No No British
New St. James Place Mr. Norman's principal employer is Volaw
St. Helier, Jersey JE4 8WH of which he is Finance Director. See
Channel Islands Annex 2A for more information regarding
Volaw.
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John Charles McFadden 65 York Street Mr. McFadden is a director of JH No No Australia
Sydney, NSW 2000 Holdings. Mr McFadden's principal
Australia employer is James Hardie Industries
Limited, a publicly held corporation
organized under the laws of Australia
("JH Industries"), which has a principal
place of business at 65 York Street,
Sydney, NSW 2000, Australia, of which
Mr. McFadden is an Executive Director.
JH Industries is principally engaged in
the business of manufacturing and
supplying building products and
services.
====================================================================================================================================
</TABLE>
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CUSIP NO. 091736 10 8 PAGE 9 OF 20 PAGES
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<TABLE>
<CAPTION>
Annex 2C
JAMES HARDIE INDUSTRIES LIMITED
-------------------------------
====================================================================================================================================
<S> <C> <C> <C> <C> <C>
(a) (b) (c) (d) (e) (f)
- --------------------------- -------------------------- --------------------------------------- --- --- ----------------
- ------------------------------------------------------------------------------------------------------------------------------------
James Hardie Industries 65 York Street James Hardie Industries Limited ("JH No No Not Applicable
Limited Sydney, NSW 2000 Industries") is principally engaged in
Australia the business of manufacturing and
supplying building products and
services.
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A.G. McGregor 65 York Street Mr. McGregor is Chairman of the Board of No No Australia
Sydney, NSW 2000 Directors of JH Industries. Mr.
Australia McGregor's principal occupation is
serving as a director of a number of
Australian corporations and
organizations.
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Dr. R.K. Barton 65 York Street Dr. Barton is Managing Director of JH No No Australia
Sydney, NSW 2000 Industries. Dr. Barton's principal
Australia employer is JH Industries. See Annex 2B
for more information regarding JH
Industries.
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The Hon. Sir Llewellyn 65 York Street Sir Llewellyn Edwards is a non-executive No No Australia
R. Edwards Sydney, NSW 2000 director of JH Industries. Sir Llewellyn
Australia Edwards' principal occupation is serving
as a director of a number of Australian
corporations and organizations.
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M. Hellicar 65 York Street Ms. Hellicar is a non-executive director No No Australia
Sydney, NSW 2000 of JH Industries. Ms. Hellicar's
Australia principal employer is TNT Logistics Asia
Pte Ltd., a corporation organized under
the laws of Singapore, which has a
principal place of business at Lawson
Square, Redfern, NSW 2016, Australia, of
which Ms. Hellicar is Managing Director.
TNT Logistics Asia Pte Ltd. is
principally engaged in the business of
providing transport and logistics
services.
- ------------------------------------------------------------------------------------------------------------------------------------
P.J. Willcox 65 York Street Mr. Willcox is a non-executive director No No Australia
Sydney, NSW 2000 of JH Industries. Mr. Willcox's
Australia principal occupation is serving as a
director of a number of Australian
corporations and organizations.
- ------------------------------------------------------------------------------------------------------------------------------------
J.C. McFadden 65 York Street Mr. McFadden is an Executive Director of No No Australia
Sydney, NSW 2000 JH Industries. Mr. McFadden's principal
Australia employer is JH Industries. See Annex 2B
for information regarding Mr. McFadden.
====================================================================================================================================
</TABLE>
10
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CUSIP NO. 091736 10 8 PAGE 10 OF 20 PAGES
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<TABLE>
<CAPTION>
(Annex 2C continued)
JAMES HARDIE INDUSTRIES LIMITED
-------------------------------
====================================================================================================================================
<S> <C> <C> <C> <C> <C>
(a) (b) (c) (d) (e) (f)
- --------------------------- -------------------------- --------------------------------------- --- --- ----------------
- ------------------------------------------------------------------------------------------------------------------------------------
M.R. Brown 65 York Street Mr. Brown is a non-executive director of No No Australia
Sydney, NSW 2000 JH Industries. Mr. Brown's principal
Australia employer is Brambles Industries Ltd., a
publicly held corporation organized
under the laws of Australia, which has a
principal place of business at level 40,
Gateway, 1 Macquarie Place, Sydney, NSW
2000, Australia, of which Mr. Brown is
Group Finance Director. Brambles
Industries Ltd. is principally engaged
in the business of providing transport
and storage services.
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H.E. Rees 65 York Street Mr. Rees is a non-executive director of No No Australia
Sydney, NSW 2000 JH Industries. Mr. Rees' principal
Australia occupation is serving as a director of a
number of Australian corporations and
organizations.
