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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
--------------
SCHEDULE 13D
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULE 13d-1(a) AND AMENDMENTS
THERETO FILED PURSUANT TO RULE 13d-2(a)
(Amendment No. 7)1
PIZZA INN, INC.
- --------------------------------------------------------------------------------
(Name of Issuer)
COMMON STOCK, PAR VALUE $0.01 PER SHARE
- --------------------------------------------------------------------------------
(Title of class of securities)
725848 10 5
- --------------------------------------------------------------------------------
(CUSIP Number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
505 Park Avenue
New York, New York 10022
(212) 753-7200
- --------------------------------------------------------------------------------
(Name, address and telephone number of person
authorized to receive notices and communications)
December 18, 2003
- --------------------------------------------------------------------------------
(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 that is the subject of this Schedule 13D, and is
filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the
following box / /.
Note. Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits. See Rule 13d-7 for
other parties to whom copies are to be sent.
(Continued on following pages)
(Page 1 of 14 Pages)
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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 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).
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CUSIP No. 725848 10 5 13D Page 2 of 14 pages
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================================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
NEWCASTLE PARTNERS, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 3,583,780
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
3,583,780
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
3,583,780
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
35.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 725848 10 5 13D Page 3 of 14 pages
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================================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
NEWCASTLE CAPITAL MANAGEMENT, L.P.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 3,583,780
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
3,583,780
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
3,583,780
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
35.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 725848 10 5 13D Page 4 of 14 pages
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================================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
NEWCASTLE CAPITAL GROUP, L.L.C.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
TEXAS
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 3,583,780
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
3,583,780
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
3,583,780
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
35.6%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 725848 10 5 13D Page 5 of 14 pages
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================================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
MARK E. SCHWARZ
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
OO, PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 3,593,780
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
3,593,780
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
3,593,780
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
35.7%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 725848 10 5 13D Page 6 of 14 pages
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================================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
STEVEN J. PULLY
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
0
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 725848 10 5 13D Page 7 of 14 pages
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================================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Robert B. Page
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
0
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.0%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 725848 10 5 13D Page 8 of 14 pages
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================================================================================
1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Ramon D. Phillips
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
- --------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO, PF
- --------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
- --------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S. Citizen
- --------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 44,863
EACH
REPORTING
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
0
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
44,863
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
44,863
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* / /
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.4%
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
================================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 725848 10 5 13D Page 9 of 14 pages
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The following statement constitutes Amendment No. 7 to the Schedule 13D
filed by the undersigned (the "Statement"). Except as specifically amended by
this Amendment No. 7, the Statement remains in full force and effect.
Item 4 is hereby amended to add the following:
On December 18, 2003, NP delivered a letter to the Issuer, a copy of which
is attached as an exhibit hereto and incorporated herein by reference (the
"Demand Letter"), requesting to inspect a complete list of the Issuer's
shareholders and other corporate records as permitted by the Issuer's Bylaws and
applicable state law. The purpose of the Demand Letter is to enable NP to
communicate with the Issuer's shareholders in connection with the election of
directors at the annual meeting of shareholders scheduled to be held on January
21, 2004 (the "Annual Meeting").
On December 18, 2003, NP filed a preliminary proxy statement with the
Securities and Exchange Commission (the "Commission") in order to solicit
proxies for (i) the election of Messrs. Steven J. Pully, Robert B. Page and
Ramon D. Phillips (the "Nominees"), as set forth therein, to the Issuer's Board
of Directors at the Annual Meeting, (ii) the repeal of certain Issuer's By-law
amendments and (iii) reimbursement of proxy solicitation expenses incurred by
NP. Upon and subject to the clearance of its proxy materials with the
Commission, NP intends to solicit proxies from the shareholders of the Issuer to
elect the Nominees and to adopt proposals (ii) and (iii) described above at the
Annual Meeting.
Item 7 is hereby amended to add the following exhibit:
12. Letter from Newcastle Partners, L.P. to the Board of Directors of
Pizza Inn, Inc. dated December 18, 2003.
[Signature Page Follows]
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CUSIP No. 725848 10 5 13D Page 10 of 14 pages
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SIGNATURES
----------
After due inquiry and to the best of his knowledge and belief, each of the
undersigned certifies that the information set forth in this statement is true,
complete and correct.
Dated: December 19, 2003 NEWCASTLE PARTNERS, L.P.
By: Newcastle Capital Management, L.P., its
general partner
By: Newcastle Capital Group, L.L.C., its
general partner
By: /s/ Mark E. Schwarz
---------------------------------------
Mark E. Schwarz, Managing Member
NEWCASTLE CAPITAL MANAGEMENT, L.P.
