0001193125-15-317915.txt : 20150911 0001193125-15-317915.hdr.sgml : 20150911 20150911080705 ACCESSION NUMBER: 0001193125-15-317915 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 3 FILED AS OF DATE: 20150911 DATE AS OF CHANGE: 20150911 GROUP MEMBERS: MILL ROAD CAPITAL II GP LLC GROUP MEMBERS: SCOTT P. SCHARFMAN GROUP MEMBERS: THOMAS E. LYNCH SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: LEARNING TREE INTERNATIONAL, INC. CENTRAL INDEX KEY: 0001002037 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-EDUCATIONAL SERVICES [8200] IRS NUMBER: 953133814 STATE OF INCORPORATION: DE FISCAL YEAR END: 0926 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-47083 FILM NUMBER: 151102310 BUSINESS ADDRESS: STREET 1: 1805 LIBRARY STREET CITY: RESTON STATE: VA ZIP: 20190 BUSINESS PHONE: 7037099119 MAIL ADDRESS: STREET 1: 1805 LIBRARY STREET CITY: RESTON STATE: VA ZIP: 20190 FORMER COMPANY: FORMER CONFORMED NAME: LEARNING TREE INTERNATIONAL INC DATE OF NAME CHANGE: 19951010 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Mill Road Capital II, L.P. CENTRAL INDEX KEY: 0001550729 IRS NUMBER: 383855733 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 382 GREENWICH AVE. STREET 2: SUITE ONE CITY: GREENWICH STATE: CT ZIP: 06830 BUSINESS PHONE: 203-987-3500 MAIL ADDRESS: STREET 1: 382 GREENWICH AVE. STREET 2: SUITE ONE CITY: GREENWICH STATE: CT ZIP: 06830 SC 13D/A 1 d69682dsc13da.htm AMENDMENT NO.8 TO SCHEDULE 13/D Amendment No.8 to Schedule 13/D

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13D

Under the Securities Exchange Act of 1934

(Amendment No. 8)*

 

 

Learning Tree International, Inc.

(Name of Issuer)

Common Stock, $0.0001 par value

(Title of Class of Securities)

522015106

(CUSIP Number)

Mill Road Capital II, L.P.

Attn: Thomas E. Lynch

382 Greenwich Avenue

Suite One

Greenwich, CT 06830

203-987-3500

With a copy to:

Peter M. Rosenblum, Esq.

Foley Hoag LLP

155 Seaport Blvd.

Boston, MA 02210

617-832-1151

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

September 10, 2015

(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 §§240.13d-1(e), 240.13d-1(f) or 240.13d-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 §240.13d-7 for other parties to whom copies are sent.

 

 

 

* 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 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

 

 

 


13D

 

CUSIP No. 522015106     Page 2 of 7 Pages

 

  1.   

Names of Reporting Persons.

 

Mill Road Capital II, L.P.

  2.  

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)  ¨        (b)  ¨

 

  3.  

SEC Use Only

 

  4.  

Source of Funds (See Instructions)

 

WC

  5.  

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)  ¨

 

  6.  

Citizenship or Place of Organization

 

Delaware

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person

With

 

     7.    

Sole Voting Power

 

673,504

     8.   

Shared Voting Power

 

     9.   

Sole Dispositive Power

 

673,504

   10.   

Shared Dispositive Power

 

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

673,504

12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)  ¨

 

13.  

Percent of Class Represented by Amount in Row (11)

 

5.1%

14.  

Type of Reporting Person (See Instructions)

 

PN


13D

 

CUSIP No. 522015106     Page 3 of 7 Pages

 

  1.   

Names of Reporting Persons

 

Mill Road Capital II GP LLC

  2.  

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)  ¨        (b)  ¨

 

  3.  

SEC Use Only

 

  4.  

Source of Funds (See Instructions)

 

AF

  5.  

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)  ¨

 

  6.  

Citizenship or Place of Organization

 

Delaware

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person

With

 

     7.    

Sole Voting Power

 

673,504

     8.   

Shared Voting Power

 

     9.   

Sole Dispositive Power

 

673,504

   10.   

Shared Dispositive Power

 

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

673,504

12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)  ¨

 

13.  

Percent of Class Represented by Amount in Row (11)

 

5.1%

14.  

Type of Reporting Person (See Instructions)

 

HC; OO


13D

 

CUSIP No. 522015106     Page 4 of 7 Pages

 

  1.   

Names of Reporting Persons.

 

Thomas E. Lynch

  2.  

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)  ¨        (b)  ¨

 

  3.  

SEC Use Only

 

  4.  

Source of Funds (See Instructions)

 

AF

  5.  

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)  ¨

 

  6.  

Citizenship or Place of Organization

 

USA

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person

With

 

     7.    

Sole Voting Power

 

     8.   

Shared Voting Power

 

673,504

     9.   

Sole Dispositive Power

 

   10.   

Shared Dispositive Power

 

673,504

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

673,504

12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)  ¨

 

13.  

Percent of Class Represented by Amount in Row (11)

 

5.1%

14.  

Type of Reporting Person (See Instructions)

 

HC; IN


13D

 

CUSIP No. 522015106     Page 5 of 7 Pages

 

  1.   

Names of Reporting Persons.

 

Scott P. Scharfman

  2.  

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)  ¨        (b)  ¨

 

  3.  

SEC Use Only

 

  4.  

Source of Funds (See Instructions)

 

AF

  5.  

Check if Disclosure of Legal Proceedings Is Required Pursuant to Items 2(d) or 2(e)  ¨

 

  6.  

