Schedule 13D
(Rule 13d-101)
Information to Be Included in the Statements Filed Pursuant to Rule 13d-1(a)
and Amendments Thereto Filed Pursuant to Rule 13d-2(a)
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Under the Securities Exchange Act of 1934
ELLETT BROTHERS, INC.
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(Name of Issuer)
Common Stock, No Par Value
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(Title of Class of Securities)
288398100
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(CUSIP Number)
E. Wayne Gibson
267 Columbia Avenue
Chapin, South Carolina 29036
(803) 345-3751
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 6, 2000
--------------------------------------------------------------------------------
(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 Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
[X].
(Continued on following 10 pages)
Page 1 of 11 pages
<PAGE>
Cusip No. 288398100
13D
<TABLE>
<S> <C>
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NAME OF REPORTING PERSON
1 I.R.S. IDENTIFICATION NO. OF REPORTING PERSON (ENTITIES ONLY)
Robert D. Gorham, Jr.
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
2 (b) [ X]
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SEC USE ONLY
3
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SOURCE OF FUNDS
4
BK
====================================================================================================================================
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
5
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States of America
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SOLE VOTING POWER
7
NUMBER OF -0-
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
====================================================================================================================================
SHARED VOTING POWER
8
2,066,600 shares of Common Stock, no par value per share (See Item 5)
====================================================================================================================================
SOLE DISPOSITIVE POWER
9
-0-
====================================================================================================================================
10 SHARED DISPOSITIVE POWER
2,066,600 shares of Common Stock, no par value per share (See Item 5)
====================================================================================================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,066,600 shares of Common Stock, no par value per share (See Item 5)
====================================================================================================================================
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
====================================================================================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
50.6% of the issued and outstanding shares of common stock, no par value per share (See Item 5)
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TYPE OF REPORTING PERSON
14
IN
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Page 2 of 11 pages
<PAGE>
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NAME OF REPORTING PERSON
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
The Tuscarora Corporation
56-0851023
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
2 (b) [ X ]
====================================================================================================================================
SEC USE ONLY
3
====================================================================================================================================
SOURCE OF FUNDS
4
BK
====================================================================================================================================
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
5
====================================================================================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
6
Delaware
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SOLE VOTING POWER
7
NUMBER OF 1,945,000 shares of Common Stock, no par value per share
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
====================================================================================================================================
SHARED VOTING POWER
8
-0-
====================================================================================================================================
SOLE DISPOSITIVE POWER
9
1,945,000 shares of Common Stock, no par value per share
====================================================================================================================================
SHARED DISPOSITIVE POWER
10
-0-
====================================================================================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,945,000 shares of Common Stock, no par value per share
====================================================================================================================================
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 [ ]
====================================================================================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
47.6 % of the issued and outstanding shares of common stock, no par value per share
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TYPE OF REPORTING PERSON
14
CO
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Page 3 of 11 pages
<PAGE>
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NAME OF REPORTING PERSON
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
E. Wayne Gibson
====================================================================================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
2 (b) [ X ]
==================================================================================================================================
SEC USE ONLY
3
====================================================================================================================================
SOURCE OF FUNDS
4
BK
====================================================================================================================================
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
5
====================================================================================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
6
United States of America
====================================================================================================================================
SOLE VOTING POWER
7
NUMBER OF 550,000 shares of Common Stock, no par value per share
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
====================================================================================================================================
SHARED VOTING POWER
8
2,066,600 (See Item 5)
====================================================================================================================================
SOLE DISPOSITIVE POWER
9
550,000 shares of Common Stock, no par value per share
====================================================================================================================================
SHARED DISPOSITIVE POWER
10
2,066,600 (See Item 5)
====================================================================================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,616,600 shares of Common Stock, no par value per share (See Item 5)
====================================================================================================================================
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 [ ]
====================================================================================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
64.1 % of the issued and outstanding shares of common stock, no par value per share (See Item 5)
====================================================================================================================================
TYPE OF REPORTING PERSON
14
IN
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Page 4 of 11 pages
<PAGE>
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NAME OF REPORTING PERSON
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY)
EWG Investments, Inc.
