UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. ___)*
PennCorp Financial Group Inc.
- --------------------------------------------------------------------------------
(Name of Issuer)
$3.375 Convertible Preferred Stock
$3.50 Series II Convertible Preferred Stock
- --------------------------------------------------------------------------------
(Title of Class of Securities)
708094701
708094206
------------------------------------------------------------
(CUSIP Number)
Robert S. Pitts Copy to:
Andrew Foote Kenneth A. Lefkowitz, Esq.
Steadfast Capital, L.P. Hughes Hubbard & Reed LLP
350 Park Avenue, 29th Floor 1 Battery Park Plaza
New York, NY 10022 New York, New York 10004
(212) 418-6991 (212) 837-6000
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
December 23, 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 that is the subject of this Schedule 13D, and is filing this
schedule because of ss.ss. 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 Section 240.13d-7 for other
parties to whom copies of this statement 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 pages)
Page 1 of 11
<PAGE>
SCHEDULE 13D
- --------------------------------- ------------------------------
CUSIP NO.'S 708094701
708094206 Page 2 of 11 Pages
- --------------------------------- ------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Steadfast Capital, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
WC (See Item 3)
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
91,400 shares of $3.375 Convertible Preferred Stock
155,000 shares of $3.50 Series II Convertible Preferred
Stock
NUMBER OF ----------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH ----------------------------------------------------------------
REPORTING 9 SOLE DISPOSITIVE POWER
PERSON
WITH 91,400 shares of $3.375 Convertible Preferred Stock
155,000 shares of $3.50 Series II Convertible Preferred
Stock
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
91,400 shares of $3.375 Convertible Preferred Stock (per share convertible
into 2.2124 shares of Common Stock) and
155,000 shares of $3.50 Series II Convertible Preferred Stock (per share
convertible into 1.4326 shares of Common Stock), totaling 424,266 common
stock equivalents (see Item 5).
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS) |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4% of $3.375 Convertible Preferred Stock
5.4% of $3.50 Series II Convertible Preferred Stock
1.4% of Common Stock
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
PN
- --------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- --------------------------------- ------------------------------
CUSIP NO.'S 708094701
708094206 Page 3 of 11 Pages
- --------------------------------- ------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Steadfast Advisors LLC.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
WC (See Item 3)
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 91,400 shares of $3.375 Convertible Preferred Stock
EACH 155,000 shares of $3.50 Series II Convertible Preferred
REPORTING Stock
EACH ----------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
0
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
91,400 shares of $3.375 Convertible Preferred Stock
155,000 shares of $3.50 Series II Convertible Preferred
Stock
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
91,400 shares of $3.375 Convertible Preferred Stock (per share convertible
into 2.2124 shares of Common Stock) and
155,000 shares of $3.50 Series II Convertible Preferred Stock (per share
convertible into 1.4326 shares of Common Stock), totaling 424,266 common
stock equivalents (see Item 5).
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS) |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4% of $3.375 Convertible Preferred Stock
5.4% of $3.50 Series II Convertible Preferred Stock
1.4% of Common Stock
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
- --------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- --------------------------------- ------------------------------
CUSIP NO.'S 708094701
708094206 Page 4 of 11 Pages
- --------------------------------- ------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Steadfast Financial, LLC.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
WC (See Item 3)
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 91,400 shares of $3.375 Convertible Preferred Stock
EACH 155,000 shares of $3.50 Series II Convertible Preferred
REPORTING Stock
EACH ----------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
0
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
91,400 shares of $3.375 Convertible Preferred Stock
155,000 shares of $3.50 Series II Convertible Preferred
Stock
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
91,400 shares of $3.375 Convertible Preferred Stock (per share convertible
into 2.2124 shares of Common Stock) and
155,000 shares of $3.50 Series II Convertible Preferred Stock (per share
convertible into 1.4326 shares of Common Stock), totaling 424,266 common
stock equivalents (see Item 5).
