SC 13D
UNITED STATES
SECURITIES & EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Twin Disc, Incorporated
(Name of Issuer)
Common Stock, No Par Value
(Title of Class of Securities)
901476101
(CUSIP Number)
Ephraim Fields, Managing Member
Clarus Capital Group Management LP
237 Park Ave., Suite 900
New York, NY 10017
(212)-808-7330
(Name, address and Telephone Number of Person Authorized to Receive Notices
and Communications)
September 10, 2007
(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 which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
*The remainder of this cover page shall be filled out for a reporting persons 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 remained 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).
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CUSIP No. |
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901476101 |
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Page |
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2 |
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of |
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8 |
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1 |
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NAMES OF REPORTING PERSONS
CLARUS CAPITAL GROUP MANAGEMENT LP I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (ENTITIES ONLY) 20-8098367 |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
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(a) o |
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(b) o |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS (SEE INSTRUCTIONS) |
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WC |
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5 |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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o |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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DELAWARE
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7 |
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SOLE VOTING POWER |
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NUMBER OF |
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242,834 |
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SHARES |
8 |
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SHARED VOTING POWER |
BENEFICIALLY |
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OWNED BY |
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55,272 |
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EACH |
9 |
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SOLE DISPOSITIVE POWER |
REPORTING |
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PERSON |
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298,106 |
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WITH |
10 |
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SHARED DISPOSITIVE POWER |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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298,106 |
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12 |
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |
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o
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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5.1% |
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14 |
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) |
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IA, PN |
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CUSIP No. |
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901476101 |
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Page |
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3 |
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of |
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8 |
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1 |
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NAMES OF REPORTING PERSONS
EPHRAIM FIELDS |
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2 |
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
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(a) o |
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(b) o |
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3 |
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SEC USE ONLY |
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4 |
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SOURCE OF FUNDS (SEE INSTRUCTIONS) |
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WC |
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5 |
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CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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o |
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6 |
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CITIZENSHIP OR PLACE OF ORGANIZATION |
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UNITED STATES
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7 |
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SOLE VOTING POWER |
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NUMBER OF |
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242,834 (1) |
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SHARES |
8 |
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SHARED VOTING POWER |
BENEFICIALLY |
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OWNED BY |
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55,272 |
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EACH |
9 |
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SOLE DISPOSITIVE POWER |
REPORTING |
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PERSON |
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298,106 (1) |
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WITH |
10 |
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SHARED DISPOSITIVE POWER |
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11 |
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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298,106 (1) |
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12 |
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CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |
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13 |
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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5.1% |
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14 |
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) |
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IN |
(1) The general partner to Clarus Capital Group Management LP is Clarus Capital Management, LLC. Ephraim Fields is the managing member of Clarus Capital Management, LLC and as such controls Clarus Capital Group Management LP. As such, Mr. Fields may be deemed to have beneficial ownership of the 298,106 shares of Common Stock held by the clients of Clarus Capital Group Management LP.
ITEM 1. SECURITY AND ISSUER
This statement on Schedule 13D (Statement) relates to the common stock,
no par value (Common Stock), of Twin Disc Incorporated, a Wisconsin corporation (the Issuer).
The principal executive offices of the Issuer are located at 1328 Racine Street, Racine, Wisconsin
53403.
ITEM 2. IDENTITY AND BACKGROUND
(a) - (c) AND (f). This Statement is filed by Clarus Capital Group Management LP, a
Delaware limited partnership (Clarus) and Ephraim Fields
(together, the Reporting Persons).
Clarus is a private investment management firm which invests in publicly
traded U.S. equity securities. The general partner to Clarus Capital Group Management LP is Clarus
Capital Management, LLC. Ephraim Fields is the managing member of Clarus Capital Management, LLC
and as such controls Clarus Capital Group Management LP. Mr. Fields is engaged principally in the
business of
serving as the sole managing member of Clarus and an affiliate, Clarus Capital
Advisors, LLC. Mr. Fields is a citizen of the United States of America.
The principal business address of each of the Reporting Persons is 237 Park
Ave., Suite 900, New York, NY 10017.
(d) - (e). None of the Reporting Persons during the last five years has
been convicted in a criminal proceeding (excluding traffic violations and
similar misdemeanors) or was party to a civil proceeding of a judicial or
administrative body of competent jurisdiction as a result of which any such
person was or is subject to a 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
The aggregate purchase price of the 298,106 shares of Common Stock owned by
the Reporting Persons is approximately $7,349,000 including brokerage commissions. The shares of
Common Stock owned by the Reporting Persons were acquired with the working capital of Clarus.