56-1579870
====================================================================================================================================
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
2 (b) [ X ]
====================================================================================================================================
SEC USE ONLY
3
====================================================================================================================================
SOURCE OF FUNDS
4
BK
====================================================================================================================================
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ]
5
====================================================================================================================================
CITIZENSHIP OR PLACE OF ORGANIZATION
6
North Carolina
====================================================================================================================================
SOLE VOTING POWER
7
NUMBER OF 550,000 shares of Common Stock, no par value per share
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
====================================================================================================================================
SHARED VOTING POWER
8
-0-
====================================================================================================================================
SOLE DISPOSITIVE POWER
9
550,000 shares of Common Stock, no par value per share
====================================================================================================================================
SHARED DISPOSITIVE POWER
10
-0-
====================================================================================================================================
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
550,000 shares of Common Stock, no par value per share
====================================================================================================================================
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
12 [ ]
====================================================================================================================================
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13.5 % of the issued and outstanding shares of common stock, no par value per share
====================================================================================================================================
TYPE OF REPORTING PERSON
14
CO
====================================================================================================================================
</TABLE>
Page 5 of 11 pages
<PAGE>
ITEM 1. SECURITY AND ISSUER
This Statement relates to the common stock, no par value, of
Ellett Brothers, Inc., a South Carolina corporation (the "Company"). The
principal executive offices of the Company are located at 267 Columbia Avenue,
Chapin, SC 29036.
ITEM 2. IDENTITY AND BACKGROUND
This Schedule 13D is being filed jointly by the following
reporting persons:
<TABLE>
<S> <C> <C>
(A) Robert D. Gorham, Jr.
Residence or Business Address: Tarrytown Office Plaza
Sunset Avenue
Suite 2442 (27804)
Post Office Box 912
Rocky Mount, North Carolina 27802
Principal Occupation or Employment: Investments
Name of Employer: The Tuscarora Corporation
Principal Business of Employer: Investments
Principal Address of Employer: Same as business address
Citizenship: United States of America
(B) The Tuscarora Corporation
State of Incorporation: Delaware
Principal Business: Investments
Principal Business & Office Address: Tarrytown Office Plaza
Sunset Avenue
Suite 2442 (27804)
Post Office Box 912
Rocky Mount, North Carolina 27802
(C) E. Wayne Gibson
Residence or Business Address: Tarrytown Office Plaza
Sunset Avenue
Suite 2442 (27804)
Post Office Box 912
Rocky Mount, North Carolina 27802
Principal Occupation or Employment: Investments
Name of Employer: The Tuscarora Corporation
Principal Business of Employer: Investments
Principal Address of Employer: same as business address
Citizenship: United States of America
(D) EWG Investments, Inc.
State of Incorporation: North Carolina
Principal Business: Investments
Principal Business & Office Address: Tarrytown Office Plaza
Sunset Avenue
Page 6 of 11 pages
<PAGE>
Suite 2442 (27804)
Post Office Box 912
Rocky Mount, North Carolina 27802
</TABLE>
None of the above-listed reporting persons has been, during the last
five years, (i) convicted in a criminal proceeding, or (ii) 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.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The funds to be used in making the proposed purchases
described in Item 4 of this Statement will probably be borrowed from more than
one lender. Because the most appropriate financing of the proposed transaction
is still being determined, the names of the parties involved in such loans, if
any, are not yet available.
ITEM 4. PURPOSE OF TRANSACTION
On November 6, 2000, The Tuscarora Corporation, Tuscarora
Marketing, Inc., and EWG Investments, Inc. presented to the Company's Board of
Directors a proposal, subject to certain terms and conditions, for the merger of
the Company with a company to be formed by The Tuscarora Corporation, Tuscarora
Marketing, Inc., and EWG Investments, Inc., pursuant to which the stockholders
of the Company other than the reporting persons would receive $2.75 per share in
cash for their shares of common stock. The proposed transaction was subject,
among other things, to (i) entering into a definitive merger agreement with the
Company, (ii) approval of the transaction by the Company's stockholders, (iii)
the completion of all necessary governmental and regulatory filings required to
be filed in connection with the transaction, (iv) the receipt of all applicable
governmental and regulatory approvals that are required to be obtained by the
parties and the expiration of any applicable waiting periods, and (v) obtaining
financing for the transaction on terms and conditions reasonably acceptable to
The Tuscarora Corporation, Tuscarora Marketing, Inc., and EWG Investments, Inc.
