SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
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)
March 17, 1998
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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 ss.ss.240.13d-1(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 ss.240.13d-7(b) 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).
<PAGE>
CUSIP NO. 091736 10 8 Page 2 of 13
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*
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
Jersey, Channel Islands
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NUMBER OF 7 SOLE VOTING POWER 646,616 (1)
SHARES -----------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER 0
OWNED BY -----------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER 646,616 (1)
REPORTING -----------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER 0
WITH
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
646,616 (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)
9.88%
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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 632,382 outstanding shares of Bitstream Inc. Class A Common Stock
and 14,234 shares issuable to JHI Development Capital Limited upon the
exercise of warrants.
<PAGE>
CUSIP NO. 091736 10 8 Page 3 of 13
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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) |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
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
- --------------------------------------------------------------------------------
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.
<PAGE>
CUSIP NO. 091736 10 8 Page 4 of 13
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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) |X|
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3 SEC USE ONLY
- --------------------------------------------------------------------------------
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
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
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
(Items 2 and 5)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
|X|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
- --------------------------------------------------------------------------------
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.
<PAGE>
CUSIP NO. 091736 10 8 Page 5 of 13
This Amendment No. 1 amends the Schedule 13D filed on November 18, 1996
(the "Schedule 13D") on behalf of JHI Development Capital Limited, a company
registered under the laws of Jersey, Channel Islands ("JHI"), James Hardie
(Holdings) Limited, a company registered under the laws of Jersey, Channel
Islands ("JH Holdings"), and James Hardie Industries Limited, a publicly held
corporation organized under the laws of Australia ("JH Industries") with respect
to the shares of the Class A Common Stock, par value $.01 per share ("Common
Stock") of Bitstream Inc., a Delaware corporation ("Bitstream").
Item 2. Identity and Background
Item 2 of Schedule 13D is hereby updated and supplemented in the following
respects:
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 Amendment No. 1 to the 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
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.
<PAGE>
CUSIP NO. 091736 10 8 Page 6 of 13 Pages
Annex 2A
JHI DEVELOPMENT CAPITAL LIMITED
<TABLE>
<CAPTION>
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(a) (b) (c) (d) (e) (f)
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<S> <C> <C> <C> <C> <C>
JHI Development Capital Templar House JHI Development Capital Limited ("JHI") is No No Not Applicable
Limited Don Road engaged in the business of investments holding.
St. Helier, Jersey JE4 8WH
Channel Islands
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Robert Anthony Christensen Templar House Mr. Christensen is a director of JHI. Mr. No No British
Don Road Christensen's principal employer is Volaw
St. Helier, Jersey JE4 8WH Trust & Corporate Services Limited, a company
Channel Islands registered under the laws of Jersey, Channel
Islands ("Volaw"), which has a principal
place of business at Templar House, Don Road,
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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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 Hardie
Mission Viejo, California Industries (USA) Inc., a corporation
92691 organized under the laws of the state of
California ("JH USA"), which has a principal
place of business at 26300 Las Alameda,
Mission Viejo, California 92691, 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.
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Phillip Graham Morley 65 York Street Mr. Morley is a director of JHI. Mr. Morley's No No Australian
Sydney NSW 2000 principal employer is James Hardie Industries
Australia 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. Morley is Chief
Financial Officer. JH Industries is
principally engaged in the business of
manufacturing and supplying building products
and services.
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</TABLE>
<PAGE>
CUSIP NO. 091736 10 8 Page 7 of 13 Pages
Annex 2B
JAMES HARDIE (HOLDINGS) LIMITED
<TABLE>
<CAPTION>
==============================================================================================================================
(a) (b) (c) (d) (e) (f)
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<S> <C> <C> <C> <C> <C>
James Hardie (Holdings) Templar House James Hardie (Holdings) Limited ("JH No No Not Applicable
Limited Don Road 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 Holdings. No No British
See Annex 2A for information regarding Mr.
Christensen.
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Bryon Gottfried Borgardt See Annex 2A Mr. Borgardt is a director of JH Holdings. No No United States
See Annex 2A for information regarding Mr.
