-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IjyMeGKDJVKnOYhlno9KtcBypmMyqlIpb1rVGyFhcvmG1GqNPviDnxBqT97lZqiE g6W2WBs1XOn8dxINkKKYyw== 0000902561-98-000278.txt : 19980827 0000902561-98-000278.hdr.sgml : 19980827 ACCESSION NUMBER: 0000902561-98-000278 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 19980826 SROS: NASD SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: CRONOS GROUP CENTRAL INDEX KEY: 0000919869 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EQUIPMENT RENTAL & LEASING, NEC [7359] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: SEC FILE NUMBER: 005-47841 FILM NUMBER: 98697978 BUSINESS ADDRESS: STREET 1: 7 RUE DAMSTERDAM STREET 2: L 1126 CITY: L 1126 LUXEMBURG STATE: N4 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: WAVELAND PARTNERS LP CENTRAL INDEX KEY: 0001044353 STANDARD INDUSTRIAL CLASSIFICATION: [] FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 333 WEST WACKER DR STE 1600 CITY: CHICAGO STATE: IL ZIP: 60606 MAIL ADDRESS: STREET 2: 333 WEST WACKER DRIVE STE 1600 CITY: CHICAGO STATE: IL ZIP: 60606 SC 13D/A 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ----------------------------- SCHEDULE 13D (Rule 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a) (Amendment No. 1) The Cronos Group - ------------------------------------------------------------------------------- (Name of Issuer) Common Shares, par value $2.00 per share (Title of Class of Securities) L20708 10 0 - ------------------------------------------------------------------------------- (CUSIP Number) David S. Richter Waveland Capital Management, L.P. 333 West Wacker Drive Chicago, Illinois 60606 (312) 739-2138 - ------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) August 26, 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(e), 13d-1(f) or 13d-1(g), check the following box [ ] Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent. CUSIP NO.: L20708-10-0 13D 1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS Waveland Partners, L.P. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (_) (b) (_) - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) (_) - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Illinois - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER -------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES 539,500 BENEFICIALLY -------------------------------------------------------------- OWNED BY 9 SOLE DISPOSITIVE POWER EACH REPORTING -------------------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER 539,500 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 539,500 Common Shares - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (_) - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.1% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON PN Page 2 of 12 Pages CUSIP NO.: L20708 10 0 13D 1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS Waveland Capital Management, L.P. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (_) (b) ( ) - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) (_) - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Illinois - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER -------------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES 539,500 BENEFICIALLY -------------------------------------------------------------- OWNED BY 9 SOLE DISPOSITIVE POWER EACH REPORTING -------------------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER 539,500 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 539,500 Common Shares - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (_) - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.1% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON CO Page 3 of 12 Pages CUSIP NO.: L20708 10 0 13D 1 NAME OF REPORTING PERSONS S.S. OR IRS IDENTIFICATION NOS. OF ABOVE PERSONS Clincher Capital Corporation - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (_) (b) (_) - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) (_) - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Illinois - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER --------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES 539,500 BENEFICIALLY --------------------------------------------------------- OWNED BY 9 SOLE DISPOSITIVE POWER EACH REPORTING --------------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER 539,500 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 539,500 Common Shares - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (_) - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.1% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON CO Page 4 of 12 Pages CUSIP NO.: L20708 10 0 13D 1 NAME OF REPORTING PERSONS S.S. OR IRS IDENTIFICATION NOS. OF ABOVE PERSONS Waveland Capital Management, LLC - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (_) (b) (_) - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) (_) - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Illinois - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER ----------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES 539,500 BENEFICIALLY ----------------------------------------------------------- OWNED BY 9 SOLE DISPOSITIVE POWER EACH REPORTING ----------------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER 539,500 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 539,500 Common Shares - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (_) - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.1% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO Page 5 of 12 Pages CUSIP NO.: L20708 10 0 13D 1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS Waveland Partners, Ltd. