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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 5)*
Palomar Medical Technologies, Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
- --------------------------------------------------------------------------------
(Title of Class of Securities)
697529-10-5
- --------------------------------------------------------------------------------
(CUSIP Number)
Adam D. Eilenberg
Ehrenreich Eilenberg Krause & Zivian LLP
11 East 44th Street, 17th Floor
New York, N.Y. 10017
(212) 986-9700
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 24, 1999
- --------------------------------------------------------------------------------
(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement of Schedule 13G to report
the acquisition which is the subject of the Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
*The remainder of this cover page shall be filed 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 the
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>
CUSIP No. 697529-10-5 13D
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The Rockside Foundation
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER 772,658 (including 257,143 warrants
SHARES exercisable at $21.00 per share (the "Warrants"))
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,737,382 (including 428,562 Warrants)
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 772,658 (including 257,143 Warrants)
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,737,382 (including 428,562 Warrants)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,737,382 (including 428,562 Warrants)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.18% (12.70% if not taking into account 428,562 Warrants)
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 697529-10-5 13D
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Mark T. Smith
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 530,451 (including 171,429 Warrants)
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,737,382 (including 428,562 Warrants)
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 530,451 (including 171,429 Warrants)
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,737,382 (including 428,562 Warrants)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,737,382 (including 428,562 Warrants)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.18% (12.70% if not taking into account 428,562 Warrants)
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 697529-10-5 13D
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Logg Investment Research, Inc.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 858
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,737,382 (including 428,562 Warrants)
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 858
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,737,382 (including 428,562 Warrants)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,737,382 (including 428,562 Warrants)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.18% (12.70% if not taking into account 428,562 Warrants)
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 697529-10-5 13D
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Thomas O'Brien
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 2,586
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,737,382 (including 428,562 Warrants)
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 2,586
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,737,382 (including 428,562 Warrants)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,737,382 (including 428,562 Warrants)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.18% (12.70% if not taking into account 428,562 Warrants)
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 697529-10-5 13D
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
The R. Templeton Smith Foundation
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [X]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 430,829
BENEFICIALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 1,737,382 (including 428,562 Warrants)
REPORTING --------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 430,829
--------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,737,382 (including 428,562 Warrants)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,737,382 (including 428,562 Warrants)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
16.18% (12.70% if not taking into account 428,562 Warrants)
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
Schedule 13D
Item 1. Security and Issuer
This statement relates to the Common Stock, $.01 par value, of Palomar Medical
Technologies, Inc. (the "Issuer"), which has its principal executive office at
45 Hartwell Avenue, Lexington, MA 02173. This statement is filed pursuant to
Rule 13d-2(a) with respect to securities owned by the reporting persons
specified herein as of May 24, 1999 and amends the Schedule 13 D filed on August
3, 1998, Amendment No. 1 filed on December 22, 1998, Amendment No. 2 filed on
January 25, 1999, Amendment No. 3 filed on February 16, 1999 and Amendment No. 4
filed on April 15, 1999 ("Amendment No. 4"; collectively the "Schedule 13D").
Except as set forth herein, the Schedule 13D is hereby restated in its entirety.
Item 4. Purpose of Transaction
On May 24, 1999, The Monterey Stockholders Group LLC ("Monterey") issued a
press release and filed soliciting material pursuant to Rule 14a-11(c) of the
Securities Exchange Act of 1934, disclosing the intention of Monterey and the
Reporting Persons to commence a solicitation of proxies to elect directors of
the Issuer at the Issuer's upcoming annual meeting, in opposition to the
directors nominated by the Issuer's current Board. The annual meeting is
scheduled to be held on June 23, 1999. Monterey intends to file preliminary
proxy materials pursuant to the Securities Exchange Act of 1934 as soon as
practicable.
The Reporting Persons are the sole members of Monterey, a Delaware limited
liability company, and are utilizing Monterey for the purpose of commencing the
proxy solicitation referred to above. A copy of Monterey's press release is
filed as an exhibit to this Amendment No. 5 to the Schedule 13D.
Although they have no current intention to do so, depending on market
conditions and other factors, the Reporting Persons may acquire additional
shares, or, subject to the provisions of Section 16 of the Exchange Act, sell
all or a portion of their shares of Common Stock or Warrants. Except as
described in the foregoing paragraph, the Reporting Persons have no plans or
proposals which relate to or would result in any of the actions set forth in
subparagraphs (a) through (j) of Item 4.
<PAGE>
Item 5. Interest in Securities of the Issuer
See Items 7 through 13 of the Schedule 13D cover page. The stockholdings of
the Reporting Persons have been adjusted from those reported in Amendment No. 4
to reflect a one for seven reverse share split (the "Reverse Split") recently
effected by the Issuer, as reflected in its Report on Form 10-Q for the period
ended March 31, 1999. The percentages of ownership of each Reporting Person,
however, have not changed, and no securities of the Issuer have been acquired or
disposed of by the Reporting Persons since the date of Amendment No. 4.