- ------------------------------------------------------------------------------------------------------------------------------------
P.J. Pedley 65 York Street Mr. Pedley is a non-executive director No No British
Sydney, NSW 2000 of JH Industries. Mr. Pedley's principal
Australia employer is BIL (Australia Holdings)
Ltd., a corporation organized under the
laws of Australia, which has a principal
place of business at level 41, Gateway,
1 Macquarie Place, Sydney, NSW 2000,
Australia, of which Mr. Pedley is Chief
Investment Analyst. BIL (Australia
Holdings) Ltd. is principally engaged in
the business of investment holding.
====================================================================================================================================
</TABLE>
11
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CUSIP NO. 091736 10 8 PAGE 11 OF 20
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ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
No funds were used by JHI to acquire the shares of Common Stock covered
hereby. Such shares of Common Stock were issued to JHI on the conversion of
shares of Bitstream's Class A Convertible Preferred Stock, par value $.01 per
share (the "Preferred Stock"), held by JHI. See Item 4. The funds necessary for
the acquisition of the Preferred Stock held by JHI were obtained from cash on
hand.
ITEM 4. PURPOSE OF TRANSACTION
On October 30, 1996 JHI acquired the Common Stock reported hereby upon
the automatic conversion of 693,744 shares of Preferred Stock into an equal
number of shares of Common Stock upon the effectiveness of a registration
statement on Form S-1 filed by Bitstream in connection with its initial public
offering of Common Stock (the "IPO"). Pursuant to Bitstream's Certificate of
Incorporation, all outstanding Preferred Stock, including shares held of record
by JHI, were automatically converted into an equal number of shares of Common
Stock on the effective date of the IPO.
The Reporting Persons may purchase additional shares of Common Stock in
the open market or in privately negotiated transactions, and may sell shares of
Common Stock from time to time in open market or in privately negotiated
transactions. The Reporting Persons may also enter into short sales or other
hedging transactions with broker-dealers or other financial institutions.
Transactions in respect of the shares of Common Stock may be effected from time
to time based upon the capital requirements of any of the Reporting Persons and
the market price of the shares.
Except as set forth in this Item 4, none of the Reporting Persons have
any present plans or proposals that relate to or would result in: (i) the
acquisition by any person of additional securities of Bitstream, or the
disposition of securities of Bitstream; (ii) an extraordinary corporate
transaction, such as a merger, reorganization or liquidation, involving
Bitstream or any of its subsidiaries; (iii) a sale or transfer of a material
amount of assets of Bitstream or any of its subsidiaries; (iv) any change in the
present Board of Directors or management of Bitstream, including any plans or
proposals to change the number or term of Director or to fill any vacancies on
the Board; (v) any material change in the present capitalization or dividend
policy of Bitstream; (vi) any other change in Bitstream's business or corporate
structure; (vii) changes in Bitstream's Certificate of Incorporation, By-laws or
instruments corresponding thereto or other actions which may impede the
acquisition of control of Bitstream by any person; (viii) causing a class of
securities to be delisted from a national securities exchange or to cease to be
registered national securities association; (ix) a
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CUSIP NO. 091736 10 8 PAGE 12 OF 20
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class of equity securities of Bitstream becoming eligible for termination of
registration pursuant to Section 12(g) (4) of the Exchange Act; or (x) any
action similar to those enumerated above.
Each of the Reporting Persons reserves the right to determine in the
future whether to change the purpose or purposes described above or whether to
adopt plans or proposals of the type specified above.
JHI is party to an agreement (a "Lock-Up Agreement"), pursuant to which
it has agreed not to sell or dispose of certain shares of its Common Stock for
180 days after the effective date of the IPO. (See Item 6 below for a
description of the Lock-Up Agreement.)
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
According to the Registration Statement, upon consummation of the IPO,
Bitstream would have 5,171,221 shares of Common Stock issued and outstanding.
JHI holds of record and may be deemed to "beneficially own," within the meaning
of Exchange Act, 736,616 shares of Common Stock, including 14,234 shares of
Common Stock issuable upon the exercise of warrants, representing "beneficial
ownership," within the meaning of the Exchange Act, of approximately 14.2% of
the total Common Stock outstanding.
As of the consummation of the IPO, all of the persons listed in
response to Item 2 above, other than the Reporting Persons, "beneficially own,"
within the meaning of the Exchange Act, zero shares of Common Stock.
