sec document
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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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. 2)1
NOVOSTE CORPORATION
-------------------
(Name of Issuer)
COMMON STOCK, $0.01 PAR VALUE
-----------------------------
(Title of Class of Securities)
67010C100
---------
(CUSIP Number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG & WOLOSKY LLP
Park Avenue Tower
65 East 55th Street
New York, New York 10022
(212) 451-2300
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 19, 2004
----------------
(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 8 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. 67010C100 13D Page 2 of 8 Pages
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=============== ================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
STEEL PARTNERS II, 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
DELAWARE
--------------- --------------------- ------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY
EACH 2,433,207
REPORTING
PERSON WITH
--------------------- ------------------------------------------
8 SHARED VOTING POWER
- 0 -
--------------------- ------------------------------------------
9 SOLE DISPOSITIVE POWER
2,433,207
--------------------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------- ----------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,433,207
--------------- ----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------- ----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.9%
--------------- ----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
=============== ================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 67010C100 13D Page 3 of 8 Pages
-------------------------- ----------------------
=============== ================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
STEEL PARTNERS, 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
DELAWARE
--------------- --------------------- ------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY
EACH 2,433,207
REPORTING
PERSON WITH
--------------------- ------------------------------------------
8 SHARED VOTING POWER
- 0 -
--------------------- ------------------------------------------
9 SOLE DISPOSITIVE POWER
2,433,207
--------------------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------- ----------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,433,207
--------------- ----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------- ----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.9%
--------------- ----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
=============== ================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
-------------------------- ----------------------
CUSIP No. 67010C100 13D Page 4 of 8 Pages
-------------------------- ----------------------
=============== ================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
WARREN G. LICHTENSTEIN
--------------- ----------------------------------------------------------------
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
DELAWARE
--------------- --------------------- ------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY
EACH 2,433,207
REPORTING
PERSON WITH
--------------------- ------------------------------------------
8 SHARED VOTING POWER
- 0 -
--------------------- ------------------------------------------
9 SOLE DISPOSITIVE POWER
2,433,207
--------------------- ------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------- ----------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,433,207
--------------- ----------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------- ----------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.9%
--------------- ----------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
=============== ================================================================
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP No. 67010C100 13D Page 5 of 8 Pages
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The following constitutes Amendment No. 2 ("Amendment No. 2") to the
Schedule 13D filed by the undersigned. This Amendment No. 2 amends the Schedule
13D as specifically set forth.
Item 3 is hereby amended and restated to read as follows:
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
-------------------------------------------------
The aggregate purchase price of the 2,433,207 Shares owned by Steel
Partners II is $8,444,091, including brokerage commissions. The Shares owned by
Steel Partners II were acquired with partnership funds.
Item 4 is hereby amended to add the following:
Based on their recent evaluation of the Issuer and other events
involving the Issuer including, but not limited to, the decline in the Issuer's
share price since the beginning of 2004, the Reporting Persons intend to engage
in discussions with management and the Board of Directors of the Issuer
concerning the business, operations and future plans of the Issuer and intend to
ask for one or more of their designees to be appointed to the Board of
Directors. Depending on the outcome of such discussions, the Reporting Persons
may take such action they deem necessary to protect their investment in the
Issuer including, among other things, nomination of their own slate of directors
for election at the next annual meeting of stockholders or at such other times
or in such other manner as the Reporting Persons shall determine. The Reporting
Persons otherwise reaffirm the disclosure in Item 4 of the initial Schedule 13D
filed with the Securities and Exchange Commission on September 29, 2004.
Item 5(a) is hereby amended and restated to read as follows:
(a) The aggregate percentage of Shares reported owned by each person
named herein is based upon 16,334,705 Shares outstanding, which is the total
number of Shares outstanding as reported in the Issuer's Quarterly Report on
Form 10-Q for the quarter ended June 30, 2004 and filed with the Securities and
Exchange Commission on August 6, 2004.
As of the close of business on October 22, 2004, Steel Partners II
beneficially owned 2,433,207 Shares, constituting approximately 14.9% of the
Shares outstanding. As the general partner of Steel Partners II, Partners LLC
may be deemed to beneficially own the 2,433,207 Shares of Common Stock owned by
Steel Partners II, constituting approximately 14.9% of the Shares outstanding.
As the sole executive officer and managing member of Partners LLC, which in turn
is the general partner of Steel Partners II, Mr. Lichtenstein may be deemed to
beneficially own the 2,433,207 Shares of Common Stock owned by Steel Partners
II, constituting approximately 14.9% of the Shares outstanding. Mr. Lichtenstein
has sole voting and dispositive power with respect to the 2,433,207 Shares owned
by Steel Partners II by virtue of his authority to vote and dispose of such
Shares.
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CUSIP No. 67010C100 13D Page 6 of 8 Pages
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Item 5(c) is hereby amended to add the following:
(c) Schedule A annexed hereto lists all transactions in the Shares
during the past sixty days by the Reporting Persons. All of such transactions
were effected in the open market.
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CUSIP No. 67010C100 13D Page 7 of 8 Pages
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SIGNATURES
After reasonable 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: October 25, 2004 STEEL PARTNERS II, L.P.
By: Steel Partners, L.L.C.
General Partner
By: /s/ Warren G. Lichtenstein
---------------------------------------
Warren G. Lichtenstein
Managing Member
STEEL PARTNERS, L.L.C.
By: /s/ Warren G. Lichtenstein
---------------------------------------
Warren G. Lichtenstein
Managing Member
/s/ Warren G. Lichtenstein
------------------------------------------
WARREN G. LICHTENSTEIN
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CUSIP No. 67010C100 13D Page 8 of 8 Pages
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SCHEDULE A
TRANSACTIONS IN THE SHARES DURING THE PAST 60 DAYS
--------------------------------------------------
Shares of Common Stock Price Per Date of
Purchased Share($) Purchase
---------------------- --------- --------
STEEL PARTNERS II, L.P.
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834,000 1.4500 10/19/04
STEEL PARTNERS, L.L.C.
----------------------
None
WARREN G. LICHTENSTEIN
----------------------
None