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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS
THERETO FILED PURSUANT TO RULE 13d-2(a)
PENNCORP FINANCIAL GROUP, INC.
______________________________________________________________________________
(Name of Issuer)
COMMON STOCK
______________________________________________________________________________
(Title and Class of Securities)
708094107
________________________________________________
(CUSIP Number)
Jeffrey S. Lambert, Strome Investment Management, L.P.
100 Wilshire Blvd., 15th Floor, Santa Monica, CA 90401 (310) 917-6600
______________________________________________________________________________
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
May 25, 1999
___________________________________________________________
(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 (S)(S) 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box [ ].
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See (S)240.13d-7(b) 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).
<PAGE>
- ------------------------- -------------------------
CUSIP NO. 708094107 PAGE 2 OF 21 PAGES
- ------------------------- -------------------------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
Strome Investment Management, L.P., #95-4450882
- ------------------------------------------------------------------------------
CHECK THE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK THE BOX IF DISCLOSURE OF LEGAL PROCEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- -----------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES --------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,579,100
OWNED BY --------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
REPORTING --------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON
10
WITH 1,579,100
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,579,100
- ------------------------------------------------------------------------------
CHECK THE BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.44%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN, IA
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
- -------------------------- -----------------------
CUSIP NO. 708094107 PAGE 3 OF 21 PAGES
- -------------------------- -----------------------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
SSCO, Inc., 95-4450883
- ------------------------------------------------------------------------------
CHECK THE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK THE BOX IF DISCLOSURE OF LEGAL PROCEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- -----------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES --------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,579,100
OWNED BY --------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
REPORTING --------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON
10
WITH 1,579,100
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,579,100
- ------------------------------------------------------------------------------
CHECK THE BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES*
12
[ ]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.44%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO, HC
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
- -------------------------- ------------------------
CUSIP NO. 708094107 PAGE 4 OF 21 PAGES
- -------------------------- ------------------------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
Mark E. Strome
- ------------------------------------------------------------------------------
CHECK THE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK THE BOX IF DISCLOSURE OF LEGAL PROCEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- -----------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES -------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,579,100
OWNED BY -------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
REPORTING -------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON
10
WITH 1,579,100
- -----------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,579,100
- ------------------------------------------------------------------------------
CHECK THE BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
5.44%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN, HC
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
- -------------------------- ------------------------
CUSIP NO. 708094107 PAGE 5 OF 21 PAGES
- -------------------------- ------------------------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
Strome Partners, L.P., #95-4372590
- ------------------------------------------------------------------------------
CHECK THE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK THE BOX IF DISCLOSURE OF LEGAL PROCEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- -----------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES --------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
257,824
OWNED BY --------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
REPORTING --------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON
10
WITH 257,824
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
257,824
- ------------------------------------------------------------------------------
CHECK THE BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.89%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
- -------------------------- ------------------------
CUSIP NO. 708094107 PAGE 6 OF 21 PAGES
- -------------------------- ------------------------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
Strome Offshore Limited
- ------------------------------------------------------------------------------
CHECK THE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK THE BOX IF DISCLOSURE OF LEGAL PROCEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Cayman Islands
- ------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES --------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
998,996
OWNED BY --------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
REPORTING --------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON
