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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
AgriBioTech, Inc.
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(Name of Issuer)
Common Stock $.001 par value per share
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(Title of Class of Securities)
008494-10-6
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(CUSIP Number)
Gerald L. Chrisco
Budd Services, Inc.
2325 South Stratford Road
Winston-Salem, NC 27103
(910) 659-5040
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and
Communications)
December 1, 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 [_].
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for the 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
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).
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Page 2 of 9
CUSIP No. 008494-10-6
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1) Names of Reporting Persons: John D. Budd
I.R.S. Identification Nos. of Above Persons (entities only):
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2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [x]
(b) [_]
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3) SEC Use Only
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4) Source of Funds (See Instructions): OO
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5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e): [_]
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6) Citizenship or Place of Organization: United States
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Number of (7) Sole Voting Power: 388,586
Shares Bene- _________________________________________________________________
ficially (8) Shared Voting Power: 64,925
Owned by Each _________________________________________________________________
Reporting (9) Sole Dispositive Power: 388,586
Person _________________________________________________________________
With (10) Shared Dispositive Power: 64,925
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11) Aggregate Amount Beneficially Owned by Each Reporting Person: 453,511
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12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions): [_]
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13) Percent of class Represented by Amount in Row (11): 1.6%
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14) Type of Reporting Person (See Instructions): IN
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Page 3 of 9
CUSIP No. 008494-10-6
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1) Names of Reporting Persons: Joseph R. Budd
Identification Nos. of Above Persons (entities only):
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2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [x]
(b) [_]
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3) SEC Use Only
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4) Source of Funds (See Instructions): OO
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5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e): [_]
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6) Citizenship or Place of Organization: United States
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Number of (7) Sole Voting Power: 270,519
Shares Bene- _________________________________________________________________
ficially (8) Shared Voting Power: 64,925
Owned by Each _________________________________________________________________
Reporting (9) Sole Dispositive Power: 270,519
Person _________________________________________________________________
With (10) Shared Dispositive Power: 64,925
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11) Aggregate Amount Beneficially Owned by Each Reporting Person: 335,444
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12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions): [_]
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13) Percent of class Represented by Amount in Row (11): 1.2%
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14) Type of Reporting Person (See Instructions): IN
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Page 4 of 9
CUSIP No. 008494-10-6
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1) Names of Reporting Persons: Kenneth R. Budd
Identification Nos. of Above Persons (entities only):
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2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [x]
(b) [_]
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3) SEC Use Only
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4) Source of Funds (See Instructions): OO
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5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e): [_]
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6) Citizenship or Place of Organization: United States
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Number of (7) Sole Voting Power: 201,652
Shares Bene- _________________________________________________________________
ficially (8) Shared Voting Power: None
Owned by Each _________________________________________________________________
Reporting (9) Sole Dispositive Power: 201,652
Person _________________________________________________________________
With (10) Shared Dispositive Power: None
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11) Aggregate Amount Beneficially Owned by Each Reporting Person: 201,652
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12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions): [_]
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13) Percent of class Represented by Amount in Row (11): 0.7%
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14) Type of Reporting Person (See Instructions): IN
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<PAGE> 5
Page 5 of 9
CUSIP No. 008494-10-6
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1) Names of Reporting Persons: Richard P. Budd
Identification Nos. of Above Persons (entities only):
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2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [x]
(b) [_]
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3) SEC Use Only
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4) Source of Funds (See Instructions): OO
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5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e): [_]
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6) Citizenship or Place of Organization: United States
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Number of (7) Sole Voting Power: 719,351
Shares Bene- _________________________________________________________________
ficially (8) Shared Voting Power: None
Owned by Each _________________________________________________________________
Reporting (9) Sole Dispositive Power: 719,351
Person _________________________________________________________________
With (10) Shared Dispositive Power: None
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11) Aggregate Amount Beneficially Owned by Each Reporting Person: 719,351
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12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions): [_]
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13) Percent of class Represented by Amount in Row (11): 2.6%
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14) Type of Reporting Person (See Instructions): IN
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Page 6 of 9
CUSIP No. 008494-10-6
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1) Names of Reporting Persons: Theodore P. Budd
Identification Nos. of Above Persons (entities only):
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2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [x]
(b) [_]
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3) SEC Use Only
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4) Source of Funds (See Instructions): OO
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5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e): [_]
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6) Citizenship or Place of Organization: United States
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Number of (7) Sole Voting Power: 270,519
Shares Bene- _________________________________________________________________
ficially (8) Shared Voting Power: 64,925
Owned by Each _________________________________________________________________
Reporting (9) Sole Dispositive Power: 270,519
Person _________________________________________________________________
With (10) Shared Dispositive Power: 64,925
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11) Aggregate Amount Beneficially Owned by Each Reporting Person: 335,444
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12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions): [_]
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13) Percent of class Represented by Amount in Row (11): 1.2%
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14) Type of Reporting Person (See Instructions): IN
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Page 7 of 9
CUSIP No. 008494-10-6
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1) Names of Reporting Persons I.R.S.: Gerald L. Chrisco
Identification Nos. of Above Persons (entities only):
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2) Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [x]
(b) [_]
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3) SEC Use Only
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4) Source of Funds (See Instructions): OO
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5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items
2(d) or 2(e): [_]
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6) Citizenship or Place of Organization: United States
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Number of (7) Sole Voting Power: 84,447
Shares Bene- _________________________________________________________________
ficially (8) Shared Voting Power: None
Owned by Each _________________________________________________________________
Reporting (9) Sole Dispositive Power: 84,447
Person _________________________________________________________________
With (10) Shared Dispositive Power: None
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11) Aggregate Amount Beneficially Owned by Each Reporting Person: 84,447
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12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions): [_]
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13) Percent of class Represented by Amount in Row (11): 0.3%
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14) Type of Reporting Person (See Instructions): IN
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<PAGE> 8
Page 8 of 9
This Amendment No. 1 (the "Amendment") to the Statement on Schedule 13D
dated December 10, 1997 filed by John D. Budd, Joseph R. Budd, Kenneth R. Budd,
Richard P. Budd, Theodore P. Budd and Gerald L. Chrisco with respect to shares
of common stock, par value $0.001, of AgriBioTech, Inc. (the "Statement"),
amends the Statement as set forth herein. Capitalized terms used in this
Amendment are defined in the Statement. This Amendment indicates that Kenneth R.