By: Newcastle Capital Group, L.L.C., its
general partner
By: /s/ Mark E. Schwarz
---------------------------------------
Mark E. Schwarz, Managing Member
NEWCASTLE CAPITAL GROUP, L.L.C.
By: /s/ Mark E. Schwarz
---------------------------------------
Mark E. Schwarz, Managing Member
/s/ Mark E. Schwarz
-------------------------------------------
MARK E. SCHWARZ
/s/ Steven J. Pully
-------------------------------------------
STEVEN J. PULLY
/s/ Robert B. Page
-------------------------------------------
ROBERT B. PAGE
/S/ Ramon D. Phillips
-------------------------------------------
RAMON D. PHILLIPS
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CUSIP No. 725848 10 5 13D Page 11 of 14 pages
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EXHIBIT INDEX
-------------
EXHIBIT PAGE
------- ----
1. Joint Filing Agreement dated as of December 11, 2002 by and --
among Newcastle Partners, L.P., Newcastle Capital Group, L.L.C.,
Newcastle Capital Management, L.P. and Mark E. Schwarz
(previously filed).
2. Omnibus Agreement dated as of December 6, 2002 by and between --
Newcastle Partners, L.P. and C. Jeffrey Rogers (previously
filed).
3. Promissory Note dated December 6, 2002 in the aggregate --
principal amount of $7,373,726.42 made by C. Jeffrey Rogers
in favor of Newcastle Partners, L.P. (previously filed).
4. Pledge Agreement dated December 6, 2002 by and between C. --
Jeffrey Rogers and Newcastle Partners, L.P. (previously
filed).
5. Agreement by and between Pizza Inn, Inc. and Newcastle --
Partners, L.P. dated December 18, 2002 (previously filed).
6. Joint Filing Agreement dated as of December 20, 2002 by and --
among Newcastle Partners, L.P., Newcastle Capital Group, L.L.C.,
Newcastle Capital Management, L.P., Mark E. Schwarz and Steven
J. Pully (previously filed).
7. Letter from Newcastle Partners, L.P. to Pizza Inn, Inc. dated --
October 27, 2003 (previously filed).
8. Joint Filing and Solicitation Agreement dated as of October 31, --
2003 by and among Newcastle Partners, L.P., Newcastle Capital
Management, L.P., Newcastle Capital Group, L.L.C., Mark E.
Schwarz, Steven J. Pully, Barry M. Barron, Sr. and Robert B. Page
(previously filed).
9. Letter from Newcastle Partners, L.P. to Pizza Inn, Inc. dated
November 7, 2003 (previously filed). --
10. Letter from Newcastle Partners, L.P. to Pizza Inn, Inc. dated
November 11, 2003 (previously filed). --
11. Amendment No. 1 to Joint Filing and Solicitation Agreement dated as
of November 12, 2003 by and among Newcastle Partners, L.P.,
Newcastle Capital Management, L.P., Newcastle Capital Group, L.L.C.,
Mark E. Schwarz, Steven J. Pully, Barry M. Barron, Sr., Robert B.
Page and
Ramon D. Phillips (previously filed). --
12. Letter from Newcastle Partners, L.P. to the Board of Directors of
Pizza Inn, Inc. dated December 18, 2003. 12 - 14
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CUSIP No. 725848 10 5 13D Page 12 of 14 pages
- ----------------------- --------------------
Exhibit 12
[NP LETTERHEAD]
VIA FACSIMILE AND OVERNIGHT COURIER
-----------------------------------
Pizza Inn, Inc.
3551 Plano Parkway
The Colony, Texas 75056
Attn: Keith Clark, Secretary
Dear Mr. Clark:
Newcastle Partners, L.P. (the "Shareholder") is the holder of record of at
least 2,905,001 shares of common stock, $.01 par value (the "Common Stock"), of
Pizza Inn, Inc., a Missouri corporation (the "Company"), and is the beneficial
holder of 3,583,780 shares of Common Stock, as of the close of business on
December 15, 2003.
