As filed with the Securities and Exchange Commission on June 28, 2002
Registration Statement No. 333-87254
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
AMENDMENT #1 TO
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
A. M. CASTLE & CO.
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(Exact Name of Registrant as Specified in Its Charter)
Maryland 36-0879160
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(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
3400 North Wolf Road
Franklin Park, Illinois 60131
(847) 455-7111
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(Address, Including Zip Code, and Telephone Number,
Including Area Code, of Registrant's Principal Executive Offices)
Jerry M. Aufox, Esq.
A. M. Castle & Co.
3400 North Wolf Road
Franklin Park, Illinois 60131
Telephone: (847) 349-2516
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(Name, Address, Including Zip Code, and Telephone Number,
Including Area Code, of Agent for Service)
Copies to:
William E. Doran, Esq.
Sachnoff & Weaver, Ltd.
30 S. Wacker Drive, 29th Floor
Chicago, Illinois 60606-7484
(312) 207-6412
Approximate date of commencement of proposed sale to the public: From time
to time after this registration statement becomes effective.
If the only securities being registered on this form are to be offered
pursuant to dividend or interest reinvestment plans, please check the following
box. [ ]
If any of the securities being registered on this form are to be offered on
a delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, other than securities offered only in connection with dividend or interest
reinvestment plans, check the following box. [X]
If this form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, check the following box and
list the Securities Act registration statement number of the earlier effective
registration statement for the same offering. [ ]
If this form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. [ ]
If delivery of the prospectus is expected to be made pursuant to Rule 434,
please check the following box. [ ]
The registrant amends this registration statement on such date or dates as
may be necessary to delay its effective date until the registrant shall file a
further amendment which specifically states that this registration statement
shall thereafter become effective in accordance with section 8(a) of the
Securities Act of 1933, as amended, or until this registration statement shall
become effective on such date as the Securities and Exchange Commission, acting
pursuant to said section 8(a), may determine.
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The information in this prospectus is not complete and may be changed. The
Selling Stockholders may not sell these securities until the registration
statement filed with the Securities and Exchange Commission is effective. This
prospectus is not an offer to sell these securities and it is not soliciting an
offer to buy these securities in any state where the offer or sale is not
permitted.
Subject to Completion, Dated June 28, 2002.
685,190 Shares
of
A. M. CASTLE & CO.
Common Stock, par value $0.01 per share
The Selling Stockholders identified in this prospectus may sell up to
685,190 shares of our common stock. If the Selling Stockholders elect to sell
their shares, they may do so from time to time privately at prices individually
negotiated with the purchasers, publicly in transactions on the Chicago Stock
Exchange or the American Stock Exchange, or as otherwise discussed in "Plan of
Distribution and Offering Price." We will not receive any proceeds from the sale
of shares by the Selling Stockholders. See "Use of Proceeds."
Our common stock is traded on the American Stock Exchange and the Chicago
Stock Exchange under the symbol "CAS." On June ___, 2002, the last reported sale
price of the common stock was ____.
See "Risk Factors" beginning on page 3 for a discussion of factors that you
should consider before you invest in the common stock being offered through this
prospectus.
Neither the Securities and Exchange Commission nor any other regulatory
body has approved or disapproved of these securities or passed on the accuracy
or adequacy of this prospectus. Any representation to the contrary is a criminal
offense.
This prospectus is dated [_________], 2002
1
TABLE OF CONTENTS
Page
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AVAILABLE INFORMATION.........................................................2
A.M. CASTLE & CO..............................................................3
RECENT DEVELOPMENTS...........................................................3
RISK FACTORS..................................................................3
USE OF PROCEEDS...............................................................5
SELLING STOCKHOLDER...........................................................5
PLAN OF DISTRIBUTION AND OFFERING PRICE.......................................6
VALIDITY OF STOCK.............................................................7
EXPERTS.......................................................................7
INFORMATION INCORPORATED BY REFERENCE......................................II-1
Available Information
We file reports, proxy statements and other information with the Securities
and Exchange Commission ("SEC"). Those reports, proxy statements and other
information may be obtained:
o At the Public Reference Rooms of the SEC in Washington, DC. Please call the
SEC at 1-800-SEC-0330, or write the SEC at Securities and Exchange
Commission, Public Reference Section, Judiciary Plaza, 450 Fifth Street,
N.W., Washington, DC 20549, for further information.
