SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------------
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 1)
The Cronos Group
- -------------------------------------------------------------------------------
(Name of Issuer)
Common Shares, par value $2.00 per share
(Title of Class of Securities)
L20708 10 0
- -------------------------------------------------------------------------------
(CUSIP Number)
David S. Richter
Waveland Capital Management, L.P.
333 West Wacker Drive
Chicago, Illinois 60606
(312) 739-2138
- -------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
August 26, 1998
- -------------------------------------------------------------------------------
(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 which 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 [ ]
Note. Schedules filed in paper format shall include a
signed original and five copies of the schedule, including all
exhibits. See Rule 13d-7(b) for other parties to whom copies are
to be sent.
<PAGE>
CUSIP NO.: L20708-10-0 13D
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Waveland Partners, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (_)
(b) (_)
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) (_)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
--------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 539,500
BENEFICIALLY --------------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH
REPORTING --------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
539,500
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
539,500 Common Shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (_)
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
Page 2 of 12 Pages
<PAGE>
CUSIP NO.: L20708 10 0 13D
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Waveland Capital Management, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (_)
(b) ( )
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) (_)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
--------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 539,500
BENEFICIALLY --------------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH
REPORTING --------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
539,500
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
539,500 Common Shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (_)
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
Page 3 of 12 Pages
<PAGE>
CUSIP NO.: L20708 10 0 13D
1 NAME OF REPORTING PERSONS
S.S. OR IRS IDENTIFICATION NOS. OF ABOVE PERSONS
Clincher Capital Corporation
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (_)
(b) (_)
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) (_)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
---------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 539,500
BENEFICIALLY ---------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH
REPORTING ---------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
539,500
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
539,500 Common Shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (_)
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
Page 4 of 12 Pages
<PAGE>
CUSIP NO.: L20708 10 0 13D
1 NAME OF REPORTING PERSONS
S.S. OR IRS IDENTIFICATION NOS. OF ABOVE PERSONS
Waveland Capital Management, LLC
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (_)
(b) (_)
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) (_)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Illinois
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
-----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 539,500
BENEFICIALLY -----------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH
REPORTING -----------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
539,500
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
539,500 Common Shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (_)
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
Page 5 of 12 Pages
<PAGE>
CUSIP NO.: L20708 10 0 13D
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Waveland Partners, Ltd.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (_)
(b) (_)
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) (_)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 539,500
BENEFICIALLY ------------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH
REPORTING ------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
539,500
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
539,500 Common Shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (_)
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
Page 6 of 12 Pages
<PAGE>
CUSIP NO.: L20708 10 0 13D
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Waveland International, Ltd.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (_)
(b) (_)
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) (_)
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
-----------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES 539,500
BENEFICIALLY -----------------------------------------------------------
OWNED BY 9 SOLE DISPOSITIVE POWER
EACH
REPORTING -----------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
539,500
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
539,500 Common Shares
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES (_)
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.1%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
OO
Page 7 of 12 Pages
<PAGE>
ITEM 2. IDENTITY AND BACKGROUND.
This statement is being filed by Waveland International, Ltd., a
Cayman Islands exempted company ("Waveland International"), Waveland,
Waveland Capital, Clincher, Waveland Capital Management, LLC, an Illinois
limited liability company ("Waveland LLC") and Waveland Partners, Ltd., a
Cayman Islands exempted company ("Partners Ltd." and together with Waveland
International, Waveland, Waveland Capital, Clincher and Waveland LLC, the
"reporting persons").
The reporting persons have their principal offices at 333 West
Wacker Drive, Suite 1600, Chicago, Illinois 60606. Clincher's principal
business is as the general partner of Waveland Capital. Waveland's
principal business is as the majority-owner of Waveland International.
Waveland LLC's principal business is as the investment advisor of Partners
Ltd. Partners Ltd.'s principal business is as the minority-owner of
Waveland International. Waveland International's principal business is
investments in marketable securities.
