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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. )*
-----
AG-BAG INTERNATIONAL, LTD.
-------------------------------------------------------------
(Name of Issuer)
COMMON STOCK
---------------------------------------------------
(Title of Class of Securities)
001077106
-----------------------------------------
(CUSIP Number)
BONNIE MOORE
150 S. Rodeo Drive, Suite 100, Beverly Hills, California 90212, 310/246-3700
- ------------------------------------------------------------------------------
(Name, Address and Telephone Number
of Person Authorized to Receive Notices and Communications)
May 15, 1996
-----------------------------------------------------------
(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 [X]. (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 the
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. 001077106 PAGE 2 OF 13 PAGES
- ----------------------- ----------------------
- ------------------------------------------------------------------------------
NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
David Jonathan Merriman
- ------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
PF, 00
- ------------------------------------------------------------------------------
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
5 ITEMS 2(d) or 2(e) [_]
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
USA
- ------------------------------------------------------------------------------
SOLE VOTING POWER
7
NUMBER OF 269,041
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
542,925
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 269,041
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
542,925
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
811,966
- ------------------------------------------------------------------------------
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
6.738
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN
- ------------------------------------------------------------------------------
*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. 001077106 PAGE 3 OF 13 PAGES
- ----------------------- ----------------------
SCHEDULE 13D
ITEM 1. SECURITY AND ISSUER.
This statement relates to 811,966 shares of Common Stock (the "Stock") of Ag-Bag
International, Ltd., a Delaware corporation ("AGBG"). The principal executive
office of AGBG is located at 2320 SE Ag-Bag Lane, Warrenton, Oregon 97146.
ITEM 2. IDENTITY AND BACKGROUND.
The person filing this statement, and the information regarding such person, is
as follows:
(a) David Jonathan Merriman ("Merriman").
(b) The business address of Merriman is 150 South Rodeo Drive, Suite 100,
Beverly Hills, California 90212.
(c) Merriman is a registered broker employed by Dabney/Resnick, Inc., a
California corporation and registered broker-dealer ("DRI"), as broker and
director of equity investments. Merriman also is employed by
Dabney/Resnick Asset Management, Inc., a California corporation ("DRAM").
In DRAM's capacity as the general partner of The Recovery Fund, L.P., a
California Limited Partnership ("RF"), DRAM has designated Merriman as
portfolio manager of RF.
(d) During the last five years, Merriman has not been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors).
(e) During the last five years, Merriman was not 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.
(f) Merriman is a citizen of the United States of America.
<PAGE>
- ----------------------- ----------------------
CUSIP NO. 001077106 PAGE 4 OF 13 PAGES
- ----------------------- ----------------------
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The sole sources of funds (in the amount of $990,528.36) used in purchasing the
Stock were the personal funds of Merriman, the corporate assets of DRI and the
partnership assets of RF. Specifically, $334,105.44 of the personal funds of
Merriman, $220,322.50 of the corporate funds of DRI and $459,225.92 of the
partnership assets of RF were used in purchasing the Stock.
ITEM 4. PURPOSE OF TRANSACTION.
The purpose of the acquisitions of the Stock reported herein was to obtain an
equity position in AGBG. Merriman may in the future either acquire additional
securities of AGBG or dispose of securities of AGBG, for his own account or for
the account of DRI or RF. Merriman plans to continually review AGBG's business
affairs, financial position and future prospects as well as conditions in the
securities markets and general economic and industry conditions and may seek to
acquire control of AGBG (either directly or for the account of DRI or RF)
through a proxy solicitation, tender offer or such other actions as Merriman may
deem appropriate. Merriman does not, however, have any present proposals for
acquiring control of AGBG.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of the date hereof, Merriman beneficially owns 811,966 shares of the
Stock representing 6.738% of the outstanding common stock of AGBG.
Merriman owns 269,041 shares of the Stock for his account. Merriman has no
right to acquire any of the 365,962 shares of Stock purchased for the
account of RF, which represents 3.037% of the outstanding common stock of
AGBG, or any of the 176,963 shares of Stock purchased for the account of
DRI, which represents 1.469% of the outstanding common stock of AGBG.
(b) Merriman has sole voting and dispositive power over the 269,041 shares
described in paragraph (a) as being owned for Merriman's account. In
Merriman's capacity as an employee of DRI and DRAM, Merriman shares voting
and dispositive power over the shares described in paragraph (a) as being
owned by DRI and RF, respectively (aggregate of 542,925 shares).