The Shareholder hereby demands the right, pursuant to Section 351.215 of
the Missouri General and Business Corporation Law, during the usual hours for
business, to inspect the following records and documents of the Company and to
make copies or extracts therefrom:
(a) A complete record or list of the holders of the Common Stock,
certified by its transfer agent(s) and/or registrar(s), showing the name,
address and number of shares registered in the name of each such holder, as
of November 26, 2003, the record date established for the annual meeting of
shareholders of the Company scheduled to be held on January 21, 2004, or
any other record date that may be established for the annual meeting or any
other meeting of shareholders held in lieu thereof (the "Record Date") and
any adjournments, postponements, reschedulings or continuations thereof
(the "Annual Meeting");
(b) A magnetic computer tape list of the holders of the Common Stock
as of the Record Date, showing the name, address and number of shares
registered in the name of each such holder; such computer processing data
as is necessary for the Shareholder to make use of such magnetic computer
tape; and a hard copy printout of such magnetic computer tape for
verification purposes;
(c) A stop list or stop lists relating to shares of Common Stock of
the Company and any additions or deletions thereto;
(d) All information in the Company's or its transfer agent's
possession, or which can reasonably be obtained from nominees of any
central certificate depository systems or their nominees, brokers, dealers,
banks, respondent banks, clearing agencies, voting trusts and their
nominees or other nominees, concerning the number, identity of, and shares
held by the actual beneficial owners of the Common Stock as of the Record
Date, including an alphabetical breakdown of any holdings in the respective
names of Cede & Co. and other similar depositories or nominees as well as
any material request list provided by Automatic Data Processing-Investor
Communications Services and any omnibus proxies issued by such entities;
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CUSIP No. 725848 10 5 13D Page 13 of 14 pages
- ----------------------- --------------------
(e) All information in or which comes into the Company's possession or
which can reasonably be obtained from brokers, dealers, banks, clearing
agencies or voting trustees relating to the names of the non-objecting
beneficial owners of the Common Stock in the format of a magnetic computer
tape or cartridge file of such owners showing the name, address and number
of shares registered in the name of each such owner; such computer
processing data as is necessary for the Shareholder to make use of such
magnetic computer tape or cartridge; and a hard copy printout of such
magnetic computer tape or cartridge for verification purposes (such
information with respect to brokers and dealers is readily available to the
Company under Rule 14b-1 of the Securities Exchange Act of 1934, as amended
(the "Exchange Act"), from ADP Proxy Services);
(f) All "respondent bank" lists and omnibus proxies for such lists,
pursuant to Rule 14b-2 of the Exchange Act;
(g) A list of shareholders of the Company who are participants in any
Company employee stock ownership, stock purchase, stock option, retirement,
restricted stock, incentive, profit sharing, dividend reinvestment or any
similar plan in which voting of Common Stock under the plan is controlled,
directly or indirectly, individually or collectively, by such plan's
participants, showing (i) the name and address of each such participant,
(ii) the number of shares of Common Stock attributable to each such
participant in any such plan, and (iii) the method by which the Shareholder
or its agents may communicate with each such participant; and
(h) A correct and complete copy of the bylaws of the Company and any
and all changes of any sort to the bylaws of the Company hereafter made
through the date of the Annual Meeting, including, without limitation, any
amendment to existing bylaws, any adoptions of new bylaws or deletions from
existing bylaws.
The Shareholder demands that modifications, additions or deletions to any
and all information referred to in paragraphs (a) through (h) be immediately
furnished as such modifications, additions or deletions become available to the
Company or its agents or representatives.
The Shareholder will bear the reasonable costs incurred by the Company
including those of its transfer agent(s) or registrar(s) in connection with the
production of the information demanded.
The purpose of this demand is to enable the Shareholder to communicate with
the Company's shareholders in connection with the election of directors at the
Annual Meeting and any other matters as may properly come before the Annual
Meeting.
The Shareholder hereby designates and authorizes Steven Wolosky and Jeffrey
Spindler of Olshan Grundman Frome Rosenzweig & Wolosky LLP, and Dan Burch of
MacKenzie Partners, Inc., and any other persons designated by them, acting
singly or in any combination, to conduct the inspection and copying herein
requested. It is requested that the information identified above be made
available to the designated parties by December 19, 2003.
- ----------------------- --------------------
CUSIP No. 725848 10 5 13D Page 14 of 14 pages
- ----------------------- --------------------
Please immediately advise Steven Wolosky, Esq. of Olshan Grundman Frome
Rosenzweig & Wolosky LLP at (212) 753-7200, as to when and where the items
demanded above will be available.
Very truly yours,
NEWCASTLE PARTNERS, L.P.
By: Newcastle Capital Management, L.P.
its General Partner
By: Newcastle Capital Group, L.L.C.
its General Partner
By: /s/ Mark E. Schwarz
--------------------------------
Name: Mark E. Schwarz
Title: Managing Member