SCHEDULE 13D
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CUSIP No. 889039 10 3
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)
TODD SHIPYARDS CORPORATION
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(Name of Issuer)
Common Stock, $0.01 par value
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(Title of Class of Securities)
889039 10 3
(CUSIP Number)
Jeffrey L. Steele, Esq., 1775 Eye Street, N.W.
Washington, D.C. 20006 (202) 261-3314
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
December 15, 1998
(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 which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box /__/.
Check the following box if a fee is being paid with the statement [ ]. (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
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).
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1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Peter Cundill & Associates (Bermuda) Ltd.
N/A
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
(b) / X /
- --------- ----------------------------------------------------------------------
SEC USE ONLY
3
- --------- ----------------------------------------------------------------------
4 SOURCE OF FUNDS
OO
- --------- ----------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) /__/
- --------- ----------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
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-------- -----------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED 0
BY EACH REPORTING
PERSON WITH
--------- ----------------------------------------------
8 SHARED VOTING POWER
676,100
--------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
676,100
--------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- ----------- --------------------------------------------------------------------
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
676,100
- ------------ -------------------------------------------------------------------
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES /__/
- ------------ -------------------------------------------------------------------
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.82%
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14
TYPE OF REPORTING PERSON
CO, IA (Canadian)
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<PAGE>
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1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Peter Cundill Holdings (Bermuda) Ltd.
N/A
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2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
(b) / X /
- --------- ----------------------------------------------------------------------
3
SEC USE ONLY
- --------- ----------------------------------------------------------------------
4
SOURCE OF FUNDS
OO
- --------- ----------------------------------------------------------------------
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) /__/
- --------- ----------------------------------------------------------------------
6
CITIZENSHIP OR PLACE OF ORGANIZATION
Bermuda
- --------- ----------------------------------------------------------------------
- ----------------------- --------- ----------------------------------------------
NUMBER OF
SHARES 7 SOLE VOTING POWER
BENEFICIALLY 0
OWNED BY
EACH
REPORTING
PERSON
WITH
--------- ----------------------------------------------
8
SHARED VOTING POWER
676,100
--------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
676,100
- ------------ -------------------------------------------------------------------
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
676,100
- ------------ -------------------------------------------------------------------
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES /__/
- ------------ -------------------------------------------------------------------
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.82%
- ------------ -------------------------------------------------------------------
14
TYPE OF REPORTING PERSON
HC
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<PAGE>
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1
NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
F. Peter Cundill
N/A
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2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
(b) / X /
- --------- ----------------------------------------------------------------------
3
SEC USE ONLY
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4
SOURCE OF FUNDS
OO
- --------- ----------------------------------------------------------------------
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) /__/
- --------- ----------------------------------------------------------------------
6
CITIZENSHIP OR PLACE OF ORGANIZATION
Canada
- --------- ----------------------------------------------------------------------
- ----------------------- --------- ----------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY
EACH
REPORTING
PERSON
WITH
--------- ----------------------------------------------
8 SHARED VOTING POWER
676,100
--------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
676,100
- ----------------------- --------- ----------------------------------------------
- ------------ -------------------------------------------------------------------
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
676,100
- ------------ -------------------------------------------------------------------
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES /__/
- ------------ -------------------------------------------------------------------
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.82%
- ------------ -------------------------------------------------------------------
14
TYPE OF REPORTING PERSON
IN
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<PAGE>
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1
NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Cundill Value Fund
N/A
- --------- ----------------------------------------------------------------------
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a)
(b) / X /
- --------- ----------------------------------------------------------------------
3
SEC USE ONLY
- --------- ----------------------------------------------------------------------
4
SOURCE OF FUNDS
OO
- --------- ----------------------------------------------------------------------
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) /__/
- --------- ----------------------------------------------------------------------
6
CITIZENSHIP OR PLACE OF ORGANIZATION
Canada
- --------- ----------------------------------------------------------------------
- ----------------------- --------- ----------------------------------------------
NUMBER OF 7
SHARES SOLE VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH
REPORTING
PERSON
WITH
--------- ----------------------------------------------
8 SHARED VOTING POWER
676,100
--------- ----------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------- ----------------------------------------------
10 SHARED DISPOSITIVE POWER
676,100
- ----------------------- --------- ----------------------------------------------
- ------------ -------------------------------------------------------------------
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
676,100
- ------------ -------------------------------------------------------------------
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES /__/
- ------------ -------------------------------------------------------------------
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.82%
- ------------ -------------------------------------------------------------------
14
TYPE OF REPORTING PERSON
OO
- ------------ -------------------------------------------------------------------
<PAGE>
This Amendment No. 2 to the Statement on Schedule 13D heretofore filed on
August 15, 1994, as amended by Amendment No. 1 filed on February 24, 1995, is
filed by Peter Cundill & Associates (Bermuda) Ltd., a Bermuda corporation
("PCB"), Peter Cundill Holdings (Bermuda) Ltd., a Bermuda corporation
("Holdings"), Cundill Value Fund, an unincorporated mutual fund trust governed
by the laws of British Columbia ("Value Fund") and F. Peter Cundill, a Canadian
citizen residing in England ("Cundill") (PCB, Holdings, Value Fund and Cundill
are sometimes also referred to herein individually as a "Reporting Person" and
collectively as "Reporting Persons"), to reflect the following amendments to
Items 3 and 5:
ITEM 3 IS HEREBY AMENDED AND RESTATED TO READ AS FOLLOWS IN ITS ENTIRETY:
Item 3. Source and Amount of Funds or Other Consideration.