JHI has sole power to vote, dispose of and direct the disposition of
all of the shares of Common Stock held by JHI. JHI is a subsidiary of JH
Holdings. Accordingly, JH Holdings may be deemed the "beneficial owner," within
meaning of the Exchange Act, of the Common Stock held by JHI. JH Holdings is
indirectly controlled by JH Industries. Accordingly, JH Industries may be deemed
to be the beneficial owned of the Common Stock held by JHI. (See Item 2)
During the sixty (60) days prior to the effective date of the IPO, none
of the persons listed in response to Item 2 above effected any transaction in
shares of Common Stock.
No entity other than JHI is known to have the right to receive or the
power to direct the receipt of dividends from or the proceeds from the sale of
the shares of Common Stock covered by this Schedule 13D.
13
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CUSIP NO. 091736 10 8 PAGE 13 OF 20
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ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER
JHI is party to a Lock-Up Agreement, pursuant to which it has agreed
not to offer, sell, contract to sell, make any short sale, pledge, or otherwise
dispose of, directly or indirectly, any of the shares of Common Stock or other
securities convertible into or exchangeable for, or any rights to purchase or
acquire Common Stock beneficially owned by them (the "Lock-Up Securities"), or
enter into any swap or other agreement with respect to Lock-Up Securities that
transfers, in whole or part any of the economic consequences of ownership for a
period of 180 days following the effective date of the IPO, without the prior
written consent of Volpe, Welty & Company, the representative of the
underwriters in the IPO, except for the sale of shares of Common Stock purchased
in the open market after the effective date of the IPO or the conversion of
outstanding options, warrants or convertible securities.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
The following Exhibits are filed as part of this statement on Schedule
13D:
Exhibit A: Joint Filing Agreement dated November 14, 1996
among JHI Development Capital Limited, James Hardie (Holdings) Limited
and James Hardie Industries Limited.
Exhibit B: Lock-up Agreement dated May 31, 1996 between
Bitstream Inc. and JHI Development Capital Limited.
14
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CUSIP NO. 091736 10 8 PAGE 14 OF 20
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SIGNATURE
---------
After reasonable inquiry and to the best knowledge and belief
of the undersigned, the undersigned does hereby certify that the information set
forth in this statement is true, complete and correct.
Dated: November 14, 1996
By: JHI DEVELOPMENT CAPITAL LIMITED
By: /s/ R. A. Christensen
------------------------------------
Name: R.A. Christensen
Title: Director
15
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CUSIP NO. 091736 10 8 PAGE 15 OF 20
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SIGNATURE
---------
After reasonable inquiry and to the best knowledge and belief
of the undersigned, the undersigned does hereby certify that the information set
forth in this statement is true, complete and correct.
Dated: November 14, 1996
JAMES HARDIE (HOLDINGS) LIMITED
By: /s/ T. L. Norman
------------------------------------
Name: T. L. Norman
Title: Director
16
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CUSIP NO. 091736 10 8 PAGE 16 OF 20
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SIGNATURE
---------
After reasonable inquiry and to the best knowledge and belief
of the undersigned, the undersigned does hereby certify that the information set
forth in this statement is true, complete and correct.
Dated: November 14, 1996
JAMES HARDIE INDUSTRIES LIMITED
By: /s/ J. C. McFadden
------------------------------------
Name: J. C. McFadden
Title: Executive Director
17
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CUSIP NO. 091736 10 8 PAGE 17 OF 20
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EXHIBIT A
---------
JOINT FILING AGREEMENT
----------------------
In accordance with Rule 13d-1(f) under the Securities Exchange Act of
1934, as amended, the undersigned hereby agree to the joint filing on behalf of
each of them of a statement on Schedule 13D (including amendments thereto) with
respect to the Class A Common Stock, par value $0.01 per share of Bitstream Inc.
and that this Agreement be included as an Exhibit to such joint filing. This
Agreement may be executed in any number of counterparts all of which taken
together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement this
14th day of November, 1996.
JHI DEVELOPMENT CAPITAL LIMITED JAMES HARDIE INDUSTRIES LIMITED
By: /s/ R. A. Christensen By: /s/ J. C. McFadden
----------------------------------- -------------------------------
Name: R. A. Christensen Name: J. C. McFadden
Title: Director Title: Executive Director
JAMES HARDIE (HOLDINGS) LIMITED
By: /s/ T. L. Norman
-----------------------------------
Name: T. L. Norman
Title: Director
18
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CUSIP NO. 091736 10 8 PAGE 18 OF 20
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EXHIBIT B
---------
May 31, 1996
Volpe, Welty & Company
as Representative of the
Several Underwriters
One Maritime Plaza, 11th Floor
San Francisco, CA 94111
Ladies and Gentlemen:
The undersigned is an officer, director or holder of securities of
Bitstream Inc. (the "Company"), and wishes to facilitate the public offering
(the "Offering") of shares of the Company's Class A Common Stock, $.01 par value
per share (the "Class A Common Stock") to be underwritten by Volpe, Welty &
Company ("Volpe, Welty") and several other underwriters (collectively with
Volpe, Welty, the "Underwriters"). The undersigned recognizes that such Offering
and the public market for shares of the Company's Class A Common Stock created
thereby will be of benefit to the undersigned.