10
WITH 998,996
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
998,996
- ------------------------------------------------------------------------------
CHECK THE BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
3.44%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
- -------------------------- ------------------------
CUSIP NO. 708094107 PAGE 7 OF 21 PAGES
- -------------------------- ------------------------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
Strome Hedgecap Fund, L.P., #95-4385662
- ------------------------------------------------------------------------------
CHECK THE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK THE BOX IF DISCLOSURE OF LEGAL PROCEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- -------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES -------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
273,938
OWNED BY -------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
REPORTING -------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON
10
WITH 273,938
- ------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
273,938
- ------------------------------------------------------------------------------
CHECK THE BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.94%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
- -------------------------- ------------------------
CUSIP NO. 708094107 PAGE 8 OF 21 PAGES
- -------------------------- ------------------------
- ------------------------------------------------------------------------------
NAMES OF REPORTING PERSON I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
1
Strome Hedgecap Limited
- ------------------------------------------------------------------------------
CHECK THE BOX IF A MEMBER OF A GROUP*
2 (a) [X]
(b) [ ]
- ------------------------------------------------------------------------------
SEC USE ONLY
3
- ------------------------------------------------------------------------------
SOURCE OF FUNDS*
4
WC
- ------------------------------------------------------------------------------
CHECK THE BOX IF DISCLOSURE OF LEGAL PROCEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) OR 2(e) [ ]
5
- ------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Cayman Islands
- -----------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES -------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
48,342
OWNED BY -------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
REPORTING -------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON
10
WITH 48,342
- -----------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
48,342
- ------------------------------------------------------------------------------
CHECK THE BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
- ------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.17%
- ------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- ------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
CUSIP NO.: 708094107 PAGE 9 OF 21 PAGES
Item 1. Security and Issuer
This statement on Schedule 13D relates to the Common Stock, par value $.01
(the "Stock"), of PennCorp Financial Group, Inc. (the "Company"). The
Stock trades on the New York Stock Exchange. The Company's principal
executive offices are located at 717 North Harwood Street, Dallas, Texas
75201. The number of issued and outstanding shares of Stock as of May 11,
1999, as set forth in the Company's Quarterly Report on Form 10-Q for the
period ended March 31, 1999, is 29,026,496.
Item 2. Identity and Background
(a) This statement on Schedule 13D is being filed by (i) Strome Partners, L.P.
("SP") with respect to shares of Stock held or beneficially owned by the
partnership; (ii) Strome Offshore Limited ("SOFF") with respect to shares
of Stock held or beneficially owned by the corporation; (iii) Strome
Hedgecap Fund, L.P. ("SHCF") with respect to shares of Stock held or
beneficially owned by the partnership; (iv) Strome Hedgecap Limited
("SHCL") with respect to shares of Stock held or beneficially owned by the
corporation; (v) Strome Investment Management, L.P. ("SIM"), a registered
investment adviser, as general partner and discretionary investment adviser
of SP and SHCF, and as discretionary investment adviser of SOFF and SHCL;
(vi) SSCO, Inc. ("SSCO") as sole general partner of SIM; and (vii) Mark E.
Strome ("Strome"), a settlor and trustee of The Mark E. Strome Living
Trust, dated 1/16/97, as the controlling shareholder of SSCO. SP, SOFF,
SHCF and SHCL may each be referred to individually as a "Fund" and
collectively as the "Funds"and the Funds together with SIM, SSCO and Strome
are collectively referred to hereinafter as the "Reporting Persons."
SIM's beneficial ownership of the Stock is direct because of its general
partnership interests in SP and SHCF who directly own shares of the Stock.
SIM also has direct beneficial ownership of the Stock as a result of its
discretionary authority to buy, sell and vote shares of such Stock for its
investment advisory clients (i.e., the Funds). SSCO's and Strome's
beneficial ownership are indirect as a result of their ownership of SIM,
and is reported solely because Rule 13-d(1)(a) promulgated under the
Securities Exchange Act of 1934 (the "Act"), as amended, requires any
person who is "directly or indirectly" the beneficial owner of more than
five percent of any equity security of a specific class to file a Schedule
13D within the specific time period. The answers on blocks 8, 10, 11 and
13 on pages 3 and 4 above and in response to item 5 by SSCO and Strome are
given on the basis of the "indirect" beneficial ownership referred to in
such Rule, based on the direct beneficial ownership of the Stock by SIM and
the relationship of SSCO and Strome to SIM.
Information with respect to each Reporting Person is given solely by the
respective Reporting Person, and no Reporting Person undertakes hereby any
responsibility for the accuracy or
<PAGE>
CUSIP NO.: 708094107 PAGE 10 OF 21 PAGES
completeness of such information concerning any other Reporting Person.
(b) The business address for all Reporting Persons is 100 Wilshire Blvd., 15th
Floor, Santa Monica, California 90401.