(a) -- (c) The names, principal occupation or employment and the
name, and, except where such information is provided elsewhere herein, the
principal business and address of any organization in which such employment
is conducted of each officer and director of Clincher is set forth below.
Unless otherwise indicated below, each of the following persons is a United
States citizen and the business address of each of the following persons is
c/o Clincher Capital Corporation, 333 West Wacker Drive, Suite 1600,
Chicago, Illinois 60606.
Name Principal Occupation or Employment
- ---- -----------------------------
David S. Richter Director, President, Secretary and Treasurer,
Clincher Capital Corporation, the general partner
of Waveland Capital Management, L.P., the general
partner of Waveland Partners, L.P.; Manager,
Waveland Capital Management, LLC; Director
and President, Waveland Partners, Ltd.; Director
and President, Waveland International, Ltd.
Stephen J. Malkin Director and Chairman of the Board, Clincher Capital
Corporation, the general partner of Waveland Capital
Management, L.P., the general partner of Waveland
Partners, L.P.; Manager, Waveland Capital
Management, LLC.
Page 8 of 12 Pages
<PAGE>
Michael J. Sacks Director and Chief Executive Officer, Clincher
Capital Corporation, the general partner of
Waveland Capital Management, L.P.,
the general partner of Waveland Partners, L.P.;
Manager, Waveland Capital Management, LLC.
Paul A. Meister Vice President and Assistant Secretary, Clincher
Capital Corporation, the general partner of
Waveland Capital Management, L.P., the general
partner of Waveland Partners, L.P.;
Manager, Waveland Capital Management, LLC; Director
and Vice President, Waveland Partners, Ltd.;
Director and Vice President, Waveland
International, Ltd.
Julie Tostevin Director and Secretary, Waveland Partners, Ltd.;
Director and Secretary, Waveland International, Ltd.
(d) During the last five years, none of the persons identified in
this Item 2 has been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors).
(e) During the last five years, none of the persons identified in
this Item 2 has 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 or, 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 working capital of Waveland International is the source of
funds used in making purchases of Common Shares.
ITEM 4. PURPOSE OF TRANSACTION.
The reporting persons intend to enter into an active dialogue with
the Issuer's board of directors and management regarding the Issuer's
strategic alternatives, including a possible sale of the Issuer to a third
party. In connection with the foregoing, the reporting persons may seek to
either designate a representative to act as an observer to the Issuer's
board of directors or may seek to cause a representative of the reporting
persons to be appointed to serve on the Issuer's board of directors. The
reporting persons also may discuss the Issuer's strategic alternatives with
other shareholders as well as with third parties which may be interested in
pursuing a strategic transaction with the Issuer.
Page 9 of 12 Pages
<PAGE>
On August 26, 1998, Waveland issued the press release attached
hereto as Exhibit 99.1, the text of which is incorporated herein by
reference.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) Waveland International has acquired 539,500 Common Shares
representing approximately 6.1% of the Common Shares outstanding as of
December 31, 1997 (as reported in the Issuer's Annual Report on Form 20-F
for the fiscal year ended December 31, 1997).
(b) Each of the reporting persons may be deemed to share
beneficial ownership of the Common Shares acquired by Waveland
International.
(c) In the past 60 days, Waveland International acquired 454,500
Common Shares, either directly or indirectly, from Waveland. Furthermore,
in the past 60 days, Waveland International effected the following open
market purchases of Common Shares:
Page 10 of 12 Pages
<PAGE>
Number of
Common
Date Shares Acquired Price Per Share
- ---- --------------- ----------------
08/04/98 60,000 $ 5.75
08/07/98 25,000 $ 5.25
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit
Number Description
- ------- ------------
99.1 Press Release
99.2 Joint Filing Agreement
Page 11 of 12 Pages
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Dated: August 26, 1998
WAVELAND PARTNERS, L.P.
By: Waveland Capital Management, L.P.
