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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
-----------
SCHEDULE 13D
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULE 13D-1(a) AND AMENDMENTS THERETO
FILED PURSUANT TO RULE 13D-2(a)
C.P. CLARE CORPORATION
(Name of Issuer)
Common Stock, par value
$.01 per share
(Title of Class of Securities)
12615K107
(CUSIP Number)
Michael Wager
2300 BP Tower
200 Public Square
Cleveland, Ohio 44114
(216) 363-4500
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 17, 1999
(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 that 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 [ ].
(Continued on following pages)
(Page 1 of 10 Pages)
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CUSIP NO. 12615K107 13D PAGE 2 OF 10 PAGES
- ---------------------------------- ----------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Allen R. Hart
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- -------------------------------------------------------------------------------
4 SOURCE OF FUNDS
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY 300,000
EACH REPORTING PERSON ------------------------------------------------------
WITH 8 SHARED VOTING POWER
120,000
-------------------------------------------------------
9 SOLE DISPOSITIVE POWER
300,000
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
120,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
420,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
- -------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.4%
- -------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- -------------------------------------------------------------------------------
2
<PAGE> 3
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CUSIP NO. 12615K107 13D PAGE 3 OF 10 PAGES
- ------------------- -------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
Michael Wager
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) [ ]
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY 49,000
EACH REPORTING PERSON --------------------------------------------------------
WITH 8 SHARED VOTING POWER
0
--------------------------------------------------------
9 SOLE DISPOSITIVE POWER
49,000
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
49,000
- -------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
- --------------------------------------------------------------------------------
3
<PAGE> 4
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CUSIP NO. 12615K107 13D PAGE 4 OF 10 PAGES
- ------------------- -------------------------
- --------------------------------------------------------------------------------
1 NAMES OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
H. Jeffrey Schwartz
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS
PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) 9
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY 50,000
EACH REPORTING PERSON --------------------------------------------------------
WITH 8 SHARED VOTING POWER
0
--------------------------------------------------------
9 SOLE DISPOSITIVE POWER
50,000
--------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
50,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.5%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON IN
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<PAGE> 5
SCHEDULE 13D
C.P. CLARE CORPORATION
This Statement on Schedule 13D (this "Statement") is filed by Allen R.
Hart, Michael Wager and H. Jeffrey Schwartz.
ITEM 1. SECURITY AND ISSUER.
This Statement relates to shares of common stock, par
value $.01 per share ("Common Stock"), of C.P. Clare
Corporation (the "Company"). The address of the principal
executive offices of the Company is 78 Cherry Hill Drive,
Beverly, Massachusetts 01915.
ITEM 2. IDENTITY AND BACKGROUND.
This Statement is being filed by Allen R. Hart,
Michael Wager and H. Jeffrey Schwartz (each, a "Reporting
Person"). The Reporting Persons have filed this Schedule 13D
because they may be deemed to be a "group" and therefore a
single "person" within the meaning of Section 13(d) of the
Securities Exchange Act of 1934, as amended (the "Exchange
Act"), and the rules and regulations promulgated thereunder.
The Reporting Persons may be deemed to have acted in concert
in connection with their purchases of shares of Common Stock
because they have discussed their purchases and other matters.
The Reporting Persons do not admit that they have acted in
concert or are a "group" or a single "person" for purposes of
Section 13(d) of the Exchange Act, and the rules and
regulations thereunder, and each of the Reporting Persons
disclaims beneficial ownership of any shares of Common Stock
held by any other Reporting Person.
During the last five years, no Reporting Person has
been convicted in any criminal proceeding (excluding traffic
violations or other similar misdemeanors) nor has any
Reporting Person 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 of
or prohibiting or mandating activities subject to federal or
state securities laws, or finding any violations with respect
to such laws.
Each Reporting Person is a citizen of the United
States.
The business address and principal occupation of each
Reporting Person is set forth on Appendix A.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source of funds for the consideration were
personal funds of each of the Reporting Persons.
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<PAGE> 6
ITEM 4. PURPOSE OF TRANSACTION.
Reporting Persons acquired the Common Stock for
investment purposes. However, Reporting Persons believe that
the Company's Common Stock has underperformed market indices
as well as its industry peer group, and that the current stock
price does not reflect the Company's value. Reporting Persons
will urge management to explore alternatives for enhancing
stockholder value, including but not limited to a business
combination (whether by merger, consolidation or otherwise).