Citizenship or Place of Organization

 

USA

Number of

Shares

Beneficially

Owned by

Each

Reporting

Person

With

 

     7.    

Sole Voting Power

 

     8.   

Shared Voting Power

 

673,504

     9.   

Sole Dispositive Power

 

   10.   

Shared Dispositive Power

 

673,504

11.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

673,504

12.  

Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)  ¨

 

13.  

Percent of Class Represented by Amount in Row (11)

 

5.1%

14.  

Type of Reporting Person (See Instructions)

 

HC; IN


This Amendment No. 8 to the joint statement on Schedule 13D with respect to the common stock, $0.0001 par value (the “Common Stock”), of Learning Tree International, Inc., a Delaware corporation (the “Issuer”), filed by Thomas E. Lynch, Scott P. Scharfman, Mill Road Capital II GP LLC, a Delaware limited liability company, and Mill Road Capital II, L.P., a Delaware limited partnership (each of the foregoing filers is referred to herein as a “Reporting Person” and, collectively, as the “Reporting Persons”), as well as other persons reporting on such joint statement, as amended and restated by the Amendment No. 7 on Schedule 13D with respect to the Common Stock filed by the Reporting Persons on June 22, 2015 (such filing, as so amended and restated and as amended herein, the “Schedule 13D”), amends the Schedule 13D as follows:

1. Item 4 of the Schedule 13D is amended by inserting the following paragraph after its fourth paragraph:

“On September 10, 2015, the Management Company sent the letter attached hereto as Exhibit 6 to the Issuer’s board of directors, indicating its interest in consummating a going private transaction at a purchase price of $1.80 per share.”

2. Item 7 of the Schedule 13D is amended by adding the following paragraph at its end:

 

Exhibit 6    Letter from Mill Road Capital Management LLC to the Board of Directors of Learning Tree International, Inc. dated September 10, 2015.”

3. Except as amended hereby, the Schedule 13D remains in full force and effect.


Signature

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

 

DATE: September 11, 2015
MILL ROAD CAPITAL II, L.P.
By:   Mill Road Capital II GP LLC,
  its General Partner
By:  

/s/ Thomas E. Lynch

  Thomas E. Lynch
  Management Committee Director
MILL ROAD CAPITAL II GP LLC
By:  

/s/ Thomas E. Lynch

  Thomas E. Lynch
  Management Committee Director
THOMAS E. LYNCH
By:  

/s/ Thomas E. Lynch

  Thomas E. Lynch
SCOTT P. SCHARFMAN
By:  

/s/ Thomas E. Lynch

  Thomas E. Lynch, attorney-in-fact
EX-99.6 2 d69682dex996.htm EX-6 EX-6

Exhibit 6

 

 

LOGO

PRIVATE & CONFIDENTIAL

September 10, 2015

Board of Directors

Learning Tree International, Inc.

1831 Michael Faraday Drive

Reston, VA 20190

Re: Mill Road Capital Indication of Interest to Take Learning Tree Private at $1.80 Per Share

Members of the Board of Directors:

The private equity funds advised by Mill Road Capital Management, LLC (“Mill Road”) have been a shareholder of Learning Tree International, Inc. (“Learning Tree” or the “Company”) since 2009. Since then, we have given several indications of interest regarding leading a going private transaction and continue to believe that a sale of the Company is in the best interest of shareholders, particularly in light of the delisting of the Company’s shares from the NASDAQ Global Market.

We have committed substantial time and effort to understanding Learning Tree, both as a public shareholder and as a participant in the transaction process organized by the Board of Directors in the summer of 2011. We continue to have a serious interest in consummating a going private transaction, the key terms of which would be:

 

    Purchase Price. A purchase price of $1.80 per share which represents a premium of 89.5% to the closing share price of $0.95 on September 9, 2015, the last trading day prior to this letter. This price is based on the assumption that we would be able to negotiate other terms and conditions and related definitive documents of such an acquisition that would be acceptable to us, including securing support for the transaction from key stakeholders of the Company.

 

    Financing. Any potential transaction would not be contingent on external financing. Mill Road Capital II, L.P. which currently holds the Company’s shares has approximately $420 million of committed capital.

 

    Timing. We are prepared to work with you to execute a successful transaction in an expeditious manner. Due to our significant transaction experience, specifically with structures of this type, we are confident in our ability to execute any transaction expeditiously with minimal disruption to the operations of the business.

382 Greenwich Avenue, Suite One ● Greenwich, CT 06830 ● (203) 987-3500


    Participation. We are open to the possibility that certain significant shareholders (if any, and to be mutually determined) could participate in a transaction such that they would remain as shareholders in a private company. In each of our five completed going-private transactions, certain shareholders (including management members) “rolled” shares into the private company.

This indication of interest is non-binding. Any binding obligations will be created only by execution and delivery of definitive documents.

Additionally, we would like to acknowledge the amended and supplemented Item 4 provided in the amended 13D filing made by Dr. David C. Collins on May 19, 2015. We acknowledge the Board’s request that Dr. Collins consider purchasing all the remaining shares of stock of the Company. If Dr. Collins does not support our proposed transaction and elects to purchase all remaining shares, Mill Road could support such a transaction as long as this purchase provides full and fair consideration for the selling shareholders.

We look forward to hearing from you. You may reach me at (203) 987-3505.

Sincerely,

Mill Road Capital Management, LLC

 

By:  

/s/ Justin C. Jacobs

Name:   Justin C. Jacobs
Title:   Management Committee Director
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