Budd beneficially owns, has the sole power to vote or direct the vote of, and
has the sole power to dispose or direct the disposition of, 201,652 shares of
Common Stock rather than 201,052 as disclosed in the Statement.
The cover page of the Statement is hereby amended and restated in its
entirety as set forth above to reflect Kenneth R. Budd's actual ownership.
Paragraphs (a) and (b) of Item 5 are hereby amended and restated in
their entirety to read as follows to reflect Kenneth R. Budd's actual ownership:
(a) According to the terms of the Merger Agreement, the Reporting
Parties have the right to acquire, upon the Closing and Final Settlement as
provided in the Merger Agreement, an aggregate of approximately 2,000,000 shares
of Common Stock which will be equivalent to approximately 7.1% of the
outstanding shares of Common Stock. The exact aggregate amount of shares of
Common Stock the Reporting Parties will acquire pursuant to the Merger Agreement
may be adjusted as described in Item 3 above.
The following table indicates the aggregate number and percentage of
the Common Stock each Report Party beneficially owns as of the date of this
Statement:
<TABLE>
<CAPTION>
NUMBER OF SHARES OF PERCENTAGE OF
NAME OF REPORTING COMMON STOCK OUTSTANDING
PARTY BENEFICIALLY OWNED COMMON STOCK
<S> <C> <C>
John D. Budd 453,511 1.6%
Joseph R. Budd 335,444 1.2%
Kenneth R. Budd 201,652 0.7%
Richard P. Budd 719,351 2.6%
Theodore P. Budd 335,444 1.2%
Gerald L. Chrisco 84,447 0.3%
</TABLE>
(b) The following table indicates the number of shares of Common Stock
with respect to which each Reporting Party will, upon the Closing and Final
Settlement has provided in the Merger Agreement, have sole and shared voting and
dispositive power:
<TABLE>
<CAPTION>
NUMBER OF SHARES OF COMMON STOCK
----------------------------------------------------------------------
SHARED
SOLE POWER TO POWER TO
NAME OF SOLE POWER TO SHARED POWER DISPOSE OR TO DISPOSE OR TO
REPORTING VOTE OR TO TO VOTE OR TO DIRECT THE DIRECT THE
PARTY DIRECT TO VOTE DIRECT TO VOTE DISPOSITION DISPOSITION
<S> <C> <C> <C> <C>
John D. Budd 388,586 64,925(1) 388,586 64,925(1)
</TABLE>
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Page 9 of 9
<TABLE>
<CAPTION>
NUMBER OF SHARES OF COMMON STOCK
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<S> <C> <C> <C> <C>
Joseph R. Budd 270,519 64,925(1) 270,519 64,925(1)
Kenneth R. Budd 201,652(2) 0 201,652(2) 0
Richard P. Budd 719,351 0 719,351 0
Theodore P. Budd 270,519 64,925(1) 270,519 64,925(1)
Gerald L. Chrisco 84,447 0 84,447 0
</TABLE>
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(1) Represents shares held of record by the Richard P. Budd Irrevocable
Living Trust U/A dated September 13, 1997 (the "Trust"). John D. Budd,
Joseph R. Budd and Theodore P. Budd, as trustees of the Trust, will,
upon the Closing and Final Settlement as provided in the Merger
Agreement, have shared power, with each other, to vote and to control
the disposition of such shares. The agreement governing the Trust is
silent as to the voting and disposition rights of the trustees with
respect to the Common Stock. North Carolina law provides that, unless
otherwise provided in a trust agreement, where a trust has more than
two trustees the approval of a majority of the trustees is required
with respect to the voting and disposition of securities held by the
trust. Accordingly, each of the trustees has shared power to direct the
vote of, and to direct the disposition of, shares of Common Stock held
by the Trust.
(2) Includes 17,052 shares to be held by Kenneth R. Budd as Custodian for
his minor children, Elizabeth Budd and Ryan Budd, pursuant to the North
Carolina Uniform Transfer to Minors Act.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Date: December 12, 1997 /s/ John D. Budd
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John D. Budd
/s/ Joseph R. Budd
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Joseph R. Budd
/s/ Kenneth R. Budd
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Kenneth R. Budd
/s/ Richard P. Budd
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Richard P. Budd
/s/ Theodore P. Budd
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Theodore P. Budd
/s/ Gerald L. Chrisco
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Gerald L. Chrisco
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT
CONSTITUTE FEDERAL CRIMINAL VIOLATIONS (See 18 U.S.C. 1001).