(c) The business of (i) SP is that of a private investment partnership engaging
in the purchase and sale of securities for investment for its own account;
(ii) SOFF is that of a private offshore investment corporation engaging in
the purchase and sale of securities for investment for its own account;
(iii) SHCF is that of a private investment partnership engaging in the
purchase and sale of securities for investment for its own account; (iv)
SHCL is that of a private offshore investment corporation engaging in the
purchase and sale of securities for investment for its own account; (v) SIM
is the provision of discretionary investment management services to
institutional clients; (vi) SSCO is to serve as the general partner of SIM;
and (vii) Strome is the provision of discretionary investment management
services through SIM.
(d) None of the Reporting Persons has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) None of the Reporting Persons has, during the last five years, been a party
to a civil proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceding was or is 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.
(f) (i) SP is a Delaware limited partnership; (ii) SOFF is a Cayman Islands
corporation; (iii) SHCF is a Delaware limited partnership; (iv) SHCL is a
Cayman Islands corporation; (v) SIM is a Delaware limited partnership; (vi)
SSCO is a Delaware corporation; and (vii) Strome is a United States
citizen.
Item 3. Source and Amount of Funds or Other Consideration.
The net investment cost (including commissions, if any) of the shares of
Stock beneficially owned by SP is $134,468.96. The source of funds for
this consideration was working capital.
The net investment cost (including commissions, if any) of the shares of
Stock beneficially owned by SOFF is $531,406.84. The source of funds for
this consideration was working capital.
The net investment cost (including commissions, if any) of the shares of
Stock beneficially owned by SHCF is $142,657.80. The source of funds for
this consideration was working capital.
<PAGE>
CUSIP NO.: 708094107 PAGE 11 OF 21 PAGES
The net investment cost (including commissions, if any) of the shares of
Stock beneficially owned by SHCL is $25,192.13. The source of funds for
this consideration was working capital.
Item 4. Purpose of Transaction.
The Reporting Persons acquired the Stock as an investment and view their
investment as having significant potential for increased value. Yet the
Company faces a variety of challenges. Despite all intrinsic strenghts and
opportunities, the Reporting Persons believe that the Company's stock has
underperformed, and that the current stock price does not reflect the
Company's true value. The Reporting Persons are disappointed with the
performance of the Company's management whose action should be focused on
increasing shareholder value. The management of the Company and
shareholders should have a common goal of increasing profitability and
shareholder value. Management has not addressed many of the fundamental
issues facing the Company in order to increase profitability, and has
failed to take advantage of a number of opportunities to create shareholder
value. The Reporting Persons intend to use their positions as significant
shareholders to communicate with management their views with respect to
enhancing shareholder value. The Reporting Persons may also discuss with
other shareholders their views on the current performance of management.
Although no decision has been made, depending on the future performance of
management, the Reporting Persons may seek to influence management of the
Company by seeking representation on the Board of Directors.
The Reporting Persons reserve the right to change their plans or intentions
and to take any and all actions that they deem appropriate to maximize the
value of their investments, including, among other things, acquiring
additional securities of the Company, disposing of any securities of the
Company owned by them, seeking representation on the Board of Directors,
soliciting other shareholders to participate with the Reporting Persons to
replace a majority of the Board of Directors, or formulating other plans or
proposals regarding the Company or its securities to the extent deemed
advisable by the Reporting Persons in light of their general investment
policies, market conditions, subsequent developments affecting the Company,
the general business and future prospects of the Company, tax aspects or
other factors.
Except as set forth above, the Reporting Persons do not have any current
intention, plan or proposal with respect to: (a) the acquisition by any
person of additional securities of the Company, or the disposition of
securities of the Company; (b) an extraordinary corporate transaction, such
as a merger, reorganization or liquidation, involving the Company or any of
its subsidiaries; (c) a sale or transfer of a material amount of assets of
the Company or any of its subsidiaries; (d) any change in the present board
of directors or management of the Company, including any plans or proposals
to change the number or term of
<PAGE>
CUSIP NO.: 708094107 PAGE 12 OF 21 PAGES
directors or to fill any existing vacancies on the board; (e) any material
change in the present capitalization or dividend policy of the Company; (f)
any other material change in the Company's business or corporate structure;
(g) changes in the Company's charter, bylaws or instruments corresponding
thereto or other actions which may impede the acquisition of control of the
Company by any person; (h) causing a class of securities of the Company to
be delisted from a national securities exchange, if any, or cease to be
authorized to be quoted in an inter-dealer quotation system of a registered
national securities association; (i) a class of equity securities of the
Company becoming eligible for termination of a registration pursuant to
Section 12(g)(4) of the Act; or (j) any action similar to any of those
enumerated above.
