Registration Statement for Securities to Be Issued in Business Combination Transactions (s-4/a)
November 20 2020 - 04:19PM
Edgar (US Regulatory)
FORM 4
[ ]
Check this box if no longer subject to Section 16. Form 4 or Form 5
obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL
OWNERSHIP OF SECURITIES
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Filed pursuant to Section 16(a) of the
Securities Exchange Act of 1934 or Section 30(h) of the Investment
Company Act of 1940
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1. Name
and Address of Reporting Person * CD&R Investment
Associates IX, Ltd. |
2. Issuer Name and Ticker or Trading
Symbol COVETRUS, INC. [ CVET ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)_____
Director __X__
10% Owner
_____ Officer (give title
below) _____ Other
(specify below)
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(Last)
(First)
(Middle)
C/O M+C CORPORATE SERVICES LIMITED, P.O. BOX 309 UGLAND
HSE, SOUTH CHURCH ST |
3. Date of Earliest Transaction (MM/DD/YYYY)
11/18/2020
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(Street)
GEORGE TOWN, E9 KY1-1104
(City)
(State)
(Zip)
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4. If Amendment, Date Original Filed
(MM/DD/YYYY)
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6. Individual or Joint/Group Filing
(Check Applicable Line) ___
Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting
Person |
Table I - Non-Derivative Securities Acquired, Disposed of, or
Beneficially Owned
|
1.Title of Security
(Instr. 3) |
2. Trans. Date |
2A. Deemed Execution Date, if any |
3. Trans. Code
(Instr. 8) |
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) |
5. Amount of Securities Beneficially Owned Following
Reported Transaction(s)
(Instr. 3 and 4) |
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4) |
7. Nature of Indirect Beneficial Ownership (Instr.
4) |
Code |
V |
Amount |
(A) or (D) |
Price |
Common Stock |
11/18/2020 |
|
C(1) |
|
8165045 |
A |
$0.00 |
33589001 |
I |
By affiliate (2) |
Common Stock |
11/18/2020 |
|
J(3) |
|
81540 |
A |
$0.00 |
33670541 |
I |
By affiliate (2) |
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible
securities)
|
1. Title of Derivate Security
(Instr. 3) |
2. Conversion or Exercise Price of Derivative
Security |
3. Trans. Date |
3A. Deemed Execution Date, if any |
4. Trans. Code
(Instr. 8) |
5. Number of Derivative Securities Acquired (A) or
Disposed of (D)
(Instr. 3, 4 and 5) |
6. Date Exercisable and Expiration Date |
7. Title and Amount of Securities Underlying
Derivative Security
(Instr. 3 and 4) |
8. Price of Derivative Security
(Instr. 5) |
9. Number of derivative Securities Beneficially
Owned Following Reported Transaction(s) (Instr. 4) |
10. Ownership Form of Derivative Security: Direct
(D) or Indirect (I) (Instr. 4) |
11. Nature of Indirect Beneficial Ownership (Instr.
4) |
Code |
V |
(A) |
(D) |
Date Exercisable |
Expiration Date |
Title |
Amount or Number of Shares |
Series A Preferred Stock |
$11.10 (4) |
11/18/2020 |
|
C (1) |
|
|
90632 |
(5)(6)(7)(8) |
(5)(6)(7)(8) |
Common Stock |
8165045 |
(4) |
0 |
I |
By affiliate (2)(4) |
Explanation of
Responses: |
(1) |
On November 18, 2020, 90,632
shares of 7.5% Series A Preferred Stock (the "Preferred Stock") of
Covetrus, Inc. (the "Issuer") were converted into 8,165,045 shares
of common stock of the Issuer (the "Common Stock") at the option of
the Issuer, pursuant to the terms of the certificate of
designations, preferences and right governing the Preferred Stock
and following approval by the Issuer's stockholders on November 17,
2020 of the conversion of all outstanding shares of Preferred Stock
into shares of Common Stock. |
(2) |
These securities are owned
directly by CD&R VFC Holdings, L.P. ("CD&R Stockholder").
CD&R Investment Associates IX, Ltd., as the general partner of
CD&R Stockholder, may be deemed to beneficially own the
securities held by CD&R Stockholder. CD&R Investment
Associates IX, Ltd. expressly disclaims beneficial ownership of the
securities held by CD&R Stockholder, except to the extent of
its pecuniary interest therein. |
(3) |
On November 18, 2020, in
connection with the conversion of all outstanding shares of
Preferred Stock by the Issuer, CD&R Stockholder received
accrued dividends in respect of the 90,632 shares of Preferred
Stock held on the date of conversion in the form of 81,540 shares
of Common Stock. |
(4) |
CD&R Stockholder
directly owned shares of Preferred Stock of the Issuer, which were
convertible into shares of Common Stock at a price per share of
$11.10, which was subject to anti-dilution adjustments, including
in the event of any stock split, stock dividend, recapitalization
of similar event. |
(5) |
The Preferred Stock was
convertible at any time at the option of the holder and had no
expiration date. Following approval by the Issuer's stockholders on
November 17, 2020, the Issuer was able to convert all outstanding
shares of Preferred Stock, resulting in the Reporting Persons
beneficially owning more than 19.99% of the then-outstanding
stockholder voting power of the Issuer. |
(6) |
The Issuer had the right, at
its option, to require conversion of all (but not less than all) of
the outstanding shares of Preferred Stock to shares of Common Stock
if (i) at any time, the Issuer satisfies certain financial metrics
or (ii) the volume weighted average price of the Common Stock on
any trading day (a) until (but not including) the date that is two
years from the issuance date, exceeds 200%, (b) from the date that
is two years from the issuance date until (but not including) the
date that is two years and six months from the issuance date,
exceeds 195%, (c) from the date that is two years and six months
from the issuance date until (but not including) the date that is
three years from the issuance date, exceeds 190%, (d) from the date
that is three years from the issuance date until (but not
including) the date that is three years and six months from the
issuance date, exceeds 185%, (continued next footnote) |
(7) |
(e) from the date that is
three years and six months from the issuance date until (but not
including) the date that is four years from the issuance date,
exceeds 180%, and (f) at any time thereafter, exceeds 175%, in each
case, of the then-effective conversion price for at least 20 out of
the 30 trailing trading days. The Preferred Stock accrued dividends
at a rate of 7.50% per annum, payable in cash or in additional
shares of Preferred Stock. |
(8) |
Holders of Preferred Stock
were also entitled to receive certain dividends declared or paid on
the Common Stock on an as-converted basis. |
Reporting
Owners
|
Reporting Owner Name / Address |
Relationships
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Director |
10% Owner |
Officer |
Other |
CD&R Investment Associates IX, Ltd.
C/O M+C CORPORATE SERVICES LIMITED
P.O. BOX 309 UGLAND HSE, SOUTH CHURCH ST
GEORGE TOWN, E9 KY1-1104 |
|
X |
|
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CD&R VFC Holdings L.P.
C/O M+C CORPORATE SERVICES LIMITED
P.O. BOX 309 UGLAND HSE, SOUTH CHURCH ST
GEORGE TOWN, E9 KY1-1104 |
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X |
|
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Signatures
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CD&R Investment Associates IX, Ltd., By:
Theresa A. Gore, CFO, Treas. and Sec. |
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11/20/2020 |
**Signature of Reporting
Person |
Date |
CD&R VFC Holdings, L.P., By: CD&R
Investment Associates IX, Ltd, general partner; By: /s/ Theresa A.
Gore, CFO, Treas. and Sec. |
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11/20/2020 |
**Signature of Reporting
Person |
Date |