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FORM 8-A/A
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FOR REGISTRATION OF CERTAIN CLASSES OF SECURITIES
PURSUANT TO SECTION 12(b) OR (g) OF THE
SECURITIES EXCHANGE ACT OF 1934
KOGER EQUITY, INC.
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Florida 59-2898045
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(State of incorporation (IRS Employer
or organization) Identification No.)
8880 Freedom Crossing Trail
Jacksonville, Florida 32256-8280
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(Address of principal executive offices) (Zip Code)
Securities to be registered pursuant to Section 12(b) of the Act:
COMMON STOCK PURCHASE RIGHTS
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(Title of Class)
NEW YORK STOCK EXCHANGE
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Name of each exchange on which each class
is to be registered
If this form relates to the registration of a class of securities
pursuant to Section 12(b) of the Exchange Act and is effective pursuant to
General Instruction A.(c), check the following box.
[X]
If this form relates to the registration of a class of securities
pursuant to Section 12(g) of the Exchange Act and is effective pursuant to
General Instruction A.(d), check the following box.
[ ]
Securities Act registration statement file number to which this form
relates: N/A (if applicable)
Securities to be registered pursuant to Section 12(g) of the Act:
NONE
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(Title of Class)
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Item 1. Description of Securities to be Registered.
On September 30, 1990, the Board of Directors (the "Board") of Koger
Equity, Inc. (the "Company") declared a dividend of one Common Stock purchase
right (a "Right") for every outstanding share of the Company's common stock,
par value $.01 per share, (the "Common Stock"). The Rights were distributed to
stockholders of record as of the close of business on October 11, 1990 (the
"Dividend Record Date"). The terms of the Rights are set forth in a Common
Stock Rights Agreement, dated as of September 30, 1990, as amended and in
effect from time to time (the "Rights Agreement"), between the Company and
Wachovia Bank and Trust Company, N.A., the initial rights agent whose successor
was First Union National Bank of North Carolina, a national association,
appointed pursuant to the First Amendment to the Rights Agreement, dated as of
March 22, 1993 (the "First Amendment") whose successor was Wells Fargo Bank
Minnesota, N.A. ("Wells Fargo" and the "Rights Agent"), formerly Norwest Bank
Minnesota, National Association, appointed pursuant to the Fifth Amendment to
the Rights Agreement, dated as of November 23, 1999 (the "Fifth Amendment").
The Sixth Amendment dated as of August 17, 2000 (the "Sixth Amendment") has
been entered into between the Company and Wells Fargo for the purpose of
extending the Rights Agreement, which would expire on September 30, 2000, for
an additional 10 years through September 30, 2010. The Rights Agreement
provided for the issuance of one Right for every share of Common Stock issued
and outstanding on the Dividend Record Date and for each share of Common Stock
which was or is issued after that date and prior to the "Distribution Date" (as
defined below).
Each Right entitles the holder to purchase from the Company one share
of Common Stock at a price of $50 per share, subject to adjustment. The Rights
will expire on September 30, 2010 (the "Expiration Date"), or the earlier
redemption of the Rights, and are not exercisable until the Distribution Date.
No separate Rights certificates have been issued. Until the
Distribution date (or earlier redemption or expiration of the Rights), (i) the
Rights are evidenced by the Common Stock certificates and are transferred with
and only with such Common Stock certificates, (ii) new Common Stock
certificates issued after the Dividend Record Date upon transfer or new
issuance of the Company's Common Stock contained a notation incorporating the
Rights Agreement by reference and (iii) the surrender for transfer of any of
the Company's Common Stock certificates also constitutes the transfer of the
Rights associated with the Common Stock represented by such certificate.
