SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-1)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE
13D-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13D-2(a)
(Amendment No. 1)
SYLVAN INC.
(Name of Issuer)
Common Stock, Par Value $0.001 Per Share
(Title of Class of Securities)
871371100
(CUSIP Number)
Wynnefield Partners Small Cap Value, L.P.
One Penn Plaza - Suite 4720
New York, New York 10119
Attention: Mr. Nelson Obus
(212) 760-0134
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
Copy to:
Steven F. Wasserman, Esq.
Berlack, Israels & Liberman LLP
120 West 45th Street
New York, New York 10036
(212) 704-0100
July 30, 1999
(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 that is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box: [_].
(Page 1 of 10 Pages)
<PAGE>
- ---------------------- 13D -------------------------
CUSIP No 871371100 Page 2 of 10 Pages
- ---------------------- -------------------------
________________________________________________________________________________
1 NAME OF REPORTING PERSONS: Wynnefield Partners Small Cap Value, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 13-3688497
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [x]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS
WC (SEE ITEM 3)
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS (2)(d) OR (e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 184,497
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
---------
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 184,497
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
---------
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
184,497 shares
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.93%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
(Page 2 of 10 Pages)
<PAGE>
- ---------------------- 13D -------------------------
CUSIP No 871371100 Page 3 of 10 Pages
- ---------------------- -------------------------
________________________________________________________________________________
1 NAME OF REPORTING PERSONS: Wynnefield Small Cap Value Offshore Fund, Ltd.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: Not Applicable
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [x]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS
WC (SEE ITEM 3)
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS (2)(d) OR (e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 71,300
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
---------
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 71,300
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
---------
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
71,300 shares
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1.13%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
CO
________________________________________________________________________________
(Page 3 of 10 Pages)
<PAGE>
- ---------------------- 13D -------------------------
CUSIP No 871371100 Page 4 of 10 Pages
- ---------------------- -------------------------
________________________________________________________________________________
1 NAME OF REPORTING PERSONS: Wynnefield Small Cap Value L.P. I
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON: 13-3953291
________________________________________________________________________________
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [X]
(b) [_]
________________________________________________________________________________
3 SEC USE ONLY
________________________________________________________________________________
4 SOURCE OF FUNDS
WC (SEE ITEM 3)
________________________________________________________________________________
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS (2)(d) OR (e) [_]
________________________________________________________________________________
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
________________________________________________________________________________
7 SOLE VOTING POWER
NUMBER OF 244,703
SHARES _________________________________________________________________
8 SHARED VOTING POWER
BENEFICIALLY
---------
OWNED BY
_________________________________________________________________
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 244,703
PERSON _________________________________________________________________
10 SHARED DISPOSITIVE POWER
WITH
---------
________________________________________________________________________________
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
244,703 shares
________________________________________________________________________________
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[_]
________________________________________________________________________________
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.88%
________________________________________________________________________________
14 TYPE OF REPORTING PERSON*
PN
________________________________________________________________________________
(Page 4 of 10 Pages)
<PAGE>
Item 1. Security and Issuer.
This Statement relates to shares of the Common Stock, $0.001 par value per
share (the "Shares"), of Sylvan Inc., a Nevada corporation (the "Issuer"). The
principal executive offices of the Issuer are located at 333 Main Street,
Saxonburg, Pennsylvania 16056-0249.
Item 2. Identity and Background.
(a), (b), (c) and (f). This Statement is being filed by Wynnefield Partners
Small Cap Value, L.P. (the "Partnership"), Wynnefield Small Cap Value Offshore
Fund, Ltd. (the "Fund"), and Wynnefield Small Cap Value, L.P. I (the
"Partnership-I"). The Partnership, the Fund and Partnership-I are sometimes
referred to collectively as the "Wynnefield Group".
Wynnefield Capital Management, LLC, a New York limited liability company
("WCM) is the general partner of the Partnership and the Partnership-I, which
are private investment companies organized as limited partnerships under the
laws of the State of Delaware. Nelson Obus and Joshua Landes are the managing
members of WCM. Mr. Obus and Mr. Landes are principal executive officers of
Wynnefield Capital, Inc., the investment manager of the Fund, a private
investment company organized under the laws of the Cayman Islands. Mr. Obus and
Mr. Landes are citizens of the United States of America.
The business address of Mr. Obus and Mr. Landes, WCM and each of the
entities in the Wynnefield Group is One Penn Plaza, Suite 4720, New York, New
York 10119.
(d) and (e). During the last five years, neither Mr. Obus, Mr. Landes, WCM
nor any of the entities comprising the Wynnefield Group has been (i) convicted
in a criminal proceeding (excluding traffic violations or similar misdemeanors)
or (ii) 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.
(Page 5 of 10 Pages)
<PAGE>
Item 3. Source and Amount of Funds or Other Consideration.
The Wynnefield Group entities purchased their Shares for the consideration
shown in the following table:
Name Number of Shares Consideration Paid
Partnership 184,497 $2,073,215
Partnership-I 244,703 $2,991,468
Fund 71,300 $900,025
Such Shares were paid for from the working capital of each entity in the
Wynnefield Group, each of which maintains an investment fund, consisting of
capital contributions from their respective partners and investors and capital
appreciation derived therefrom for the principal purpose of buying and selling
securities (including financial and money market instruments) and interests in
domestic and foreign securities, including, without limitation, convertible
securities, stock index features contracts, options, puts and calls on stock and
warrants.
