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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)
(Amendment No. 1)
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., 15/th/ Floor, Santa Monica, CA 90401 (310) 917-6600
______________________________________________________________________________
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
October 27, 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 12 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
5 TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- --------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES ------------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,449,800
OWNED BY ------------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
REPORTING ------------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON
10
WITH 1,449,800
- --------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,449,800
- --------------------------------------------------------------------------------
CHECK THE BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
- --------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
4.99%
- --------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN, IA
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
- --------------------- --------------------
CUSIP NO. 708094107 PAGE 3 OF 12 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
5 TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- --------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,449,800
OWNED BY ------------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
REPORTING ------------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON
10
WITH 1,449,800
- --------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,449,800
- --------------------------------------------------------------------------------
CHECK THE BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
- --------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
4.99%
- --------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO, HC
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
- --------------------- --------------------
CUSIP NO. 708094107 PAGE 4 OF 12 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
5 TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States
- --------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES ------------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
1,449,800
OWNED BY ------------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
REPORTING ------------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON
10
WITH 1,449,800
- --------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,449,800
- --------------------------------------------------------------------------------
CHECK THE BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
- --------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
4.99%
- --------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
IN, HC
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
- ----------------------- ----------------------
CUSIP NO. 708094107 PAGE 5 OF 12 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
5 TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- --------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES ------------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
237,136
OWNED BY ------------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
REPORTING ------------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON
10
WITH 237,136
- --------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
237,136
- --------------------------------------------------------------------------------
CHECK THE BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
- --------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.82%
- --------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
- ----------------------- ----------------------
CUSIP NO. 708094107 PAGE 6 OF 12 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
5 TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Cayman Islands
- --------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES ------------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
916,244
OWNED BY ------------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
REPORTING ------------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON
10
WITH 916,244
- --------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
916,244
- --------------------------------------------------------------------------------
CHECK THE BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
- --------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
3.16%
- --------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
- ----------------------- ----------------------
CUSIP NO. 708094107 PAGE 7 OF 12 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
5 TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
- --------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES ------------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
251,957
OWNED BY ------------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
REPORTING ------------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON
10
WITH 251,957
- --------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
251,957
- --------------------------------------------------------------------------------
CHECK THE BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
- --------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.87%
- --------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
PN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
- ----------------------- ----------------------
CUSIP NO. 708094107 PAGE 8 OF 12 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
5 TO ITEMS 2(d) OR 2(e) [ ]
- --------------------------------------------------------------------------------
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Cayman Islands
- --------------------------------------------------------------------------------
SOLE VOTING POWER
NUMBER OF 7
SHARES ------------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
44,463
OWNED BY ------------------------------------------------------------
SOLE DISPOSITIVE POWER
EACH 9
REPORTING ------------------------------------------------------------
SHARED DISPOSITIVE POWER
PERSON
10
WITH 44,463
- --------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
44,463
- --------------------------------------------------------------------------------
CHECK THE BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12
[ ]
- --------------------------------------------------------------------------------
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
0.15%
- --------------------------------------------------------------------------------
TYPE OF REPORTING PERSON*
14
CO
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT
<PAGE>
- ----------------------- ----------------------
CUSIP NO. 708094107 PAGE 9 OF 12 PAGES
- ----------------------- ----------------------
Item 1. Security and Issuer
This Amendment to the statement on Schedule 13D filed on June 4, 1999
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 August 11, 1999, as set forth in the
Company's Quarterly Report on Form 10-Q for the period ended June 30, 1999,
is 29,026,496. All terms not defined herein have the meanings ascribed to
them in the original statement on Schedule 13D.
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 237,136 shares of Stock and is the beneficial owner of
0.82% of the Stock.
(ii) SOFF beneficially owns 916,244 shares of Stock and is the beneficial
owner of 3.16% of the Stock.
(iii) SHCF beneficially owns 251,957 shares of Stock and is the beneficial
owner of 0.87% of the Stock.
(iv) SHCL beneficially owns 44,463 shares of Stock and is the beneficial
owner of 0.15% 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 1,449,800 shares of Stock and is the
beneficial owner of 4.99% of the Stock.
(vi) SSCO, as the general partner of SIM, beneficially owns 1,449,800
shares of the Stock and is the beneficial owner of 4.99% 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 1,449,800 shares of the Stock, and is the
beneficial owner of 4.99% of the Stock.
The Reporting Persons in the aggregate may be deemed to own an aggregate of
4.99% of the Stock.
(b) SIM, a registered investment adviser, SSCO, its general partner and Strome,
a trustee of SSCO's controlling shareholder, have the 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.
