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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
CAL DIVE INTERNATIONAL INC.
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(Name of Issuer)
Common Stock, $0.01 Par Value
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(Title of Class of Securities)
0001279141
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(CUSIP NUMBER)
CAMBRIDGE INVESTMENTS LIMITED
600 Montgomery Street
27th Floor
San Francisco, California 94111
Tel. No.: (415) 627-3017
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
- with copies to -
Michael G. Tannenbaum, Esq.
Newman Tannenbaum Helpern Syracuse & Hirschtritt LLP
900 Third Avenue - 13th Floor
New York, New York 10022
(212) 508-6700
July 14, 1997
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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 [ ]
Check the following box if a fee is being paid with the statement [ ]
The information required in 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, as amended ("Act") or otherwise subject to the liabilities of that section
of the Act but shall be subject to all other provisions of the Act.
Page 1 of 11 Pages
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CUSIP No. 0001279141 13-D
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1 NAME OF REPORTING PERSONS
S.S OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Cambridge Investments Limited
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
00
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) [ ]
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6 CITIZENSHIP OR PLACE OR ORGANIZATION
U.S.A.
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NUMBER OF | 7 | SOLE VOTING POWER
SHARES | | 837,500 shares of Common Sock (See Item 5)
BENEFICIALLY | |
OWNED BY | 8 | SHARED VOTING POWER
EACH | | 0
REPORTING | 9 | SOLE DISPOSITIVE POWER
PERSON WITH | | 837,500 shares of Common Stock (See Item 5)
| 10 | SHARED DISPOSITIVE POWER
| | 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
837,500 shares of Common Stock (See Item 5)
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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)
5.9% of Common Stock (See Item 5)
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14 TYPE OF REPORTING PERSON*
IA
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
Page 2 of 11 Pages
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SCHEDULE 13D
------------
This Schedule 13D is being filed on behalf of Cambridge
Investments Limited, a California corporation, registered as an investment
advisor in the State of California, regarding shares of Cal Dive International
Inc. acquired on behalf of certain of its clients.
Item 1. Security and Issuer
-------------------
Securities acquired: Common Stock, $0.01 par value
Issuer: Cal Dive International Inc.
13430 Northwest Freeway, Suite 350
Houston, Texas 77040
Tel. No. (281) 618-0400
Item 2. Identity and Background
-----------------------
Cambridge Investments Limited, a California corporation
("Cambridge"), is registered as an investment advisor in the State of California
and provides investment management services to private individuals and
institutions. Cambridge's contracts with its clients generally provide that
Cambridge is responsible for designing and implementing the client's overall
investment strategy; for conducting direct portfolio management strategies to
the extent Cambridge determines that it is appropriate to utilize its own
portfolio management capabilities. Cambridge is located at 600 Montgomery
Street, San Francisco, California 94111. Cambridge has not been convicted in a
criminal proceeding during the last five (5) years. Cambridge is not, and during
the past five (5) years was not, a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result thereof, subject
to any 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.
Mr. John R. Tozzi ("Mr. Tozzi") is the sole shareholder,
director and principal of Cambridge. His business address is 600 Montgomery
Street, San Francisco, California 94111. Mr. Tozzi's principal occupation is
investment management and he is a United States citizen. During the past five
(5) years, Mr. Tozzi has not been (a) convicted in a criminal proceeding, or (b)
a party to any civil proceeding as a result of which he has been subject to any
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 3 of 11 Pages
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Item 3. Source and Amount of Funds
--------------------------
Cambridge, through Cambridge Energy, L.P. ("CELP"), Cambridge
Energy Fund International Ltd. ("CEF") Cambridge Oil & Gas, L.P. ("COG"),
Cambridge Oil & Gas International, Ltd. ("COG Int'l"), Palamundo, LDC
("Palamundo") and the Tozzi Family Trust No. 4 ("Trust No. 4") (collectively,
the "Funds"), has invested approximately $17,608,454.29 in Common Stock of the
Issuer as described in Item 5 below. CELP, CEF, COG, COG Int'l., Palamundo and
Trust No. 4 have invested approximately $7,820,310.23, $7,355,427.72,
$1,666,762.58, $398,279.80, $343,455.80 and $24,218.16, respectively. The source
of these funds was the respective working capital of each of the Funds.
