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(Title of Class of Securities)
70469L100
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(CUSIP Number)
Frank S. Vellucci, Esq.
Norton Rose Fulbright US LLP
1301 Avenue of the AmericasNew York, NY 10019 (212) 408-5100 |
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(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
September 24, 2019 |
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(Date of Event which Requires Filing of this Statement)
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If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subect of this Schedule 13D, and is filing this schedule because of Sections
240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☒
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 (the "Act") or otherwise
subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act.
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CUSIP No. 70469L100
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13D/A
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Page 2 of 9 Pages |
1
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NAMES OF REPORTING PERSONS
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I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
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Cap 1 LLC
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a)
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☐
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(b)
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☐
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
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PF
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
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☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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Delaware
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7
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SOLE VOTING POWER
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0
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8
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SHARED VOTING POWER
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0
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9
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SOLE DISPOSITIVE POWER
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0
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10
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SHARED DISPOSITIVE POWER
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0
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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0
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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☐
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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0.0%
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14
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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OO
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CUSIP No. 70469L100
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13D/A
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Page 3 of 9 Pages |
1
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NAMES OF REPORTING PERSONS
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I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
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Richard S. Sackler, M.D.
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a)
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☐
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(b)
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☐
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
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PF
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
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☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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United States of America
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7
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SOLE VOTING POWER
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0
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8
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SHARED VOTING POWER
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0
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9
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SOLE DISPOSITIVE POWER
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0
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10
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SHARED DISPOSITIVE POWER
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0
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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0
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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☐
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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0.0%
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14
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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IN
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CUSIP No. 70469L100
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13D/A
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Page 4 of 9 Pages |
1
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NAMES OF REPORTING PERSONS
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I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
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Richard Sackler Family Foundation, Inc.
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a)
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☐
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(b)
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☐
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
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PF
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
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☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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Delaware
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7
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SOLE VOTING POWER
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0
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8
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SHARED VOTING POWER
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0
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9
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SOLE DISPOSITIVE POWER
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0
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10
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SHARED DISPOSITIVE POWER
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0
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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0
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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☐
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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0.0%
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14
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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CO
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CUSIP No. 70469L100
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13D/A
|
Page 5 of 9 Pages |
1
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NAMES OF REPORTING PERSONS
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I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
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David Sackler
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a)
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☐
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(b)
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☐
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3
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SEC USE ONLY
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4
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SOURCE OF FUNDS (SEE INSTRUCTIONS)
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PF
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5
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CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
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☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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United States of America
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7
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SOLE VOTING POWER
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0
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|||
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||||
8
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SHARED VOTING POWER
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0
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9
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SOLE DISPOSITIVE POWER
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0
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|||
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10
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SHARED DISPOSITIVE POWER
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0
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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0
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|||
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||||
12
|
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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|
☐
|
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||||
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||||
13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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0.0%
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14
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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IN
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CUSIP No. 70469L100
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13D/A
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Page 6 of 9 Pages |
Item 4.
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Purpose of Transaction.
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CUSIP No. 70469L100
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13D/A
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Page 7 of 9 Pages |
Item 5.
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Interest in Securities of the Company.
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Shares Beneficially Owned
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Percent of Class
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1. Cap 1:1
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Sole Voting Power
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-0-
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0.0%
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Shared Voting Power
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-0-
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0.0%
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Sole Dispositive Power
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-0-
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0.0%
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Shared Dispositive Power
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-0-
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0.0%
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Aggregate Voting and Dispositive Power
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-0-
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0.0%
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2. Dr. Sackler:
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Sole Voting Power
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-0-
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0.0%
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Shared Voting Power
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-0-
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0.0%
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Sole Dispositive Power
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-0-
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0.0%
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Shared Dispositive Power
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-0-
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0.0%
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Aggregate Voting and Dispositive Power
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-0-
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0.0%
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3. The Foundation:
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Sole Voting Power
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-0-
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0.0%
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Shared Voting Power
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-0-
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0.0%
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Sole Dispositive Power
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-0-
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0.0%
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Shared Dispositive Power
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-0-
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0.0%
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Aggregate Voting and Dispositive Power
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-0-
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0.0%
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4. David Sackler:
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Sole Voting Power
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-0-
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0.0%
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Shared Voting Power
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-0-
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0.0%
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Sole Dispositive Power
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-0-
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0.0%
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Shared Dispositive Power
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-0-
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0.0%
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Aggregate Voting and Dispositive Power
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-0-
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0.0%
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CUSIP No. 70469L100
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13D/A
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Page 8 of 9 Pages |
1
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Cap 1 is a Delaware limited liability company wholly owned by Crystal Fiduciary Company, LLC, as Trustee of the AR Trust. The beneficiaries of the AR Trust are Beverly Sackler, Dr. Sackler and the issue of Dr.
Sackler. David Sackler is the president of Summer Road and one of the beneficiaries of Cap 1. Cap 1 is a family client of Summer Road LLC (“Summer Road”). ”) Summer Road is the trading manager of the Reporting Persons, and in that capacity
Summer Road acts on behalf of the Reporting Persons as an agent. Rory A. Held, in his capacity as an employee of Summer Road, provides investment management services to the Reporting Persons. Summer Road and Mr. Held have no pecuniary
interest in the shares of Common Stock beneficially owned by the Reporting Persons. Summer Road is a “family office” (as defined in Investment Company Act of 1940 Rule 202(a)(11)(G)-1 (the “Family Office Rule”)) of the same family, and any
voting power or investment power Summer Road or Mr. Held may hold over the shares of Common Stock is ultimately attributed to the Reporting Persons. Pursuant to an arrangement between Mr. Held and Summer Road, any compensation that would
otherwise be payable to Mr. Held for his services as a director of the Company will be paid directly to Summer Road as his employer. Pursuant to this arrangement, an aggregate of 24,589 RSUs that were granted to Mr. Held as compensation for
his service as a director of the Company have been paid to Summer Road. RSUs were granted to Mr. Held on November 7, 2016, October 4, 2017 and October 10, 2018.
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Item 6.
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Contracts, Arrangements, Understandings or Relations with Respect to Securities of the Company.
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CUSIP No. 70469L100
|
13D/A
|
Page 9 of 9 Pages |
Cap 1 LLC
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By: /s/ Stephen A. Ives
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Name: Stephen A. Ives
Title: Vice President |
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Richard S. Sackler, M.D.
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By: /s/ Stephen A. Ives
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Name: Stephen A. Ives
Attorney-in-Fact for Richard S. Sackler, M.D. |
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Richard Sackler Family Foundation, Inc.
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By: /s/ Stephen A. Ives
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Name: Stephen A. Ives
Attorney-in-Fact for the Richard Sackler Family Foundation, Inc. |
David Sackler
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By: /s/ Stephen A. Ives
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Name: Stephen A. Ives
Attorney-in-Fact for David Sackler |