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (_) (b) (_) - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) (_) - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER ------------------------------------------------------------ NUMBER OF 8 SHARED VOTING POWER SHARES 539,500 BENEFICIALLY ------------------------------------------------------------ OWNED BY 9 SOLE DISPOSITIVE POWER EACH REPORTING ------------------------------------------------------------ PERSON 10 SHARED DISPOSITIVE POWER 539,500 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 539,500 Common Shares - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (_) - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.1% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO Page 6 of 12 Pages CUSIP NO.: L20708 10 0 13D 1 NAME OF REPORTING PERSONS S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS Waveland International, Ltd. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) (_) (b) (_) - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS WC - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) (_) - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER ----------------------------------------------------------- NUMBER OF 8 SHARED VOTING POWER SHARES 539,500 BENEFICIALLY ----------------------------------------------------------- OWNED BY 9 SOLE DISPOSITIVE POWER EACH REPORTING ----------------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER 539,500 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 539,500 Common Shares - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (_) - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 6.1% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON OO Page 7 of 12 Pages ITEM 2. IDENTITY AND BACKGROUND. This statement is being filed by Waveland International, Ltd., a Cayman Islands exempted company ("Waveland International"), Waveland, Waveland Capital, Clincher, Waveland Capital Management, LLC, an Illinois limited liability company ("Waveland LLC") and Waveland Partners, Ltd., a Cayman Islands exempted company ("Partners Ltd." and together with Waveland International, Waveland, Waveland Capital, Clincher and Waveland LLC, the "reporting persons"). The reporting persons have their principal offices at 333 West Wacker Drive, Suite 1600, Chicago, Illinois 60606. Clincher's principal business is as the general partner of Waveland Capital. Waveland's principal business is as the majority-owner of Waveland International. Waveland LLC's principal business is as the investment advisor of Partners Ltd. Partners Ltd.'s principal business is as the minority-owner of Waveland International. Waveland International's principal business is investments in marketable securities. (a) -- (c) The names, principal occupation or employment and the name, and, except where such information is provided elsewhere herein, the principal business and address of any organization in which such employment is conducted of each officer and director of Clincher is set forth below. Unless otherwise indicated below, each of the following persons is a United States citizen and the business address of each of the following persons is c/o Clincher Capital Corporation, 333 West Wacker Drive, Suite 1600, Chicago, Illinois 60606. Name Principal Occupation or Employment - ---- ----------------------------- David S. Richter Director, President, Secretary and Treasurer, Clincher Capital Corporation, the general partner of Waveland Capital Management, L.P., the general partner of Waveland Partners, L.P.; Manager, Waveland Capital Management, LLC; Director and President, Waveland Partners, Ltd.; Director and President, Waveland International, Ltd. Stephen J. Malkin Director and Chairman of the Board, Clincher Capital Corporation, the general partner of Waveland Capital Management, L.P., the general partner of Waveland Partners, L.P.; Manager, Waveland Capital Management, LLC. Page 8 of 12 Pages Michael J. Sacks Director and Chief Executive Officer, Clincher Capital Corporation, the general partner of Waveland Capital Management, L.P., the general partner of Waveland Partners, L.P.; Manager, Waveland Capital Management, LLC. Paul A. Meister Vice President and Assistant Secretary, Clincher Capital Corporation, the general partner of Waveland Capital Management, L.P., the general partner of Waveland Partners, L.P.; Manager, Waveland Capital Management, LLC; Director and Vice President, Waveland Partners, Ltd.; Director and Vice President, Waveland International, Ltd. Julie Tostevin Director and Secretary, Waveland Partners, Ltd.; Director and Secretary, Waveland International, Ltd. (d) During the last five years, none of the persons identified in this Item 2 has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors). (e) During the last five years, none of the persons identified in this Item 2 has 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 or, or prohibiting or mandating activities subject to Federal or State securities laws or finding any violation with respect to such laws. ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. The working capital of Waveland International is the source of funds used in making purchases of Common Shares. ITEM 4. PURPOSE OF TRANSACTION. The reporting persons intend to enter into an active dialogue with the Issuer's board of directors and management regarding the Issuer's strategic alternatives, including a possible sale of the Issuer to a third party. In connection with the foregoing, the reporting persons may seek to either designate a representative to act as an observer to the Issuer's board of directors or may seek to cause a representative of the reporting persons to be appointed to serve on the Issuer's board of directors. The reporting persons also may discuss the Issuer's strategic alternatives with other shareholders as well as with third parties which may be interested in pursuing a strategic transaction with the Issuer. Page 9 of 12 Pages On August 26, 1998, Waveland issued the press release attached hereto as Exhibit 99.1, the text of which is incorporated herein by reference. ITEM 5. INTEREST IN SECURITIES OF THE ISSUER. (a) Waveland International has acquired 539,500 Common Shares representing approximately 6.1% of the Common Shares outstanding as of December 31, 1997 (as reported in the Issuer's Annual Report on Form 20-F for the fiscal year ended December 31, 1997). (b) Each of the reporting persons may be deemed to share beneficial ownership of the Common Shares acquired by Waveland International. (c) In the past 60 days, Waveland International acquired 454,500 Common Shares, either directly or indirectly, from Waveland. Furthermore, in the past 60 days, Waveland International effected the following open market purchases of Common Shares: Page 10 of 12 Pages Number of Common Date Shares Acquired Price Per Share - ---- --------------- ---------------- 08/04/98 60,000 $ 5.75 08/07/98 25,000 $ 5.25 ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. Exhibit Number Description - ------- ------------ 99.1 Press Release 99.2 Joint Filing Agreement Page 11 of 12 Pages 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. Dated: August 26, 1998 WAVELAND PARTNERS, L.P. By: Waveland Capital Management, L.P. Its: General Partner By: Clincher Capital Corporation Its: General Partner By: /s/ David S. Richter --------------------------- David S. Richter, President WAVELAND CAPITAL MANAGEMENT, L.P. By: Clincher Capital Corporation Its: General Partner By: /s/ David S. Richter ------------------------ David S. Richter, President CLINCHER CAPITAL CORPORATION By: /s/ David S. Richter --------------------------- David S. Richter, President WAVELAND CAPITAL MANAGEMENT, LLC By: /s/ David S. Richter -------------------------- David S. Richter, Manager WAVELAND PARTNERS, LTD. By: /s/ David S. Richter -------------------------- David S. Richter, President WAVELAND INTERNATIONAL, LTD. By: /s/ David S. Richter -------------------------- David S. Richter, President Page 12 of 12 Page EX-99.1 2 PRESS RELEASE Exhibit 99.1 STOCKHOLDER OF THE CRONOS GROUP PROPOSES REVIEW OF STRATEGIC OPTIONS CHICAGO, IL, WEDNESDAY, AUGUST 26, 1998--Waveland Capital Management, L.P., a private investment partnership which, together with its affiliates Waveland Partners, L.P. and Waveland Partners Limited is one of the largest stockholders of The Cronos Group (NASDAQ: CRNSF), today amended its Schedule 13D filing with the SEC to disclose its intent to enter into an active dialogue with Cronos regarding the Company's strategic alternatives, including a possible sale of the company to a third party. Waveland is considering seeking board representation by a Waveland nominee. David S. Richter, President of Waveland's general partner, said that he believes that Cronos' board is committed to enhancing shareholder value and that the board is open to considering all available alternatives, including a possible sale of the company to a third party. Mr. Richter believes that although the management team has made progress in addressing some of the challenges confronting the company, various factors, including the company's current ownership structure, prevent such progress from being reflected in the share price. Therefore, a change in the current ownership structure would be beneficial to all shareholders. Cronos is one of the largest lessors of intermodal marine containers in the world, owning and managing a fleet of dry cargo, refrigerated and tank containers. For additional information, contact: David Richter (312) 739-2138 EX-99.2 3 JOINT FILING AGREEMENT EXHIBIT 99.2 JOINT FILING AGREEMENT ---------------------- In accordance with Rule 13d-1(f) under the Securities Exchange Act of 1934, as amended, each of the persons named below agrees to the joint filing of a Statement on Schedule 13D (including amendments thereto) with respect to the Common Shares, par value $2.00 per share of The Cronos Group, a limited liability company (societe anonyme) organized under the laws of Luxembourg, and further agrees that this Joint Filing Agreement be included as an exhibit to such filings provided that, as contemplated by Section 13d-1(f)(l)(ii), no person shall be responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless such person knows or has reason to believe that such information is inaccurate. This Joint Filing may be executed in any number of counterparts, all of which together shall constitute one and the same instrument. Dated: August 26, 1998 WAVELAND PARTNERS, L.P. By: Waveland Capital Management, L.P. Its: General Partner By: Clincher Capital Corporation Its: General Partner By: /s/ David S. Richter --------------------------- David S. Richter, President WAVELAND CAPITAL MANAGEMENT, L.P. By: Clincher Capital Corporation Its: General Partner By: /s/ David S. Richter --------------------------- David S. Richter, President CLINCHER CAPITAL CORPORATION By: /s/ David S. Richter --------------------------- David S. Richter, President WAVELAND CAPITAL MANAGEMENT, LLC By: /s/ David S. Richter --------------------------- David S. Richter, Manager WAVELAND PARTNERS, LTD. By: /s/ David S. Richter --------------------------- David S. Richter, President WAVELAND INTERNATIONAL, LTD. By: /s/ David S. Richter --------------------------- David S. Richter, President -----END PRIVACY-ENHANCED MESSAGE-----