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SCHEDULE 14A INFORMATION
PROXY STATEMENT PURSUANT TO SECTION 14(A) OF THE SECURITIES
EXCHANGE ACT OF 1934
Filed by the Registrant [ ]
Filed by a Party other than the Registrant [X]
Check the appropriate box:
<TABLE>
<S> <C>
[ ] Preliminary Proxy Statement [ ] Confidential, for Use of the Commission
Only (as permitted by Rule 14a-6(e)(2))
[ ] Definitive Proxy Statement
[X] Definitive Additional Materials
[ ] Soliciting Material Pursuant to sec.240.14a-11(c) or sec.240.14a-12
</TABLE>
LITTLE SWITZERLAND, INC.
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(Name of Registrant as Specified in its Charter)
ASPEN INVESTMENTS INC.
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(Name of Person(s) Filing Proxy Statement if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[X] No fee required
[ ] Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11
(1) Title of each class of securities to which transaction applies:
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(2) Aggregate number of securities to which transaction applies:
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(3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (Set forth the amount on which the
filing fee is calculated and state how it was determined):
------------------------------------------------------------------------
(4) Proposed maximum aggregate value of transaction:
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(5) Total fee paid:
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[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by Exchange Act Rule
0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number,
or the Form or Schedule and the date of its filing.
(1) Amount Previously Paid:
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(2) Form, Schedule or Registration Statement No.:
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(3) Filing Party:
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(4) Date Filed:
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[MACKENZIE PARTNERS, INC. LETTERHEAD]
NEWS RELEASE
CONTACT:
Stan Kay
MacKenzie Partners, Inc.
(212) 929-5940
or
R. Christopher Cooper
Chief Financial Officer
Destination Retail Holdings Corporation
(242) 352-5464 (ext. 228)
FOR IMMEDIATE RELEASE:
DESTINATION RETAIL MAILS PROXY MATERIALS TO REPLACE TWO LITTLE
SWITZERLAND DIRECTORS AFTER BOARD REJECTS $8.10 PER SHARE CASH BID.
FREEPORT, BAHAMAS, January 16, 1998 -- Destination Retail Holdings Corporation
today announced that it has commenced mailing proxy materials seeking to replace
two directors of Little Switzerland, Inc. (NASDAQ: LSVI) with two independent
nominees, Charles R. Scott and Ralph O. Hellmold.
DRHC took this step after the Little Switzerland Board rejected DRHC's
fully-financed, all-cash bid of $8.10 per share for all Little Switzerland
shares. The Little Switzerland Annual Meeting is currently scheduled for
February 5, 1998 in Boston.
Stephen G.E. Crane, President and Chief Executive Officer of DRHC, said, "As a
result of Little Switzerland's Board rejecting our $8.10 per share cash bid --
which we strongly emphasized was our highest, best and final offer -- we have
been forced to take our plans directly to Little Switzerland's shareholders and
let them decide if they want at least $8.10 for each Little Switzerland share
they own."
"At the February 5 shareholder meeting," Mr. Crane continued, "shareholders will
have the opportunity to replace the two directors whom we believe are most
opposed to selling the Company to us -- Chairman William Carey and President
John Toler. DRHC nominees Charles Scott and Ralph Hellmold, if elected, will try
to persuade the rest of the Board to promptly consummate a transaction with DRHC
at $8.10 per share or with another bidder with a higher, fully-financed offer."
Mr. Crane concluded, "Remember -- last Spring, during the month prior to the
time when 13D filings and takeover rumors surfaced about Little Switzerland, LSI
stock traded at an average daily price of $4.69. Our $8.10 bid represents a
generous 73% premium for shareholders over that price."
- more -
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Destination Retail Holdings Corporation
January 16, 1998
Page Two
DRHC nominee Charles R. Scott is the former Chairman and CEO of The Actava Group
Inc. (formerly Fuqua Industries), and is a director of Pier 1 Imports and Union
Bank of California.
DRHC nominee Ralph O. Hellmond, was formerly a managing director of
Prudential-Bache Capital Funding and co-head of Prudential's Corporate Finance
group and was a former partner at Lehman Brothers. He is currently a director of
Core Materials Corp., International Aircraft Investors, AHL Shipping Company,
The Gammon Group and Q.C. Leasing.
Destination Retail Holdings Corporation is a privately-held Nevis corporation
with investments throughout the Caribbean.
# # #
NOTE TO EDITORS: FOR A COPY OF MR. CRANE'S LETTER TO LSI SHAREHOLDERS, PLEASE
CONTACT MACKENZIE PARTNERS, INC. TOLL-FREE AT (800) 322-2885.