(c) From the sixtieth (60th) day before May 15, 1996, through the date hereof,
Merriman effected transactions in the Stock for his own account, for the
account of DRI and for the account of RF, respectively. Specifically,
Merriman effected the following transactions in the Stock on the dates
indicated:
<PAGE>
- ----------------------- ----------------------
CUSIP NO. 001077106 PAGE 5 OF 13 PAGES
- ----------------------- ----------------------
(i) Transactions effected for Merriman's own account (including by investment
of funds in Merriman's IRA account, as specified):
<TABLE>
<CAPTION>
Bought Number of Price Per
or Sold Trade Date Shares Share
- ------- ---------- --------- ---------
<S> <C> <C> <C> <C>
BOT 05/14/96 2,000 1.37500
BOT 05/15/96 4,100 1.37500
BOT 05/15/96 5,000 1.40625
BOT 06/05/96 5,900 1.31250
BOT 06/10/96 3,896 1.31250
BOT 06/10/96 500 1.31250
BOT 06/10/96 2,000 1.31250 (IRA account)
BOT 06/12/96 2,000 1.37500
BOT 06/28/96 1,000 1.31250
BOT 07/08/96 3,500 1.18750
BOT 07/16/96 3,000 1.10410
BOT 07/17/96 10,000 0.93750
BOT 08/01/96 1,800 1.03125 (IRA account)
BOT 08/02/96 5,000 0.97875
BOT 09/06/96 5,000 0.93750
</TABLE>
(ii) Transactions effected for the account of RF:
<TABLE>
<CAPTION>
Bought Number of Price Per
or Sold Trade Date Shares Share
- ------- ---------- --------- ---------
<S> <C> <C> <C> <C>
SLD 04/01/96 10,000 1.40625
SLD 04/11/96 5,000 1.37500
BOT 04/16/96 4,000 1.40625
SLD 04/30/96 3,000 1.62500
BOT 05/07/96 4,000 1.50000
</TABLE>
<PAGE>
- ----------------------- ----------------------
CUSIP NO. 001077106 PAGE 6 OF 13 PAGES
- ----------------------- ----------------------
<TABLE>
<CAPTION>
Bought Number of Price Per
or Sold Trade Date Shares Share
- ------- ---------- --------- ---------
<S> <C> <C> <C> <C>
BOT 05/08/96 3,000 1.43750
BOT 05/15/96 10,000 1.37500
BOT 05/21/96 2,500 1.37500
BOT 05/21/96 7,500 1.31250
BOT 05/23/96 4,000 1.31250
BOT 05/23/96 2,000 1.31250
BOT 05/24/96 5,000 1.37500
BOT 05/24/96 5,000 1.43750
BOT 05/29/96 7,000 1.31250
BOT 05/31/96 3,000 1.37500
BOT 06/04/96 5,000 1.31250
BOT 06/05/96 4,100 1.31250
SLD 06/12/96 25,000 1.25000
BOT 06/14/96 2,000 1.34375
BOT 06/14/96 5,000 1.34375
BOT 06/18/96 5,000 1.34375
BOT 06/19/96 1,000 1.34375
BOT 06/19/96 14,000 1.31250
BOT 06/24/96 3,000 1.25000
BOT 06/24/96 1,000 1.25000
BOT 06/25/96 5,000 1.25000
BOT 07/02/96 10,000 1.25000
BOT 07/05/96 2,500 1.25000
BOT 07/05/96 1,000 1.25000
BOT 07/05/96 1,000 1.25000
BOT 07/09/96 2,000 1.18750
</TABLE>
<PAGE>
- ----------------------- ----------------------
CUSIP NO. 001077106 PAGE 7 OF 13 PAGES
- ----------------------- ----------------------
<TABLE>
<CAPTION>
Bought Number of Price Per
or Sold Trade Date Shares Share
- ------- ---------- --------- ---------
<S> <C> <C> <C> <C>
BOT 07/16/96 1,500 0.93750
BOT 07/16/96 1,962 0.93750
BOT 07/16/96 1,000 0.93750
BOT 07/16/96 1,000 0.90625
BOT 07/16/96 4,000 0.90625
BOT 07/17/96 8,000 0.75000
BOT 07/18/96 10,000 1.00000
BOT 07/25/96 10,000 1.03125
BOT 07/26/96 2,500 1.00000
BOT 07/30/96 3,000 1.00000
BOT 08/05/96 10,000 0.93750
BOT 08/06/96 4,500 1.00000