Accordingly, Reporting Persons will request that the Board of
Directors of the Company appoint an independent committee of
non-employee directors to engage the services of a nationally
recognized investment banking firm to facilitate the analysis
and execution of strategic alternatives.
Reporting Persons intend to communicate with other
stockholders and with management to effect a maximization of
stockholder value and a critical assessment of management
performance. Reporting Persons may seek to influence
management of the Company by seeking representation on the
Board of Directors, although there are no current plans to do
so. In addition, Reporting Persons reserve the right to change
their investment purpose or intentions and to take any and all
actions that they may deem appropriate or necessary to realize
the intrinsic value of their investment, including, among
other things, acquiring additional securities of the Company,
disposing of any securities of the Company owned by them,
seeking representation on the Board of Directors, soliciting
other stockholders to participate with Reporting Persons to
replace a majority of the Board of Directors, or formulating
other plans or proposals regarding the Company or its
securities to the extent deemed advisable by the Reporting
Persons in light of their general investment policies, market
conditions, subsequent developments affecting the Company, the
general business and future profits of the Company, tax
implications or other factors.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The net investment costs (including commissions, if
any) of the shares of Common Stock beneficially owned by all
Reporting Persons is $3,397,687.
Commencing on July 13, 1998 and through and including
November 16, 1999, Mr. Hart in open market purchases (i) a
total of 300,000 shares for his own account, (ii) 50,000 each
for accounts for the benefit of Gary Hart, his brother, and
Lillian Hart, his mother, and (iii) 10,000 shares each for the
accounts of Melissa Hart, his wife, and William Hart, his
minor son, the price per share of such transactions ranging
from $5.125 to $7.50. Commencing on August 12, 1999 through
and including November 16, 1999, Mr. Wager acquired in open
market purchases, a total of 49,000 shares for his own
account, the price per share of such transactions ranging from
$5.56 to $6.94. Commencing on August 12, 1999 through and
including November 16, 1999 Mr. Schwartz acquired in open
market purchases a total of 50,000 shares for his own account,
the price per share ranging from $5.375 to $6.125.
See Appendix B for other information.
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ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
The Reporting Persons have discussed their purchases
of Common Stock and their common belief that the current stock
price does not reflect the Company's value. They have also had
conversations regarding their intentions with respect to other
stockholders and the current Board of Directors. There are no
formal agreements or any obligations between the Reporting
Persons.
ITEM 7. EXHIBITS.
Not applicable
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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 statement is true, complete and
correct.
/s/ Allen R. Hart
Dated: November 18, 1999 --------------------------------
ALLEN R. HART
/s/ Michael Wager
--------------------------------
MICHAEL WAGER
/s/ H. Jeffrey Schwartz
--------------------------------
H. JEFFREY SCHWARTZ
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<PAGE> 9
APPENDIX A
REPORTING PERSONS
Name; Principal Business Address Principal Occupation
- -------------------------------- --------------------
Allen R. Hart Private Investor
2501 Marlboro Road
Cleveland Heights, Ohio 44118
Michael Wager Principal, EBusiness & ECapital
2300 BP Tower Group LLC
200 Public Square Partner, Benesch, Friedlander,
Cleveland, Ohio 44114 Coplan & Aronoff LLP
H. Jeffrey Schwartz Partner, Benesch, Friedlander
2300 BP Tower Coplan & Aronoff LLP
200 Public Square
Cleveland, Ohio 44114
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<TABLE>
<CAPTION>
APPENDIX B
STOCK HOLDINGS
- ------------------------- ------------------ ----------------------------------------------------------------------------------
VOTING POWER DISPOSITIVE POWER
- -------------------------------------------- ----------------------------------------------------------------------------------
AGGREGATE PERCENTAGE OF
STOCKHOLDER AMOUNT OWNED SOLE SHARED SOLE SHARED SHARES OWNED
----------- ------------ ---- ------ ---- ------ -------------
- ------------------------- ------------------ ---------------- --------------- --------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Allen R. Hart 420,000 300,000 120,000 300,000 120,000 4.4%
- ------------------------- ------------------ ---------------- --------------- --------------- ---------------- ----------------
Michael Wager 49,000 49,000 ---- 49,000 ---- .5%
- ------------------------- ------------------ ---------------- --------------- --------------- ---------------- ----------------
H. Jeffrey Schwartz 50,000 50,000 ---- 50,000 ---- .5%
------ ----
519,000 5.4%
======= ====
- ------------------------- ------------------ ---------------- --------------- --------------- ---------------- -----------------
</TABLE>
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