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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
Industrial Holdings Inc.
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(Name of Issuer)
Common Stock, Par Value $.01 Per Share
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(Title of Class of Securities)
456160100
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(CUSIP Number)
John L. Thompson
St. James Capital Corp.
1980 Post Oak Blvd., Suite 2030
Houston, TX 77056
(713) 871-0799
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
May 30, 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 this statement / /. (A
fee is not required only if the reporting person: (1) has a previous statement
on file reporting beneficial ownership of more than five percent of the class
of securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.
(See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be filed
with the Commission. See Rule 13d-1(a) for 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).
(Continued on following page(s))
Page 1 of Pages
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CUSIP No. 456160100 13D Page of Pages
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(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
St. James Capital Corp. 76-0478200
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(2) Check the Appropriate Box if a Member (a) / /
of a Group* (b) / /
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(3) SEC Use Only
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(4) Source of Funds*
00
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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
Delaware
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Number of Shares (7) Sole Voting
Beneficially Owned Power 883,494
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 0
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(9) Sole Dispositive
Power 883,494
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(10) Shared Dispositive
Power 0
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(11) Aggregate Amount Beneficially Owned by Each Reporting Person
883,494
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(12) Check if the Aggregate Amount in Row (11) Excludes Certain Shares*
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(13) Percent of Class Represented by Amount in Row (11)
14.4
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(14) Type of Reporting Person*
CO
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*SEE INSTRUCTION BEFORE FILLING OUT!
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Page of Pages
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This statement constitutes Amendment No. 3 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 Filing"), 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. 3
reflects certain material changes in the information set forth in the
Original Statement, as follows:
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
On March 29, 1997, SJCC acquired beneficial ownership of 600,000 shares of
the common stock of IHI through the sale of all of the capital stock Manifold
Value Services, Inc., a subsidiary of Herlin Inc. of which the Partnership
owns a 98% interest, to IHI. The Partnership also received a term promissory
note from IHI in the principal amount of $442,500. On April 18, 1997, SJCC
distributed 432,006 warrants to purchase IHI common stock to its limited
partners. On May 30, 1997, SJCC purchased 80,000 shares of common stock
through the exercise of warrants at an exercise price of $3.27 per share,
which were subsequently sold common stock in an open market transaction at
the price of $10.25 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.
June 16, 1997
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(Date)
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(Signature)
John Thompson
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(Name/Title)