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS) |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4% of $3.375 Convertible Preferred Stock
5.4% of $3.50 Series II Convertible Preferred Stock
1.4% of Common Stock
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
OO
- --------------------------------------------------------------------------------
<PAGE>
SCHEDULE 13D
- --------------------------------- ------------------------------
CUSIP NO.'S 708094701
708094206 Page 5 of 11 Pages
- --------------------------------- ------------------------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Robert S. Pitts, Jr.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
(a) |_|
(b) |_|
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS (SEE INSTRUCTIONS)
WC (See Item 3)
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS
2(d) OR 2(e) |_|
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 91,400 shares of $3.375 Convertible Preferred Stock
EACH 155,000 shares of $3.50 Series II Convertible Preferred
REPORTING Stock
EACH ----------------------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH
0
----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
91,400 shares of $3.375 Convertible Preferred Stock
155,000 shares of $3.50 Series II Convertible Preferred
Stock
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
91,400 shares of $3.375 Convertible Preferred Stock (per share convertible
into 2.2124 shares of Common Stock) and
155,000 shares of $3.50 Series II Convertible Preferred Stock (per share
convertible into 1.4326 shares of Common Stock), totaling 424,266 common
stock equivalents (see Item 5).
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS) |_|
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4% of $3.375 Convertible Preferred Stock
5.4% of $3.50 Series II Convertible Preferred Stock
1.4% of Common Stock
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IN
- --------------------------------------------------------------------------------
<PAGE>
Page 6 of 11 Pages
ITEM 1. SECURITY AND ISSUER.
This statement on Schedule 13D relates to the $3.375 Convertible Preferred
Stock (the "$3.375 Preferred Stock") and the $3.50 Series II Convertible
Preferred Stock (the "$3.50 Preferred Stock" and, with the $3.375 Preferred
Stock, the "Preferred Stock") of PennCorp Financial Group, Inc. ("PennCorp").
Each share of $3.375 Preferred Stock is convertible into 2.2124 shares of
PennCorp's common stock, par value $.01 per share (the "Common Stock"), and each
share of $3.50 Preferred Stock is convertible into 1.4326 shares of Common
Stock. PennCorp's principal executive office is located at 717 North Harwood
Street, Suite 2400, Dallas, Texas 75201.
ITEM 2. IDENTITY AND BACKGROUND.
(a) This statement is filed by Steadfast Capital, L.P., a Delaware limited
partnership ("Steadfast Capital"), Steadfast Advisors LLC, a Delaware limited
liability company ("Steadfast Advisors"), Steadfast Financial LLC, a Delaware
limited liability company ("Steadfast Financial"), and Robert S. Pitts, Jr.
Steadfast Advisors and Steadfast Financial are each general partners in
Steadfast Capital. Mr. Pitts is the managing member of each of Steadfast
Advisors and Steadfast Financial. Steadfast Capital, Steadfast Advisors,
Steadfast Financial and Mr. Pitts are collectively the "Reporting Persons" in
this Schedule 13D.
Pursuant to Regulation 13D of the General Rules and Regulations
promulgated under the Securities and Exchange Act of 1934, as amended (the
"Act"), the Reporting Persons (as defined below) are making this filing because
they may be deemed to constitute a "group' within the meaning of Section 13d-5
(b) of the Act, although neither the fact of this filing nor anything contained
herein shall be deemed an admission by the Reporting Persons that a group
exists. The other persons who may be deemed to be members of the group are
identified as AIG-Soundshore Partners, Forest Investment Management, Inverness
Management LLC, Paloma Securities LLC, W.G. Trading, Paloma Strategic Securities
Limited, Camden Asset Management, Highbridge Capital LLC, Loeb Partners Corp., Q
Investments, LP, Vicuna Advisors LLC and William M. McCormick. Pursuant to Rule
13d-1(k) of the Act, this filing only contains information about the Reporting
Persons.
(b) The principal business address of each of the Reporting Persons is 350
Park Avenue, 29th Floor, New York, New York 10022.
(c) The principal business of Steadfast Capital is the purchase, sale,
exchange, acquisition and holding of investment securities. The principal
business of each of Steadfast Advisors and Steadfast Financial is acting as
general partners of Steadfast Capital. Robert S. Pitts' principal occupation is
investment management.
(d) None of the Reporting Persons has, during the last five years, been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
<PAGE>
Page 7 of 11 Pages
(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 proceeding 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) Each of Steadfast Capital, Steadfast Advisors and Steadfast Financial
is an entity organized under the applicable laws of Delaware. Mr.
Pitts is a citizen of the United States.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source of funds used to purchase the shares of Preferred Stock owned
by Steadfast Capital (the "Shares") was working capital. The amount of such
funds was $1,077,376.45 for the $3.375 Preferred Stock and $1,446,341.39 for the
$3.50 Preferred Stock.
