0000950142-17-001708.txt : 20170925 0000950142-17-001708.hdr.sgml : 20170925 20170925163244 ACCESSION NUMBER: 0000950142-17-001708 CONFORMED SUBMISSION TYPE: SC 13D PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20170925 DATE AS OF CHANGE: 20170925 GROUP MEMBERS: ARI D. GENDASON GROUP MEMBERS: CONTINENTAL GRAIN CO SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: RiceBran Technologies CENTRAL INDEX KEY: 0001063537 STANDARD INDUSTRIAL CLASSIFICATION: GRAIN MILL PRODUCTS [2040] IRS NUMBER: 870673375 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D SEC ACT: 1934 Act SEC FILE NUMBER: 005-62383 FILM NUMBER: 171100120 BUSINESS ADDRESS: STREET 1: 2928 RAMCO STREET STREET 2: SUITE 120 CITY: WEST SACRAMENTO STATE: CA ZIP: 95691 BUSINESS PHONE: 6025223000 MAIL ADDRESS: STREET 1: 2928 RAMCO STREET STREET 2: SUITE 120 CITY: WEST SACRAMENTO STATE: CA ZIP: 95691 FORMER COMPANY: FORMER CONFORMED NAME: NUTRACEA DATE OF NAME CHANGE: 20030930 FORMER COMPANY: FORMER CONFORMED NAME: NUTRASTAR INC DATE OF NAME CHANGE: 20011221 FORMER COMPANY: FORMER CONFORMED NAME: ALLIANCE CONSUMER INTERNATIONAL INC DATE OF NAME CHANGE: 20010418 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CONTINENTAL GRAIN CO CENTRAL INDEX KEY: 0000929607 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: SC 13D BUSINESS ADDRESS: STREET 1: 277 PARK AVE CITY: NEW YORK STATE: NY ZIP: 10172 BUSINESS PHONE: 2122072898 MAIL ADDRESS: STREET 1: 277 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10172 FORMER COMPANY: FORMER CONFORMED NAME: CONTIGROUP COMPANIES, INC. DATE OF NAME CHANGE: 20050609 FORMER COMPANY: FORMER CONFORMED NAME: CONTINENTAL GRAIN CO DATE OF NAME CHANGE: 19940906 SC 13D 1 eh1700948_13d-ricebran.htm SCHEDULE 13D eh1300353_13da7-smithfield.htm


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
SCHEDULE 13D
 
Under the Securities Exchange Act of 1934
(Amendment No.  )*
 
 
RiceBran Technologies
(Name of Issuer)
 
 
Common Stock, No Par Value
(Title of Class of Securities)
 
 
762831204
(CUSIP Number)
 
Michael Mayberry
Senior Vice President - Legal
Continental Grain Company
767 Fifth Ave
New York, NY 10153
Tel. No.: (212) 207-2898
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
 
September 13, 2017
(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), 1(f) or 1(g), check the following box  o.
 
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.
 
*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).
 
 
(Page 1 of 8 Pages)

 
CUSIP No. 762831204
 
SCHEDULE 13D
Page 2 of 8 Pages

 
1
NAME OF REPORTING PERSON OR
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
 
Continental Grain Company
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
 
(a)  o
(b)  x
3
SEC USE ONLY
 
 
 
4
SOURCE OF FUNDS
 
OO
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 
 
o
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
Delaware
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING PERSON
WITH
7
SOLE VOTING POWER
 
2,654,732
8
SHARED VOTING POWER
 
0
9
SOLE DISPOSITIVE POWER
 
2,654,732
10
SHARED DISPOSITIVE POWER
 
0
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
2,654,732
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
16.2%
 
14
TYPE OF REPORTING PERSON
 
CO
 
 

 
CUSIP No. 762831204
 
SCHEDULE 13D
Page 3 of 8 Pages

 
1
NAME OF REPORTING PERSON OR
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
 
Ari D. Gendason
 
2
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
 
 
(a)  o
(b)  x
3
SEC USE ONLY
 
 
 
4
SOURCE OF FUNDS
 
OO
 
5
CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)
 
 
o
6
CITIZENSHIP OR PLACE OF ORGANIZATION
 
United States
 
NUMBER OF
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING PERSON
WITH
7
SOLE VOTING POWER
 
27,972
8
SHARED VOTING POWER
 
0
9
SOLE DISPOSITIVE POWER
 
27,972
10
SHARED DISPOSITIVE POWER
 
0
11
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 
27,972
 
12
CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
 
 
o
13
PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
 
Less than 1%
 
14
TYPE OF REPORTING PERSON
 
IN
 
 

 
CUSIP No. 762831204
 
SCHEDULE 13D
Page 4 of 8 Pages

Item 1.    Security and Issuer.
This Statement on Schedule 13D (this “Statement”) relates to the common stock, no par value (the “Common Stock”), of RiceBran Technologies, a California Corporation (the “Issuer”).
The principal executive offices of the Issuer are located at 2928 Ramco Street, Suite 120, West Sacramento, CA 95691.
Item 2.    Identity and Background.