o At the offices of the American Stock Exchange, 86 Trinity Place, New York,
NY 10006; or
o From the Internet site maintained by the Securities and Exchange Commission
at http://www.sec.gov, which contains reports, proxy and information
statements and other information regarding issuers that file electronically
with the Securities and Exchange Commission.
We have filed with the Securities and Exchange Commission a registration
statement on Form S-3 under the Securities Act covering the shares of common
stock offered by this prospectus. As permitted by the Securities and Exchange
Commission, this prospectus, which constitutes a part of the registration
statement, does not contain all the information included in the registration
statement. The information incorporated by reference is an important part of
this prospectus, and information we file later with the SEC will automatically
update and supersede this information. We incorporate by reference the documents
listed below and any future filings made with the SEC under Sections 13(a),
13(c), 14 or 15(d) of the Securities Exchange Act of 1934 until all of the
shares offered by this prospectus have been sold or we have filed with the SEC
an amendment to the registration statement relating to this offering which
deregisters all securities then remaining unsold.
We have previously filed the following documents with the Securities and
Exchange Commission under the Securities Exchange Act of 1934, as amended, and
they are incorporated into this prospectus by reference:
(a) Proxy Statement of A. M. Castle & Co. for the Annual Meeting of
Stockholders to be held on April 25, 2002, filed on March 14, 2002;
(b) Quarterly Report on Form 10-Q of A.M. Castle & Co. for the quarter
ended March 31, 2002, filed on April 26, 2002;
(c) Annual Report on Form 10-K of A. M. Castle & Co. for the fiscal year
ended December 31, 2001, filed on March 14, 2002; and
(d) The description of our common stock contained in the Proxy Statement of
A. M. Castle & Co. for the Annual Meeting of Stockholders held on April 26,
2001, filed on March 23, 2001.
You should rely only on the information incorporated by reference or
provided in this prospectus or any prospectus supplement. We have not authorized
anyone to provide you with information that is different. We are not making an
offer of these securities in any jurisdiction where the offer is not permitted.
You should not assume that the information in this prospectus or any prospectus
supplement or any other document incorporated by reference herein is accurate as
of any date other than the date of such document.
2
On request, we will provide anyone who receives a copy of this prospectus
with a copy of any or all of the documents incorporated in this prospectus by
reference. Written or telephone requests for such copies should be directed to
our principal office: A. M. Castle & Co., Investor Relations Department, 3400
North Wolf Road, Franklin Park, Illinois 60131, (847) 455-7111.
This prospectus contains forward-looking statements. Some of the
information contained or incorporated into in this prospectus, may be
forward-looking statements under the federal securities laws. Such statements
often contain words such as "anticipates," "intends," "seeks," "believes,"
"estimates," "plans," and "expects." These statements discuss expectations for
the future, contain projections concerning the results of our operations or our
future financial condition or state other forward-looking information. We
believe it is important to communicate our expectations to our investors.
However, there will be events in the future that we are not able to accurately
predict or over which we have no control. The risk factors listed in this
section, as well as any other cautionary language in this prospectus, provide
examples of risks, uncertainties and events that may cause our actual results to
differ materially from the expectations we describe in our forward-looking
statements. Before you invest in our common stock, you should be aware that the
occurrence of the events described in these risk factors and elsewhere in this
prospectus, or in our other publicly filed reports which are or later will be
incorporated herein, could have a material adverse effect on our business,
operating results and financial condition.
A. M. CASTLE & CO.
We are a distributor of highly engineered metal and plastic materials and a
provider of value-added services associated with these materials. Our metal
materials are commonly classified as either Ferrous (such as mild steel, cast
steel and cast iron) and Non-Ferrous (such as aluminum, cooper, brass and lead).