The Rights will separate from the Common Stock and Rights certificates
will be issued on the Distribution Date. Unless otherwise determined by a
majority of the Continuing Directors (as defined below), the Distribution Date
will occur on the earlier of (i) the fifteenth business day following the later
of the date of a public announcement that a person, including affiliates or
associates or associates of such person (an "Acquiring Person"), except as
described below, has acquired or obtained the right to acquire, beneficial
ownership of 15% or more of the outstanding
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shares of Common Stock or the date on which an executive officer of the Company
has actual knowledge that an Acquiring Person became such (the "Stock
Acquisition Date") or (ii) the fifteenth business day following commencement of
a tender offer or exchange offer that would result in any person or its
affiliates and associates owning 15% or more of the Company's outstanding
Common Stock. In any event, the Board of Directors may delay the distribution
of the certificates. After the Distribution Date, separate certificates
evidencing the Rights ("Rights Certificates") will be mailed to holders of
record of the Company's Common Stock as of the close of business on the
Distribution Date and such separate Rights Certificates alone will evidence the
Rights. "Continuing Director" shall mean any director of the Company who was
either (i) a Director prior to the time a Person becomes an Acquiring Person
and is not an Affiliate of such Person or (ii) nominated for his or her term of
office by a majority of the Continuing Directors in office at the time of such
nomination.
Pursuant to the Second Amendment to the Koger Equity, Inc. Common
Stock Rights Agreement, dated as of December 21, 1993, (the "Second
Amendment"), TCW Special Credits, a California general partnership, the TCW
Group, Inc. and their Affiliates (collectively "TCW") would not be considered
an Acquiring Person, and would be an "Exempt Person," but only so long as TCW
is the Beneficial Owner of shares of Common Stock outstanding in an amount not
in excess of an aggregate of the higher of (i) 23% of the shares of Common
Stock then outstanding and (ii) 4,047,350 shares of Common Stock, as adjusted
for any stock splits, stock dividends or other recapitalizations of the Company
on or after December 21, 1993. Pursuant to Amendment No. 3 to the Rights
Agreement, dated as of October 10, 1996 (the "Third Amendment"), collectively
(a) AP-KEI Holdings, LLC, a Delaware limited liability company ("Apollo"), and
its Affiliates [as defined in the Stock Purchase Agreement dated as of October
10, 1996, as amended and in effect from time to time (the "Stock Purchase
Agreement") between the Company and Apollo] would not be considered an
Acquiring Person, and would be an "Exempt Person," but only so long as neither
Apollo nor any of its Affiliates (as defined in the Stock Purchase Agreement)
is the Beneficial Owner (as defined in the Stock Purchase Agreement) of any
Prohibited Security (as defined in the Stock Purchase Agreement) and (b) any
person who is an Affiliate of Apollo to the extent that such Affiliate would be
an Acquiring Person as a result of Beneficially Owning any Permitted Securities
(as defined in the Stock Purchase Agreement) will not be considered an
Acquiring Person and shall be an Exempt Person. Pursuant to the Fourth
Amendment to Common Stock Rights Agreement dated as of February 27, 1997 (the
"Fourth Amendment"), if any Exempt Person described in the immediately
preceding sentence (each an "Apollo Exempt Person") (1) pledges any Permitted
Securities to one or more financial institutions described in the Rights
Agreement (the "Permitted Assignees") and (2) any such Permitted Assignee
purchases any such Permitted Securities in connection with any foreclosure
proceedings, then (A) each Apollo Exempt Person shall immediately and
automatically cease to be an Exempt Person and (B) such Permitted Assignees,
collectively, shall be deemed to be an Exempt Person, but only so long as none
of such Permitted Assignees is the Beneficial Owner of any Prohibited Security.
(The Fourth Amendment also sets forth in their entirety certain definitions set
forth in the Stock Purchase Agreement and cross-referenced in the Third
Amendment.) According to Company records, at December 31, 1999, the TCW Group,
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Inc. and its affiliates beneficially own less than 5% of the outstanding Common
Stock. At December 31, 1999, Apollo and its Affiliates beneficially own
approximately 21.5% of the outstanding Stock with the right to acquire an
additional 3.5%, or in the aggregate 25%, of the outstanding Common Stock
either from the Company or in the market at the option of the Company which
holdings would be Permitted Securities (as defined in the Stock Purchase
Agreement). In addition, any employee benefit plan of the Company will not be
considered an Acquiring Person.