Item 4. Purpose of the Transaction
--------------------------
Cambridge has acquired shares of Common Stock reported in Item
5(c) hereof over the last sixty (60) days, and prior thereto, for portfolio
investment purposes only, and do not have any present plans or proposals that
relate to or would result in any change in the business, policies, management,
structure or capitalization of the Issuer. Cambridge reserves the right to
acquire, or dispose of, additional securities of the Issuer or any of its
securities in the ordinary course of business, to the extent deemed advisable in
light of their general investment and trading policies, market conditions or
other factors. The Issuer may from time to time contact large shareholders with
a view towards discussing the acquisition of their shares. Other than as
described above, Cambridge does not have plans or proposals which would result
in any of the following:
1) the acquisition by any person of additional securities of
the Issuer, or the disposition of securities of the Issuer;
2) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Issuer or any
of its subsidiaries;
3) a sale or transfer of a material amount of assets of the
Issuer or any of its subsidiaries;
4) any change in the present board of directors or management
of the Issuer, including any plans or proposals to change
the number or term of directors or to fill any vacancies on
the board;
5) any material change in the present capitalization or
dividend policy of the Issuer;
6) any other material change in the Issuer's business or
corporate structure;
7) changes in the Issuer's charter, by-laws or instruments
corresponding thereto or other actions which may impede the
acquisition of control of the Issuer by any person;
Page 4 of 11 Pages
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8) causing a class of securities of the issuer to be delisted
from a national securities exchange or to cease to be
authorized to be quoted in an interdealer quotation system
of a registered national securities association;
9) causing a class of securities of the Issuer to become
eligible for termination of registration pursuant to
Section 12(g)(4) of the Exchange Act; or
10) any action similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer
------------------------------------
(a) Cambridge is the beneficial owner of 837,500 shares of
Common Stock, or 5.9% shares of the shares outstanding. Of the 837,500 shares of
Common Stock described above, (i) 362,609 are deemed beneficially owned by
Cambridge in its capacity as investment advisor for the institutional account of
CELP; (ii) 360,318 are deemed beneficially owned by Cambridge in its capacity as
investment advisor for the institutional account of CEF; (iii) 80,195 are deemed
beneficially owned by Cambridge in its capacity as investment advisor for the
institutional account of COG; (iv) 17,596 are deemed beneficially owned by
Cambridge in its capacity as investment advisor for the institutional account of
COG Int'l.; (v) 15,582 are deemed beneficially owned by Cambridge in its
capacity as investment advisor for the institutional account of Palamundo; and
(vi) 1,200 are deemed beneficially owned by Cambridge in its capacity as
investment advisor for the institutional account of Trust No. 4.
The number of shares beneficially owned by Cambridge, and the
percentage of outstanding shares represented thereby, have been computed in
accordance with Rule 13d-3 under the Exchange Act. The percentage of ownership
of Cambridge on July 14, 1997 is based on 14,127,801 outstanding shares of
Common Stock as reported in the Issuer's Prospectus dated July 2, 1997.
(b) Cambridge has the sole power to vote and dispose of the
shares of Common Stock held for the institutional accounts of CELP, CEF, COG,
COG Int'l., Palamundo and Trust No. 4 mentioned above.
(c) The transactions in the Issuer's securities by Cambridge
over the last sixty (60) days are listed as Annex A attached hereto and made
apart hereof.
(d) The Funds, respectively, have the right to participate in
the receipt of dividends from, or proceeds from the sale of securities held on
behalf of such funds.
(e) Not Applicable.
Page 5 of 11 Pages
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Item 6. Contracts, Arrangement, Understandings or Relationships with
Respect to Securities of the Issuer
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Not Applicable.