Our customers are a wide range of industrial companies within the producer
durable equipment sector of our economy. We are classified as being in the
metals distribution industry and we are known as a steel service center. We
deliver highly engineered materials for critical applications where exact
conformance to specifications provided to us by our customers is essential.
Our customer base includes a variety of companies in the durable goods
industry spread across the entire spectrum of the metal using sector, none of
which represent more than three percent (3%) of our total annual sales. We
maintain a diverse customer base with no significant geographical or customer
concentration. Within our core specialty metals business we believe we are
recognized as North America's leading industrial distributor of carbon, alloy
and stainless steels; nickel alloy; aluminum; titanium; copper and brass as well
as an industry pioneer and premier provider of material management programs that
are designed to reduce our customer's total cost.
Through our subsidiary Total Plastics, Inc. we also distribute a broad
range of value-added industrial plastics. Together Castle and our affiliated
companies operate in over 50 locations throughout North America.
RECENT DEVELOPMENTS
During the first quarter of 2002, we announced a voluntary stock option exchange
program, or Offer, for our employees. Under the program, our employees had the
opportunity, if they so chose, to elect to cancel outstanding stock options held
by them in exchange for new options to be granted at a future date at the then
current fair market value. The number of new options granted to an employee who
participates in the Offer will equal one half of the number of outstanding stock
options tendered by such employee. The Offer remained outstanding until 5:00
p.m., on March 22, 2002. A total of 55 individuals elected to participate in the
Offer. These individuals tendered a total of 305,759 options to purchase common
stock in return for our promise to grant new options on the grant date of
September 27, 2002.
RISK FACTORS
You should carefully consider the risks described below before making a
decision to invest in our common stock. The risks and uncertainties described
below are examples only and are not the only ones that we face. Additional risks
and uncertainties that are not presently known to us or that we do not currently
believe are important to an investor may also harm our business operations. If
any of the events, contingencies, circumstances or conditions described in the
following risks actually occur, our business, financial condition or results of
operations could be seriously harmed. If that occurs, the trading price of our
common stock could decline, and you may lose part or all of your investment.
Our future operating results depend on a number of factors beyond our
control such as the prices for metals, which could cause our results to be
adversely affected.
3
The prices we pay for raw materials and the prices we charge for products
may change depending on many factors not in our control, including general
economic conditions (both domestic and international), competition, production
levels, import duties and other trade restrictions, and currency fluctuations.
To the extent metals prices decline, this generally would mean lower sales and
possibly lower net income, depending on the timing of the price changes. To the
extent we are not able to pass on to our customers any increases in our raw
materials prices, our results of operations may be adversely affected.
We service industries that are highly cyclical, and any downturn in our
customers' industries could reduce our revenue and profitability which could
result in a negative impact on our stock price.
Many of our products are sold to industries that experience significant
fluctuations in demand based on economic conditions, energy prices, consumer
demand and other factors beyond our control. As a result of the volatility in
the industries we serve, we may have difficulty increasing or maintaining our
level of sales of profitability if we are not able to divert sales of our
products to customers in other industries when one or more of our customers'
industries experience a decline. Therefore, we may not be able to increase or
maintain its level of sales in periods of economic stagnation or downturn.
The success of our business is affected by general economic conditions,
and, accordingly, our business has been and could continue to be adversely
impacted by an economic slowdown or recession.
Periods of economic slowdown or recession in the United States, or the
public perception that one may occur, can decrease the demand for our products,
affect the availability and cost of our products and adversely impact our
business. The current general economic slowdown has suppressed activity and
demand in our industry over the past several years. This has been reflected in
our financial losses in 2000 and 2001. Our overall financial results in 2002
will be substantially dependent upon the extent to which conditions in our
industry and the general economy improve during the remainder of the year. A
prolonged slowdown or slower than expected recovery will adversely affect our
business.
Production time and the cost of our products could increase if we were to
lose one of our primary suppliers, which could adversely affect our ability to
meet our customer demands.
