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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934)
(Amendment No. 1)*
Silver Diner, Inc.
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(Name of Issuer)
Shares of Common Stock (par value $0.00074 per share)
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(Title of Class of Securities)
827655101
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(CUSIP Number)
January 13, 1999
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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:
[X] Rule 13d-1(b)
[_] Rule 13d-1(c)
[_] Rule 13d-1(d)
*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 the
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).
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 control number.
SEC 1745 (03/98)
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CUSIP No. 827655101
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1. Names of Reporting Persons.
I.R.S. Identification No. of above persons (entities only).
Michael Collier
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [X]
(b) [_]
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3. SEC Use Only
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4. Citizenship or Place of Organization: United States of America
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Number of 5. Sole Voting Power: 51,857 Common Shares
Shares ----------------------------------------------------------------
Beneficially 6. Shared Voting Power: 0
Owned by ----------------------------------------------------------------
Each Reporting 7. Sole Dispositive Power: 51,857 Common Shares
Person ----------------------------------------------------------------
With 8. Shared Dispositive Power: 0
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9. Aggregate Amount Beneficially Owned by
Each Reporting Person: 84,049
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10. Check if the Aggregate Amount in Row (9) Excludes
Certain Shares (See Instructions)
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11. Percent of Class Represented by Amount in Row (9) *
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12. Type of Reporting Person (See Instructions)
IN
* means less than 1%
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This Amendment No. 1 to Schedule 13G (this "Amendment") is filed by Michael
Collier with respect to the common stock, par value $.00074 per share ("Common
Shares"), of Silver Diner, Inc., a Delaware corporation (the "Issuer") and
amends the Schedule 13G filed by Mr. Collier on December 30, 1998 (the
"Statement").
Item 4. Ownership
Item 4 of the Statement is hereby deleted in its entirety and is
amended as follows:
The information contained in Item 8 of this Amendment with
respect to Mr. Collier's ownership of the Common shares is
incorporated herein by reference.
Item 8. Identification and Classification of Members of the Group
Item 8 of the Statement is hereby deleted in its entirety and is amended as
follows:
Mr. Collier is the President of Uniwest Construction, Inc. and a consultant
to the Isssuer and the record and beneficial owner of 40,107 Common Shares
representing less than one percent of the outstanding Common Shares, as reported
on the Issuer's Form 10-Q dated November 18, 1998 (the "Form 10-Q").
Mr. Collier is a member of a group referred to below (the "Group") which
intends to acquire Common Shares from time to time at prevailing rates through
open market transactions or block purchases on an ongoing basis, depending on
market conditions and subject to compliance with all applicable securities laws
and regulations. The other members of the Group are as follows: Robert T.
Giaimo, the President and Chairman of the Board of the Issuer, Catherine
Britton, a director of the Issuer and Mr. Giaimo's wife, Charles Steiner, a
director of the Issuer, Ype von Hengst, a director and Vice President of the
Issuer, Patrick Meskell, an officer of the Issuer, William Rulon-Miller, a
principal of Janney Montgomery Scott Inc. and a consultant to the Issuer, George
Mavrikes, a business advisor to the Issuer and Robert Pincus, the President and
Chief Executive Officer of Franklin National Bank, a lender to the Issuer.
The Group was formed at the behest of Mr. Giaimo. Mr. Giaimo and his wife,
believing that the Common Shares represented an investment opportunity,
identified blocks of Common Shares held by several institutions. Accordingly,
Mr. Giaimo contacted these institutions to ascertain whether the blocks he
identified were available for sale. Mr. Giaimo realized that neither he nor his
wife had
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sufficient funds to purchase all of the Common Shares held by such institutions
if they became available for sale. Thus, in the early part of December, 1998,
Mr. Giaimo asked several directors, officers and consultants of the Issuer if
they were potentially interested in participating in the acquisition to the
extent additional funds were needed.
Although one institution was not interested in selling, Mr. Giaimo
continued his discussions with another institution, and on December 15, 1998,
this institution agreed to sell 750,000 Common Shares which were purchased by
Ms. Britton at $0.77 per share (the "Britton Shares"). Ms. Britton purchased
these Common Shares with funds made available from the parents of Mr. Giaimo.
No decision has been made as to whether these funds will be treated as a loan or
as a gift.
At approximately the same time, Mr. Giaimo asked the members of the Group
to join with him and his wife to acquire Common Shares either in blocks or in
over-the-counter open market purchases at prevailing prices on an ongoing basis.
