UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO 13d-1(a) AND
AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
(Amendment No. 3)/1/
PHOTRONICS, INC.
(Name of Issuer)
COMMON STOCK par value $.01 per share
-------------------------------------
(Title of Class of Securities)
719 405102
--------------------
(CUSIP Number)
Nicholas C. Unkovic, Esq.
GRAHAM & JAMES
One Maritime Plaza
San Francisco, CA 94111
(415) 954-0200
________________
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 26, 1999
(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 [ ].
Note. Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
_____________________________
1. The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which would
alter disclosures provided in a prior cover page.
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 (however, see the
Notes).
1
CUSIP No. 719 405102
-------------------
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1) Name of Reporting Person Toppan Printing Co., Ltd.
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2) Check the appropriate box if a member (a) [ ]
of a group (b) [x]
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3) SEC use only
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4) Source of funds WC
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5) Check box if disclosure of legal [ ]
proceedings is required pursuant
to Item 2(d) or 2(e)
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6) Citizenship or place of organization
Japan
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Number of shares beneficially owned by 7) Sole Voting 2,180,000
each Reporting Person with Power
8) Shared Voting Power 0
9) Sole Dispositive 2,180,000
Power
10) Shared Dispositive 0
Power
- --------------------------------------------------------------------------------
11) Aggregate amount beneficially owned 2,180,000
by each Reporting Person
- --------------------------------------------------------------------------------
12) Check box if the aggregate amount in [ ]
row (11) excludes certain shares
- --------------------------------------------------------------------------------
13) Percent of class represented by 9.17%
amount in row (11)
- --------------------------------------------------------------------------------
14) Type of Reporting Person CO
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2
This Amendment No. 3 (the "Amendment") amends a statement on Schedule 13D
dated September 30, 1993, filed by Toppan Printing Co., Ltd., a Japanese
corporation ("Toppan") relating to shares of Common Stock, $0.01 par value per
share (the "Stock") of Photronics, Inc., a Connecticut corporation (the
"Issuer").
Item 1. Security and Issuer
-------------------
The title of the class of equity securities to which this statement
relates is Common Stock, $.01 par value per share, of the Issuer.
The Issuer and the address of its principal executive offices are:
Photronics, Inc.
P.O. Box 5226
15 Secor Road
Brookfield, Connecticut 06804
Item 2. Identity and Background
-----------------------
(a)-(c)
and (f) Toppan is a corporation organized and existing under the
laws of Japan. The principal business address of Toppan is 1
Kanda Izumi-cho, Chiyoda-ku, Tokyo 101, Japan. Toppan is
engaged in numerous aspects of the printing industry,
including the development, manufacture and marketing of
photomask printing operations.
Set forth below is information concerning the name, business
address, and present principal occupation or employment of
all of the present executive officers and directors of
Toppan. Each such person is a Japanese citizen.
3
Present Principal Occupation
Name and Business Address or Employment
- ------------------------------------------ ----------------------------------
Hiromichi Fujita President
1, Kanda Izumi-cho, Chiyoda-ku
Tokyo 101-0024, Japan
Kenji Ejima Executive Vice President
1, Kanda Izumi-cho, Chiyoda-ku
Tokyo 101,-0024, Japan
Naoki Adachi Executive Vice President
1, Kanda Izumi-cho, Chiyoda-ku
Tokyo 101-0024, Japan
Shinpei Hasegawa Senior Managing Director
11-1, Shimura 1-chome General Mgr./Info. & Publns. Div.
Itabashi-ku,
Tokyo 174-8558, Japan
Hiroshi Kidokoro Sr. Managing Director
22-61, Ebie 3-chome Kansai Rep.
Fukushima-ku, Oosaka-shi
Oosaka, 553-0001 Japan
Mikio Nakano Senior Managing Director,
Acropolis Tokyo Building General Manager of Packaging Div.
6-29, Shin Ogawa-machi
Shinjuku-ku,
Tokyo 162-8531, Japan
Tsuneyasu Kuromitsu Senior Managing Director,
1, Kanda Isumi-cho, Chiyoda-ku Gen. Mgr. of Human Resources
Tokyo 101-0024, Japan Management Div.
Tadao Masuda Senior Managing Director,
2-7, Yaesu 2-chome Gen. Mgr. Of Electronics Div.
Chuo-ku, Tokyo 104-0028, Japan
Masaharu Mitani Managing Director,
19 Nominami-cho, Nishi-ku Gen. Mgr. Of Chubu Area
Nagoya-shi, Aichi 452-8571
4
Tohru Shimabukuro Managing Director,
1, Kanda Izumi-cho, Chiyoda-ku Gen. Mgr. Of Mfg., Tech & Research Div.
Tokyo 101-0024, Japan
Tetsuro Minami Managing Director,
1, Kanda Izumi-cho, Chiyoda-ku Gen. Mgr. Of International Div.
Tokyo 101-0024, Japan
Masao Tsuchiya Managing Director,
1, Kanda Izumi-cho, Chiyoda-ku Gen. Mgr. Of Business Innovation Div.