If, for any reason, our primary suppliers of metals should curtail or
discontinue their delivery of such raw materials to us in the quantities we need
and at prices that are competitive, our business could suffer since we have few
long-term contracts to purchase metals. If, in the future, we are unable to
obtain sufficient amounts of the necessary raw materials at competitive prices
and on a timely basis from our traditional suppliers, we may not be able to
obtain such raw materials from alternative sources at competitive prices to meet
our delivery schedules, which could have an adverse impact on our revenues and
profitability.
Our industry is highly competitive, which may force us to lower our prices
thus causing an adverse affect on net income.
The principal markets that we serve are highly competitive. Competition is
based principally on price, service, quality, production capabilities, inventory
availability and timely delivery. We compete in a highly fragmented industry.
Competition in the various markets in which we participate comes from a large
number of value-added metals processors, service centers on a regional and local
basis, some of which have greater financial resources than we do and some of
which have more established brand names in the local markets we serve. We also
compete to a lesser extent with primary metals producers who typically sell to
very large customers requiring shipments of large volumes of metal. Increased
competition could force us to lower our prices or to offer increased services at
a higher costs to us, which could reduce our gross margins and net income.
Ownership of our stock is concentrated, which may limit stockholder ability
to influence corporate matters.
Affiliates and family members of one of our directors, Michael W. Simpson,
collectively control over approximately 35% of our common stock through various
estates, partnerships, corporations, trusts and individual ownership. This
includes, without limitation, shares owned by Mr. Simpson, and shares controlled
by various trusts for which our director, Patrick J. Herbert, III, acts as
trustee. This concentration of ownership retains the voting power to exercise
significant influence over the outcome of matters requiring a stockholder vote,
including the election of directors and the approval of significant corporate
matters. Such a concentration of control could adversely affect the market price
of our common stock or prevent a change in control.
4
Trading volume of our stock is small which increases the volatility of our
stock price, which may have an adverse affect on stockholder's investment.
Although a public market exists for our common stock, trading activity has
been limited. Due to the relatively small number of shares currently
outstanding, the trading of a relatively small number of shares could subject
the stock price to volatility and significantly affect the market price of our
common stock. The market price of our common stock is affected by a number of
other factors, including variations in our operating results, evolving business
prospects and competitors, as well as general conditions in the economy and the
financial markets. Also, the equity markets generally have experienced
significant price and volume fluctuations in recent years.
We have various mechanisms in place that may prevent a change in control
that stockholders may otherwise consider favorable.
In addition to the high concentration of inside ownership described above,
our certificate of incorporation and by-laws and the Maryland General
Corporation Law include provisions that may be deemed to have antitakeover
effects and may delay, defer or prevent a takeover attempt that stockholders
might consider in their best interests. Our certificate of incorporation
contains provisions that require the approval of two-thirds of the stockholders
entitled to vote to amend our certificate of incorporation (unless our Board of
Directors has unanimously approved the amendment). In addition, our by-laws may
be amended only by our board of directors, and they contain certain advance
notice procedures for nominating candidates for election to the board of
directors. Our board of directors is empowered to issue up to 10,000,000 shares
of preferred stock and to determine the price, rights, preferences and
privileges of such shares, without any further stockholder action. The existence
of this "blank-check" preferred stock could make more difficult or discourage an
attempt to obtain control of the Company by means of a tender offer, merger,
proxy contest or otherwise. In addition, this "blank check" preferred stock, and
an issuance thereof, may have an adverse effect on the market price of our
common stock. Furthermore, we are subject to the antitakeover provisions of the
Maryland General Corporation Law that prohibit us from engaging in a "business
combination" with an "interested stockholder" for a period of five years after
the date of the transaction in which the person first becomes an "interested
stockholder," unless the business combination or stockholder interest is
approved in a prescribed manner. The application of these and certain other
provisions of the certificate of incorporation could also have the effect of
delaying or preventing a change of control of the Company, which could adversely
affect the market price of our common stock.
Stockholders may have no effective remedy against Arthur Andersen LLP in
connection with a material misstatement or omission in our financial statements
included in this prospectus.