This Schedule 13D is being jointly filed by the following entities (collectively, the “Reporting Persons”):
 
(i)  Continental Grain Company, a Delaware Corporation (“CGC”); and
(ii) Ari D. Gendason, a natural person and citizen of the United States (“Mr. Gendason”).
 
The principal business of CGC is agribusiness and to make investments. Mr. Gendason is Senior Vice President — Corporate Investments of CGC.
 
The principal business address of the Reporting Persons and the executive officers and directors of CGC as set forth below is 767 Fifth Avenue, New York, NY 10153.  Each of the persons listed below are citizens of the United States.

Executive Officers and Directors of CGC

Paul J. Fribourg
 
Chairman, Chief Executive Officer and President
Michael J. Zimmerman   Vice Chairman
Frank W. Baier  
Executive Vice President and Chief Financial Officer
Charles A. Fribourg
 
Director and Directeur General, Arlon Group S.A., a subsidiary of Continental Grain Company
Gerald Rosenfeld
 
Director
Stephen R. Volk
 
Director
Morton I. Sosland
 
Director
James Wolfensohn
 
Director
Alan Fishman
 
Director
Jim D. Manzi   Director
 

 
CUSIP No. 762831204
 
SCHEDULE 13D
Page 5 of 8 Pages

During the past five years, the Reporting Persons have not, and, to the best of their knowledge, no other person identified in response to this Item 2 has been (a) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or (b) a party to any civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of which such person was or is subject to judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws, or finding any violation with respect to such laws.
 
Item 3.    Source and Amount of Funds or Other Consideration
 
Pursuant to a Common Stock Purchase Agreement, dated as of September 13, 2017, between CGC and the Issuer, CGC purchased 2,654,732 shares of Common Stock for an aggregate purchase price of $2,862,597.52 (the “Investment”).  The Investment was funded with CGC’s available cash on hand. Mr. Gendason is a director of the Issuer. The Common Stock beneficially owned by Mr. Gendason was received as equity compensation in connection with his service as a director.
 
Item 4.    Purpose of Transaction.
 
CGC acquired the shares of Common Stock for investment purposes. In connection with the Investment, CGC and the Issuer entered into a Common Stock Purchase Agreement pursuant to which the Issuer agreed that in connection with each annual or special meeting of the Issuer’s stockholders at which members of the Issuer’s board of directors are to be elected, or any written consent of the Issuer’s stockholders pursuant to which members of the board of directors are to be elected, CGC shall have the right to designate one nominee to the Issuer’s board of directors.  In the event that the number of seats for directors on the Issuer’s board of directors is increased, then the number of directors that CGC is entitled to nominate shall be adjusted upward (rounded to the nearest whole number), as the case may be, such that the proportional representation of the CGC designee(s) on the Issuer’s board of directors (assuming all of CGC’s designee(s) are elected or re-elected to the board of directors) would be as similar as possible to the proportional representation of the CGC designee(s) on the Issuer’s board of directors if the number of seats for directors on the board of directors had remained the same as it is on the date of the Investment. Mr. Gendason is CGC’s designee to the Issuer’s board of directors.
 
The Reporting Persons intend to monitor and review their investments in the Issuer on a continuing basis. Depending on various factors, including, without limitation, the Issuer’s financial position and strategic direction, actions taken by the board of directors, price levels of the shares of Common Stock, other investment opportunities available to the Reporting Persons, market conditions and general economic and industry conditions, the Reporting Persons may take such actions with respect to their investments in the Issuer as they deem appropriate, including, without limitation, purchasing additional shares of Common Stock or selling some or all of their beneficial or economic holdings and/or otherwise changing their intention with respect to any and all matters referred to in Item 4 of Schedule 13D.

Item 5.    Interest in Securities of the Issuer.
 
All calculations of percentage ownership in this Schedule 13D are based on a total of 16,383,475 shares of Common Stock. Such total includes 13,728,743 shares of Common Stock outstanding as of September 1, 2017, as represented to by the Issuer in connection with the Investment and gives effect to the issuance of an additional 2,654,732 shares of Common Stock to CGC in connection with the Investment.
 