Under the provisions described above, the continued holding of such
shares by Exempt Persons will not cause the Rights to be exercisable. Any
transfer of shares held by an Exempt Person to a third party who, after such
transfer, beneficially owns 15% or more of the outstanding shares of Common
Stock, would cause the Rights to become exercisable, except in the case of a
foreclosure by a pledgee of Apollo or its Affiliates of Permitted Securities if
such pledgee purchases the securities at the foreclosure sale. In addition, any
institution of a tender or exchange offer by an Exempt Person would also
trigger the exercisability of the Rights.
If, at any time after the Stock Acquisition Date, the Company were
acquired in a merger or other business combination, or more than 25% of its
assets or earning power were sold, each holder of a Right would have the right
to exercise such Right and thereby receive common stock of the acquiring
company with a market value of two times the exercise price of the Right. For
example, if the exercise price is $50, the holder of each Right would be
entitled to receive $100 in market value of the acquiring company's common
shares (e.g., 10 shares if the per share market value is $10) for $50. Also, in
the event that (i) any person or group or affiliated or associated persons
(other than the Company, its subsidiaries, employee benefit plans and an Exempt
Person) shall become an Acquiring Person, or (ii) an Acquiring Person engages
in one of a number of self-dealing transactions specified in the Rights
Agreement, each holder of a Right will, upon payment of the exercise price,
have the right to receive shares of the Company's Common Stock (or, in certain
circumstances, cash, property or other securities of the Company) having a
market value of two times the exercise price of the Right. If the exercise
price is $50, the holder of each right would be entitled to receive $100 in
market value of the Company's common stock for $50. Following the occurrence of
any of the events described in this paragraph (as defined in the Rights
Agreement, a "Common Stock Event"), any rights that are, or (under certain
circumstances specified in the Rights Agreement) were, beneficially owned by
any Acquiring Person (or any affiliates, associates or transferees of any
Acquiring Person) shall immediately become null and void.
The Board may, at its option, at any time after any Person becomes an
Acquiring Person, exchange all or part of the then outstanding and exercisable
Rights for shares of Common Stock at an exchange ratio of one share of Common
Stock per Right, appropriately adjusted to reflect any stock split, stock
dividend or similar transaction occurring after the date of declaration of the
Rights (such exchange ratio being hereinafter referred to as the "Exchange
Ratio"). The Board, however, may not effect an exchange at any time after any
person (other than the Company, any Subsidiary of the Company, any employee
benefit plan of the Company or any such Subsidiary,
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any entity holding Common Stock for or pursuant to the terms of any such plan
or any Exempt Person), together with all affiliates of such Person, becomes the
beneficial owner of 50% or more of the Common Stock then outstanding.
Immediately upon the action of the Board ordering the exchange of any Rights
and without any further action and without any notice, the right to exercise
such Rights will terminate and the only right thereafter of a holder of such
Rights will be to receive that number of shares of Common Stock equal to the
number of such Rights held by the holder multiplied by the Exchange Ratio.
The exercise price of the Rights, and the number of whole or
fractional shares of the Common Stock or other securities or property issuable
upon exercise of the Rights are subject to adjustment from time to time to
prevent dilution (i) in the event of a stock dividend on, or a subdivision,
combination or reclassification of, the Common Stock, (ii) upon the grant to
holders of the Common Stock of certain rights or warrants to subscribe for
shares of the Common Stock or convertible securities at less than the current
market price of the Common Stock of evidences of indebtedness or assets
(excluding cash dividends paid out of the earnings or retained earnings of the
Company and certain other distributions) or of subscription rights or warrants
(other than those referred to above).