We have not been able to obtain, after reasonable efforts, the written
consent of Arthur Andersen LLP to the inclusion of its report in this
prospectus, and we have not filed that consent in reliance on Rule 437a
promulgated under the Securities Act of 1933. Because Arthur Andersen has not
consented to the inclusion of its report in this prospectus, your ability to
assert claims against Arthur Andersen may be limited. In particular, because of
this lack of consent, you will not be able to sue Arthur Andersen under Section
11(a)(4) of the Securities Act of 1933 for untrue statements of a material fact,
if any, contained in the financial statements audited by Arthur Andersen or
omissions to state a material fact, if any, required to be stated in those
financial statements.
USE OF PROCEEDS
We will not receive any of the proceeds from the sale of shares of common
stock covered by this prospectus. All of the proceeds will be received by the A.
M. Employee's Trust, U/T/A 12/28/50, subtrust under the Master Trust Agreement
between A. M. Castle & Co. and Northern Trust Company, dated as of January 1,
1997, which we refer to herein as the "Trust" or the "Selling Stockholder." The
Trust will receive all offering proceeds under the A. M. Castle & Co. Salaried
Employees Pension Plan (the "Salaried Plan") and the A. M. Castle & Co. Hourly
Employees Retirement Plan (the "Hourly Plan" and collectively with the Salaried
Plan, the "Plans"), for the benefit of eligible participants under the Plans.
See "Selling Stockholder."
5
SELLING STOCKHOLDER
The Trust owns all of the shares offered hereby. Northern Trust Company is
the trustee for the Trust. The trustee has responsibility to prudently manage
the common stock held by the Trust on behalf of each of the Plans in a manner
consistent with maximizing the value of its investment in common stock and in
accordance with its determination of the extent to which it may prudently
continue to hold such shares consistent with the diversification and related
fiduciary requirements of ERISA. The trustee has the authority to cause the
Trust to sell shares of common stock on behalf of the Plans from time to time as
it may deem appropriate, and to vote the shares of common stock held by the
Trust on behalf of the Plans. The trustee intends to manage the sale of the
common stock in a manner consistent with maintaining an orderly market for the
shares. The trustee intends to allocate sales of common stock between the Plans
in such manner as it deems to be in the best interests of each respective Plan.
The trustee has retained GreatBanc Trust Company to serve as its investment
advisor regarding the management and sale of the common stock offered hereby.
The compensation received by the trustee and its investment advisor is not
contingent in any way on the sale or continued ownership of common stock by the
Trust.
The Trust beneficially owns 685,190 shares of common stock, representing
approximately 4.8% of our outstanding common stock. Of these shares, 520,173 are
held by the Trust on behalf of the Salaried Plan and 165,017 shares are held by
the Trust on behalf of the Hourly Plan.
PLAN OF DISTRIBUTION AND OFFERING PRICE
The Selling Stockholder is offering for resale under this prospectus an
aggregate of 550,055 shares of our common stock. The Selling Stockholder, or its
assignees and successors-in-interest may sell, from time to time, any or all of
the shares of common stock covered by this prospectus on any stock exchange,
market or trading facility on which the shares are traded or in private
transactions. These sales may be at fixed or negotiated prices. The Selling
Stockholder may use any one or more of the following methods when selling
shares:
o Sales on the Chicago Stock Exchange or the American Stock Exchange, in
the over-the-counter market or otherwise at prices and at terms then
prevailing or at prices related to the then current market price;
o Underwritten offerings;
o Ordinary brokerage transactions and transactions in which the
broker-dealer solicits purchasers;
o Block trades in which the broker-dealer will attempt to sell the
shares as agent but may position and resell a portion of the block as
principal to facilitate the transaction;
o Purchases by a broker-dealer as principal and resale by the
broker-dealer for its account;
o An exchange distribution in accordance with the rules of the
applicable exchange;
o Privately negotiated transactions;
o Short sales;
o Broker-dealers may agree with the Selling Stockholder to sell a
specified number of such shares at a stipulated price per share;
o A combination of any such methods of sale; or
o Any other method permitted pursuant to applicable law.