Its: General Partner
By: Clincher Capital Corporation
Its: General Partner
By: /s/ David S. Richter
---------------------------
David S. Richter, President
WAVELAND CAPITAL MANAGEMENT, L.P.
By: Clincher Capital Corporation
Its: General Partner
By: /s/ David S. Richter
------------------------
David S. Richter, President
CLINCHER CAPITAL CORPORATION
By: /s/ David S. Richter
---------------------------
David S. Richter, President
WAVELAND CAPITAL MANAGEMENT, LLC
By: /s/ David S. Richter
--------------------------
David S. Richter, Manager
WAVELAND PARTNERS, LTD.
By: /s/ David S. Richter
--------------------------
David S. Richter, President
WAVELAND INTERNATIONAL, LTD.
By: /s/ David S. Richter
--------------------------
David S. Richter, President
Page 12 of 12 Page
Exhibit 99.1
STOCKHOLDER OF THE CRONOS GROUP
PROPOSES REVIEW OF STRATEGIC OPTIONS
CHICAGO, IL, WEDNESDAY, AUGUST 26, 1998--Waveland Capital Management,
L.P., a private investment partnership which, together with its affiliates
Waveland Partners, L.P. and Waveland Partners Limited is one of the largest
stockholders of The Cronos Group (NASDAQ: CRNSF), today amended its
Schedule 13D filing with the SEC to disclose its intent to enter into an
active dialogue with Cronos regarding the Company's strategic alternatives,
including a possible sale of the company to a third party. Waveland is
considering seeking board representation by a Waveland nominee.
David S. Richter, President of Waveland's general partner, said
that he believes that Cronos' board is committed to enhancing shareholder
value and that the board is open to considering all available alternatives,
including a possible sale of the company to a third party. Mr. Richter
believes that although the management team has made progress in addressing
some of the challenges confronting the company, various factors, including
the company's current ownership structure, prevent such progress from being
reflected in the share price. Therefore, a change in the current ownership
structure would be beneficial to all shareholders.
Cronos is one of the largest lessors of intermodal marine
containers in the world, owning and managing a fleet of dry cargo,
refrigerated and tank containers.
For additional information, contact: David Richter (312) 739-2138
EXHIBIT 99.2
JOINT FILING AGREEMENT
----------------------
In accordance with Rule 13d-1(f) under the Securities
Exchange Act of 1934, as amended, each of the persons named below agrees to
the joint filing of a Statement on Schedule 13D (including amendments
thereto) with respect to the Common Shares, par value $2.00 per share of
The Cronos Group, a limited liability company (societe anonyme) organized
under the laws of Luxembourg, and further agrees that this Joint Filing
Agreement be included as an exhibit to such filings provided that, as
contemplated by Section 13d-1(f)(l)(ii), no person shall be responsible for
the completeness or accuracy of the information concerning the other
persons making the filing, unless such person knows or has reason to
believe that such information is inaccurate. This Joint Filing may be
executed in any number of counterparts, all of which together shall
constitute one and the same instrument.
Dated: August 26, 1998
WAVELAND PARTNERS, L.P.
By: Waveland Capital Management, L.P.
Its: General Partner
By: Clincher Capital Corporation
Its: General Partner
By: /s/ David S. Richter
---------------------------
David S. Richter, President
WAVELAND CAPITAL MANAGEMENT, L.P.
By: Clincher Capital Corporation
Its: General Partner
By: /s/ David S. Richter
---------------------------
David S. Richter, President
CLINCHER CAPITAL CORPORATION
By: /s/ David S. Richter
---------------------------
David S. Richter, President
<PAGE>
WAVELAND CAPITAL MANAGEMENT, LLC
By: /s/ David S. Richter
---------------------------
David S. Richter, Manager
WAVELAND PARTNERS, LTD.
By: /s/ David S. Richter
---------------------------
David S. Richter, President
WAVELAND INTERNATIONAL, LTD.
By: /s/ David S. Richter
---------------------------
David S. Richter, President
