UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File No. 33-70476
Date of Report:
August 1, 1997
REPAP WISCONSIN, INC.
(Exact name of registrant as specified in its charter)
Wisconsin 39-1247669
(State or other jurisdiction of (I.R.S. Employer Identification No.)
incorporation or organization)
433 North Main Street
Kimberly, Wisconsin 54136
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code
(414)788-3511
<PAGE>
Item 1. Changes in Control - Registrant.
On August 1, 1997, Repap Enterprises, Inc. (REI) announced
that the company had exercised its right pursuant to the
Trust Indenture dated August 1, 1991 between REI and Montreal
Trust Company to pay REI's U.S. $129,995,000 8.5% convertible
subordinated debentures governed under the Trust Indenture
and due on that date in shares of REI common stock. A total
of 619,023,800 shares have been issued to debenture holders
at a price, determined in accordance with the terms of the
Trust Indenture, of US $0.21 per share. With the issue of
these shares, REI had 742,460,637 shares outstanding as of
August 1, 1997. REI owns 100% of the voting securities of
Repap USA, Inc. which in turn owns 100% of the voting
securities of Repap Wisconsin, Inc.
As a result, Silverton International Fund Limited (Silverton)
beneficially owns 158,591,964 REI Common Shares, being 21.4%
of all outstanding REI Common Shares. Paloma Partners L.L.C.
(Paloma) beneficially owns 53,103,373 REI Common Shares,
being 7.2% of all outstanding REI Common Shares. Silverton
and Paloma have agreed that they would act in common with
respect to the REI Common Shares.
In addition, various investment funds and institutional
accounts for which Temple Global Advisors Limited, a Bahamian
corporation, Templeton Investment Counsel, a Florida
corporation, and Templeton Investment Management Limited, a
United Kingdom Corporation (collectively, the "Templeton
Affiliates") serve as investment advisors beneficially own
126,448,190 REI Common Shares, being 17.03% of all
outstanding REI Common Shares.
Item 7. Financial Statements, Pro Forma Financial
Information, and Exhibits.
(c) Exhibits.
99.1 Press release, dated August 1, 1997, issued by
Repap Enterprises,Inc.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned, hereunto duly authorized, on
August 15, 1997.
Repap Wisconsin, Inc.
/s/ Timothy Morgan
Timothy Morgan
Senior Vice President and Controller
(Duly authorized officer and
principal financial
and accounting officer)
<PAGE>
Index to Exhibits
Exhibit Description
99.1 Press release, dated August 1, 1997, issued by
Repap Enterprises, Inc.
<PAGE>
Repap Enterprises, Inc. - Statement
MONTREAL, Canada, August 1 - Repap Enterprises, Inc. today
confirmed that the company has exercised its right pursuant to
the Trust Indenture to pay the U.S. $129,995,000 8.5% convertible
subordinated debentures due today in shares. A total of
619,023,800 shares have been issued to debenture holders at a
price, determined in accordance with the terms of the Trust
Indenture, of US $0.21 per share. With the issue of these
shares, Repap now has 742, 460,637 shares outstanding.
For further information: Stephen Larson, President and COO,
(514) 846-6234 or Kathleen V. Cornish, Vice President, Investor
Relations, (514) 846-6220.