Item 5. Interest in Securities of the Issuer.
(a) As of the date hereof, each member of the Group has the following interest
in the securities of the Issuer:
(i) SP beneficially owns 257,824 shares of Stock and is the beneficial
owner of 0.89% of the Stock.
(ii) SOFF beneficially owns 998,996 shares of Stock and is the beneficial
owner of 3.44% of the Stock.
(iii) SHCF beneficially owns 273,938 shares of Stock and is the beneficial
owner of 0.94% of the Stock.
(iv) SHCL beneficially owns 48,342 shares of Stock and is the beneficial
owner of 0.17% of the Stock.
(v) SIM, (y) as general partner of and discretionary investment adviser
to SP and SHCF and (z) discretionary investment adviser to SOFF and
SHCL, beneficially owns 1,579,100 shares of Stock and is the
beneficial owner of 5.44% of the Stock.
(vi) SSCO, as the general partner of SIM, beneficially owns 1,579,100
shares of the Stock and is the beneficial owner of 5.44% of the
Stock.
(vii) Strome, as a settlor and trustee of The Mark E. Strome Living Trust
dated 1/16/97, which trust is the controlling shareholder of SSCO,
beneficially owns 1,579,100 shares of the Stock, and is the
beneficial owner of 5.13 % of the Stock.
The Reporting Persons in the aggregate may be deemed to own an aggregate of
5.44% of the Stock.
(b) SIM, a registered investment adviser, SSCO, its general partner and Strome,
a trustee of SSCO's controlling shareholder, have the
<PAGE>
CUSIP NO.: 708094107 PAGE 13 OF 21 PAGES
right or the power to direct the receipt of dividends from the Stock, to
direct the receipt of proceeds from the sale of Stock to SIM's investment
advisory clients (i.e., the Funds) and to direct the vote on behalf of the
Funds. No Fund owns more than 5% of the Stock.
<TABLE>
<CAPTION>
============================================================================================================================
No. of Shares Percentage Sole Power Shared Power to Sole Power Shared Power to
Beneficially Owned of Class to Vote Vote to Dispose Dispose
- ----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
SP 257,824 0.89% 0 257,824 0 257,824
- ----------------------------------------------------------------------------------------------------------------------------
SOFF 998,996 3.44% 0 998,996 0 998,996
- ----------------------------------------------------------------------------------------------------------------------------
SHCF 273,938 0.94% 0 273,938 0 273,938
- ----------------------------------------------------------------------------------------------------------------------------
SHCL 48,342 0.17% 0 48,342 0 48,342
- ----------------------------------------------------------------------------------------------------------------------------
SIM 1,579,100 5.44% 0 1,579,100 0 1,579,100
- ----------------------------------------------------------------------------------------------------------------------------
SSCO 1,579,100 5.44% 0 1,579,100 0 1,579,100
- ----------------------------------------------------------------------------------------------------------------------------
Strome 1,579,100 5.44% 0 1,579,100 0 1,579,100
============================================================================================================================
</TABLE>
(c) The trading dates, number of shares purchased or sold and price paid
per share for all transactions by the Reporting Persons since April 2, 1999 are
set forth below. All such transactions were open market transactions and were
effected on the New York Stock Exchange. No other transactions were effected by
the Reporting Persons during such period.