BOT 09/06/96 20,000 0.92190
</TABLE>
(iii) Transactions effected for the account of DRI:
<TABLE>
<CAPTION>
Bought Number of Price Per
or Sold Trade Date Shares Share
- ------- ---------- --------- ---------
<S> <C> <C> <C> <C>
BOT 03/15/96 1,000 1.312500
BOT 03/18/96 2,500 1.312500
SLD 03/19/96 11,000 1.312500
BOT 03/25/96 10,000 1.281250
BOT 03/26/96 10,000 1.343750
SLD 03/27/96 5,000 1.406250
BOT 03/29/96 11,200 1.375000
BOT 04/02/96 10,000 1.375000
BOT 04/02/96 10,900 1.375000
</TABLE>
<PAGE>
- ----------------------- ----------------------
CUSIP NO. 001077106 PAGE 8 OF 13 PAGES
- ----------------------- ----------------------
<TABLE>
<CAPTION>
Bought Number of Price Per
or Sold Trade Date Shares Share
- ------- ---------- --------- ---------
<S> <C> <C> <C> <C>
SLD 04/02/96 5,000 1.406250
SLD 04/04/96 8,000 1.500000
BOT 04/08/96 10,000 1.375000
BOT 04/08/96 1,000 1.312500
BOT 04/08/96 1,000 1.250000
SLD 04/10/96 5,000 1.375000
SLD 04/10/96 2,500 1.375000
BOT 04/10/96 10,000 1.343750
SLD 04/11/96 5,000 1.375000
BOT 04/12/96 5,000 1.375000
BOT 04/15/96 5,000 1.406250
BOT 04/15/96 11,750 1.406250
BOT 04/16/96 2,000 1.406250
BOT 04/16/96 10,000 1.406250
BOT 04/18/96 1,800 1.437500
BOT 04/19/96 1,000 1.500000
BOT 04/19/96 2,000 1.500000
BOT 04/19/96 7,500 1.468750
BOT 04/22/96 5,402 1.437500
BOT 04/22/96 3,500 1.468750
BOT 04/23/96 1,000 1.437500
BOT 04/23/96 3,000 1.406250
BOT 04/25/96 9,785 1.406250
SLD 04/26/96 5,000 1.500000
BOT 04/26/96 2,500 1.437500
BOT 04/26/96 1,000 1.437500
</TABLE>
<PAGE>
- ----------------------- ----------------------
CUSIP NO. 001077106 PAGE 9 OF 13 PAGES
- ----------------------- ----------------------
<TABLE>
<CAPTION>
Bought Number of Price Per
or Sold Trade Date Shares Share
- ------- ---------- --------- ---------
<S> <C> <C> <C> <C>
BOT 04/26/96 2,000 1.468750
BOT 04/26/96 1,000 1.500000
BOT 04/26/96 4,000 1.500000
BOT 04/26/96 1,500 1.500000
BOT 04/26/96 2,000 1.500000
BOT 04/29/96 10,000 1.531250
BOT 04/30/96 1,000 1.625000
SLD 04/30/96 1,000 1.625000
BOT 04/30/96 1,000 1.625000
BOT 04/30/96 1,000 1.687500
BOT 04/30/96 3,000 1.687500
BOT 05/01/96 2,000 1.593750
BOT 05/01/96 8,000 1.562500
BOT 05/01/96 1,000 1.562500
BOT 05/06/96 5,000 1.500000
BOT 05/07/96 1,000 1.500000
BOT 05/07/96 10,000 1.500000
BOT 05/07/96 5,000 1.500000
BOT 05/07/96 2,465 1.500000
BOT 05/08/96 1,000 1.500000
BOT 05/13/96 13,000 1.437500
BOT 05/14/96 1,000 1.437500
BOT 05/14/96 5,500 1.375000
BOT 05/15/96 6,000 1.375000
BOT 05/15/96 12,333 1.375000
BOT 05/15/96 1,000 1.375000
</TABLE>
<PAGE>
- ----------------------- ----------------------
CUSIP NO. 001077106 PAGE 10 OF 13 PAGES
- ----------------------- ----------------------
<TABLE>
<CAPTION>
Bought Number of Price Per
or Sold Trade Date Shares Share
- ------- ---------- --------- ---------
<S> <C> <C> <C> <C>
SLD 05/16/96 5,000 1.406250
BOT 05/16/96 6,000 1.375000
BOT 05/24/96 2,000 1.375000
BOT 05/28/96 6,500 1.375000
BOT 05/29/96 3,300 1.312500
BOT 06/04/96 7,000 1.312500
BOT 06/10/96 3,604 1.312500
BOT 06/11/96 2,566 1.312500
BOT 06/11/96 1,250 1.312500