The Selling Stockholder may also sell shares under Rule 144 as promulgated
under the Securities Act of 1933, if available, rather than under this
prospectus.
The Selling Stockholder may, together with any agent of the Selling
Stockholder, accept or reject in whole or in part any proposed purchase of the
shares of common stock offered by this prospectus. We will not receive any
proceeds from the offering of shares by the Selling Stockholder.
6
Under applicable rules and regulations under the Securities Exchange Act of
1934, any person engaged in a distribution of the shares of common stock covered
by this prospectus may be limited in its ability to engage in market activities
with respect to such shares. The Selling Stockholder, for example, will be
subject to applicable provisions of the Securities Exchange Act of 1934 and the
rules and regulations under it, including, without limitation, Regulation M,
which provisions may restrict activities of the Selling Stockholder and limit
the timing of purchases and sales of any shares of common stock by the Selling
Stockholder. Furthermore, under Regulation M, persons engaged in a distribution
of securities are prohibited from simultaneously engaging in market making and
other activities with respect to such securities for a specified period of time
prior to the commencement of such distributions, subject to specified exceptions
or exemptions. The foregoing may affect the marketability of the shares offered
by this prospectus.
The Selling Stockholder may also engage in short sales against the box
(where the seller actually owns the stock, but does not want to close out the
position, but instead sells a put option covered by the retained position), puts
(an option giving the holder of the option the right to sell the stock at a
given price by a given date) and calls (the opposite of a put, a call is an
option that gives the holder the right to buy stock at a given price in a given
period of time) and other transactions in our securities or derivatives of our
securities and may sell or deliver shares in connection with these trades. The
Selling Stockholder may pledge its shares to brokers under the margin provisions
of customer agreements or other lenders under the terms of the loan agreements.
If the Selling Stockholder defaults on a margin loan or other loan, the broker
or lender may offer and sell, from time to time, the pledged shares.
The Selling Stockholder may sell shares directly to market makers acting as
principals and/or broker-dealers acting as agents for themselves or their
customers. Broker-dealers engaged by the Selling Stockholder may arrange for
other broker-dealers to participate in sales. Broker-dealers may receive
commissions, concessions or discounts from the Selling Stockholders (or, if any
broker-dealer acts as agent for the purchaser of shares, from the purchaser) in
amounts to be negotiated. The Selling Stockholder does not expect these
commissions and discounts to exceed what is customary in the types of
transactions involved. Market makers and block purchasers that purchase the
shares will do so for their own account and at their own risk. It is possible
that the Selling Stockholder will attempt to sell shares in block transactions
to market makers or other purchasers at a price per share that may be below the
then-current market price. We cannot make assurances that all or any of the
shares of common stock will be sold by the Selling Stockholder.
The Selling Stockholder and any broker-dealers or agents that are involved
in selling the shares may be deemed to be underwriters within the meaning of the
Securities Act of 1933 in connection with such sales. In such event, any
commissions received by such broker-dealers or agents and any profit on the
resale of the shares purchased by them may be deemed to be underwriting
commissions or discounts under the Securities Act of 1933.
We have not registered or qualified the shares of common stock offered by
this prospectus under the laws of any country, state or jurisdiction, other than
the United States.
We are paying all fees and expenses incident to the registration of the
shares. The Selling Stockholder will pay any sales commissions or other
seller's compensation applicable to these transactions.
Our common stock is currently traded on the Chicago Stock Exchange and the
American Stock Exchange. The public offering price for any shares that are sold
will be determined by the price indicated on such system at the time such sale
occurs, or at such price as shall be determined through private negotiations
between the buyers and the Selling Stockholder, or its agents.
VALIDITY OF STOCK
Jerry M. Aufox, Secretary and Corporate Counsel of A.M. Castle, has issued
an opinion about the validity of the shares of common stock offered hereby. Mr.
Aufox is the beneficial owner of 22,422 shares of common stock.