<TABLE>
<CAPTION>
========================================================================================================
PARTY TRADE DATE BOUGHT (SOLD) NET AMOUNT PER SHARE
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SP 04/07/99 (1,552) 810.39 0.5225
- --------------------------------------------------------------------------------------------------------
SP 04/09/99 (992) 518.30 0.5225
- --------------------------------------------------------------------------------------------------------
SP 04/20/99 (4,304) 3,141.81 0.7300
- --------------------------------------------------------------------------------------------------------
SP 04/21/99 (1,056) 749.73 0.7100
- --------------------------------------------------------------------------------------------------------
SP 05/12/99 4,000 2,290.00 0.5725
- --------------------------------------------------------------------------------------------------------
SP 05/25/99 7,984 4,071.84 0.5100
- --------------------------------------------------------------------------------------------------------
SP 05/26/99 224 114.24 0.5100
- --------------------------------------------------------------------------------------------------------
SP 05/27/99 640 326.40 0.5100
- --------------------------------------------------------------------------------------------------------
SP 05/28/99 6,624 3,378.24 0.5100
- --------------------------------------------------------------------------------------------------------
SP 06/01/99 1,424 768.96 0.5400
- --------------------------------------------------------------------------------------------------------
SP 06/02/99 4,832 2,464.32 0.5100
========================================================================================================
</TABLE>
<PAGE>
CUSIP NO.: 708094107 PAGE 14 OF 21 PAGES
<TABLE>
<CAPTION>
========================================================================================================
PARTY TRADE DATE BOUGHT (SOLD) NET AMOUNT PER SHARE
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SOFF 04/07/99 (6,208) 3,243.56 0.5225
- --------------------------------------------------------------------------------------------------------
SOFF 04/09/99 (3,968) 2,073.20 0.5225
- --------------------------------------------------------------------------------------------------------
SOFF 04/20/99 (17,216) 12,567.24 0.7300
- --------------------------------------------------------------------------------------------------------
SOFF 04/21/99 (4,224) 2,998.93 0.7100
- --------------------------------------------------------------------------------------------------------
SOFF 05/12/99 16,000 9,160.00 0.5725
- --------------------------------------------------------------------------------------------------------
SOFF 05/25/99 31,936 16,287.36 0.5100
- --------------------------------------------------------------------------------------------------------
SOFF 05/26/99 896 456.96 0.5100
- --------------------------------------------------------------------------------------------------------
SOFF 05/27/99 2,560 1,305.60 0.5100
- --------------------------------------------------------------------------------------------------------
SOFF 05/28/99 29,196 14,862.96 0.5091
- --------------------------------------------------------------------------------------------------------
SOFF 06/01/99 5,696 3,075.84 0.5400
- --------------------------------------------------------------------------------------------------------
SOFF 06/02/99 19,328 9,857.28 0.5100
- --------------------------------------------------------------------------------------------------------
SSHF 04/07/99 (1,649) 861.56 0.5225
- --------------------------------------------------------------------------------------------------------
SSHF 04/09/99 (1,054) 550.70 0.5225
- --------------------------------------------------------------------------------------------------------
SSHF 04/20/99 (4,573) 3,338.17 0.7300
- --------------------------------------------------------------------------------------------------------
SSHF 04/21/99 (1,122) 796.59 0.7100
- --------------------------------------------------------------------------------------------------------
SSHF 05/12/99 4,250 2,433.13 0.5725
- --------------------------------------------------------------------------------------------------------
SSHF 05/25/99 8,483 4,326.33 0.5100
- --------------------------------------------------------------------------------------------------------
SSHF 05/26/99 238 121.38 0.5100
- --------------------------------------------------------------------------------------------------------
SSHF 05/27/99 680 346.80 0.5100
- --------------------------------------------------------------------------------------------------------
SSHF 05/28/99 7,038 3,589.38 0.5100
- --------------------------------------------------------------------------------------------------------
SSHF 06/01/99 1,513 817.02 0.5400
- --------------------------------------------------------------------------------------------------------
SSHF 06/02/99 5,134 2,618.34 0.5100
- --------------------------------------------------------------------------------------------------------
SSHL 04/07/99 (291) 152.04 0.5225
- --------------------------------------------------------------------------------------------------------
SSHL 04/09/99 (186) 97.18 0.5225
- --------------------------------------------------------------------------------------------------------
SSHL 04/20/99 (807) 589.08 0.7300
- --------------------------------------------------------------------------------------------------------
SSHL 04/21/99 (198) 140.57 0.7100
- --------------------------------------------------------------------------------------------------------
SSHL 05/12/99 750 429.38 0.5725
- --------------------------------------------------------------------------------------------------------
SSHL 05/25/99 1,497 763.47 0.5100
- --------------------------------------------------------------------------------------------------------
SSHL 05/26/99 42 38.64 0.5100
- --------------------------------------------------------------------------------------------------------
SSHL 05/27/99 120 61.20 0.5100
========================================================================================================
</TABLE>
<PAGE>
CUSIP NO.: 708094107 PAGE 15 OF 21 PAGES
<TABLE>
<CAPTION>
========================================================================================================
PARTY TRADE DATE BOUGHT (SOLD) NET AMOUNT PER SHARE
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SSHL 05/28/99 1,242 633.42 0.5100
- --------------------------------------------------------------------------------------------------------
SSHL 06/01/99 267 144.18 0.5400
- --------------------------------------------------------------------------------------------------------
SSHL 06/02/99 906 462.06 0.5100
========================================================================================================
</TABLE>
(d) No person other than each respective owner referred to herein of
Stock is known to have the right to receive or the power to direct the receipt
of dividends from or the proceeds from the sale of such Stock.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect
to Securities of the Issuer.