Item 4. Purposes of Transaction.
The entities comprising the Wynnefield Group intend to urge the Issuer's
management and its Board of Directors to consider all strategic options for
surfacing shareholders' value.
Except as set forth above, none of the entities in the Wynnefield Group has
any present plans or intentions to effect transactions that would result in or
relate to any of the actions described in subparagraphs (a) through (j) of Item
4 of Schedule 13D.
(Page 6 of 10 Pages)
<PAGE>
Item 5. Interests in Securities of the Issuer.
(a) As of the close of business on the date hereof, the entities comprising
the Wynnefield Group beneficially owned a total of 500,500 Shares, the separate
ownership of which is set forth in Item 3 of this Statement. Mr. Obus and Mr.
Landes, by virtue of their status as managing members of WCM, the general
partner of the Partnership and Partnership-I, and Mr. Obus and Mr. Landes as
officers of the Fund's investment manager, may be deemed to have indirect
beneficial ownership of the Shares owned by the Wynnefield Group. The Shares
owned by the Wynnefield Group represent approximately 7.93% of the outstanding
Shares of the Issuer, based on the 6,303,736 Shares reported by the Issuer as
outstanding on April 30, 1999.
Pursuant to Rule 13d-4 of the General Rules and Regulations under the
Securities and Exchange Act of 1934, as amended (the "Exchange Act"), Mr. Obus
and Mr. Landes disclaim beneficial ownership of any Shares owned by the entities
comprising the Wynnefield Group and disclaim membership in the Wynnefield Group
with respect to the Shares for purposes of Sections 13(d) and 13(g) of the
Exchange Act or for any other purpose under any other provision of the Exchange
Act or the rules and regulations promulgated thereunder.
(b) Mr. Obus and Mr. Landes, by virtue of their status as managing members
of WCM, the general partner of the Partnership and Partnership-I, and Mr. Obus
and Mr. Landes as officers of the Fund's investment manager, have the power to
vote or to direct the vote and the power to dispose and to direct the
disposition of the Shares owned by the entities comprising the Wynnefield Group.
(c) During the past 60 days, the entities comprising the Wynnefield Group
purchased the following Shares of Issuer in the NASDAQ Stock Market:
Partnership
Date No. of Shares Price Per Share
------- ------------- ---------------
June 25 3,500 $11.6875
July 21 3,600 11.625
July 22 3,600 11.625
July 23 3,600 11.500
July 26 2,700 11.375
July 27 3,600 11.375
July 28 17,800 11.500
July 28 3,600 11.375
July 30 7,100 11.375
(Page 7 of 10 Pages)
<PAGE>
On July 13, 1999, the Partnership sold 14,000 shares of common stock at a
price of $12.2517 per share.
Fund
Date No. of Shares Price Per Share
------- ------------- ---------------
June 25 2,000 $11.6875
July 21 1,700 11.625
July 22 1,700 11.625
July 23 1,700 11.500
July 26 1,300 11.375
July 27 1,700 11.375
July 28 8,500 11.500
July 28 1,700 11.375
July 30 3,400 11.375
Partnership 1
Date No. of Shares Price Per Share
------- ------------- ---------------
June 25 4,500 $11.6875
July 13 14,000 12.2517
July 21 4,700 11.625
July 22 4,700 11.625
July 23 4,700 11.500
July 26 3,500 11.375
July 27 4,700 11.375
July 28 23,700 11.500
July 28 4,700 11.375
July 30 9,500 11.375
(Page 8 of 10 Pages)
<PAGE>
(d) Each of the entities comprising the Wynnefield Group as an owner of the
Shares reported in this Statement has the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the sale of, the
Shares owned by such entity as reported in this Statement.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer.
Neither Mr. Obus, Mr. Landes, WCM nor any of the entities comprising the
Wynnefield Group has any contracts, arrangements, understandings or
relationships (legal or otherwise) with any person with respect to any
securities of the Issuer, including but not limited to any contracts,
arrangements, understandings or relationships concerning the transfer or voting
of such securities, finder's fees, joint ventures, loan or option arrangements,
puts or calls, guarantees of profits, division of profits or losses, or the
giving or withholding of proxies.
Item 7. Material to be Filed as Exhibits.
Not applicable.
(Page 9 of 10 Pages)
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of their knowledge and belief, the
undersigned certify that the information set forth in this Statement is true,
complete and correct.
Dated: August 5, 1999
WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P.
WYNNEFIELD PARTNERS SMALL CAP VALUE, L.P. I
By: Wynnefield Capital Management, LLC,
General Partner
By: /s/ Nelson Obus
-------------------------------------
Nelson Obus, Managing Member
WYNNEFIELD SMALL CAP VALUE OFFSHORE FUND, LTD.
By: Wynnefield Capital, Inc.
/s/ Nelson Obus
-------------------------------------
Nelson Obus, President
