UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------------
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(b), (c),
AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO AND 13d-2(b)
(Amendment No. ____)
CAREER EDUCATION CORPORATION
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
141665 10 9
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(CUSIP Number)
January 28, 1998
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(Date of Event Which Requires Filing of This Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
|_| Rule 13d-1(b)
|_| Rule 13d-1(c)
|X| Rule 13d-1(d)
(1) 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 or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the
Act.
<PAGE>
CUSIP No. 141665 10 9 13G Page 2 of 9 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Electra Investment Trust Plc
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
England and Wales
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NUMBER OF 5 SOLE VOTING POWER
SHARES 887,305
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 0
REPORTING --------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 887,305
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
887,305
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* |_|
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
12%
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12 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 141665 10 9 13G Page 3 of 9 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Electra Associates, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF 5 SOLE VOTING POWER
SHARES 0 (See Exhibit A)
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6 SHARED VOTING POWER
EACH 0 (See Exhibit A)
REPORTING --------------------------------------------------------------
PERSON 7 SOLE DISPOSITIVE POWER
WITH 0 (See Exhibit A)
--------------------------------------------------------------
8 SHARED DISPOSITIVE POWER
0 (See Exhibit A)
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0 (See Exhibit A)
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* |X|
- --------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0% (See Exhibit A)
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12 TYPE OF REPORTING PERSON*
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
CUSIP No. 141665 10 9 13G Page 4 of 9 Pages
Item 1(a). Name of Issuer:
Career Education Corporation
Item 1(b). Address of Issuer's Principal Executive Offices:
2800 West Higgins Road, Suite 790, Hoffman Estates, Illinois 60195.
Item 2(a). Name of Person Filing:
Electra Investment Trust Plc and Electra Associates, Inc.
Item 2(b). Address of Principal Business Office:
65 Kingsway, London, England WC2B6QT
Item 2(c). Citizenship:
Electra Investment Trust Plc is organized under the laws of England and
Wales. Electra Associates, Inc., is organized under the laws of the State
of Delaware.
Item 2(d). Title of Class of Securities:
Common Stock
Item 2(e). CUSIP Number:
141665 10 9
Item 3. If this Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or
(c), Check Whether the Person Filing is a:
(a) |_| Broker or dealer registered under Section 15 of the Exchange Act.
(b) |_| Bank as defined in Section 3(a)(6) of the Exchange Act.
(c) |_| Insurance Company as defined in Section 3(a) (19) of the Exchange Act.
(d) |_| Investment Company registered under Section 8 of the Investment Company
Act.
(e) |_| An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
(f) |_| An employee benefit plan or endowment fund in accordance with Rule
13d-1(b)(1)(ii)(F);
(g) |_| A parent holding company or control person in accordance with Rule
13d-1(b)(1)(ii)(G);
(h) |_| A savings association as defined in Section 3(b) of the Federal Deposit
Insurance Act;
(i) |_| A church plan that is excluded from the definition of an investment
company under Section 3(c)(14) of the Investment Company Act;
<PAGE>
CUSIP No. 141665 10 9 13G Page 5 of 9 Pages
(j) |_| Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c), check this box. |_|
Item 4. Ownership as of December 31, 1998:
(a) Amount beneficially owned:
887,305 (See Exhibit A)
(b) Percent of class:
12%
(c) Number of shares to which such person has:
(i) Sole power to vote or to direct the vote:
887,305 (See Exhibit A)
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
887,305 (See Exhibit A)
(iv) Shared power to dispose or to direct the disposition of:
0
Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding Company.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
See Exhibit A attached hereto.
<PAGE>
CUSIP No. 141665 10 9 13G Page 6 of 9 Pages
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certification.
Not Applicable
<PAGE>
CUSIP No. 141665 10 9 13G Page 7 of 9 Pages
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: February 12, 1999 ELECTRA INVESTMENT TRUST PLC
By: /s/ H.A.L.H. Mumford
-------------------------------
Name: H.A.L.H. Mumford
Title: Director
Dated: February 12, 1999 ELECTRA ASSOCIATES, INC.
By: /s/ R.J. Lewis
-------------------------------
Name: R.J. Lewis
Title: Director
<PAGE>
CUSIP No. 141665 10 9 13G Page 8 of 9 Pages
EXHIBIT A
This Statement is filed by Electra Investment Trust Plc, a company
incorporated in England and Wales ("EIT") and Electra Associates, Inc., a
company incorporated in the State of Delaware ("Associates"). Associates is a
wholly-owned subsidiary of EIT. Associates was formed for the sole purpose of
acting as nominee for certain foreign investors who wish to co-invest with EIT
from time to time and who are represented by Selectra Investment and management
Ltd., a British Virgin Islands corporation ("Selectra"). Apart from acting as
nominee for such foreign investors and receiving fees from such foreign
investors payable to EIT and its affiliates, EIT has no beneficial ownership of
the 75,206 (1%) shares of common stock of Career Education Corporation for which
Associates is the owner of record. With respect to such shares, Associates votes
and will dispose of such shares in accordance with the instructions of Selectra.
Accordingly, EIT disclaims beneficial ownership of the shares of common stock
owned by Associates and Associates disclaims beneficial ownership of the common
stock owned by EIT.
<PAGE>
CUSIP No. 141665 10 9 13G Page 9 of 9 Pages
EXHIBIT B
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(k) under the Securities Exchange Act of
1934, as amended, the persons named below agree to the joint filing on behalf of
each of them of a statement on Schedule 13G (including amendments thereto) with
respect to the common stock, par value $0.01 per share, of Career Education
Corporation.
Dated: February 12, 1999 ELECTRA INVESTMENT TRUST PLC
By: /s/ H.A.L.H. Mumford
-------------------------------
Name: H.A.L.H. Mumford
Title: Director
Dated: February 12, 1999 ELECTRA ASSOCIATES, INC.
By: /s/ R.J. Lewis
-------------------------------
Name: R.J. Lewis
Title: Director
