SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)
INDUSTRIAL HOLDINGS, INC.
(Name of Issuer)
COMMON STOCK, PAR VALUE $.01 PER SHARE
(Title of class of securities)
456160100
(CUSIP number)
JOHN L. THOMPSON
ST. JAMES CAPITAL CORP.
1980 POST OAK BOULEVARD, SUITE 2030
HOUSTON, TEXAS 77056
(713) 871-0799
(Name, address and telephone number of person
authorized to receive notices and communications)
January 24, 1997
(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 this 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 ("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>
CUSIP No. 456160100
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1 NAME OF REPORTING PERSONS St. James Capital Corp.
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS 76-0478200
- --------------------------------------------------------------------------------
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 BK/WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) OR 2(e) |_|
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6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
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NUMBER OF 7 SOLE VOTING POWER 795,000
SHARES ---------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER 0
OWNED BY ---------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER 795,000
REPORTING ---------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER 0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 795,000
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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) 16.7
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14 TYPE OF REPORTING PERSON CO
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<PAGE>
This statement constitutes Amendment No. 2 to the statement on Schedule 13D
filed with the Securities and Exchange Commission on June 3, 1996, as amended on
November 26, 1996 (collectively, the "Original Statement"), with respect to
shares of the common stock, par value $.01 per share (the "Common Stock"), of
Industrial Holdings, Inc., a Texas corporation ("IHI"), owned by St. James
Capital Corp., a Delaware corporation ("SJCC"). This Amendment No. 2 reflects
certain material changes in the information set forth in the Original Statement,
as follows:
ITEM 2. Identity and Background
SJCC is the general partner of St. James Capital Partners, L.P., a Delaware
limited partnership (the "Partnership"). The directors of SJCC are Charles E.
Underbrink, John L. Thompson, Alan D. Feinsilver, Titus H. Harris, Jr. and
William H. Wagner. The executive officers of SJCC are Messrs. Underbrink,
Thompson, Feinsilver and Ron Latta. The business address of SJCC and each of its
executive officers is 1980 Post Oak Boulevard, Suite 2030, Houston, Texas 77056.
The principal occupation of each of the executive officers and directors of SJCC
is investment management and each is a citizen of the United States. Mr. Harris
is the Chairman of the Board of Harris, Webb & Garrison, a regional investment
banking firm with its principal business address at 5599 San Felipe, Suite 301,
Houston, Texas 77057. Mr. Wagner is the Managing Director of SV Capital
Management, a private equity firm with its principal business address at 200
Concord, Suite 620, San Antonio, Texas 78216. None of SJCC or its executive
officers and directors has been convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors) during the last five years and has
not been 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.
ITEM 5. Interest in Securities of the Issuer
On January 24, 1997, the SJCC disposed of its beneficial ownership of 40,000 of
the Shares in an open market transaction at a price of $12.768 per share.
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.
FEBRUARY 5, 1997
(Date)
/S/ JOHN L. THOMPSON
(Signature)
JOHN L. HOMPSON, PRESIDENT
(Name/Title)
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