Tokyo 101-0024, Japan
Katsuo Amemiya Managing Director,
11-1, Shimura 1-chome Vice Gen. Mgr. Of Info & Publns. Div.
Itabashi-ku,
Tokyo 174-8558, Japan
Yukio Tagawa Managing Director,
2-7, Yaesu 2-chome Vice Gen. Mgr. Of Electronics Div.
Chuo-ku, Tokyo 104-0028, Japan
Yukio Oba Managing Director
5-1, Taito 1-chome Gen. Mgr. Of TIC Business Promotion Div.
Taito-ku, Tokyo 110-8560, Japan
Saburo Umeda Managing Director,
22-61, Ebie 3-chome Gen. Mgr. Of Kansai Area,
Fukushima-ku, Oosaka-shi Packaging Div.
Oosaka 553-0001, Japan
Shuji Higashida Managing Director,
5-1, Taito 1-chome Gen. Mgr. Of Multimedia Div.
Taito-ku, Tokyo 110-8560, Japan
Koichi Miyazaki Managing Director,
17-28 Yakuin 1-chome, Chuo-ku Gen. Mgr. Of Nishi-Nippon Area
Fukuoka-shi, Fukuoka 810-0022, Japan
Sawako Noma Director,
2-12-21, Otowa, Bunkyo-ku President of Kodansha Ltd.
Tokyo 112-0013, Japan
Hiromicho Kono Director,
5-1, Taito 1-chome Gen. Mgr. Of Securities Printing Div.
Taito-ku, Tokyo 110-8560, Japan
5
Tatsuo Yamamoto Director,
5-1, Taito 1-chome Gen. Mgr. Of Commercial Printing Div.
Taito-ku, Tokyo 110-8560, Japan
Takeshi Toyama Director,
1, Kanda Izumi-cho, Chiyoda-ku Gen. Mgr. Of Corp. Planning Div.
Tokyo 101-0024, Japan
Hiroshi Kukimoto Director,
4-2-1, Takanodai-minami Gen. Mgr. Of Tech. Resch. Inst.
Sugito-cho, Kitakasushika-gun
Saitama 345-8508, Japan
Masayasu Ishida Director,
1, Kanda Izumi-cho, Chiyoda-ku Gen. Mgr. Of Legal Div.
Tokyo 101-0024, Japan
Akihiro Nagata Director,
1, Kanda Izumi-cho, Chiyoda-ku Gen. Mgr. Of Fin. & Acctg. Div.
Tokyo 101-0024, Japan
Yoshio Sakamura Director,
3-3, Akasi-Toori, Izumi-ku Gen. Mgr. Of Tohoku Area
Sendai-sshi, Miyagi 981-2196, Japan
Hideaki Kawai Director,
2-7, Taesu 2-chome Vice Gen. Mgr. Of Electronics Div.
Chuo-ku, Tokyo 104-0028 Japan
Takashi Owaki Director,
22-61, Ebie 3-chome Gen. Mgr. Of Kansai Area, Commercial
Fukushima-ku, Oosaka-shi Printing Div.
Oosaka 553-0001, Japan
Yukio Natori Director,
1, Kanda Izumi-cho, Chiyoda-ku Gen. Mgr. Of Purchasing Div.
Tokyo 101-0024, Japan
Hiroshi Inoue Director,
17-28, Yakuin 1-chome, Chuo-ku Gen. Mgr. Of Kyuchuu Div.,
Fukuoka-shi, Fukuoka 810-0022, Japan Nishi-Nippon Area
6
Yoshiaki Tsuneda Director,
Acropolis Tokyo Building General Manager of Tokyo Area,
6-29, Shin Ogawa-machi Packaging Div.
Sinjuku-ku, Tokyo 162-8531, Japan
Toshihiko Akiyama Director,
11-1, Shimura 1-chome Vice Gen. Mgr. Of Info. & Publns. Div.
Itabashi-ku, Tokyo 174-8558, Japan
Seisaku Okumura Standing Statutory Auditor
1, Kanda Izumi-cho, Chiyoda-ku
Tokyo 101-0024, Japan
Hideo Yuasa Standing Statutory Auditor
1, Kanda Izumi-cho, Chiyoda-ku
Tokyo 101-0024, Japan
Jiro Kawake Statutory Auditor,
1, Kanda Izumi-cho, Chiyoda-ku Advisor of Oji Paper Ltd.
Tokyo 101-0024, Japan
Kohken Tsuchiya Statutory Auditor
1, Kanda Izumi-cho, Chiyoda-ku
Tokyo 101-0024, Japan
(d)-(e) During the last five years, neither Toppan, nor any of the
persons listed above, has been convicted in a criminal
proceeding or been a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction
and as a result of such proceeding been subject to a
judgment, decree or final order enjoining future violations
of, 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.
--------------------------------------------------
No change.
Item 4. Purpose of Transaction.