Although the Group was formed at the behest of Mr. Giaimo, he does not intend
personally to participate in the acquisitions made by the Group. Likewise, Mr.
Steiner does not intend personally to participate in the acquisitions made by
the Group. Mr. Steiner owns a 25% interest in and is the managing partner of
the Steiner Family Partnership, which owns 557,907 Common Shares representing
approximately 4.82% of the outstanding Common Shares as reported on the Form 10-
Q. The Steiner Family Partnership will purchase Common Shares with available
funds.
The members of the Group agreed to invest collectively $552,500 (the "Group
Investment") to purchase Common Shares. The amount each member of the Group has
agreed to invest is as follows: the Steiner Family Partnership-- $187,500;
Catherine Britton-- $125,000; Patrick Meskell-- $60,000; Robert Pincus--
$50,000; George Mavrikes-- $25,000; Timothy Cusick-- $10,000; Ype Von Hengst--
25,000; Michael Collier-- $10,000; and William Rulon-Miller-- 10,000.
Notwithstanding the foregoing, each Group member reserves the right to purchase
additional Common Shares of the Issuer at any time in private or market
transactions depending on market conditions and such Group member's evaluation
of the Issuer's business and financial condition.
Mr. Steiner will use funds of the Steiner Family Partnership to purchase
Common Shares. Mr. Hengst will borrow on an unsecured basis his investment from
Mr. Giaimo and the balance from a national bank. Likewise, Mr. Cusick will
borrow on an unsecured basis half of the funds he plans to invest from Mr.
Giaimo and the balance from a national bank. As was the case with the purchase
of the Britton Shares, Ms. Britton will purchase Common Shares with funds made
available from the parents of Mr. Giaimo, and no decision has been made as to
whether these funds will be treated as an unsecured
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loan or as a gift. The other members of the Group will use their personal funds
to purchase Common Shares.
No time limit has been established for the completion of the Group's
acquisition of the Common Shares. The Group may discontinue its acquisition
strategy at any time. When the Group Investment has been exhausted, the Group's
existence will terminate immediately.
The formation of the Group is the event which required Mr. Collier to file
the Statement. Rule 13d-5 of the Securities Exchange Act of 1934 (the "Act")
provides, in pertinent part, "When two or more persons agree to act together for
the purpose of acquiring, holding, voting or disposing of equity securities of
an issuer, the group formed thereby shall be deemed to have acquired beneficial
ownership, for purposes of Sections 13(d) and 13(g) of the Act, as of the date
of such agreement, of all equity securities of that issuer beneficially owned by
any such persons." The Group was formed for the purpose of pooling funds to
enable the members of the Group to acquire additional Common Shares through open
market transactions or block purchases. Each member of the Group retains the
sole and absolute power to vote or dispose of any Common Shares acquired or held
by such Group member, and there are no arrangements, agreements or
understandings among the members of the Group with respect to the voting or
disposition of the Common Shares acquired by any member of the Group, the
business and operations of the Issuer or the control of the Issuer. Any Common
Shares acquired by a Group member will he held in the account of such Group
member. Accordingly, no member of the Group is the beneficial owner of the
Common Shares owned by the other members of the Group, and the filing of this
Amendment and the Statement should not be construed as an admission that Mr.
Collier is the beneficial owner of the Common Shares owned by the other members
of the Group.
Except as set forth in this Item 8, and except for plans or proposals of
the Issuer in which Mr. Collier may participate in his capacity as a consultant
to the Issuer, neither Mr. Collier nor, to his knowledge, any other member of
the Group have any plans or proposals which relate to or would result in:
(a) The acquisition by any person of additional securities of the Issuer,
or the disposition of securities of the Issuer;
(b) An extraordinary corporate transaction, such as a merger,
reorganization or liquidation involving the Issuer or any of its subsidiaries;
(c) A sale or transfer of a material amount of assets of the Issuer or of
any of its subsidiaries;
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(d) Any change in the present Board or management of the Issuer, including
any plans or proposals to change the number or term of directors or to fill any
existing vacancies on the Board;
(e) Any material change in the present capitalization or dividend policy of
the Issuer;
(f) Any other material change in the Issuer's business or corporate
structure;
(g) Changes in the Issuer's charter or bylaws or other actions which may
impede the acquisition of control of the Issuer by any person;
(h) Causing a class of securities of the Issuer to be delisted from a
national securities exchange or to cease to be authorized to be quoted in an
inter-dealer quotation system of a registered national securities association;
(i) A class of equity securities of the Issuer becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the Securities
Exchange Act of 1934, as amended; or
(j) Any action similar to any of those enumerated above.
