FORM 4
( ) Check this box if no longer
subject to Section 16. Form 4
or Form 5 obligations may continue.
See Instruction 1(b).
U.S. SECURITIES AND EXCHANGE COMMISSION _____________________
WASHINGTON, D.C. 20549 | OMB APPROVAL |
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP |_____________________|
|OMB NUMBER: 3235-0287|
|EXPIRES: |
| SEPTEMBER 30, 1998 |
Filed pursuant to Section 16(a) of the |ESTIMATED AVERAGE |
Securities Exchange Act of 1934, |BURDEN HOURS |
Section 17(a) of the Public Utility |PER RESPONSE 0.5 |
Holding Company Act of 1935 |_____________________|
or Section 30(f) of the Investment
Company Act of 1940
_________________________________________________________________________
1. Name and Address of Reporting Person
Bynum, Jr., Frank K.
c/o Kelso & Company
320 Park Avenue, 24th Floor
New York, NY 10022
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2. Issuer Name and Ticker or Trading Symbol
Universal Outdoor Holdings, Inc. (UOUT)
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3. IRS OR SOCIAL SECURITY NUMBER OF REPORTING PERSON (VOLUNTARY)
_________________________________________________________________________
4. Statement for Month/Year
August/1997
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5. If Amendment, Date of Original (Month/Year)
_________________________________________________________________________
6. Relationship of reporting person to Issuer (Check all applicable)
( X ) DIRECTOR
( X ) 10% OWNER
( ) OFFICER (GIVE TITLE BELOW)
( ) OTHER (SPECIFY TITLE BELOW)
_____________________________________________________
_________________________________________________________________________
7. Individual, or Joint/Group Filing (Check all applicable)
( X ) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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TABLE I
Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1. Title of Security (Instr. 3)
Common Stock(1)
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2. Transaction Date (Month/Day/Year)
8/21/97
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3. Transaction Code (Instr. 8)
S
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4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)
10,688 D
2,847,871 D
151,779 D
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5. Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4)
30,000
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6. Ownership Form: Direct(D) or Indirect(I) (Instr. 4)
10,688 D
2,847,871(2) I
151,779(3) I
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7. Nature of Indirect Beneficial Ownership (Instr. 4)
See Note 2
See Note 3
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Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
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TABLE II
Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., Puts, Calls, Warrants, Options, Convertible securities)
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1. Title of Derivative Security (Instr. 3)
_________________________________________________________________________
2. Conversion or Exercise Price of Derivative Security
_________________________________________________________________________
3. Transaction Date (Month/Day/Year)
_________________________________________________________________________
4. Transaction Code (Instr. 8)
_________________________________________________________________________
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
_________________________________________________________________________
6. Date Exercisable and Expiration Date (Month/Day/Year)
_________________________________________________________________________
7. Title and Amount of Underlying Securities (Instr. 3 and 4)
_________________________________________________________________________
8. Price of Derivative Securities (Instr. 5)
_________________________________________________________________________
9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
_________________________________________________________________________
10. Ownership Form of Derivative Security: Direct(D) or Indirect(I)
(Instr. 4)
_________________________________________________________________________
11. Nature of Indirect Beneficial Ownership (Instr. 4)
_________________________________________________________________________
EXPLANATION OF RESPONSES:
1 Immediately prior to the consummation of the initial public offering
of the Common Stock of the issuer, each outstanding share of Class B
Common Stock and Class C Common Stock of the issuer was reclassified by
the issuer into one share of Common Stock and, substantially
simultaneously therewith, was subject to a 16 for 1 stock split. As a
result, the 176,253 shares of Class B Common Stock and 172,487 shares of
Class C Common Stock held by Kelso Investment Associates V, L.P. ("KIA
V") and 10,247 shares of Class B Common Stock and 10,138 shares of Class
C Common Stock held by Kelso Equity Partners V, L.P. ("KEP V") were
reclassified and converted into 5,579,840 shares of Common Stock and
326,120 shares of Common Stock, respectively.
2 General Partner of the general partner of KIA V, a 10% owner of the
issuer's securities. The shares with respect to which the reporting
person has a pecuniary interest are less than set forth above. The
reporting person disclaims beneficial ownership of these securities.
3 General Partner of KEP V. The shares to which the reporting person has
a pecuniary interest are less than set forth above. The reporting person
disclaims beneficial ownership of these securities.
_____________________________________ ___________________
** SIGNATURE OF REPORTING PERSON DATE
September 10, 1997
/s/ James J. Connors II
_____________________________
James J. Connors II,
as attorney-in-fact
** INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS. SEE 18 U.S.C. 1001 AND 15 U.S.C. 78FF(A).
