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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES AND EXCHANGE ACT OF 1934
(AMENDMENT NO.1)
Electrosource, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
286150206
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(CUSIP Number)
James M. Rosel, Electrosource, Inc., 2809 Interstate 35 South,
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San Marcos, Texas 78666, (512) 753-6548
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
June 16, 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 Rule 13D-1(b)(3) or (4), check the following box._____
1 Names of Reporting Persons.
KAMKORP LIMITED
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a)
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(b) x
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3. SEC Use Only ______________________________________
4. Source of Funds (See Instructions) WC (SEE ITEM 3)
5. Check if Disclosure of Legal Proceedings Is Required Pursuant
to Items 2(d) or 2(e) __________
6. Citizenship or Place of Organization ENGLAND
7. Sole Voting Power 9,000,000
8. Shared Voting Power NONE
9. Sole Dispositive Power 9,000,000
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10. Shared Dispositive Power NONE
11. Aggregate Amount Beneficially Owned by Each Reporting Person 9,000,000
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
See Instructions) _______
13. Percent of Class Represented by Amount in Row (11) 66.5%
14. Type of Reporting Person (See Instructions) CO
1. Names of Reporting Persons.
KAMAL SIDDIQI
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(c)
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(d) x
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3. SEC Use Only ______________________________________
4. Source of Funds (See Instructions) WC (SEE ITEM 3)
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e) __________
6. Citizenship or Place of Organization INDIAN
7. Sole Voting Power NONE
8. Shared Voting Power NONE
9. Sole Dispositive Power NONE
10. Shared Dispositive Power NONE
11. Aggregate Amount Beneficially Owned by Each Reporting Person 0
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) X
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13. Percent of Class Represented by Amount in Row (11) 0
14. Type of Reporting Person (See Instructions) IN
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AMENDMENT NO. 1
TO
SCHEDULE 13D
This Amendment No. 1 supplements the statement on Schedule 13D filed
with respect to an event occurring on June 2, 1998 and filed by Kamkorp Limited
("Kamkorp"), Kamal Siddiqi, Clifford Graham Winckless and Roger Geoffrey Musson
on June 12, 1998 (the "Initial Filing") relating to the common stock, par value
$1.00 per share ("Common Stock") of Electrosource, Inc., a Delaware corporation
("Electrosource"). Capitalized terms used herein without definition have the
same meanings attributed to them in the Initial Filing.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Kamkorp acquired from the issuer 1,500,000 shares of Common Stock of
Electrosource for $1,500,000. The 1,500,000 shares of Common Stock of
Electrosource acquired are in addition to the 1,200,000 shares of Common Stock
that Kamkorp acquired on June 2, 1998 (see the Initial Filing). The source of
funds is working capital of the Kamkorp Limited consolidated group.
ITEM 4. PURPOSE OF TRANSACTION
(a) On June 16, 1998, Kamkorp purchased from the issuer for
$1,500,000 the 1,500,000 shares of Common Stock of Electrosource referred to in
the Initial Filing (the "Shares"). The acquisition of the Shares took place
under the terms of the Stock Purchase Agreement and are part of the remaining
4,800,000 shares that Kamkorp had the right to purchase under the Stock Purchase
Agreement after the initial purchase of 1,200,000 shares from Electrosource (see
the Initial Filing). The purchase of the Shares is part of a series of
contemplated transactions that, if consummated, will result in the acquisition
of control of Electrosource.
(e) The investment of $1,500,000 was used by Electrosource to redeem
convertible promissory notes, in principal amounts totaling $6,000,000, issued
by Electrosource and held by Corning Incorporated (the "Corning Notes").
Although the redemption of the Corning Notes was originally to take place on or
before June 15, 1998, the purchase of the Shares and the redemption of the
Corning Notes occurred on June 16, 1998, after Electrosource secured an
extension from Corning Incorporation for the completion of the transaction. The
purchase of the Shares for $1,500,000 and the redemption of the Corning Notes
are expected to have a material effect on the capitalization of Electrosource.
Kamkorp has no present plan to seek a change in Electrosource's dividend policy.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(c) See Item 4.
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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. Kamkorp Limited and Kamal Siddiqi agree to the filing of this combined
report.
/s/ Kamal Siddiqi
By: Kamal Siddiqi
Chairman, Kamkorp Limited
Date: June 25, 1998
/s/ Kamal Siddiqi
By: Kamal Siddiqi
Date: June 25, 1998
/s/ Clifford Winckless
By: Clifford Winckless
Date: June 25, 1998
/s/ Roger Musson
By: Roger Musson
Date: June 25, 1998
Schedule 13D Amendment No. 1
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