-----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, KArNQAXJtRKEDns3cmr/uDZydGn3+P7l84lFjvtrY4giKGnr3l5Kt+aEy9NmlP0E 2gE2INsrNjhmu/+xyx/CEA== 0000950172-03-000660.txt : 20030228 0000950172-03-000660.hdr.sgml : 20030228 20030228163416 ACCESSION NUMBER: 0000950172-03-000660 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030228 ITEM INFORMATION: Other events FILED AS OF DATE: 20030228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REFAC CENTRAL INDEX KEY: 0000082788 STANDARD INDUSTRIAL CLASSIFICATION: PATENT OWNERS & LESSORS [6794] IRS NUMBER: 131681234 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12776 FILM NUMBER: 03587125 BUSINESS ADDRESS: STREET 1: 115 RIVER ROAD CITY: EDGEWATER STATE: NJ ZIP: 07020-1099 BUSINESS PHONE: 2019434400 MAIL ADDRESS: STREET 2: 122 EAST 42ND ST STE 4000 CITY: NEW YORK STATE: NY ZIP: 10168 FORMER COMPANY: FORMER CONFORMED NAME: REFAC INC DATE OF NAME CHANGE: 19720628 FORMER COMPANY: FORMER CONFORMED NAME: RESOURCES & FACILITIES CORP DATE OF NAME CHANGE: 19740509 FORMER COMPANY: FORMER CONFORMED NAME: REFAC TECHNOLOGY DEVELOPMENT CORP DATE OF NAME CHANGE: 19920703 8-K 1 s731855.txt FORM 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _________________ FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 _________________ Date of Report: February 28, 2003 (Date of earliest event reported) REFAC (Exact Name of Registrant as Specified in Charter) Delaware 0-7704 13-1681234 (State or Other (Commission File (IRS Employer Jurisdiction of Number) Identification No.) Incorporation) 115 River Road, Edgewater, New Jersey 07020 (Address of Principal Executive Offices) (201) 943-4400 (Registrant's telephone number, including area code) Item 5. Other events On February 28, 2003, the registrant completed its merger with a subsidiary of Palisade Concentrated Equity Partnership, L.P. ("Palisade"), pursuant to the Agreement and Plan of Merger, dated August 19, 2002, by and between the registrant, Palisade and Palisade Merger Corp., as amended. Attached hereto as Exhibit 99.1 is a press release issued by the registrant regarding the merger. The Company entered into Amendment No.2 to Rights Agreement (the "Amendment"), dated as of February 26, 2003, with American Stock Transfer & Trust Company, a copy of which is attached hereto as Exhibit 4.1 and is incorporated herein by reference. The Amendment provides that the rights under the Rights Agreement shall expire on the earliest of (i) the effective date of the merger of the Company with a subsidiary of Palisade Concentrated Equity Partnership, L.P. ("Palisade"), as provided in the Agreement and Plan of Merger, dated as of August 19, 2002, by and among the Company, Palisade and Palisade Merger Corp., (ii) 5:00 P.M., New York City time, on April 26, 2012, or such later date as may be established by the Board of Directors prior to the expiration of the rights or (iii) the time at which the rights are redeemed or exchanged. SIGNATURE Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. REFAC Date: February 28, 2003 By: /s/ Robert L. Tuchman -------------------------- Robert L. Tuchman Chief Executive Officer, President and General Counsel EXHIBITS 4.1 Amendment No.2 to Rights Agreement, dated as of February 26, 2003, between Refac and American Stock Transfer & Trust Company, incorporated by reference to Exhibit 1 to the Company's Registration Statement on Form 8-A filed February 28, 2003. 99.1 Press release issued on February 28, 2003 by Refac. EXHIBIT 99.1 REFAC COMPLETES MERGER WITH SUBSIDIARY OF PALISADE CONCENTRATED EQUITY PARTNERSHIP, L.P. Edgewater, New Jersey, February 28, 2003 - Refac (AMEX: REF) announced today that it has completed its merger with a wholly-owned subsidiary of Palisade Concentrated Equity Partnership, L.P. ("Palisade"). The combined company has taken the name Refac and its new common stock will trade on the American Stock Exchange under the ticker symbol "REF". Earlier today, Refac's stockholders voted to approve the merger at a special meeting of stockholders. Approximately 85% of the votes cast, representing approximately 61% of the outstanding shares, voted in favor of the merger. As a result of the merger, Palisade owns approximately 80% of the combined company's outstanding shares. Palisade intends to use Refac as a vehicle for making acquisitions. Under the terms of the merger, Refac stockholders will receive $3.60 in cash and 0.2 shares of the combined company's common stock. Stockholders who hold such shares received in the merger continuously until June 30, 2005 have the right to sell them to the combined company at a price which will depend upon Refac's liquid distributable assets as of March 31, 2003 and June 30, 2005. Following the merger, Robert L. Tuchman will continue to serve as Refac's Chairman of the Board and Chief Executive Officer and Raymond A. Cardonne will continue to serve as its Vice President, Chief Financial Officer and Secretary. Robert L. Tuchman, Mark N. Kaplan and Clark A. Johnson will stay on as members of Refac's Board of Directors, together with four new directors - - - Mark S. Hoffman, Richard S. Meisenberg, Melvin Meskin and Jeffrey D. Serkes. "We are excited that we have been able to close this merger," said Robert L. Tuchman, Chairman and CEO of Refac. "We believe it provides maximum value to the Company's shareholders. Shareholders not only receive an immediate cash payment, but they also have the opportunity to participate in any growth we may enjoy under Palisade's leadership." * * * * * CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This News Release statement includes certain statements of the Company that may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and which are made pursuant to the Private Securities Litigation Reform Act of 1995. These forward-looking statements and other information relating to the Company are based upon the beliefs of management and assumptions made by and information currently available to the Company. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, or performance, as well as underlying assumptions and statements that are other than statements of historical fact, including statements regarding completion of the proposed merger. When used in this document, the words "expects," "anticipates," "estimates," "plans," "intends," "projects," "predicts," "believes," "may" or "should," and similar expressions, are intended to identify forward-looking statements. These statements reflect the current view of the Company's management with respect to future events. Many factors could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance, or achievements that may be expressed or implied by such forward-looking statements. # # # -----END PRIVACY-ENHANCED MESSAGE-----