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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Amendment No. 2)
Under the Securities Exchange Act of 1934
PROJECT SOFTWARE & DEVELOPMENT, INC.
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(Name of Issuer)
Common Stock, $0.01 par value per share
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(Title of Class of Securities)
743 39P 101
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(CUSIP Number)
Robert L. Daniels, c/o Project Software & Development, Inc., 20 University Road
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Cambridge, Massachusetts 02138 (617-661-1444)
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
April 15, 1997
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(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(b)(3) or (4), check the following box [_].
Check the following box if a fee is being paid with the statement [_] (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*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 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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SCHEDULE 13D
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CUSIP NO. 743 39P 101 PAGE 2 OF 9 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Robert L. Daniels, in his individual capacity
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
Not Applicable
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
U.S.A.
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SOLE VOTING POWER
7
NUMBER OF
1,117,002
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
None
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 2,139,631
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
None
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,139,631
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
22.0%
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TYPE OF REPORTING PERSON*
14
IN
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SCHEDULE 13D
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CUSIP NO. 743 39P 101 PAGE 3 OF 9 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Susan H. Daniels, in her individual capacity
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
Not applicable
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
U.S.A.
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SOLE VOTING POWER
7
NUMBER OF
43,500
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
None
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING 43,500
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,059,629
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
1,059,629
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
10.9%
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TYPE OF REPORTING PERSON*
14
IN
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SCHEDULE 13D
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CUSIP NO. 743 39P 101 PAGE 4 OF 9 PAGES
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NAME OF REPORTING PERSON
1 S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Robert L. Daniels, as Trustee of the 1996 Daniels Voting Trust
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [X]
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SEC USE ONLY
3
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SOURCE OF FUNDS*
4
Not applicable
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
5 PURSUANT TO ITEMS 2(d) or 2(e) [_]
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CITIZENSHIP OR PLACE OF ORGANIZATION
6
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SOLE VOTING POWER
7
NUMBER OF
2,038,758
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 8
None
OWNED BY
-----------------------------------------------------------
EACH SOLE DISPOSITIVE POWER
9
REPORTING None
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 10
1,016,129
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
11
2,038,758
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
12 [_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
13
21.0%
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TYPE OF REPORTING PERSON*
14
OO
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SCHEDULE 13D
CUSIP No. 743 39P 101 Page 5 of 9 Pages
This Amendment No. 2, dated April 15, 1997, hereby amends the Schedule 13D
filed by Robert L. Daniels, Susan H. Daniels and Robert L. Daniels, as trustee
of the 1996 Daniels Voting Trust. The amendments to items 2 and 5 reflect the
transfers and sales of shares described in item 5(c) below; the amendment to
item 4 reflects a change in the plans of Robert L. Daniels and Susan H. Daniels
with respect to the possible sale of their shares.
ITEM 2. IDENTITY AND BACKGROUND
Item 2 is hereby amended to read in its entirety as follows:
This Schedule is being filed pursuant to Rule 13d-1(a) on behalf of
each of Robert L. Daniels, in his individual capacity, Susan H.
Daniels, in her individual capacity, and Robert L. Daniels, as Trustee
of the 1996 Daniels Voting Trust. Under Section 13(d) of the
Securities Exchange Act of 1934, Robert L. Daniels, Susan H. Daniels
and Robert L. Daniels, as Trustee of the 1996 Daniels Voting Trust,
may be deemed to be a "group."
Mr. Daniels is the Trustee of the 1996 Daniels Voting Trust. After
giving effect to recent transfers and sales of common stock described
in item 5(c) below, 2,038,758 shares are subject to the 1996 Daniels
Voting Trust of which 1,022,629 are owned beneficially by Mr. Daniels
and 1,016,129 shares are owned beneficially by Mrs. Daniels. Mr.
Daniels owns 1,117,002 shares of common stock of the issuer free of
trust and Mrs. Daniels owns 43,500 shares free of trust. Robert L.
Daniels and Susan H. Daniels are divorced.
Each of Robert L. Daniels, Susan H. Daniels and Robert L. Daniels, as
Trustee of the 1996 Daniels Voting Trust disclaims beneficial
ownership of all shares owned by the others for purposes of Section 16
of the Securities Exchange Act of 1934, as amended.
(a) Robert L. Daniels
(b) c/o Project Software & Development, Inc., 20 University
Road, Cambridge, Massachusetts 02138
(c) Chairman of the Executive Committee, Project Software &
Development, Inc., 20 University Road, Cambridge, Massachusetts
02138
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SCHEDULE 13D
CUSIP No. 743 39P 101 Page 6 of 9 Pages
(d) Mr. Daniels has not been convicted during the past five years in
a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) Mr. Daniels has not during the last five years been a party to
civil proceedings of a judicial or administrative body of
competent jurisdiction and as a result of which 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.