On December 16, 1998, Mr. Collier acquired 270 Common Shares, reflecting
his proportionate share of the 15,000 Common Shares purchased by the Group
members for $0.6875 per share. On December 22, 1998, Mr. Collier acquired 180
Common Shares, reflecting his proportionate share of the 10,000 Common Shares
acquired by the Group for $0.8125 per share. On December 23, 1998, Mr. Collier
acquired 180 Common Shares, reflecting his proportionate share of the 6,000
Common Shares acquired by the Group for $0.8750 per share. On December 24,
1998, Mr. Collier acquired 504 Common Shares, reflecting his proportionate share
of the 28,000 Common Shares acquired by the Group for $0.7913 per share. On
December 29, 1998, Mr. Collier acquired 180 Common Shares, reflecting his
proportionate share of the 10,000 Common Shares acquired by the Group for
$0.7700 per share. On December 31, 1998, Mr. Collier acquired 180 Common
Shares, reflecting his proportionate share of the 10,000 Common Shares acquired
by the Group for $0.8125 per share. On January 13, 1998, Mr. Collier acquired
6,493 Common Shares, reflecting his portion of the 350,000 Common Shares
acquired by the Group. As a result of these acquisitions and the acquisition of
the Britton Shares by Ms. Britton, the Common Shares which each member of the
Group owns beneficially and of record is as follows:
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Group Member Common Shares (1)
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Robert Giaimo 420,000 (2)(10)
Catherine Britton 2,501,612 (3)(10)
Charles Steiner 624,907 (4)(10)
Robert Pincus 39,655
William Rulon-Miller 7,915
George Mavrikes 52,953 (5)(10)
Michael Collier 84,049 (6)(10)
Patrick Meskell 127,577 (7)(10)
Timothy Cusick 52,328 (8)(10)
Ype Von Hengst 247,498 (9)(10)
(1) Since there are no arrangements, agreements or understandings among the
members of the Group with respect to the voting or disposition of the
Common Shares acquired by any member of the Group, the business and
operations of the Issuer or the control of the Issuer, the number of
Common Shares set forth opposite the name of each Group member in the
above table does not include the Common Shares owned by each of the
other members of the Group.
(2) The 420,000 Common Shares owned by Mr. Giaimo beneficially and of
record include the following: (a) 300,000 Common Shares directly owned
by Mr. Giaimo; and (b) 120,000 Common Shares subject to options granted
to Mr. Giaimo under the Stock Option Plan. The 420,000 Common Shares
owned by Mr. Giaimo beneficially and of record do not include: (a)
478,334 Common Shares owned of record by four persons who were
principals of Food Trends Acquisition Corporation ("FTAC") prior to the
merger of FTAC with and into Silver Diner Development, Inc. ("SDDI")
(the "Merger"), which are subject to a voting agreement ("FTAC
Affiliate Voting and Lockup Agreement"); (b) 102,135 Common Shares
which are subject to a voting agreement and are owned of record by GKN
Securities Corp. and/or certain assignees thereof ("GKN Voting and
Lockup Agreement"); and (c) 555,005 Common Shares owned of record by
stockholders of the Company that are subject to voting agreements. The
voting rights
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described in clause (b) of the preceding sentence have been granted to
Mr. Giaimo pursuant to the GKN Voting and Lockup Agreement provides
that Mr. Giaimo has an irrevocable right to vote such Common Shares
with respect to all matters in which stockholder approval is required
under the Delaware General Corporation Law, including, without
limitation, voting such stockholders' Common Shares in favor of
nominees to the Board of Directors of the Issuer and for or against any
an all matters that may come before the Issuer's stockholders for a
vote. The proxy continues until the earlier of three years after the
consummation of the Merger or the sale of the Common Shares by such
stockholders to a non-affiliate in a bona fide transaction for value.