In consideration of the foregoing and in order to induce you to act as
underwriters of the Offering, the undersigned hereby irrevocably agrees that he,
she or it will not, without the prior written approval of Volpe, Welty,
commencing on the date hereof and ending on the date one hundred eighty (180)
days after the date the Form S-1 Registration Statement filed on behalf of the
Company in connection with the Offering becomes effective (the "Effective
Date"), (i) offer, sell, contract to sell, make any short sale (including
without limitation a short against the box), pledge or otherwise dispose of,
directly or indirectly, any shares of the Company's Class A Common Stock or
Class B Common Stock (collectively, "Common Stock"), options to acquire Common
Stock or securities convertible into or exchangeable for, or any other rights to
purchase or acquire, the Company's Common Stock beneficially owned by the
undersigned (as determined in accordance with the rules and regulations of the
Securities and Exchange Commission) (collectively "Restricted Securities") or
(ii) enter into any swap or other agreement that transfers, in whole or in part,
any of the economic consequences of ownership of Common Stock; whether any such
transaction described in (i) or (ii) is to be settled by delivery of Common
Stock or such other securities, in cash or otherwise. The lock-up restrictions
of the foregoing sentence shall not apply to (A) the shares to be sold to the
Underwriters pursuant to the Offering (including shares sold solely to cover
over-allotments, if any), (B) the sale of shares purchased in the open market
after the Effective Date or (C) the exercise or conversion of outstanding
options, warrants or convertible securities during any such period (but such
lock-up restrictions do apply to any subsequent sale of shares received upon
such exercise or conversion). The foregoing lock-up restriction is expressly
agreed to preclude the holder of Restricted Securities
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CUSIP NO. 091736 10 8 PAGE 19 OF 20
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from engaging in any hedging or other transaction that is designed to or could
reasonably be expected to lead to, or result in, a disposition of Restricted
Securities during the applicable lock-up period even if such Securities would be
disposed of by the undersigned subsequent to the applicable lock-up period or by
someone other than the undersigned.
Notwithstanding the foregoing, any transfer of Restricted Securities
which either (i) constitutes a pro rata distribution of a partnership or a
corporation to its partners or its stockholders, respectively, or (ii)
constitutes a bona fide gift of such shares, will not require your consent;
PROVIDED, that the transferee enters into a lock-up agreement in substantially
the form hereof covering the remainder of the lock-up period under this
Agreement.
The undersigned confirms that he, she or it understands that the
Underwriters and the Company will rely upon the undertakings set forth in this
Agreement in proceeding with the Offering. The undersigned understands that this
Agreement is irrevocable and shall be binding on the undersigned and his, her or
its respective successors, heirs, personal representatives and assigns. The
undersigned agrees and consents to the entry of stop transfer instructions with
the Company's transfer agent against the transfer of Restricted Securities of
the Company held by the undersigned except in compliance with this Agreement.
No waiver of any of the restrictions applicable to the undersigned
contained herein shall be valid unless in a writing signed by Volpe, Welty. The
approval of any waiver of any of the restrictions applicable to the undersigned
contained herein shall not create any obligation on the part of Volpe, Welty to
provide any other waiver, or notice of any such waiver, to any other party bound
under a similar agreement. The approval of any waiver of any of the restrictions
applicable to any other party pursuant to any similar agreement shall not create
any obligation on the part of Volpe, Welty to provide any waiver, or notice of
any such waiver, to the undersigned. The approval of any waiver of any of the
restrictions contained herein or in any similar agreement shall be in the sole
discretion of Volpe, Welty.
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CUSIP NO. 091736 10 8 PAGE 20 OF 20
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Notwithstanding anything else herein, if the Offering does not become
effective on or prior to December 31, 1996 the terms and provisions of this
Agreement shall be of no further force or effect.
JHI DEVELOPMENT CAPITAL LIMITED
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(Security holder's name)
/s/ Robert Anthony Christensen
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(Signature)
Robert Anthony Christensen
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(Name of person signing)
Director
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(Title)
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