<TABLE>
<CAPTION>
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
<S> <C>
- -------------------------------- --------------------------------
FORM 4 OMB APPROVAL
- -------------------------------- --------------------------------
[ ] CHECK THIS BOX IF NO LONGER OMB Number: 3235-0287
SUBJECT TO SECTION 16. FORM 4 Expires: September 30, 1998
OR FORM 5 OBLIGATIONS MAY Estimated average burden
CONTINUE. SEE INSTRUCTION 1(B). hours per response .... 0.5
- -------------------------------- --------------------------------
</TABLE>
1. Name and Address of Reporting Person *
Quilvest American Equity Ltd.
(Last) (First) (Middle)
Craigmuir Chambers, P.O. Box 71, Road Town
(Street)
Tortola British Virgin Islands
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Pameco Corporation/PCN
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement of Month/Year
2/00
5. If Amendment, Date or Original (Month/Year)
6. Relationship of Reporting Person to Issuer (Check all applicable)
Director X 10% Owner
----- -----
Officer (give title Other
----- below) ----- (specify
below)
----------------------------------------
7. Individual or Join/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
-----
Form filed by More than One Reporting Person
-----
<TABLE>
<CAPTION>
TABLE I-- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
1. Title of Security 2. Transaction 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Owner- 7. Nature
(Instr. 3) Date action or Disposed of (D) Securities ship of In-
Code (Instr. 3, 4 and 5) Beneficially Form: direct
(Month/ (Instr. 8) Owned at Direct Bene-
Day/ ------------- ------------------------- End of (D) ficial
Year) (A) Month Indirect Owner-
Code V Amount or Price (Instr. 3 (I) ship
(D) and 4) (Instr. 4) (Instr. )
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FORM 4 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
1. Title of Derivative 2. Conver- 3. Trans- 4. Transac- 5. Number of Deriv- 6. Date Exer-
Security (Instr. 3) sion or action tion Code ative Securities Ac- cisable and Ex-
Exercise Date (Instr. 8) quired (A) or Dis- piration Date
Price of posed of (D)
Deriv- (Month/ (Instr. 3, 4 and 5) (Month/Day/
ative Day/ Year)
Security Year)
--------------------------------------------------------------
Code V (A) (D) Date Expira-
Exer tion
cisable Date
- ---------------------------------------- ------------- --------- ------------- ---------- ----------- --------- -------
<S> <C> <C> <C> <C> <C> <C>
Series A Cumulative Pay-In-
Kind Preferred Stock, par
value $1.00 per share (5) $2.50(1) 2/29/00 P 28,000 (2) None
Warrants to purchase 28,000
shares of Series A
Cumulative Pay-In-Kind
Preferred Stock, par value
$1.00 per share (5) $300.00(3) 2/29/00 P 28,000 Immediately 2/29/08
- ---------------------------------------- ------------- --------- ------------- ---------- ----------- --------- -------
<CAPTION>
7. Title and Amount of 8. Price 9. Number 10. Owner- 11. Na-
Underlying Securities Deriv of Deriv- ship ture
ative ative Form of In-
(Instr. 3 and 4) Secur- Secur- of De- direct
ity ities rivative Bene-
(Instr. Bene Secu- ficial
5) ficially rity: Own-
Owned Direct ership
- -------------------------------------- at End (D) or (Instr. 4)
Amount or of Indi-
Title Number of Month rect (I)
Shares (Instr. 4) (Instr. 4)
- --------------------- --------------- ------------- ------------- ------------- --------------
<S> <C> <C> <C> <C> <C>
Class A Common
Stock, par value
$0.01 per share 2,800,000 $249.99 D
Series A Cumulative
Pay-In-Kind Preferred
Stock, par value
$1.00 per share 28,000 $0.01 7,450,000(4) D
- --------------------- --------------- ------------- ------------- ------------- --------------
</TABLE>
Explanation of Responses: (1) Subject to customary adjustments, including for
below market issuances of securities and for dividends, distributions, stock
splits and similar events. (2) Shares of Series A Cumulative Pay-In- Kind
Preferred Stock, par value $1.00 per share, will be convertible into shares of
Class A Common Stock, par value $0.01 per share, of Pameco Corporation upon the
expiration of the waiting period under the Hart-Scott- Rodino Act of 1976 and
upon the approval by the shareholders of Pameco Corporation of the voting and
conversion rights of the Series A Cumulative Pay-In-Kind Preferred Stock, par
value $1.00 per share. Pameco Corporation has advised the reporting person that
the special meeting of shareholders for such approval is expected to occur on or
about May 15, 2000. (3) Subject to proportional adjustments for stock dividends,
distributions, stock splits and similar events. (4) Includes 1,003,783 shares of
Class A Common Stock, 846,217 shares of Class B Common Stock, 28,000 shares of
Series A Cumulative Pay-In-Kind Preferred Stock (on an as converted basis) and
warrants to purchase 28,000 shares of Series A Cumulative Pay-In-Kind Preferred
Stock (on an as converted basis). (5) Each share of Series A Cumulative
Pay-In-Kind Preferred Stock shall include when, as and if declared by the Pameco
Board of Directors, cumulative preferential dividends, payable in additional
Series A Preferred Shares, compounding quarterly and accruing at a rate of 14%
per annum. If and when dividends are paid, the holder also shall receive
warrants to purchase an equal number of shares of Series A Preferred Stock as is
paid in connection with the cumulative preferential dividends.
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, See Instruction 6 for procedure.
Quilvest American Equity Ltd.
/s/ Willem F.P. de Vogel March 9, 2000
- ----------------------------------------------- ---------------------
**Signature of Reporting Person Date
Name: Willem F.P. de Vogel
Title: Attorney-in-Fact
Potential persons who are to respond to the collection of information contained
in this form are not required to respond unless the form displays a currently
valid OMB number.
Page 2
SEC 1474 (9-96)