A copy of the proposal is attached hereto as Exhibit 2 to this Statement.
At a meeting of the Company's Board of Directors on November
6, 2000, the Board of Directors referred the proposal to a special committee to
engage financial and legal advisors to assist it in evaluating and considering
the proposal. At a meeting of the special committee of the Company's Board of
Directors on November 6, 2000, the special committee conditioned its
recommendation of the proposed transaction to the Board of Directors on the
special committee's receipt of a fairness opinion from the financial advisor
stating that the proposed transaction is fair, from a financial point of view,
to the stockholders of the Company.
ITEM 5. INTEREST IN THE SECURITIES OF THE ISSUER
Robert D. Gorham, Jr.'s aggregate beneficial ownership
interest and percentage of the class of securities identified pursuant to Item 1
equals 2,066,600 shares and 50.6 %, respectively, of the common stock, no par
value per share. This amount of shares is the sum of 1,945,000 shares held of
record by The Tuscarora Corporation, 40,000 shares held of record by Tuscarora
Marketing Group, Inc., and 81,600 shares held of record by Tuscarora Foundation,
Inc. Mr. Gorham is the majority shareholder and a director of The Tuscarora
Corporation, the sole shareholder and a director of Tuscarora Marketing Group,
Inc., and a director and trustee of Tuscarora Foundation, Inc. Mr. Gorham has
the sole power to dispose or to direct the disposition of zero shares of common
stock, shared power to vote or to direct the vote of 2,066,600 shares of common
stock, sole
Page 7 of 11 pages
<PAGE>
power to dispose or to direct the disposition of zero shares of
common stock, and shared power to dispose or to direct the disposition of
2,066,600 shares of common stock.
The Tuscarora Corporation's aggregate beneficial ownership
interest and percentage of the class of securities identified pursuant to Item 1
equals 1,945,000 shares and 47.6%, respectively, of the common stock, no par
value per share. All of these 1,945,000 shares are held of record by The
Tuscarora Corporation. The Tuscarora Corporation has the sole power to dispose
or to direct the disposition of 1,945,000 shares of common stock, shared power
to vote or to direct the vote of zero shares of common stock, sole power to
dispose or to direct the disposition of 1,945,000 shares of common stock, and
shared power to dispose or to direct the disposition of zero shares of common
stock.
E. Wayne Gibson's aggregate beneficial ownership interest and
percentage of the class of securities identified pursuant to Item 1 equals
2,616,600 shares and 53.1%, respectively, of the common stock, no par value per
share. This amount of shares is the sum of: (i) 550,000 shares held of record by
EWG Investments, Inc., a corporation in which Mr. Gibson is the sole shareholder
and President, (ii) 1,945,000 shares held of record by The Tuscarora
Corporation, a corporation in which Mr. Gibson is President, a director, and a
principal shareholder, (iii) 40,000 shares held of record by Tuscarora Marketing
Group, Inc., a corporation in which Mr. Gibson is President and a director, and
(iv) 81,600 shares held of record by Tuscarora Foundation, Inc., a corporation
in which Mr. Gibson is a trustee and a director. Mr. Gibson disclaims beneficial
ownership of all shares of common stock owned by The Tuscarora Corporation,
Tuscarora Marketing Group, Inc., and Tuscarora Foundation, Inc. Mr. Gibson has
the sole power to dispose or to direct the disposition of 550,000 shares of
common stock, shared power to vote or to direct the vote of 2,066,600 shares of
common stock, sole power to dispose or to direct the disposition of 550,000
shares of common stock, and shared power to dispose or to direct the disposition
of 2,066,600 shares of common stock.