The Shares herein reported as being beneficially owned by the Reporting
Persons were acquired as follows:
(1) Acting on behalf of Cundill Value Fund, an unincorporated
mutual fund trust governed by the laws of British Columbia ("Value
Fund"), PCB purchased a total of 676,100 Shares in open market
transactions for an aggregate consideration (exclusive of brokers'
commissions) of $2,865,743.50. To the best knowledge of the Reporting
Persons, the funds used in such purchases were from Value Fund's
existing available investment capital and none of the consideration for
such Shares was represented by borrowed funds.
Individually PCB does not beneficially own 5% or more of the
Shares. Due to the investment management services provided by PCB to
Value Fund, PCB could be deemed a beneficial owner of all Shares
purchased in the transactions described in subitem (1) above.
All dollar amounts are in United States dollars.
THE FIRST PARAGRAPH OF ITEM 5 IS HEREBY AMENDED AND RESTATED TO READ AS FOLLOWS
IN ITS ENTIRETY:
Item 5. Interest in Securities of the Issuer.
The number of Shares which may be deemed to be beneficially owned by the
Reporting Persons are as follows:
Shares Deemed to be Nature of Ownership Percentage
Beneficially Owned By: of Class
(A) PCB:
Shared Voting and Sole
676,100 Dispositive Power (1) 6.82%
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676,100 6.82%
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(B) Holdings:
Shared Voting and Shared
676,100 Dispositive Power (2) 6.82%
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676,100 6.82%
======= =====
(C) Cundill:
Shared Voting and Shared
676,100 Dispositive Power (3) 6.82%
------- -----
676,100 6.82%
======= =====
(1) Such Shares are owned by Value Fund, the investment portfolio of which
entity is managed by PCB. PCB has sole dispositive power and shared
voting power under an agreement dated as of June 1, 1995. The economic
interest in such Shares is held by Value Fund.
(2) Holdings, because it owns a controlling portion of the outstanding
stock of PCB, could be deemed to share the power to vote and dispose or
direct the disposition of such Shares.
(3) Cundill, because he owns a controlling portion of the outstanding stock
of Holdings, which owns a controlling portion of the outstanding of
stock of PCB, could be deemed to share the power to vote and dispose or
direct the disposition of such Shares.
THE FOLLOWING PARAGRAPH IS HEREBY ADDED TO ITEM 5 IN ORDER TO UPDATE INFORMATION
CONCERNING TRANSACTIONS IN THE SHARES:
TRANSACTIONS
No transactions in the Shares have been effected by the Reporting Persons
or to the best knowledge of the Reporting Persons, by any executive officer,
director, affiliate or subsidiary thereof during the past sixty days, except the
following transactions, each of which was made in a broker's transaction in the
open market.
Reporting Person Sale/ No. of Shares Price
Purchase Date Share
PCB on behalf of Sale 12/15/98 40,000 $4.75
Cundill Security
Fund
PCB on behalf of Purchase 12/15/98 40,000 $4.75
Value Fund
Item 7. Materials Filed as Exhibits.
In accordance with Rule 101(a)(2)(ii) of Regulation ST, the following
exhibits which have been previously filed in paper format, are not required to
be restated electronically and are incorporated by reference herein.
Exhibit 1 - Master Investment Counsel Agreement dated June 1, 1995 between
PCB and the Trustee of Value Fund (Incorporated by reference to Exhibit D to
Item 7 of Amendment No. 9 to Schedule 13D filed by the Reporting Persons on
October 12, 1995 with respect to the common stock of BRL Enterprises, Inc.)
Exhibit 2 - Power of Attorney for Peter Cundill & Associates (Bermuda) Ltd
(Incorporated by reference to Exhibit A to Item 7 of Amendment No. 9 to Schedule
13D filed by the Reporting Persons on October 12, 1995 with respect to the
common stock of BRL Enterprises, Inc.)
Exhibit 3 - Power of Attorney for Peter Cundill Holdings (Bermuda) Ltd
(Incorporated by reference to Exhibit B to Item 7 of Amendment No. 9 to Schedule
13D filed by the Reporting Persons on October 12, 1995 with respect to the
common stock of BRL Enterprises, Inc.)
Exhibit 4 - Power of Attorney for F. Peter Cundill (Incorporated by
reference to Exhibit C to Item 7 of Amendment No. 9 to Schedule 13D filed by the
Reporting Persons on October 12, 1995 with respect to the common stock of BRL
Enterprises, Inc.)
Exhibit 5 - Power of Attorney for Cundill Value Fund (Incorporated by
reference to Exhibit 1 to Item 7 of Amendment No. 6 to Schedule 13D filed by the
Reporting Persons on June 7, 1996 with respect to the common stock of Elsinore
Corporation).
<PAGE>
SIGNATURES
The undersigned certify, after reasonable inquiry and to the best knowledge
and belief of the undersigned, that the information set forth in this Statement
is true, complete and correct. The undersigned agree to the filing of this
single Statement on Schedule 13D.
PETER CUNDILL & ASSOCIATES
(BERMUDA) LTD.
Date: December 22, 1998 By: /s/Patrick W.D. Turley
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Patrick W.D. Turley
Attorney-in-Fact*
PETER CUNDILL HOLDINGS
(BERMUDA) LTD.
Date: December 22, 1998 By: /s/Patrick W.D. Turley
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Patrick W.D. Turley
Attorney-in-Fact*
F. PETER CUNDILL
Date: December 22, 1998 By: /s/Patrick W.D. Turley
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Patrick W.D. Turley
Attorney-in-Fact*
CUNDILL VALUE FUND
Date: December 22, 1998 By: /s/Patrick W.D. Turley
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Patrick W.D. Turley
Attorney-in-Fact*
*Pursuant to Power of Attorney on file with the Commission and incorporated by
reference herein.
