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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) April 30, 1996
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KRUG International Corp.
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(Exact name of registrant as specified in its charter)
Ohio O-2901 31-0621189
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(State or other jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
6 North Main Street Suite 500, Dayton, OH 45402-1900
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(Address of principal executive offices)
Registrant's telephone number, including area code (513) 224-9066
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Item 1. Changes in Control of Registrant
On April 30, 1996, Maurice F. Krug, President, Chairman and Chief
Executive Officer of the registrant, members of his family, a charitable
foundation and three close associates (who were small shareholders) sold for
$5.50 per share paid in cash a total of 1,500,241 common shares and warrants to
purchase 292,089 shares of the registrant, which constitutes control of the
registrant, to the following group (each of whom purchased the number of shares
and warrants to purchase the number of shares set forth opposite their
respective names):
<TABLE>
<CAPTION>
Warrants to Purchase
Name # of Shares # of shares
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<S> <C> <C>
Fortuna Acquisition Partners, L.P. 1,173,041 228,384
Strome-Susskind HedgeCap Fund, L.P. 245,400 47,786
Strome-Susskind HedgeCap Fund, Ltd. 81,800 15,919
</TABLE>
The purchasers paid the purchase price out of their own funds. After
the purchase, the group beneficially owned at least 42.5% of the outstanding
shares of the registrant. Prior to the transaction, Mr. Krug owned approximately
21.7% of the registrant's outstanding shares. Strome-Susskind HedgeCap Fund,
L.P. and Strome-Susskind HedgeCap Fund, Ltd. have granted proxies to vote the
shares of the registrant owned by them to Fortuna Acquisition Corp, a general
partner of Fortuna Acquisition Partners, L.P. The address of the purchasers is
100 Wilshire Boulevard, 15th Floor, Santa Monica, California. To the knowledge
of the registrant, no other shareholder owns 5% of its outstanding shares.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
KRUG International Corp.
Date: May 15, 1996 By: /Thomas W. Kemp/
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Thomas W. Kemp
Vice President - Finance