Item 7. Material to be Filed as Exhibits
--------------------------------
Not Applicable
Page 6 of 11 Pages
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ANNEX A
<TABLE>
<CAPTION>
================================================================================================================================
DATE TRANS SHARES PRICE ACCOUNT
(A/D) ($)
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<S> <C> <C> <C> <C>
7/1/97 A 75,000 15.0000 CEF
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7/1/97 A 58,750 19.9900 CEF
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7/1/97 A 8,000 15.0000 CEF
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7/1/97 A 4,700 20.0625 CEF
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7/1/97 A 35,000 20.0179 CELP
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7/1/97 A 41,000 19.7439 CELP
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7/1/97 A 62,500 19.9900 CELP
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7/1/97 A 5,000 20.0625 CELP
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7/1/97 A 1,250 20.0179 COG Int'l.
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7/1/97 A 100 19.7439 COG Int'l.
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7/1/97 A 2,500 20.0179 Palamundo
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7/1/97 A 200 19.7439 Palamundo
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7/2/97 A 3,200 20.1310 CEF
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7/2/97 A 3,200 19.9980 CEF
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7/2/97 A 8,600 20.1818 CEF
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7/2/97 A 3,400 20.1310 CELP
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7/2/97 A 3,400 19.9980 CELP
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7/2/97 A 9,150 20.1818 CELP
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7/2/97 A 14,200 20.1310 COG
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7/2/97 A 12,400 19.9980 COG
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7/2/97 A 35,500 20.1818 COG
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7/2/97 A 100 20.0179 COG Int'l.
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7/2/97 A 100 20.1310 COG Int'l.
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7/2/97 A 200 20.1818 COG Int'l.
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7/2/97 A 100 20.1310 Palamundo
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7/2/97 A 100 19.9980 Palamundo
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7/2/97 A 350 20.1818 Palamundo
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7/2/97 A 1,200 20.1818 Trust #4
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7/3/97 A 7,770 20.2500 CEF
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</TABLE>
Page 7 of 11 Pages
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<TABLE>
<CAPTION>
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DATE TRANS SHARES PRICE ACCOUNT
(A/D) ($)
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<S> <C> <C> <C> <C>
7/3/97 A 2,100 20.2500 CEF
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7/3/97 A 7,560 20.1507 CEF
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7/3/97 A 8,140 20.2500 CELP
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7/3/97 A 2,200 20.2500 CELP
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7/3/97 A 7,920 20.1507 CELP
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7/3/97 A 2,035 20.2500 COG
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7/3/97 A 500 20.2500 COG
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7/3/97 A 1,980 20.1507 COG
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7/3/97 A 185 20.2500 COG Int'l.
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7/3/97 A 100 20.2500 COG Int'l.
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7/3/97 A 180 20.1507 COG Int'l.
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7/3/97 A 370 20.2500 Palamundo
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7/3/97 A 100 20.2500 Palamundo
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7/3/97 A 360 20.1507 Palamundo
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7/7/97 A 1,800 20.8717 CEF
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7/7/97 A 10,800 21.5000 CEF
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7/7/97 A 9,600 20.9375 CEF
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7/7/97 A 1,850 20.8717 CELP
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7/7/97 A 11,025 21.5000 CELP
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7/7/97 A 9,800 20.9375 CELP
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7/7/97 A 50 20.8717 COG Int'l.
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7/7/97 A 225 21.5000 COG Int'l.
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7/7/97 A 200 20.9375 COG Int'l.
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7/7/97 A 100 20.8717 Palamundo
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7/7/97 A 450 21.5000 Palamundo
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7/7/97 A 400 20.9375 Palamundo
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7/8/97 A 1,200 21.7500 CEF
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7/8/97 A 1,200 21.7500 CELP
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7/9/97 A 3,870 22.0625 CEF
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7/9/97 A 2,000 22.1250 CEF
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</TABLE>
Page 8 of 11 Pages
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<TABLE>
<CAPTION>
================================================================================================================================
DATE TRANS SHARES PRICE ACCOUNT
(A/D) ($)
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<S> <C> <C> <C> <C>
7/9/97 A 22,500 22.1120 CEF
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7/9/97 A 4,050 22.0625 CELP
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7/9/97 A 2,000 22.1250 CELP
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7/9/97 A 22,500 22.1120 CELP
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7/9/97 A 1,080 22.0625 COG
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7/9/97 A 6,000 22.0625 COG Int'l.