EXPERTS
The financial statements of A. M. Castle & Co. as of December 31, 2001 and
2000, and for each of the three years in the period ended December 31, 2001,
incorporated in this registration statement by reference to the Annual Report on
Form 10-K of A. M. Castle & Co. for the year ended December 31, 2001, have been
so incorporated in reliance on the report of Arthur Andersen LLP, independent
accountants, given on the authority of that firm as experts in auditing and
accounting in giving such reports. We have not been able to obtain, after
reasonable efforts, the written consent of Arthur Andersen to the inclusion of
its report in this prospectus, and we have not filed that consent in reliance on
Rule 437a promulgated under the Securities Act of 1933. We refer you to the Risk
Factors Section for a discussion of the risks associated with the lack of Arthur
Andersen's consent.
7
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 14. Other Expenses of Issuance and Distribution.
The following table sets forth the costs and expenses payable by us in
connection with the sale of our common stock being registered hereby. All the
amounts shown are estimated, except the Securities Exchange Commission
registration fee.
SEC registration fee........................................$708
Printing expenses............................................-0-
Legal fees and expenses...................................12,000
Accounting fees and expenses...............................3,275
Miscellaneous expenses.....................................9,017
Total.................................. $25,000
Item 15. Indemnification of Directors and Officers.
We are a Maryland corporation, subject to the applicable indemnification
provisions of the General Corporation Law of the State of Maryland (the "MGCL").
Section 2-418 of the MGCL empowers a Maryland corporation to indemnify, subject
to certain prescribed standards, any person in connection with any action, suit
or proceeding brought or threatened because such person is or was a director,
officer, employee or agent of the corporation or was serving as such with
respect to another corporation or other entity at the request of such
corporation.
Section 2-405.2 of the MGCL permits a Maryland corporation to include in
its certificate of incorporation a provision eliminating or limiting a
director's liability to a corporation or its stockholders for money damages. A
Maryland corporation may indemnify its present and former directors and
officers, among others, against (1) judgments, (2) penalties, (3) fines, (4)
settlements and (5) reasonable expenses actually incurred by them in connection
with any proceeding to which they may be made a party by reason of their service
in those or other capacities.
The MGCL does not permit a corporation to indemnify its present and former
directors, officers, agents or employees if it is established that:
o the act or omission of the director, officer, employee or agent was
material to the matter giving rise to the proceeding and was committed
in bad faith or was the result of active and deliberate dishonesty;
o the director, officer, employee or agent actually received an improper
personal benefit in money, property or services; or
o in the case of any criminal proceeding, the director, officer,
employee or agent had reasonable cause to believe that the act or
omission was unlawful.
Unless a corporation's charter provides otherwise, which our charter does
not, the MGCL requires a corporation to indemnify a director or officer who has
been successful, on the merits or otherwise, in the defense of any proceeding to
which he is made a party by reason of his service in that capacity.
Under the MGCL, a Maryland corporation generally may not indemnify a person
for an adverse judgment in a suit by or in the right of the corporation. Also, a
Maryland corporation generally may not indemnify a person for a judgment of
liability on the basis that personal benefit was improperly received. In either
of these cases, a Maryland corporation may indemnify a person for expenses only
if a court so orders. Our bylaws obligate us to indemnify our directors and
officers, whether serving us or, at our request, any other entity, to the
maximum extent required or permitted by the MGCL, including the advancement of
expenses under the procedures and to the maximum extent permitted by law.
Our charter also contains provisions that eliminate and limit the personal
liability of directors to the full extent permitted by the MGCL. Pursuant to the
MGCL, our charter also limits the personal liability of officers to the same
extent as directors. Under the MGCL, limitation of personal liability of
directors or officers is permitted in all but the following two situations: (1)
for the amount of any improper benefit they actually receive or (2) to the
extent that a judgment or final adjudication adverse to the director or officer
in a proceeding based on the finding in that proceeding that the person's
action, or failure to act, was the result of active and deliberate dishonesty
and was material to the cause of action adjudicated in the proceeding.
We may maintain insurance, at our expense, to protect us and any of our
directors, officers, employees or agents or another corporation, partnership,
joint venture, trust or other enterprise against any expense, liability or loss,
whether or not we would have the power to indemnify such person against expense,
liability or loss under the MGCL.