ITEM 4. PURPOSE OF TRANSACTION.
The Shares were acquired in the ordinary course of business for investment
purposes. Steadfast Capital's intention was to review its investment in PennCorp
on a continuing basis and, depending upon price and availability of securities
of PennCorp, subsequent developments affecting PennCorp, PennCorp's business and
prospects, general stock market and economic conditions, tax considerations and
other factors deemed relevant, to consider increasing or decreasing the size of
its investment in PennCorp.
On December 21, 1999, PennCorp and its advisors invited holders of
approximately 74% of its outstanding Preferred Stock (the "Ad Hoc Committee"),
including Steadfast Capital, to a meeting to hear a presentation regarding a
proposed restructuring of PennCorp (the "Restructuring") and PennCorp's progress
on a proposed plan to sell substantially all of the assets of its operating
subsidiaries (the "Sale Alternative"). Although Steadfast Capital believed that
PennCorp's goal in calling the meeting was to build a consensus among the
members of the AdHoc Committee for the Restructuring, PennCorp instead indicated
its intention to move forward with the Sale Alternative and then consummate a
liquidation of PennCorp in a Chapter 11 bankruptcy. In response to this
information, on December 23, 1999, the Ad Hoc Committee delivered a letter to
the board of directors of PennCorp (the "Board") objecting to this course of
action and calling for the Board's acceptance of a Restructuring of PennCorp
pursuant to a term sheet attached as an exhibit to the letter (see Exhibit B).
Steadfast Capital believes that the Restructuring on the terms set forth in such
term sheet is the only viable alternative for PennCorp at this juncture to
insure maximum value to PennCorp's stakeholders, including holders of Preferred
Stock, or any value to the holders of the Common Stock. Steadfast Capital, as
part of the Ad Hoc Committee, intends to take all actions at its disposal
(including litigation) to prevent the consummation of the Sale Alternative.
<PAGE>
Page 8 of 11 Pages
Each of the filing persons of this Statement may be deemed to be a member
of a group within the meaning of Rule 13d-5(b) of the Act with the other members
of the Ad Hoc Committee, but hereby expressly disclaims such membership in a
group and beneficial ownership of the shares held by such other members of the
Ad Hoc Committee.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) As of January 6, 2000, the Reporting Persons beneficially owned an
aggregate amount of 91,400 shares of $3.375 Preferred Stock, which are
convertible into 202,213 shares of Common Stock, and 155,000 shares of $3.50
Preferred Stock, which are convertible into 222,053 shares of Common Stock,
totaling 424,266 shares of common stock equivalents after conversion of all
shares of Preferred Stock beneficially owned by the Reporting Persons.
Accordingly, the Reporting Persons are the beneficial owner of 4% of the $3.375
Preferred Stock, and 5.4% of the $3.50 Preferred Stock. As of January 6, 2000,
the Reporting Persons may be deemed to beneficially own approximately 1.4% of
the outstanding Common Stock. The percentages of the outstanding $3.375
Preferred Stock, $3.50 Preferred Stock and Common Stock reported in this
Schedule 13D are calculated on the basis of 2,300,000 shares of $3.375 Preferred
Stock issued and outstanding, 2,875,000 shares of $3.50 Preferred Stock issued
and outstanding and 29,214,731 shares of Common Stock issued and outstanding, as
reported in PennCorp's Form 10-Q for the quarter ended September 30, 1999. By
virtue of their status as general partners of Steadfast Capital, Steadfast
Advisors and Steadfast Financial might be deemed to be beneficial owners of the
securities owned by Steadfast Capital. By virtue of his status as managing
member of Steadfast Advisors and Steadfast Financial, Robert S. Pitts, Jr. might
be deemed to be the beneficial owner of the securities owned by Steadfast
Capital. Steadfast Advisors, Steadfast Financial and Robert S. Pitts, Jr. each
disclaims beneficial ownership of the securities owned by Steadfast Capital.
(b) Steadfast Capital has the power to vote or to direct the vote or to
dispose or to direct the disposition of its Preferred Stock, or the underlying
Common Stock, it owns and due to Steadfast Capital's relationship with Steadfast
Advisors, Steadfast Financial and Robert S. Pitts, Jr., Steadfast Advisors,
Steadfast Financial and Robert S. Pitts, Jr. have the power to cause Steadfast
Capital to exercise or refrain from exercising such powers.