Borgardt.
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Trevor Lennard Norman Templar House Mr. Norman is a director of JH Holdings. Mr. No No British
Don Road Norman's principal employer is Volaw of which
St. Helier, Jersey JE4 8WH he is Finance Director. See Annex 2A for more
Channel Islands information regarding Volaw.
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Phillip Graham Morley 65 York Street Mr. Morley is a director of JH Holdings. See No No Australian
Sydney, NSW 2000 Annex 2A for information regarding Mr.
Australia Morley.
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</TABLE>
<PAGE>
CUSIP NO. 091736 10 8 Page 8 of 13 Pages
Annex 2C
JAMES HARDIE INDUSTRIES LIMITED
<TABLE>
<CAPTION>
==============================================================================================================================
(a) (b) (c) (d) (e) (f)
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<S> <C> <C> <C> <C> <C>
James Hardie Industries 65 York Street James Hardie Industries Limited ("JH No No Not Applicable
Limited Sydney, NSW 2000 Industries") is principally engaged in the
Australia 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. McGregor's
Australia 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 employer
Australia is JH Industries.
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The Hon. Sir Llewellyn R. 65 York Street Sir Llewellyn Edwards is a non-executive No No Australia
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 of No No Australia
Sydney, NSW 2000 JH Industries. Ms. Hellicar's principal
Australia 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 of JH No No Australia
Sydney, NSW 2000 Industries. Mr. Willcox's principal
Australia occupation is serving as a director of a
number of Australian corporations and
organizations.
==============================================================================================================================
</TABLE>
<PAGE>
CUSIP NO. 091736 10 8 Page 9 of 13 Pages
(Annex 2C continued)
<TABLE>
<CAPTION>
==============================================================================================================================
(a) (b) (c) (d) (e) (f)
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<S> <C> <C> <C> <C> <C>
M.R. Brown 65 York Street Mr. Brown is a non-executive director of JH No No Australia
Sydney, NSW 2000 Industries. Mr. Brown's principal employer is
Australia 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.
- ------------------------------------------------------------------------------------------------------------------------------
P.J. Pedley 65 York Street Mr. Pedley is a non-executive director of JH No No British
Sydney, NSW 2000 Industries. Mr. Pedley's principal employer
Australia 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>
<PAGE>
CUSIP NO. 091736 10 8 Page 10 of 13 Pages
Item 5. Interest in Securities of the Issuer.
Item 5 of the Schedule 13D is hereby supplemented as follows:
On March 17, 1998, JHI sold 90,000 shares in the open market at an average
price of $3.5139 per share.
JHI holds of record and may be deemed to "beneficially own," within the
meaning of Exchange Act, 646,616 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 9.88% of
the total shares of Common Stock outstanding.
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.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer.
Item 6 of the Schedule 13D is hereby updated and supplemented in the
following respects:
There are no contracts, arrangements, understandings or relationships
(legal or otherwise) between any Reporting Person and any other person with
respect to securities of the Company, including but not limited to transfer or
voting of any of the securities, finder's fees, joint ventures, loan or option
arrangements, put or calls, guarantees of profits, division of profits or loss
or the giving or withholding of proxies.
Item 7. Exhibits.
None.
<PAGE>
CUSIP NO. 091736 10 8 Page 11 of 13 Pages
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: March 26, 1998
By: JHI DEVELOPMENT CAPITAL LIMITED
By: /s/Robert Anthony Christensen
---------------------------------------
Name: Robert Anthony Christensen
Title: Director
<PAGE>
CUSIP NO. 091736 10 8 Page 12 of 13 Pages
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: March 26, 1998
JAMES HARDIE (HOLDINGS) LIMITED
By: /s/Trevor Lennard Norman
---------------------------------------
Name: Trevor Lennard Norman
Title: Director
<PAGE>
CUSIP NO. 091736 10 8 Page 13 of 13 Pages
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: March 26, 1998
JAMES HARDIE INDUSTRIES LIMITED
By: /s/ Stephen E. Harman
---------------------------------------
Name: Stephen E. Harman
Title: Financial Controller