CGC beneficially owns 2,654,732 shares of Common Stock (approximately 16.2% of the total number of shares of Common Stock outstanding). CGC has the sole power to vote or direct the vote, and the sole power to dispose or direct the disposition of, all such 2,654,732 shares of Common Stock.
 
 

 
CUSIP No. 762831204
 
SCHEDULE 13D
Page 6 of 8 Pages

 
Mr. Gendason directly owns 27,972 shares of Common Stock, less than 1.0% of the total number of shares of Common Stock outstanding. An additional 49,315 shares of Common Stock are directly owned by Mr. Gendason subject to vesting on the earlier of June 21, 2018, or the day prior to the next annual meeting of the shareholders of the Issuer.
 
The Reporting Persons may be deemed to be a group for the purposes of Section 13(d) of the Exchange Act. This filing shall not constitute an admission by the Reporting Persons that they are a group for such purpose. The Reporting Persons collectively own 2,682,704 shares of Common Stock (approximately 16.3% of the total number of shares of Common Stock outstanding).
 
Other than the Investment, none of the Reporting Persons have made any transactions in the Common Stock within the past 60 days.
 
No person other than the Reporting Persons is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, any securities owned by of the Reporting Persons.
 
Item 6.    Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.
 
The description of the Common Stock Purchase Agreement in Item 4 is incorporated herein by reference.
 
In connection with the Investment, the Issuer and CGC entered into a Registration Rights Agreement (the “Registration Rights Agreement”) dated as of September 13, 2017 under which the Company must register the resale of the shares of Common Stock acquired in the Investment (the “Shares”) on a Form S-3 Registration Statement with the Securities and Exchange Commission (“SEC”) on or before October 28, 2017 (the “Registration Statement”). In addition, at any time after September 13, 2018, Continental may request the Company to effect an underwritten public offering to sell the Shares.  Continental is required to reimburse the Company up to $85,000 for costs and expenses related to such an offering if the underwritten public offering is conducted prior to September 13, 2019 or if two or more underwritten public offerings are conducted between September 13, 2019 and September 13, 2021.

If the Registration Statement is not (i) filed by October 28, 2017, (ii) declared effective by the SEC by December 27, 2017 (or January 26, 2018 if a full SEC review occurs), (iii) or if the Registration Statement is declared effective but ceases to be effective for a period of more than thirty (30) days in the aggregate during each one (1) year period following the date of the Registration Rights Agreement, then the Company is required to pay liquidated damages to Continental in an amount equal to one percent (1.0%) of the aggregate purchase price for any unregistered Shares then held by Continental and for each subsequent thirty (30) day period such Shares remain unregistered.  The maximum aggregate liquidated damages payable to Continental is five percent (5.0%) of the aggregate purchase price.
 
Under the Registration Rights Agreement, the Company agreed to indemnify the holders of Shares and certain persons or entities related to them against certain liabilities, including liabilities arising under the Securities Act.

CUSIP No. 762831204
 
SCHEDULE 13D
Page 7 of 8 Pages

Item 7.    Material to be Filed as Exhibits.
 
 
 
 
 
 

CUSIP No. 762831204
 
SCHEDULE 13D
Page 8 of 8 Pages

 
SIGNATURES
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.
 
Dated:  September 25, 2017
 
   
CONTINENTAL GRAIN COMPANY
 
 
 
   
 
By: 
/s/ Paul J. Fribourg
 
     
Name: Paul J. Fribourg
Title:   Chief Executive Officer and President
 
 
       
   
/s/ Ari D. Gendason
 
     
Ari D. Gendason
 
 
 

EX-99 2 eh1700948_ex01.htm EXHIBIT 1 eh1300353_ex01.htm
EXHIBIT 1
 
 
AGREEMENT REGARDING THE JOINT FILING OF SCHEDULE 13D
 
The undersigned hereby agree as follows:
 
(i)           Each of them is individually eligible to use the Schedule 13D to which this Exhibit is attached, and such Schedule 13D is filed on behalf of each of them; and
 
(ii)          Each of them is responsible for the timely filing of such Schedule 13D and any amendments thereto, and for the completeness and accuracy of the information concerning such person contained therein; but none of them is responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless such person knows or has reason to believe that such information is inaccurate.
 
Date:  September 25, 2017
 
   
CONTINENTAL GRAIN COMPANY
 
 
 
   
 
By: 
/s/ Paul J. Fribourg
 
     
Name: Paul J. Fribourg
Title:   Chief Executive Officer and President
 
 
       
   
/s/ Ari D. Gendason
 
     
Ari D. Gendason