(c) None of the Reporting Persons have engaged in any transaction in the
Preferred Stock or the Common Stock during the 60 days prior to the date of this
Schedule 13D.
(d) Not applicable.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
The information set forth in Items 2, 4 and 5 is hereby incorporated
herein by reference.
<PAGE>
Page 9 of 11 Pages
Steadfast Capital has executed a confidentiality agreement with PennCorp,
dated October 1, 1999 (the "Confidentiality Agreement"), whereby it has agreed,
among other things and subject to certain exceptions, until the earlier of six
months from the date of the Confidentiality Agreement or commencement of
PennCorp's bankruptcy proceedings to: i) not acquire more than 1% of Common
Stock on a fully diluted basis (including the Common Stock that would be
received upon conversion of any Preferred Stock); ii) not participate in any
tender or exchange offer or merger or business combination involving PennCorp;
iii) not seek, effect or participate in any recapitalization, restructuring,
liquidation dissolution or other extraordinary transaction with respect to
PennCorp; iv) not solicit proxies or consents to vote any voting securities of
PennCorp; and v) not to form or join a group seeking to acquire ownership of
equity or debt securities of PennCorp.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A -- Agreement of Joint Filing, dated as of January 6, 2000,
pursuant to Rule 13d-1(k)(1)(iii) of the Act.
Exhibit B -- Letter to the Board of Directors of PennCorp Financial Group
Inc. dated December 23, 1999 (incorporated by reference to Exhibit F to
Amendment No. 3 to Schedule 13D of Brown's Dock, L.L.C., and certain other
persons relating to the Preferred Stock and the Common Stock of PennCorp, filed
with the Securities and Exchange Commission on December 27, 1999).
<PAGE>
Page 10 of 11 Pages
SIGNATURES
After reasonable inquiry and to the best knowledge and belief of the
person or entity set forth below, such person or entity certifies that the
information set forth in this Statement is true, complete, and correct.
JANUARY 6, 2000
- ----------------
Date
STEADFAST CAPITAL, L.P.
By: Steadfast Advisors LLC, its general partner
By: Steadfast Financial LLC, its general partner
By: /S/ ROBERT S. PITTS, JR.
--------------------------------------------
Name: Robert S. Pitts, Jr.
Title: Managing Member
STEADFAST ADVISORS LLC
By: /S/ ROBERT S. PITTS, JR.
--------------------------------------------
Name: Robert S. Pitts, Jr.
Title: Managing Member
STEADFAST FINANCIAL LLC
By: /S/ ROBERT S. PITTS, JR.
--------------------------------------------
Name: Robert S. Pitts, Jr.
Title: Managing Member
/S/ ROBERT S. PITTS, JR.
--------------------------------------------
Robert S. Pitts, Jr.
<PAGE>
Page 11 of 11 Pages
EXHIBIT A
JOINT FILING AGREEMENT
The undersigned, in accordance with Rule 13d-1(k) under the Securities
Exchange Act of 1934, as amended, agree that only one statement containing the
information required by Schedule 13D need be filed with the Securities and
Exchange Commission on behalf of each of the undersigned with respect to their
respective ownership interest in shares of $3.375 Convertible Preferred Stock of
PennCorp Financial Group Inc. and in shares of $3.50 Series II Convertible
Preferred Stock of PennCorp Financial Group Inc. This Agreement may be executed
in two or more counterparts, each of which shall be deemed an original and
together shall constitute one and the same instrument.
Date: January 6, 2000
STEADFAST CAPITAL, L.P.
By: Steadfast Advisors LLC, its general partner
By: Steadfast Financial LLC, its general partner
By: /S/ ROBERT S. PITTS, JR.
--------------------------------------------
Name: Robert S. Pitts, Jr.
Title: Managing Member
STEADFAST ADVISORS LLC
By: /S/ ROBERT S. PITTS, JR.
--------------------------------------------
Name: Robert S. Pitts, Jr.
Title: Managing Member
STEADFAST FINANCIAL LLC
By: /S/ ROBERT S. PITTS, JR.
--------------------------------------------
Name: Robert S. Pitts, Jr.
Title: Managing Member
/S/ ROBERT S. PITTS, JR.
--------------------------------------------
Robert S. Pitts, Jr.