With certain exceptions, no adjustments in the exercise price of the
Rights will be required until cumulative adjustments equal at least 1% in such
price. The Company is not obligated to issue fractional shares of any
securities upon the exercise of the Rights and, in lieu thereof, at the
election of the Company, an adjustment in cash may be made based on the market
price of such securities on the last trading date prior to the date of
exercise.
At any time prior to the Expiration Date, the Company, by a majority
vote of the Continuing Directors then in office, may redeem the Rights at a
redemption price of $.01 per Right (the "Redemption Price"), as described in
the Rights Agreement. Immediately upon the action of the Continuing Directors
electing to redeem the Rights, the right to exercise the Rights will terminate
and the only right of the holders of Rights will be to receive the Redemption
Price.
Until a Right is exercised, the holder thereof, as such, will have no
rights as a stockholder of the Company, including, without limitation, the
right to vote or to receive dividends.
Neither the distribution of the Rights nor the subsequent separation
of the Rights on the Distribution Date will be a taxable event for the Company
or its stockholders. Holders of Rights may, depending upon the circumstances,
recognize taxable income upon the occurrence of a Common Stock Event. In
addition, holders of Rights may have taxable income as a result of (i) an
exchange by the Company of shares of Common Stock for Rights as described above
or (ii) certain anti-dilution adjustments made to the terms of the Rights after
the Distribution Date. A redemption of the Rights would be a taxable event to
holders.
The Rights Agreement may be amended by the Continuing Directors at any
time prior to the Distribution Date without the approval of the holders of the
Rights provided, however, no
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amendment may prejudice the rights of an Exempt Person. From and after the
Distribution Date, the Rights Agreement may be amended without the approval of
the holders of the Rights in order to cure any ambiguity, to correct any
defective or inconsistent provisions, to change any time period for redemption
or any other time period under the Rights Agreement or to make any other
changes that do not adversely affect the interests of the holders of the Rights
(other than any Acquiring Person or its affiliates, associates or transferees).
As of August 8, 2000, there were 26,841,051 shares of Common Stock
outstanding. Each share of Common Stock outstanding on the Dividend Record Date
received one Right. As long as the Rights are attached to the Common Stock, the
Company has issued and will issue one Right with each newly issued share of
Common Stock so that all shares of Common Stock outstanding on the Distribution
Date will have attached Rights.
The exercise of the Rights may have certain anti-takeover effects. The
Rights distribution will not be dilutive of shareholder's ownership of the
Company and will not affect reported earnings per share. The Company will
receive no proceeds from the distribution of the Rights.
The Rights Agreement (including as exhibits thereto the form of Rights
Certificate and the Summary of Rights), the First Amendment, the Second
Amendment, the Third Amendment, the Fourth Amendment, the Fifth Amendment, and
the Sixth Amendment are attached hereto as exhibits hereto and are hereby
incorporated herein by reference. The foregoing description of the Rights does
not purport to be complete and therefore is qualified in its entirety by
reference to such exhibits.
Item 2. Exhibits.
The exhibits which are filed with this amendment are set forth in the
Exhibit Index which appears at pages 8 and 9 hereof.
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SIGNATURE
Pursuant to the requirements of Section 12 of the Securities Exchange
Act of 1934, the registrant has duly caused this amendment to the registration
statement to be signed on its behalf by the undersigned, thereto duly
authorized.
KOGER EQUITY, INC.
Date: August 17, 2000 By: /s/ Robert E. Onisko
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Robert E. Onisko
Chief Financial Officer
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EXHIBIT INDEX
The following designated exhibits are filed herewith:
<TABLE>
<CAPTION>
Exhibits
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<S> <C>
4(a) Koger Equity, Inc. Common Stock Rights Agreement (the "Rights
Agreement") dated as of September 30, 1990 between the Koger
Equity, Inc. (the "Company") and Wachovia Bank and Trust
Company, N.A. as Rights Agent ("Wachovia"). Incorporated by
reference to Exhibit 1 to a Registration Statement on Form
8-A, dated September 30, 1990 (File No. 1-9997).