----------------------
Toppan acquired the Issuer's Stock for investment purposes and to
develop a relationship of mutual cooperation between Toppan and
the Issuer.
7
Toppan sold 500,000 shares on 9/25/98 and sold 250,000 shares on
12/22/98, and intends to sell an additional 250,000 shares on or
before 3/25/99, for a total of (one million) 1,000,000 shares of the
Stock back to the Issuer, as more fully described under Item 6 below.
(a)-(j) Not applicable.
Except as set forth above, Toppan has no present plans or intentions
which would result in or relate to any of the transactions required to
be described in subparagraphs (e) through (j) of Item 4 of Schedule
13D, although Toppan may, depending upon the factors set forth above,
and other considerations, determine to pursue one or more such
transactions.
Item 5. Interest in Securities of the Issuer
------------------------------------
(a)-(b) Toppan owns 2,180,000 shares of Common Stock, $.01 par value
per share of the Issuer, which constitutes approximately
9.17% of the issued and outstanding common stock of the
Issuer. To the best knowledge of Toppan, none of the
directors or executive officers of Toppan listed in Item 2
beneficially own any Common Stock of the Issuer. Toppan has
sole power to vote and dispose of all 2,180,000 shares owned
by it.
(c) Description of any transactions in the class of securities
reported on that were effected during the past sixty days or
since the most recent filing on Schedule 13D: See Item 6
below.
(d)-(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
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to Securities of the Issuer
---------------------------
Pursuant to the Stock Purchase Agreement (the "Stock Purchase
Agreement"), dated September 13, 1993, by and among the Issuer and
Toppan, a copy of which was filed as an exhibit to the Schedule 13D
filing for the Issuer dated September 30, 1993 [the "Original Schedule
13D"] (CUSIP No. 719 405102) and incorporated thereto by reference,
Toppan was subject to certain "Standstill Provisions" and provisions
restricting the sale of stock by Toppan. Such provisions terminated on
Oct. 1, 1998.
Toppan and the Issuer have agreed upon a sale back to the Issuer of a
total of 1,000,000 (one million) shares of the Stock held by Toppan.
Pursuant to a letter agreement dated September 22, 1998, from the
Issuer to Toppan
8
(the "Agreement"), the terms and schedule of this sale agreement are
as follows:
a) On September 25, 1998, under the Agreement, the Issuer purchased
500,000 shares at a price of $13.50 per share;
b) On December 22,1998, the Issuer purchased 250,000 shares at a
price of $13.70 per share;
c) On or before March 25, 1999, the Issuer will purchase 250,000
shares at a price of $13.90 per share.
d) All of the shares already sold and to be sold to the Issuer by
Toppan have and shall be delivered against payment free and clear
of all liens, claims and encumbrances.
e) Provided that the Issuer does not default in its purchase
obligations set forth above, until March 25, 1999, Toppan shall
not sell, transfer, pledge, or otherwise dispose of any shares of
Common Stock other than sales to the Issuer.
Item 7. Material to be Filed as Exhibits
--------------------------------
Letter from the Issuer to Toppan dated September 22, 1998 containing
the terms of the Agreement.
SIGNATURE
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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: March 25, 1999
TOPPAN PRINTING CO., LTD.
By: /s/ Akihiro Nagata
Name: Akihiro Nagata
Title: Director, Finance and Accounting Division
9
[PHOTRONICS LETTERHEAD]
September 21, 1998
Toppan Printing Co., Ltd.
1, Kanda Izumi-cho
Chiyoda-ku, Tokyo 101-0024, Japan
Gentlemen:
This will confirm our agreement regarding the purchase by Photronics,
Inc. ("Photronics") of 1,000,000 shares of common stock ("Common Stock") of
Photronics from Toppan Printing Co., Ltd. ("Toppan").
We have agreed that Photronics will purchase, and Toppan will sell,
1,000,000 shares of Common Stock currently owned by Toppan as follows:
a) On or before September 25, 1998, Photronics will purchase 500,000
shares at a price of $13.50 per share;
b) On or before December 25, 1998, Photronics will purchase 250,000
shares at a price of $13.70 per share; and
c) On or before March 25, 1999, Photronics will purchase 250,000 shares
at a price of $13.90 per share.
All of the shares to be sold to Photronics by Toppan shall be delivered
against payment free and clear of all liens, claims and encumbrances.
We have also agreed that provided Photronics does not default in its
purchase obligations set forth above, until March 25, 1999, Toppan shall not
sell, transfer, pledge or otherwise dispose of any shares of Common Stock
other than the sales to Photronics.
If the foregoing accurately sets forth our agreement, please so
indicate by signing in the space provided below.
Very truly yours,
/s/ Jeffrey P. Moonan
---------------------
Jeffrey P. Moonan
Senior Vice President
General Counsel
Agreed to and Accepted by:
TOPPAN PRINTING CO., LTD.
By: /s/ Akihiro Nagata
Name: Akihiro Nagata
Title: Director, Finance & Accounting Division
Date: September 22, 1998