Strome may be deemed to be an ultimate controlling person of the Funds. Except
as described in Item 2 above, the Reporting Persons have no contracts,
arrangements, understandings or relationships (legal or otherwise) with any
person with respect to securities of the Company.
Item 7. Material to be Filed as Exhibits.
EXHIBIT A Identification and Classification of Members of the Group
EXHIBIT B Statement With Respect to Joint Filing of Schedule 13D
EXHIBIT C Disclaimer of Beneficial Ownership
EXHIBIT D Power of Attorney Forms for Schedule 13D and 13G and Forms 13F
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.
STROME PARTNERS, L.P.
By: Strome Investment Management, L.P., general partner
by its general partner, SSCO, Inc.
By: /s/ Jeffrey S. Lambert
--------------------------------
Jeffrey S. Lambert
Chief Operating Officer
<PAGE>
CUSIP NO.: 708094107 PAGE 16 OF 21 PAGES
STROME OFFSHORE LIMITED
By: /s/ Jeffrey S. Lambert
---------------------------------
Jeffrey S. Lambert
Director
STROME HEDGECAP FUND, L.P.
By: Strome Investment Management, L.P., general partner
by its general partner, SSCO, Inc.
By: /s/ Jeffrey S. Lambert
--------------------------------
Jeffrey S. Lambert
Chief Operating Officer
STROME HEDGECAP LIMITED
By: /s/ Jeffrey S. Lambert
---------------------------------
Jeffrey S. Lambert
Director
STROME INVESTMENT MANAGEMENT, L.P.
By: SSCO, Inc., general partner
By: /s/ Jeffrey S. Lambert
--------------------------------
Jeffrey S. Lambert
Chief Operating Officer
SSCO, INC.
By: /s/ Jeffrey S. Lambert
---------------------------------
Jeffrey S. Lambert
Chief Operating Officer
MARK E. STROME
/s/ Jeffrey S. Lambert
- ------------------------------
Mark E. Strome
Date: June 2, 1999
<PAGE>
CUSIP NO.: 708094107 PAGE 17 OF 21 PAGES
EXHIBIT A
Identification and Classification of Members of the Group
---------------------------------------------------------
Pursuant to Rule 13d-1(k)(1) under the Securities Exchange Act of 1934, as
amended, the members of the group making this joint filing are identified and
classified as follows:
Name Classification
---- --------------
Strome Partners, L.P. A private limited partnership that
purchases and sells securities for
investment for its own account
Strome Offshore Limited A private offshore investment corporation
that purchases and sells securities for
investment for its own account
Strome Hedgecap Fund, L.P. A private limited partnership that
purchases and sells securities for
investment for its own account
Strome Hedgecap Limited A private offshore investment corporation
that purchases and sells securities for
investment for its own account
Strome Investment Management, L.P. Investment Adviser registered under the
(the "Adviser") Investment Advisers Act of 1940
SSCO, Inc. ("General Partner") A control person due to its role as
General Partner of the Adviser
Mark E. Strome A control person of the Adviser and settlor
and trustee of the trust that is the
controlling shareholder of the General
Partner
<PAGE>
CUSIP NO.: 708094107 PAGE 18 OF 21 PAGES
EXHIBIT B
JOINT FILING AGREEMENT PURSUANT TO RULE 13d-1(k)(1)
---------------------------------------------------
This agreement is made pursuant to Rule 13d-1(k)(1) under the Securities
Exchange Act of 1934, as amended (the "Act") by and among the parties listed
below, each referred to herein as a "Joint Filer." The Joint Filers agree that
a statement of beneficial ownership as required by Section 13(d) of the Act and
the Rules thereunder may be filed on each of their behalf on Schedule 13D or
Schedule 13G, as appropriate, and that said joint filing may thereafter be
amended by further joint filings. The Joint Filers state that they each satisfy
the requirements for making a joint filing under Rule 13d-1.