4(b) Form of Common Stock Purchase Rights Certificate [attached as
Exhibit A to the Rights Agreement, Exhibit 4(a)]. Pursuant to
the Rights Agreement, printed Common Stock Purchase Rights
Certificates will not be mailed until the Distribution Date
(as defined in the Rights Agreement). Incorporated by
reference to Exhibit 1 to a Registration Statement on Form
8-A, dated September 30, 1990 (File No. 1-9997).
4(c) Summary of Common Stock Purchase Rights [attached as Exhibit B
to the Rights Agreement, Exhibit 4(a)]. Incorporated by
reference to Exhibit 1 to a Registration Statement on Form
8-A, dated September 30, 1990 (File No. 1-9997).
4(d) First Amendment to the Common stock Rights Agreement, dated as
of March 22, 1993, between the Company and First Union
National Bank of North Carolina, a national association, as
successor Rights Agent ("First Union"), entered into for the
purpose of replacing Wachovia as Rights Agent. Incorporated by
reference to Exhibit 4(b)(4) of the Form 10-Q filed by the
Registrant for the quarter ended March 31, 1993 (File No.
1-9997).
4(e) Second Amendment to the Common Stock Rights Agreement, dated
as of December 21, 1993, between the Company and First Union.
Incorporated by reference to Exhibit 5 to an Amendment on Form
8-A/A, dated December 21, 1993, to a Registration Statement of
the Registrant on Form 8-A, dated October 3, 1990 (File No.
1-9997).
4(f) Amendment No. 3 to Rights Agreement, dated as of October 10,
1996, between the Company and First Union. Incorporated by
reference to Exhibit 6 to an Amendment on Form 8-A/A, dated
November 7, 1996, to a Registration statement of the
Registrant on Form 8-A, dated October 3, 1990 (File No.
1-9997).
</TABLE>
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<TABLE>
<S> <C>
4(g) Stock Purchase Agreement, dated as of October 10, 1996,
between the Company and AP-KEI Holdings, LLC. Incorporated by
reference to Exhibit 3 to an Amendment of Form 8-A/A, dated
November 7, 1996, to a Registration Statement of the
Registrant on Form 8-A, dated October 3, 1990 (File No.
1-9997).
4(h) Fourth Amendment to Common Stock Rights Agreement, dated as of
February 27, 1997, between the Company and First Union.
Incorporated by reference to Exhibit 8 to an Amendment on Form
8-A/A, dated March 17, 1997, to a Registration Statement of
the Registrant on Form 8-A, dated October 3, 1990 (File No.
1-9997).
4(i) Amendment No. 1 to Stock Purchase Agreement, dated as of
February 27, 1997, between the Company and AP-KEI Holdings,
LLC. Incorporated by reference to Exhibit 4 to an Amendment on
Form 8-A/A, dated March 17, 1997, to a Registration Statement
of the Registrant of Form 8-A, dated October 3, 1990 (File No.
1-9997).
4(j) Assignment and Assumption Agreement, dated as of February 27,
1997, among the Company, AP-KEI Holdings, LLC and AREIF Realty
Trust, Inc. Incorporated by reference to Exhibit 4 to an
Amendment on Form 8-A/A, dated March 17, 1997, to a
Registration Statement of the Registrant on Form 8-A, dated
October 3, 1990 (File No. 1-9997).
4(k) Fifth Amendment to Rights Agreement, dated as of November 23,
1999, between the Company and Norwest Bank Minnesota, National
Association, as successor Rights Agent, entered into for the
purpose of replacing First Union as successor Rights Agent.
Incorporated by reference to Exhibit 11 to an Amendment on
Form 8-A/A, dated November 23, 1999, to a Registration
Statement of the Registrant on Form 8-A, dated October 3, 1990
(File No. 1-9997).
4(l) Sixth Amendment to Rights Agreement, dated as of August 17,
2000, between the Company and Wells Fargo Bank Minnesota,
N.A., as successor Rights Agent filed herewith.
</TABLE>
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