EWG Investments, Inc.'s aggregate interest and percentage of
the class of securities identified pursuant to Item 1 equals 550,000 shares and
13.5%, respectively, of the common stock, no par value per share. All of these
550,000 shares are held of record by EWG Investments, Inc. EWG Investments, Inc.
has the sole power to dispose or to direct the disposition of 550,000 shares of
common stock, shared power to vote or to direct the vote of zero shares of
common stock, sole power to dispose or to direct the disposition of 550,000
shares of common stock, and shared power to dispose or to direct the disposition
of zero shares of common stock.
None of the above-listed persons have effected any
transactions in the Company's securities beneficially owned by them during the
past 60 days. No persons other than those listed above are known to have the
right to receive or the power to direct the receipt of dividends from, or the
proceeds from the sale of, the above-described securities.
ITEM 6. CONTRACT, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER
None
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
(1) Joint Acquisition Statement as required by Rule 13d-1(k)(1)(iii).
(2) Proposal dated as of November 6, 2000.
Page 8 of 11 pages
<PAGE>
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete
and correct.
Dated: November 15, 2000
/s/ Robert D. Gorham, Jr.
------------------------------------
Robert D. Gorham, Jr.
THE TUSCARORA CORPORATION
By: /s/ E. Wayne Gibson
--------------------------------------
E. Wayne Gibson
President
/s/ E. Wayne Gibson
----------------------------------------
E. Wayne Gibson
EWG INVESTMENTS, INC.
By: /s/ E. Wayne Gibson
----------------------------------------
E. Wayne Gibson
President
Page 9 of 11 pages
<PAGE>
EXHIBIT 1
Joint Acquisition Statement
The undersigned hereby agree in writing pursuant to the provisions of
Rule 13d-1(k)(1)(iii) under the Securities Exchange Act of 1934, as amended,
that the Schedule 13D to which this Agreement is attached is filed on behalf of
each of the undersigned.
November 15, 2000
/s/ Robert D. Gorham, Jr.
------------------------------------
Robert D. Gorham, Jr.
THE TUSCARORA CORPORATION
By: /s/ E. Wayne Gibson
--------------------------------------
E. Wayne Gibson
President
/s/ E. Wayne Gibson
----------------------------------------
E. Wayne Gibson
EWG INVESTMENTS, INC.
By: /s/ E. Wayne Gibson
----------------------------------------
E. Wayne Gibson
President
Page 10 of 11 pages
<PAGE>
EXHIBIT 2
Proposal
OFFER TO PURCHASE
To: The Board of Directors of Ellett Brothers, Inc.
The undersigned, collectively holding a majority of the outstanding shares of
common stock of Ellett Brothers, Inc., do hereby make an offer to merge Ellett
Brothers, Inc. into a new company to be created by the undersigned, or by the
shareholders of the undersigned, on the following basic terms and conditions:
1. Price - The undersigned will exchange their shares in Ellett Brothers,
Inc. for equity in the newly formed company. All other shareholders will
receive cash in the amount of $2.75 per share.
2. Conditions - The undersigned's obligation to consummate this merger is
conditioned upon the following:
a. The approval of the transaction by the shareholders of the Company in
accordance with the By-Laws of Ellett Brothers, Inc.,
b. The securing of financing on terms and conditions reasonably
acceptable to the undersigned,
c. The negotiation of a formal merger agreement acceptable to both
parties,
d. The completion of all necessary governmental and regulatory filings
required to be filed in connection with the transaction, and
e. The receipt of all applicable governmental and regulatory approvals
that are required to be obtained by the parties and the expiration of
any applicable waiting periods.
3. Closing - Signing of the Merger Agreement and closing will occur
immediately following the vote of the shareholders approving the merger.
Executed as of the 6th day of November, 2000.
The Tuscarora Corporation
By: /s/ E. Wayne Gibson
--------------------------------
Tuscarora Marketing Group, Inc.
By: /s/ E. Wayne Gibson
--------------------------------
EWG Investments, Inc.
By: /s/ E. Wayne Gibson
--------------------------------
Page 11 of 11 pages