Dated: June 2, 1999
STROME PARTNERS, L.P.
By: Strome Investment Management, L.P., general partner
by its general partner, SSCO, Inc.
By: /s/ Jeffrey S. Lambert
--------------------------------
Jeffrey S. Lambert
Chief Operating Officer
STROME OFFSHORE LIMITED
By: /s/ Jeffrey S. Lambert
-----------------------------
Jeffrey S. Lambert
Director
STROME HEDGECAP FUND, L.P.
By: Strome Investment Management, L.P., general partner
by its general partner, SSCO, Inc.
By: /s/ Jeffrey S. Lambert
--------------------------------
Jeffrey S. Lambert
Chief Operating Officer
STROME HEDGECAP LIMITED
By: /s/ Jeffrey S. Lambert
-----------------------------
Jeffrey S. Lambert
<PAGE>
CUSIP NO.: 708094107 PAGE 19 OF 21 PAGES
Director
STROME INVESTMENT MANAGEMENT, L.P.
By:, SSCO, Inc., general partner
By: /s/ Jeffrey S. Lambert
--------------------------------
Jeffrey S. Lambert
Chief Operating Officer
SSCO, INC.
By: /s/ Jeffrey S. Lambert
-----------------------------
Jeffrey S. Lambert
Chief Operating Officer
MARK E. STROME
/s/ Jeffrey S. Lambert
- ------------------------------
Mark E. Strome
<PAGE>
CUSIP NO.: 708094107 PAGE 20 OF 21 PAGES
EXHIBIT C
Disclaimer of Beneficial Ownership
----------------------------------
PennCorp Financial Group, Inc.
Common Stock
1,579,100 Shares*
SSCO, Inc. and Mark E. Strome disclaim beneficial ownership as to all shares
beneficially owned for Section 13(d) filing purposes by Strome Investment
Management, L.P. as investment adviser.
*The shares reported and disclaimed herein are $.01 par value Common Stock of
the issuer.
<PAGE>
CUSIP NO.: 708094107 PAGE 21 OF 21 PAGES
EXHIBIT D
POWER OF ATTORNEY FORM FOR
SCHEDULES 13D AND 13G AND FORM 13F
I, Mark E. Strome in my individual capacity and as a principal of Strome
Investment Management, L.P., hereby appoint Jeffrey S. Lambert as attorney-in-
fact and agent, in all capacities, to execute, on my behalf and on behalf of
Strome Investment Management, L.P. and to file with the appropriate issuers,
exchanges and regulatory authorities, any and all Schedules 13D and 13G and
Forms 13F and documents relating thereto required to be filed under the
Securities Exchange Act of 1934, as amended, including exhibits, attachments and
amendments thereto and request for confidential information contained therein.
I hereby grant to said attorney-in-fact full authority to do every act necessary
to be done in order to effectuate the same as fully, to all intents and
purposes, as I could if personally present, thereby ratifying all that said
attorneys-in-fact and agents may lawfully do or cause to be done by virtue
hereof.
I hereby execute this power of attorney on this 25th day of May, 1999
/s/ Mark E. Strome
- ------------------------------
Mark E. Strome