(f) Mr. Daniels is a citizen of the United States of America.
(a) Susan H. Daniels
(b) 33 Circuit Road, Brookline, Massachusetts 02167
(c) At home.
(d) Mrs. Daniels has not been convicted during the past five years in
a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) Mrs. Daniels has not during the last five years been a party to
civil proceedings of a judicial or administrative body of
competent jurisdiction and as a result of which 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.
(f) Mrs. Daniels is a citizen of the United States of America.
The 1996 Daniels Voting Trust is a voting trust created under the laws
of the Commonwealth of Massachusetts. Its address is Robert L.
Daniels, Trustee, c/o Project Software & Development, Inc., 20
University Road, Cambridge, Massachusetts 02138. The 1996 Daniels
Voting Trust has not been convicted during the past five years in a
criminal proceeding (excluding traffic violations or similar
misdemeanors). The 1996 Daniels Voting Trust has not during the last
five years been a party to civil proceedings of a judicial or
administrative body of competent jurisdiction and as a result of which
proceeding was or is subject to a
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SCHEDULE 13D
CUSIP No. 743 39P 101 Page 7 of 9 Pages
judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state
securities laws.
ITEM 4. PURPOSE OF TRANSACTION
Item 4 is hereby amended to read in its entirety as follows:
The 1996 Daniels Voting Trust replaces the 1994 Daniels Voting Trust,
which terminated on or about August 19, 1996. Mr. Daniels founded the
Company, is a director and is Chairman of the Executive Committee of
the Company's Board of Directors.
Robert L. Daniels and Susan H. Daniels believe that the current market
prices for the Company's common shares do not reflect the inherent
value of those shares or of the Company. Consequently, they have no
plan to sell shares nor do they favor a sale of the Company at any
price remotely approaching current market prices. Mr. Daniels intends
to communicate with other interested parties, including but not
limited to, the Company's management, his fellow directors, Company
shareholders and others interested in the Company, about means to
improve the trading prices for the Company's shares so that such
prices more closely approximate what he believes to be the inherent
value of the Company.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
Item 5 is hereby amended to read in its entirety as follows:
(a) Shares beneficially owned:
Robert L. Daniels 2,139,631 (22.0%)
Susan H. Daniels 1,059,629 (10.9%)
Robert L. Daniels,
Trustee of the
1996 Daniels Voting
Trust 2,038,758 (21.0%)
Percentages are based on the number of shares of common stock
outstanding as of January 31, 1997 (9,728,896) as contained in the
issuer's Form 10-Q for the quarter ended December 31, 1996, the most
recent filing by the issuer with the Commission.
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SCHEDULE 13D
CUSIP No. 743 39P 101 Page 8 of 9 Pages
(b) Number of shares as to which each person has:
(i) Sole power to vote or direct the vote:
Robert L. Daniels 1,117,002
Susan H. Daniels 43,500
Robert L. Daniels,
Trustee of the
1996 Daniels Voting
Trust 2,038,758
(ii) Shared power to vote or direct the vote:
Robert L. Daniels None
Susan H. Daniels None
Robert L. Daniels,
Trustee of the
1996 Daniels Voting
Trust None
(iii) Sole power to dispose or direct the disposition of:
Robert L. Daniels 2,139,631
Susan H. Daniels 43,500
Robert L. Daniels,
Trustee of the
1996 Daniels Voting
Trust None
(iv) Shared power to direct the disposition of:
Robert L. Daniels None
Susan H. Daniels 1,016,129*
Robert L. Daniels,
Trustee of the
1996 Daniels Voting
Trust 1,016,129*
* These shares are subject to certain restrictions on transfer contained in
the 1996 Daniels Voting Trust Agreement.
(c) On or about December 9, 1996, 150,000 shares were transferred
from the Voting Trust to Robert L. Daniels (75,000) and Susan H.
Daniels (75,000) for the purpose of sale under Rule 144. Between
December 9, 1996 and December 16, 1996, Robert L. Daniels sold
27,500 shares of common stock in the open market at $43.00 per
share. At the same time, Susan H. Daniels sold 27,500 shares of
common stock in the open market at $43.00 per
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share. On March 14, 1997, Susan H. Daniels sold an additional
2,500 shares at a price of $34.875 per share and on March 17,
1997, Mrs. Daniels sold an additional 1,500 shares at a price of
$34.50 per share.
SIGNATURE
After reasonable inquiry and to the best of his or her knowledge and
belief, each of the undersigned certifies that the information set forth in this
statement with respect to him or her is true, complete and correct.
April 15, 1997
ROBERT L. DANIELS
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Robert L. Daniels
SUSAN H. DANIELS
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Susan H. Daniels
THE 1996 DANIELS VOTING TRUST
By: ROBERT L. DANIELS
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Robert L. Daniels, as
Trustee