Item 16. Exhibits.
(a) Exhibits (all filed herewith except where otherwise noted):
5.1 Opinion of Jerry M. Aufox regarding the legality of the
securities being registered
23.1 Consent of Arthur Andersen LLP, independent auditors
(omitted pursuant to Rule 437a under the Securities Act)
23.2 Consent of Jerry M. Aufox (included in Exhibit 5.1)
24 Powers of Attorney (previously filed)
Item 17. Undertakings.
(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being
made, a post-effective amendment to this registration statement:
(i) To include any prospectus required by section 10(a)(3) of the
Securities Act of 1933;
(ii) To reflect in the prospectus any facts or events arising
after the effective date of the registration statement (or the most
recent post-effective amendment thereof) which, individually or in the
aggregate, represent a fundamental change in the information set forth
in the registration statement. Notwithstanding the foregoing, any
increase or decrease in volume of securities offered (if the total
dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the
estimated maximum offering range may be reflected in the form of
prospectus filed with the Securities and Exchange Commission pursuant
to Rule 424(b) under the Securities Act of 1933, as amended, if, in
the aggregate, the changes in volume and price represent no more than
a 20% change in the maximum aggregate offering price set forth in the
"Calculation of Registration Fee" table in the registration statement;
(iii) To include any material information with respect to the
plan of distribution not previously disclosed in the registration
statement or any material change to such information in the
registration statement;
Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) do
not apply if the information required to be included in a
post-effective amendment by those paragraphs is contained in periodic
reports filed with or furnished to the Commission by the Registrant
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act
of 1934 that are incorporated by reference in the registration
statement.
(2) That, for the purpose of determining any liability under the
Securities Act of 1933, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed
to be the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment
any of the securities being registered which remain unsold at the
termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of
determining any liability under the Securities Act of 1933, each filing of the
Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the
Securities Exchange Act of 1934, as amended, that is incorporated by reference
in the registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities
Act of 1933, as amended, may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or otherwise,
the Registrant has been advised that in the opinion of the Securities and
Exchange Commission such indemnification is against public policy as expressed
in the Securities Act of 1933, as amended, and is, therefore, unenforceable. In
the event that a claim for the indemnification against such liabilities (other
than the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or controlling
person in connection with the securities being registered, the Registrant will,
unless in the opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the
Securities Act and will be governed by the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it meets
all of the requirements for filing on Form S-3 and has duly caused this
Amendment No. 1 to Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Franklin Park, State of
Illinois, on June 28, 2002.
A. M. CASTLE & CO.
BY: /*/
-------------------------------
G. Thomas McKane
President & Chief
Executive Officer
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED,
THIS AMENDMENT NO. 1 TO REGISTRATION STATEMENT HAS BEEN SIGNED BELOW BY OR ON
BEHALF OF THE FOLLOWING PERSONS IN THE CAPACITIES AND ON THE DATES INDICATED.
Signature Title Date
--------- ----- ----
/*/ President & Chief Executive June 28, 2002
----------------------------- Officer (Principal Executive
G. Thomas McKane Officer) and Director
/*/ Principal Financial and June 28, 2002
----------------------------- Accounting Officer and Director
Edward F. Culliton
/*/ Director June 28, 2002
-----------------------------
Robert W. Grubbs
/*/ Director June 28, 2002
-----------------------------
William K. Hall
/*/ Director June 28, 2002
-----------------------------
Robert S. Hamada
/*/ Director June 28, 2002
-----------------------------
Patrick J. Herbert, III
/*/ Director June 28, 2002
-----------------------------
John P. Keller
/*/ Director June 28, 2002
-----------------------------
John W. McCarter, Jr.
/*/ Director June 28, 2002
-----------------------------
John McCartney
/*/ Director June 28, 2002
-----------------------------
John W. Puth
/*/ Director June 28, 2002
-----------------------------
Michael Simpson
*By: /s/ Jerry M. Aufox
-------------------------
Jerry M. Aufox,
attorney-in-fact