NOTIFICATION OF LATE FILING
FORM 12b-25
SEC FILE NUMBER 000-23309
CUSIP NUMBER 501942106
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Check One): / / Form 10-K / / Form 20-F / / Form 11-K
/X/ Form 10-Q / / Form N-SAR
For period ended: March 31, 2000
/ / Transition Report on Form 10-K
/ / Transition Report on Form 20-F
/ / Transition Report on Form 11-K
/ / Transition Report on Form 10-Q
/ / Transition Report on Form N-SAR
For the Transition Period Ended:________________________________________
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Nothing in this form shall be construed to imply that the Commission has
verified any information contained herein.
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If the notification relates to a portion of the filing checked above, identify
the item(s) to which the notification relates:
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PART 1-REGISTRANT INFORMATION
LINC Capital, Inc.
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Full Name of Registrant
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Former Name if Applicable
303 E. Wacker Drive Suite 1000
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Address of Principal Executive Office (Street and Number)
Chicago, IL 60601
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City, State and Zip Code
PART II-Rules 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following should
be completed. (Check box if appropriate)
/X/ (a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
/X/ (b) The subject annual report, semi-annual report, transition report on
Form 10- K, Form 20-F, 11-K, Form N-SAR, or portion thereof, will be filed
on or before the fifteenth calendar day following the prescribed due date;
or the subject quarterly report of transition report on Form 10-Q, or
portion thereof will be filed on or before the fifth calendar day following
the prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule 12b-25(c)
has been attached if applicable
PART III-NARRATIVE
State below in reasonable detail the reasons why the Form 10-K, 11-K, 10-Q,
N-SAR, or the transition report or portion thereof, could not be filed within
the prescribed time period.
As previously announced and as discussed in its Form 10-K filing for the
year ended December 31, 1999, the Company is in violation of various covenants
of its revolving credit agreement and its conduit and term securitization
programs. Since March 31, 2000, the Company has been involved in extensive
negotiations with its secured creditors regarding a restructuring of its credit
agreements and a forbearance from enforcement of remedies. These discussions
have not been conclusive and have necessitated the preparation of extensive
analyses and data to assist the company and its creditors to evaluate the
appropriate course of action. This has substantially detracted from the time
available to complete the preparation of the Company's Form 10-Q for the period
ended March 31, 2000. In addition, the Company believes that it is beneficial to
include in this Form 10-Q filing the most recent developments in the
negotiations with its lenders. Therefore, the Company felt it necessary to
postpone its filing to permit it to complete the Form 10-Q and to incorporate
therein the most recently available summary of the status of its business,
operations and status of negotiations with its secured creditors.
PART IV-OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Allen P. Palles (312) 946-1000
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(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company Act
of 1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed? If answer is no,
identify report(s). /X/ Yes / / No
(3) Is it anticipated that any significant change in results of operations from
the corresponding period for the last fiscal year will be reflected by the
earnings statement to be included in the subject report or portion thereof?
/X/ Yes / / No
If so, attach an explanation of the anticipated change, both narratively and
quantitatively, and, if appropriate, state the reasons why a reasonable estimate
of the results cannot be made.
For the past several months, the Company has been constrained by
insufficient capital and liquidity. Consequently, the Company curtailed its
portfolio finance and leasing activities during the three months ended March 31,
2000, compared to the same period in the prior year. Since the Company's
selling, general and administrative expense structure was intended to provide
for a higher volume of activity than was actually achieved during the first
three months of 2000, earnings are expected to be negatively impacted.
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LINC Capital, Inc.
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(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date May 15, 2000
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By /s/ Allen P. Palles
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INSTRUCTION: The form may be signed by an executive officer of the registrant or
by any other duly authorized representative. The name and title of the person
signing the form shall be typed or printed beneath the signature. If the
statement is signed on behalf of the registrant by an authorized representative
(other than an executive officer), evidence of the representative's authority to
sign on behalf of the registrant shall be filed with the form.
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ATTENTION
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Intentional misstatements or omissions of fact constitute Federal Criminal
Violations (See 18 U.S.C. 1001)