ITEM 4. PURPOSE OF TRANSACTION
The Reporting Persons purchased the shares of Common Stock based on the
Reporting Persons belief that the shares of Common Stock are undervalued and
represented an attractive investment opportunity. Clarus reserves the right,
consistent with applicable law, to acquire or dispose of additional securities
of the Issuer (whether through open market purchases, block trades, private
acquisitions, tender or exchange offers or otherwise). Clarus intends to review
its investment in the Issuer on a continuing basis and may engage in discussions
with management or the Board of Directors of the Issuer concerning the business,
operations and future plans of the Issuer. Depending on various factors,
including, without limitation, the Issuers financial position and investment
strategy, the price levels of the Common Stock, conditions in the securities
markets and general economic and industry conditions, Clarus may in the future
take such actions with respect to its investment in the Issuer as it deems
appropriate including, without limitation, seeking Board
representation, making proposals to the Issuer concerning the capitalization and operations of the
Issuer, engaging in short selling of or any hedging or similar transaction with
respect to the Common Stock, or changing its intention partially or entirely
with respect to any and all matters referred to in Item 4.
On June 12, 2007, Clarus sent a letter to the Board of Directors of the Issuer which set forth
Clarus belief that the Issuers Common Stock is undervalued and suggested ways of enhancing
shareholder value. On September 10, 2007, Clarus wrote another letter to the Board of Directors
and requested that the Board of Directors immediately retain a prominent investment bank to explore
various alternatives for enhancing shareholder value, including a more aggressive stock buyback
(which would be highly accretive) and the outright sale of all or part of the Company (the Board
Letters). The Reporting Persons hope that the Board Letters will start an ongoing dialogue with
the Issuer. Depending on the outcome of these discussions, the Reporting Persons may modify their
intent. The summary set forth herein of the Board Letters do not purport to be a complete
description thereof and is qualified in its entirety by reference to the full documents as filed as
Exhibits to this Statement.
Although the foregoing represents the range of activities presently
contemplated by the Reporting Persons with respect to the Issuer, it should be
noted that the possible activities of the Reporting Persons are subject to
change at any time. Except as set forth above, none of the Reporting Persons has
any present plans or proposals which relate to or would result in any of the
actions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The percentages set forth in this Item 5 are based on the Form 10-Q filed
by the Issuer on May 9, 2007, which stated that as of April 30, 2007, there were 5,849,088 shares
of Common Stock outstanding.
(a) As of the close of business on September 10, 2007, the Reporting Persons directly own
298,106 shares of Common Stock representing approximately 5.1% of the outstanding Common Stock. As
of September 10, 2007, the date requiring the filing of this Schedule 13D, the Reporting Persons
directly owned 298,106 shares of Common Stock representing approximately 5.1% of the outstanding
Common Stock.
(b) The Reporting Persons have the sole power to vote and dispose of
242,834 shares of Common Stock and shared power to vote and dispose of 55,272 shares of Common
Stock. Mr. Fields is the sole managing principal and indirectly the 100% owner of Clarus.
(c) See Appendix A for a list of transactions occurring in the last sixty
days.
(d) Not applicable.
(e) Not applicable.
ITEM 6.
CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.
Other than as described in Item 4 herein, there are no contracts,
arrangements, understandings or relationships among the Reporting
Persons, or between the Reporting Persons and any other person, with respect to the
securities of the Issuer.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit A: Letter to the Issuer, dated as of September 10, 2007
Exhibit B: Letter to the Issuer, dated as of June 12, 2007
SIGNATURES
After reasonable inquiry and to the best of its knowledge and
belief, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
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Dated: September 10, 2007 |
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CLARUS CAPITAL GROUP MANAGEMENT LP |
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By: |
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/s/ Ephraim Fields |
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Name:
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Ephraim Fields |
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Title:
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Managing Member |
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EPHRAIM FIELDS |
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By: |
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/s/ Ephraim Fields |
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APPENDIX A
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Transaction Date |
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Number of Shares Bought |
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Average Price Paid |
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07/27/07 |
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9169 |
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62.5879 |
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07/31/07 |
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4000 |
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56.8378 |
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08/07/07 |
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3240 |
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48.4734 |
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08/13/07 |
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2000 |
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52.6500 |
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