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7/9/97 A 5,000 22.0625 Palamundo
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7/10/97 A 7,100 21.8750 CEF
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7/10/97 A 7,800 22.0000 CEF
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7/10/97 A 7,300 21.8750 CELP
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7/10/97 A 8,100 22.0000 CELP
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7/10/97 A 200 21.2750 COG Int'l.
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7/10/97 A 200 22.0000 COG Int'l.
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7/10/97 A 400 21.8750 Palamundo
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7/10/97 A 400 22.0000 Palamundo
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7/11/97 A 4,800 23.7500 CEF
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7/11/97 A 4,900 23.7500 CELP
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7/11/97 A 100 23.7500 COG Int'l.
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7/11/97 A 200 23.7500 Palamundo
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7/14/97 A 43,920 23.7596 CEF
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7/14/97 A 9,600 23.8266 CEF
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7/14/97 A 44,835 23.7596 CELP
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7/14/97 A 9,800 23.8266 CELP
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7/14/97 A 6,915 23.7596 COG Int'l.
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7/14/97 A 200 23.8266 COG Int'l.
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7/14/97 A 1,830 23.7596 Palamundo
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7/14/97 A 400 23.8266 Palamundo
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7/15/97 A 6,000 23.8750 CEF
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7/15/97 A 3,120 23.8260 CEF
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7/15/97 A 6,125 23.8750 CELP
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</TABLE>
Page 9 of 11 Pages
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<TABLE>
<CAPTION>
================================================================================================================================
DATE TRANS SHARES PRICE ACCOUNT
(A/D) ($)
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<S> <C> <C> <C> <C>
7/15/97 A 3,180 23.8260 CELP
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7/15/97 A 5,000 23.8750 COG
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7/15/97 A 125 23.8750 COG Int'l.
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7/15/97 A 100 23.8260 COG Int'l.
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7/15/97 A 250 23.8750 Palamundo
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7/15/97 A 100 23.8260 Palamundo
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7/16/97 A 2,400 23.8750 CEF
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7/16/97 A 3,360 24.0000 CEF
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7/16/97 A 2,400 23.8730 CELP
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7/16/97 A 3,400 24.0000 CELP
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7/16/97 A 100 23.8750 COG Int'l.
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7/16/97 A 100 24.0000 COG Int'l.
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7/16/97 A 100 23.8750 Palamundo
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7/16/97 A 140 24.0000 Palamundo
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7/17/97 A 12,480 24.2750 CEF
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7/17/97 A 6,000 24.2125 CEF
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7/17/97 A 12,740 24.2750 CELP
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7/17/97 A 6,125 24.2125 CELP
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7/17/97 A 4,000 24.2750 COG
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7/17/97 A 2,500 24.2125 COG
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7/17/97 A 260 24.2750 COG Int'l.
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7/17/97 A 125 24.2125 COG Int'l.
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7/17/97 A 520 24.2750 Palamundo
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7/17/97 A 250 24.2125 Palamundo
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7/18/97 A 23,088 23.6403 CEF
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7/18/97 A 23,564 23.6403 CELP
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7/18/97 A 1,000 23.6403 COG
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7/18/97 A 481 23.6403 COG Int'l.
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7/18/97 A 962 23.6403 Palamundo
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</TABLE>
Page 10 of 11 Pages
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Signatures
- ----------
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: July 23, 1997
CAMBRIDGE INVESTMENTS LIMITED
By: /s/Jocelyn E. Weingart
-----------------------------------
Jocelyn E. Weingart,
Vice President
Page 11 of 11 Pages
