SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
SCHEDULE 13D
(RULE 13D-101)
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. 1)1
Ezenia! Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
302311105
(CUSIP Number)
Samuel A. Kidston
North & Webster, LLC
10 Tower Office Park, Suite 420
Woburn, MA 01801
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 30, 2009
(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(b) 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 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 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
North & Webster, LLC
IRS No. 68-0620417
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
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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
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 738,157*
OWNED BY
EACH
REPORTING
|
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
9 SOLE DISPOSITIVE POWER
738,157*
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
738,157*
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
================================================================================
|
*Includes 140,000 Shares held in managed accounts over which North & Webster,
LLC, has voting and dispositive power.
================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Samuel A. Kidston
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
--------------------------------------------------------------------------------
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
UNITED STATES
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 738,157*
OWNED BY
EACH
REPORTING
|
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
9 SOLE DISPOSITIVE POWER
738,157*
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
738,157*
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IN
================================================================================
|
* Includes 140,000 Shares held in managed accounts over which North & Webster,
LLC, has voting and dispositive power.
================================================================================
1 NAME OF REPORTING PERSONS S.S. OR
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
North & Webster Value Opportunities Fund, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) /X/
--------------------------------------------------------------------------------
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
DELAWARE
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 598,157
OWNED BY
EACH
REPORTING
|
PERSON WITH -----------------------------------------------------------------
8 SHARED VOTING POWER
-0-
9 SOLE DISPOSITIVE POWER
598,157
10 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
598,157
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.08%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
PN
================================================================================
|
The following constitutes Amendment No. 1 ('Amendment 1') to the
Schedule 13D filed by the undersigned (the 'Schedule 13D'). This Amendment 1
amends the Schedule 13D as specifically set forth.
ITEM 3 SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Item 3 is hereby amended and restated to read as follows:
As of August 3, 2009, North & Webster has caused the Value Fund
and certain managed accounts to invest approximately $54,263 and $11,511,
respectively in the Shares of the Issuer using their working capital.
ITEM 4 PURPOSE OF TRANSACTION
Item 4 is hereby amended and restated to read as follows:
The Shares were acquired for investment purposes based on North & Webster's
belief that the Shares, when purchased, were undervalued and represent an
attractive investment opportunity. However, North & Webster
may hold discussions with various parties, including, but not limited to, the
Issuer's management,its board of directors and other shareholders on a variety
of possible subjects regarding ways to increase shareholder value. Some of the
suggestions North & Webster might make could affect control of the Issuer
and/or may relate to the following: the merger, acquisition or liquidation
of the Issuer to third parties, the sale or transfer of assets of the Issuer
to third parties,operational matters, a change in the board of directors
or the management of the Issuer, a change in the present capitalization or
dividend policy of the Issuer or a change in the Issuer's charter or by-laws.
North & Webster intends to pay close attention to developments at and
pertaining to the Issuer, and, subject to market conditions
and other factors deemed relevant by North & Webster, North & Webster
may, directly or indirectly, purchase additional Shares of the Issuer
or dispose of some or such Shares in open-market transaction
or privately negotiated transactions.
On November 16, 2009 North & Webster delivered a letter dated November
13, 2009(the 'Nov. 13 Letter') to the Issuer's board of directors
(the 'Board') highlighting significant concerns with the Issuer's
current business strategy, the composition and operation of its Board
and its poorly performing stock price. North & Webster urged the
Board to: immediately appoint two independent representatives committed
to taking actions that are in the best interests of all shareholders;
rescind the Issuer's shareholder rights plan; and, begin an immediate
process of enhancing shareholder value.
The Reporting Persons have no present plan or proposal which would
relate to or result in any of the matters set forth in subparagraphs
(a)-(j) of Item 4 of Schedule 13D except as set forth herein
or such as would occur upon completion of any of the actions
discussed above.
ITEM 5 INTEREST IN SECURITIES OF THE ISSUER
Item 5 is hereby amended and restated to read as follows:
(a) As investment manager of Value Fund, North & Webster
may be deemed to have the sole voting and investment authority over
the 598,157 Shares owned by Value Fund for purposes of Rule 13d-3
under the Securities Exchange Act of 1934, as amended ('Rule 13d-3'),
in addition to 140,000 Shares held in managed accounts over which
it has voting and dispositive power. Value Fund owns 598,157
shares representing approximately 4.08% of the outstanding shares
of the Issuer (based upon 14,658,217 shares of Common Stock
outstanding as of November 12, 2009, as reported on Form 10-Q for
the period ended September 30, 2009). As the managing member of North &
Webster, Mr. Kidston may be deemed to beneficially own the 738,157
Shares beneficially owned by North & Webster, constituting approximately
5.0% of the Shares outstanding. North & Webster disclaims beneficial
ownership of the Shares held in the Managed Accounts
and Value Fund, except to the extent of its pecuniary interest therein.
