sec document
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)
Ault Incorporated
-----------------
(Name of Issuer)
Common Stock, No Par Value
--------------------------
(Title of Class of Securities)
051503100
---------
(CUSIP Number)
STEVEN WOLOSKY, ESQ.
OLSHAN GRUNDMAN FROME ROSENZWEIG amp; 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)
December 16, 2005
-----------------
(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 7 Pages)
--------
(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).
------------------------- -------------------------
CUSIP No. 051503100 13D Page 2 of 7
------------------------- -------------------------
================================================================================
1 NAME OF REPORTING PERSONS:
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SL Industries, Inc. (21-0682685)
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / /
(b) / /
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO, AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) OR 2(e) / /
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OR ORGANIZATION
New Jersey
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 1,084,794*
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
1,084,794*
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING
PERSON
1,084,794*
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
22.3%**
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
* Represents (1) the aggregate number of shares of the common stock, no par
value per share ("Company Common Stock"), of Ault Incorporated, a
Minnesota corporation (the "Company"), held by the directors and executive
officers of the Company (the "Shareholders") who have entered into a
Shareholders Agreement, dated as of December 16, 2005, with SL Industries,
Inc., a New Jersey corporation ("Parent"), and Lakers Acquisition Corp., a
Minnesota corporation and a wholly owned subsidiary of Parent
("Purchaser"), as described herein (the "Shares") and an aggregate of
234,169 shares of Company Common Stock held by SL Delaware Holdings, Inc.
("Holdings"). Parent and Purchaser expressly disclaim beneficial ownership
of the Shares subject to the Shareholders Agreement.
** Based on 4,861,192 shares of Company Common Stock outstanding as set forth
in the Company's Schedule 14D-9 filed with the Securities and Exchange
Commission on December 23, 2005.
------------------------- -------------------------
CUSIP No. 051503100 13D Page 3 of 7
------------------------- -------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Lakers Acquisition Corp.
--------------------------------------------------------------------------------
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 OR ORGANIZATION
Minnesota
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 850,625*
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
850,625*
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
850,625*
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
17.5%**
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
* Represents the aggregate number of shares of the common stock, no par
value per share ("Company Common Stock"), of Ault Incorporated, a
Minnesota corporation (the "Company"), held by the directors and
executive officers of the Company (the "Shareholders") who have entered
into a Shareholders Agreement, dated as of December 16, 2005, with SL
Industries, Inc., a New Jersey corporation ("Parent"), and Lakers
Acquisition Corp., a Minnesota corporation and a wholly owned subsidiary
of Parent ("Purchaser"), as described herein (the "Shares"). Parent and
Purchaser expressly disclaim beneficial ownership of the Acquisition
Shares.
** Based on 4,861,192 shares of Company Common Stock outstanding as set
forth in the Company's Schedule 14D-9 filed with the Securities and
Exchange Commission on December 23, 2005.
------------------------- -------------------------
CUSIP No. 051503100 13D Page 4 of 7
------------------------- -------------------------
================================================================================
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SL Delaware Holdings, Inc. (51-0413904)
--------------------------------------------------------------------------------
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 OR ORGANIZATION
Minnesota
--------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 234,169
OWNED BY -----------------------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 0
-----------------------------------------------------------------
9 SOLE DISPOSITIVE POWER
234,169
-----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
234,169
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* / /
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.8%*
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
================================================================================
* Based on 4,861,192 shares of Company Common Stock outstanding as set
forth in the Company's Schedule 14D-9 filed with the Securities and
Exchange Commission on December 23, 2005.
------------------------- -------------------------
CUSIP No. 051503100 13D Page 5 of 7
------------------------- -------------------------
Explanatory Note: This Amendment No. 1 to Schedule 13D is being filed
solely to include Exhibits 1 and 5, which were not filed with the initial
Schedule 13D on December 28, 2005.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 1: Offer to Purchase dated December 23, 2005.
Exhibit 2: Agreement and Plan of Merger, dated as of December 16, 2005, by and
among SL Industries, Inc., Lakers Acquisition Corp. and Ault
Incorporated
Exhibit 3: Shareholders Agreement, dated as of December 16, 2005, by and among
SL Industries, Inc., Lakers Acquisition Corp. and the directors and
certain officers of Ault Incorporated and certain affiliates
thereof
Exhibit 4: Stock Option Agreement, dated as of December 16, 2005, by and among
SL Industries, Inc., Lakers Acquisition Corp. and Ault Incorporated
Exhibit 5: Revolving Credit Agreement dated as of August 3, 2005 among Bank of
America, N.A., as Agent and a Lender, SL Industries, Inc., as
Parent Borrower and certain Subsidiary Borrowers.
Exhibit 6: Joint Filing Agreement, dated as of December 27, 2005, by and
between SL Industries, Inc., SL Delaware Holdings, Inc. and Lakers
Acquisition Corp.
------------------------- -------------------------
CUSIP No. 051503100 13D Page 6 of 7
------------------------- -------------------------
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: December 30, 2005
SL INDUSTRIES, INC.
By: /s/ David R. Nuzzo
----------------------------------
David R. Nuzzo
Vice President and Chief Financial
Officer
SL DELAWARE HOLDINGS, INC.
By: /s/ David R. Nuzzo
----------------------------------
David R. Nuzzo
Vice President
LAKERS ACQUISITION CORP.
By: /s/ David R. Nuzzo
----------------------------------
David R. Nuzzo
Vice President and Secretary
------------------------- -------------------------
CUSIP No. 051503100 13D Page 7 of 7
------------------------- -------------------------
EXHIBIT INDEX
Exhibit 1: Offer to Purchase dated December 23, 2005.
Exhibit 2: Agreement and Plan of Merger, dated as of December 16, 2005, by and
among SL Industries, Inc., Lakers Acquisition Corp. and Ault
Incorporated
Exhibit 3: Shareholders Agreement, dated as of December 16, 2005, by and among
SL Industries, Inc., Lakers Acquisition Corp. and the directors and
certain officers of Ault Incorporated and certain affiliates
thereof
Exhibit 4: Stock Option Agreement, dated as of December 16, 2005, by and among
SL Industries, Inc., Lakers Acquisition Corp. and Ault Incorporated
Exhibit 5: Revolving Credit Agreement dated as of August 3, 2005 among Bank of
America, N.A., as Agent and a Lender, SL Industries, Inc., as
Parent Borrower and certain Subsidiary Borrowers.
Exhibit 6: Joint Filing Agreement, dated as of December 27, 2005, by and
between SL Industries, Inc., SL Delaware Holdings, Inc. and Lakers
Acquisition Corp.