<PAGE>
- ----------------------- -----------------------
CUSIP NO. 708094107 PAGE 10 OF 12 PAGES
- ----------------------- -----------------------
<TABLE>
<CAPTION>
=================================================================================
No. of Percentage Sole Shared Sole Shared
Shares of Class Power Power to Power Power to
Beneficially to Vote to Dispose
Owned Vote Dispose
- ---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
SP 237,136 0.82% 0 237,136 0 237,136
- ---------------------------------------------------------------------------------
SOFF 916,244 3.16% 0 916,244 0 916,244
- ---------------------------------------------------------------------------------
SHCF 251,957 0.87% 0 251,957 0 251,957
- ---------------------------------------------------------------------------------
SHCL 44,463 0.15% 0 44,463 0 44,463
- ---------------------------------------------------------------------------------
SIM 1,449,800 4.99% 0 1,449,800 0 1,449,800
- ---------------------------------------------------------------------------------
SSCO 1,449,800 4.99% 0 1,449,800 0 1,449,800
- ---------------------------------------------------------------------------------
Strome 1,449,800 4.99% 0 1,449,800 0 1,449,800
=================================================================================
</TABLE>
(c) The trading dates, number of shares purchased or sold and price paid
per share for all transactions by the Reporting Persons since August 27, 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 10/11/99 (2,928) $1,771.37 $0.6250
- ------------------------------------------------------------------------------------
SP 10/12/99 (4,000) $2,169.92 $0.5625
- ------------------------------------------------------------------------------------
SP 10/13/99 (4,000) $2,209.92 $0.5625
- ------------------------------------------------------------------------------------
SP 10/22/99 (1,440) $ 795.57 $0.5625
- ------------------------------------------------------------------------------------
SP 10/25/99 (2,560) $1,337.55 $0.5625
- ------------------------------------------------------------------------------------
SP 10/26/99 (4,000) $2,209.92 $0.5625
- ------------------------------------------------------------------------------------
SP 10/27/99 (1,760) $ 972.40 $0.5625
- ------------------------------------------------------------------------------------
SOFF 10/11/99 (11,712) $7,085.51 $0.6250
- ------------------------------------------------------------------------------------
SOFF 10/12/99 (16,000) $8,679.70 $0.5625
- ------------------------------------------------------------------------------------
SOFF 10/13/99 (16,000) $8,839.70 $0.5625
- ------------------------------------------------------------------------------------
SOFF 10/22/99 (5,760) $3,182.29 $0.5625
- ------------------------------------------------------------------------------------
SOFF 10/25/99 (10,240) $5,350.20 $0.5625
- ------------------------------------------------------------------------------------
SOFF 10/26/99 (16,000) $8,839.70 $0.5625
- ------------------------------------------------------------------------------------
SOFF 10/27/99 (7,040) $3,889.60 $0.5625
- ------------------------------------------------------------------------------------
SSHF 10/11/99 (3,111) $1,882.09 $0.6250
- ------------------------------------------------------------------------------------
SSHF 10/12/99 (4,250) $2,305.55 $0.5625
- ------------------------------------------------------------------------------------
SSHF 10/13/99 (4,250) $2,348.05 $0.5625
====================================================================================
</TABLE>
<PAGE>
- ----------------------- ----------------------
CUSIP NO. 708094107 PAGE 11 OF 12 PAGES
- ----------------------- ----------------------
<TABLE>
<CAPTION>
=========================================================================================
PARTY TRADE DATE BOUGHT (SOLD) NET AMOUNT PER SHARE
- -----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
SSHF 10/22/99 (1,530) $ 845.30 $0.5625
- -----------------------------------------------------------------------------------------
SSHF 10/25/99 (2,720) $1,421.14 $0.5625
- -----------------------------------------------------------------------------------------
SSHF 10/26/99 (4,250) $2,348.05 $0.5625
- -----------------------------------------------------------------------------------------
SSHF 10/27/99 (1,870) $1,033.18 $0.5625
- -----------------------------------------------------------------------------------------
SSHL 10/11/99 (549) $ 332.13 $0.6250
- -----------------------------------------------------------------------------------------
SSHL 10/12/99 (750) $ 406.86 $0.5625
- -----------------------------------------------------------------------------------------
SSHL 10/13/99 (750) $ 414.36 $0.5625
- -----------------------------------------------------------------------------------------
SSHL 10/22/99 (270) $ 149.17 $0.5625
- -----------------------------------------------------------------------------------------
SSHL 10/25/99 (480) $ 250.79 $0.5625
- -----------------------------------------------------------------------------------------
SSHL 10/26/99 (750) $ 414.36 $0.5625
- -----------------------------------------------------------------------------------------
SSHL 10/27/99 (330) $ 182.33 $0.5625
=========================================================================================
</TABLE>
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
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
<PAGE>
- ----------------------- ----------------------
CUSIP NO. 708094107 PAGE 12 OF 12 PAGES
- ----------------------- ----------------------
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: October 27, 1999