Mr. Kidston disclaims beneficial ownership of the Shares beneficially owned
by North & Webster, except to the extent of his pecuniary interest therein.
(b) see a, above
(c) North & Webster caused Value Fund to effect transactions in
the Shares during the past 60 days as set forth below:
NUMBER OF
DATE TYPE SHARES PRICE/SHARE
---- ---- ------ -----------
11/30/2009 open market purchase 10,000 0.095
|
North & Webster caused certain managed accounts to effect transactions in the
Shares during the past 60 days as set forth below:
NUMBER OF
DATE TYPE SHARES PRICE/SHARE
---- ---- ------ -----------
11/20/2009 open market sale 20,000 0.09
(d) Inapplicable.
(e) Inapplicable.
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ITEM 7 MATERIAL TO BE FILED AS EXHIBITS
Item 7 is hereby amended to add the following exhibit:
Exhibit Exhibit
No. Description
--- ---------------------------------------------------------------
2 Letter Dated November 13, 2009 to the Board of Directors
of Ezenia!, Inc.
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SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete
and correct.
Dated: December 2, 2009 North & Webster, LLC
By: /s/ Samuel A. Kidston
---------------------------------
Name: Samuel A. Kidston
Title: Managing Member
/s/ Samuel A. Kidston
-------------------------------------
Samuel A. Kidston
North & Webster Value Opportunities Fund, L.P.
By: North & Webster, LLC
By: /s/ Samuel A. Kidston
---------------------------------
Name: Samuel A. Kidston
Title: Managing Member
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Exhibit No. 2
[North & Webster Letterhead]
November 13, 2009
EZENIA!, Inc.
14 Celina Ave. Suite 17-18
Nashua, NH 03063
via Electronic Mail
Dear Members of the Board of Directors,
North & Webster, LLC currently owns 748,157 shares of Common
Stock or 5.1% of Ezenia!, Inc. ('Ezenia' or the 'Company'). As a
significant shareholder of Ezenia, we are extremely dissatisfied with the
current direction of the Company. Specifically, we feel that problems
relating to the performance of management and the composition and
operation of the Board of Directors (the 'Board') are severely depressing
the price of the Company's Common Stock.
We urge the Board to immediately appoint two independent
shareholder representatives who will ensure that all actions are taken
with the best interest of shareholders in mind and who will hold
management accountable for poor performance. Further, the board must
immediately take actions to: increase transparency to shareholders,
specifically regarding the Company's current plan to regain
profitability; must rescind the Company's shareholder rights plan, which
currently serves to entrench management and depress the stock price; and
must begin an immediate process of enhancing shareholder value.
In the past, we have privately contacted members of management
and the Board to discuss significant concerns regarding the Company's
current strategy. During these discussions it has become clear to us the
company does not have a coherent plan for regaining profitability, that
the company's core product is of uncertain value, and that the company is
at a competitive disadvantage in the procurement process.
We strongly believe that the current composition of the Board
does not represent either the interests or priorities of the
shareholders. The fact that no director owns more than a token amount of
stock is a clear indication of this divergence of interests. It is clear
to us that the Board needs 'new blood' to reinvigorate the company.
Specific issues that we feel the Board has handled in a manner
inconsistent with shareholders' interests are: the decline in
Stockholder's equity by 73%, to $3.2 million, since 2006; the increase in
compensation for the CEO of 54% to $868,511 since 2006; the failure of
board members to attend annual meetings, despite the fact that the Bylaws
of the Company state that a regular meeting of the Board 'shall be held
immediately after the adjournment of the annual meeting of stockholders';
the adoption of a shareholder rights plan which has served to entrench
management and destroy shareholder value; a lack of a publicly
communicated long-term strategic plan; and the lack of a publicly
communicated succession plan for key management positions.
We are long-term investors, acting in the interests of all
shareholders of the Company. We are hereby asking that the Board
immediately begin negotiations to seat two directors chosen directly by
shareholders and begin a transparent, open process of investigating
strategic alternatives to improve shareholder value. It is not our
intention to engage in a costly and contentious battle with the board,
but we will take any and all actions necessary to hold the board and
management accountable for poor performance. We look forward to a
fruitful and businesslike dialog.
Sincerely,
/s/ Samuel A. Kidston
Samuel A. Kidston
Managing Member
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