SLD 06/12/96 200,000 1.281250
SLD 06/12/96 200,000 1.281250
BOT 06/12/96 25,000 1.250000
BOT 06/12/96 7,000 1.312500
BOT 06/12/96 3,500 1.375000
BOT 06/13/96 4,000 1.312500
BOT 06/14/96 5,000 1.343750
BOT 06/14/96 6,000 1.375000
BOT 06/14/96 1,000 1.312500
BOT 06/17/96 3,000 1.312500
BOT 06/17/96 5,000 1.312500
BOT 06/17/96 3,600 1.312500
BOT 06/18/96 5,000 1.375000
BOT 06/18/96 5,000 1.343750
BOT 06/19/96 5,000 1.343750
BOT 06/19/96 3,500 1.312500
BOT 06/20/96 1,000 1.281250
</TABLE>
<PAGE>
- ----------------------- ----------------------
CUSIP NO. 001077106 PAGE 11 OF 13 PAGES
- ----------------------- ----------------------
<TABLE>
<CAPTION>
Bought Number of Price Per
or Sold Trade Date Shares Share
- ------- ---------- --------- ---------
<S> <C> <C> <C> <C>
BOT 06/20/96 1,000 1.312500
BOT 06/25/96 700 1.250000
BOT 06/28/96 4,100 1.250000
BOT 06/28/96 1,000 1.250000
SLD 07/03/96 8,000 1.281250
SLD 07/05/96 3,500 1.250000
SLD 07/09/96 800 1.312500
BOT 07/11/96 1,000 1.187500
BOT 07/16/96 1,000 1.000000
BOT 07/19/96 1,500 1.000000
SLD 07/19/96 1,000 1.031250
BOT 07/19/96 10,000 1.000000
SLD 07/19/96 2,500 1.062500
BOT 07/24/96 2,000 1.000000
BOT 07/25/96 3,500 1.000000
SLD 07/25/96 10,000 1.031250
BOT 07/31/96 1,429 1.000000
BOT 08/02/96 1,000 1.000000
BOT 08/06/96 4,000 1.000000
SLD 08/06/96 5,000 1.000000
SLD 08/07/96 5,500 1.046875
SLD 08/07/96 11,000 1.046875
BOT 08/07/96 10,000 1.031250
BOT 08/08/96 1,000 1.031250
SLD 08/08/96 3,000 1.000000
BOT 08/08/96 1,000 1.000000
</TABLE>
<PAGE>
- ----------------------- ----------------------
CUSIP NO. 001077106 PAGE 12 OF 13 PAGES
- ----------------------- ----------------------
<TABLE>
<CAPTION>
Bought Number of Price Per
or Sold Trade Date Shares Share
- ------- ---------- --------- ---------
<S> <C> <C> <C> <C>
SLD 08/12/96 10,000 1.000000
SLD 08/15/96 5,000 1.000000
BOT 08/16/96 10,000 0.968750
BOT 08/19/96 2,000 0.687500
SLD 08/19/96 5,000 0.718750
BOT 08/19/96 1,000 0.906250
BOT 08/19/96 1,000 0.843750
BOT 08/19/96 1,000 0.968750
SLD 08/19/96 2,700 0.718750
BOT 08/19/96 1,000 0.781250
BOT 09/06/96 5,000 0.896250
SLD 09/06/96 5,000 0.937500
</TABLE>
(d) No other person 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
Stock.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
There are no contracts, arrangements, understandings or relationships (legal or
otherwise) between Merriman and any person with respect to any of the Stock.
Merriman's bonus compensation depends in part on the profits earned by DRI and
RF on the Stock, and Merriman receives commissions based on transactions in the
Stock.
<PAGE>
- ----------------------- ----------------------
CUSIP NO. 001077106 PAGE 13 OF 13 PAGES
- ----------------------- ----------------------
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
NONE
SIGNATURES
After reasonable inquiry and to the best of my knowledge, I certify that
the information set forth in this statement is true, complete and correct.
DATE: September 12, 1996.
/s/ David Jonathan Merriman
-------------------------------------
David Jonathan Merriman