Monterey does not own any securities of the Issuer.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to
Securities of the Issuer
As previously reported in the Schedule 13D, two of the Reporting Persons,
The Rockside Foundation ("Rockside") and Mark T. Smith ("Smith"), collectively
acquired on July 24, 1998 from the Company, on a pre-Reverse Split basis,
3,000,000 shares of Common Stock of the Issuer and 3,000,000 Warrants (each a
"Warrant" and collectively the "Warrants") to purchase an equivalent number of
shares of Common Stock, for a price of $1.00 for each share of Common Stock and
Warrant (an aggregate of $3,000,000). Rockside purchased 1,800,000 shares of
Common Stock and Warrants and Smith purchased 1,200,000 shares of Common Stock
and Warrants. The Stock Purchase Agreement with respect to such securities
provided, among other things, that for so long as each purchaser continues to
hold shares of Common Stock purchased thereunder, the Issuer would pay to such
purchaser $0.0125 per share for the three month period ending November 30, 1998
and each three month period thereafter (an aggregate of $.05 per annum; equal to
$.35 per annum after taking into account the Reverse Split).
Item 7. Materials to be Filed as Exhibits
Exhibit 99.1 Press Release dated May 24, 1999
<PAGE>
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: May 24, 1999
THE ROCKSIDE FOUNDATION
By: /s/ John B. Haley
----------------------------------
Name: John B. Haley
Title: President
/s/ Mark T. Smith
----------------------------------
Mark T. Smith
LOGG INVESTMENT RESEARCH, INC.
By: /s/ Thomas O'Brien
----------------------------------
Name: Thomas O'Brien
Title: President
/s/ Thomas O'Brien
----------------------------------
Thomas O'Brien
THE R. TEMPLETON SMITH FOUNDATION
By: /s/ Edward C. Smith
----------------------------------
Name: Edward C. Smith
Title: Treasurer
(120496DTI)
<PAGE>
Exhibit Index
Exhibit Number Title Page
- -------------- ----- ----
99.1 Press Release dated May 24, 1999
FOR IMMEDIATE RELEASE
CONTACT:
Mark Harnett
MacKenzie Partners
(212) 929-5500
THE MONTEREY STOCKHOLDERS GROUP LLC
TO COMMENCE PROXY SOLICITATION
FOR DIRECTORS OF
PALOMAR MEDICAL TECHNOLOGIES, INC.
NEW YORK, NEW YORK, May 24, 1999 - The Monterey Stockholders Group LLC
announced today that it intends to commence a solicitation of proxies to elect
directors of Palomar Medical Technologies, Inc. (NASDAQ/SmallCap: PMTID) at the
Company's upcoming annual meeting, in opposition to the directors nominated by
the Company's current Board. The annual meeting is currently scheduled to be
held on June 23, 1999. Monterey is owned by Mr. Mark Smith and other investors
who control an aggregate of approximately 12.7%(excluding warrants) of the
Company's outstanding Common Stock.
Monterey is seeking to enhance stockholder value from current levels, which
it believes are reflective of negative investor perceptions in the marketplace.
In Monterey's view, the Board has not been sufficiently focused on stockholder
interests. Monterey presently anticipates that if its nominees are elected, the
new Board will retain existing management while conducting a thorough strategic
review of the Company's operations and business opportunities, with a view
towards more effectively using the Company's capital and other resources.
Monterey believes that the individuals it intends to nominate as directors -
Mark Smith, George Murphy, Jay Delahanty and Michael Marks -- have the
experience necessary to plan and implement an effective business strategy for
the Company and will enhance stockholder value.
Monterey intends to file preliminary proxy materials pursuant to the
Securities Exchange Act of 1934 as soon as practicable.
CERTAIN INFORMATION CONCERNING PARTICIPANTS
The following is a list of the names and stockholdings, if any, of persons
who may be deemed to be "participants" in Monterey's solicitation with respect
to the Company's annual meeting. These stockholdings reflect a one for seven
reverse share split recently effected by the Company, as reflected in its Report
on Form 10-Q for the period ended March 31, 1999: Mark Smith (359,022 shares of
Common Stock and 171,429 warrants to purchase shares of Common Stock at an
exercise price of $21 per share); The Rockside Foundation (515,515 shares of
Common Stock and 257,143 warrants to purchase shares of Common Stock at an
exercise price of $21 per share); The R. Templeton Smith Foundation (430,829
shares of Common Stock); Logg Investment Research, Inc. (858 shares of Common
Stock); Thomas O' Brien (2,586 shares of Common Stock); and Messrs. Murphy,
Delahanty and Marks, none of whom own any of the Company's securities.