The voting rights described in clause (c) above have been granted to
Mr. Giaimo pursuant to the voting agreements that grant to Mr. Giaimo
an irrevocable right to vote with respect to all matters in which
stockholder approval is required under the Delaware General Corporation
Law, including, without limitation, voting such stockholders' Common
Shares in favor of nominees to the Board of Directors of the Issuer and
for or against any and all matters that may come before the Issuer's
stockholders for a vote. The appointment survives until the earliest of
five years after the consummation of the Merger, the public offering of
Common Shares by the Issuer from which the Issuer realizes $15 million
or more, or the death of the stockholder. The 420,000 Common Shares
owned beneficially and of record by Mr. Giaimo do not include any
Common Shares owned by Ms. Catherine Britton, Mr. Giaimo's spouse, or
Common Shares issuable upon the exercise of certain outstanding stock
option agreements ("Options") that will be subject to the terms of
Voting and Lockup Agreements between the holders of such Options and
Mr. Giaimo. Mr. Giaimo disclaims beneficial ownership of Common Shares
beneficially owned by Catherine Britton.
(3) Includes options for 12,000 Common Shares under the 1996 Non-Employee
Director Stock Option Plan. Also includes 20,003 Common Shares subject
to options granted to Mr. Clinton A. Clark by Mr. Robert T. Giaimo
pursuant to a stock option agreement between such parties, which
agreement was assigned by Mr. Giaimo to, and assumed by, Ms. Britton.
Does not include 420,000 Common Shares beneficially owned by Mr.
Giaimo, Ms. Britton's spouse, or the 1,135,474 Common Shares Mr. Giaimo
has the power under the voting agreements discussed in Note (2) above.
Ms. Britton disclaims beneficial ownership of the Common Shares
beneficially owned by Mr. Giaimo.
(4) Includes 557,907 Common Shares held of record by the Steiner Family
Partnership (the "Partnership"). Charles Steiner, a director of the
Issuer, owns a 25% interest in and is the
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managing partner of the Partnership. In addition to the Common Shares
Mr. Steiner owns beneficially through his equity interest in the
Partnership, Mr. Steiner also owns beneficially (a) 50,000 Common
Shares held by the Branch Group, Inc. 401(k) Profit Sharing Plan (Mr.
Steiner is sole trustee of the Branch Group, Inc. 401(k) Profit Sharing
Plan and one of a number of beneficiaries thereof, holding an
approximate 7% interest in the plan); (b) 5,000 Common Shares subject
to options granted to Mr. Steiner under the 1991 Stock Option Plan; and
(c) 12,000 Common Shares subject to options granted to Mr. Steiner
under the 1996 Non-Employee Directors Stock Option Plan. By virtue of
his position in the Partnership, Mr. Steiner may be deemed to own
beneficially all of the Common Shares held of record by Partnership.
Except to the extent of his 25% interest in the Partnership, Mr.
Steiner disclaims beneficial ownership of the Common Shares held of
record by the Partnership.
(5) Includes options to purchase 33,336 Common Shares under the Second
Amended and Restated 1991 Stock Option Plan.
(6) Includes (a) options to purchase 26,069 Common Shares under the Second
Amended and Restated 1991 Stock Option Plan; and (b) options to
purchase 6,123 Common Shares under the 1991 Consultant Stock Option
Plan.
(7) Includes: (a) options to purchase 20,003 Common Shares under the
Earned Ownership Plan; (b) options to purchase 30,004 Common Shares
under the 1991 Stock Option Plan; and (c) options to purchase 30,000
Common Shares under the Stock Option Plan.
(8) Includes: (a) options to purchase 11,667 Common Shares under the 1991
Stock Option Plan; (b) options to purchase 3,849 Common Shares under
the Earned Ownership Plan; and (c) options to purchase 30,000 Common
Shares under the Stock Option Plan.
(9) Includes options to purchase 45,000 Common Shares under the Stock
Option Plan. 182,881 Common Shares owned by Mr. Hengst are subject to
the terms of a voting agreement described in clause (e) of Note 2.
(10) Unless otherwise stated in Notes 2 through 9 above, all references to
options are to options exercisable currently and within 60 days of
January 22, 1999.
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Other than as described in this Amendment, no transactions in Common Shares
were effected by Mr. Collier during the sixty days prior to the date of this
Amendment.
Item 10. Certification.
By signing below I certify that, to the best of my knowledge and belief,
the securities referred to above were not acquired and are not held for the
purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
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Signature
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this Amendment is true, complete and
correct.
Date: January 25, 1999
/s/ Michael Collier
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Michael Collier
