Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
"Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise"
- Peter Lynch
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- Peter Lynch
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 5)*
ECOVYST INC.
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
73943T103
(CUSIP Number)
Jonny Ginns
General Counsel
38 Hans Crescent,
London SW1X 0LZ, UK
+44 (0) 7876 141210
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
May 26, 2023
(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 Sections 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 Section 240.13d-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).
CUSIP No. 73943T103
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1
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NAMES OF REPORTING PERSONS
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INEOS Limited
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a)
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☐
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(b)
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☐
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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 BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
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☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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Isle of Man
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7
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SOLE VOTING POWER
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0
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8
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SHARED VOTING POWER
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10,731,385
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9
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SOLE DISPOSITIVE POWER
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0
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10
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SHARED DISPOSITIVE POWER
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10,731,385
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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10,731,385
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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☐
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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9.2%
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14
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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CO
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&
#xA0;
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CUSIP No. 73943T103
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1
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NAMES OF REPORTING PERSONS
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James A. Ratcliffe
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a)
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☐
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(b)
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☐
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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 BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)
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☐
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6
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CITIZENSHIP OR PLACE OF ORGANIZATION
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United Kingdom
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NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH
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7
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SOLE VOTING POWER
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0
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8
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SHARED VOTING POWER
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10,731,385
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9
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SOLE DISPOSITIVE POWER
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0
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10
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SHARED DISPOSITIVE POWER
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10,731,385
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11
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
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10,731,385
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12
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS)
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☐
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13
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
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9.2%**
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14
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
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IN
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**This calculation is based on a total of 116,161,142 shares of Common Stock outstanding as of May 26, 2023.
Explanatory Note.
This Amendment No. 5 amends and supplements the Schedule 13D filed with the Securities and Exchange Commission on March 22, 2019 (the “Original
Schedule 13D”), as amended by Amendment No. 1, which was filed with the Commission on May 3, 2021, Amendment No. 2, which was filed with the Commission on May 5, 2021, Amendment No. 3, which was filed with the Commission on November 23, 2021,
and Amendment No. 4, which was filed with the Commission on December 20, 2021. Capitalized terms used but not defined herein shall have the meanings ascribed to them in the Original Schedule 13D.
This Amendment is being filed to amend and supplement Items 3, 4, 5, 6 and 7 as follows:
Item 3. Source and Amount of Funds or Other Consideration
Item 3 of the Schedule 13D is hereby amended and supplemented by adding the following:
The description of the Secondary Offering included in Item 4 of this Schedule 13D is hereby incorporated by reference into this Item 3.
Item 4. Purpose of Transaction
Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following:
Secondary Offering
On May 23, 2023, in connection with a registered secondary public offering (the “Secondary Offering”) of Common Stock, INEOS entered into an underwriting agreement (the
“Underwriting Agreement”) with the Issuer and J.P. Morgan Securities LLC (the “Underwriter”). Pursuant to the Underwriting Agreement, INEOS agreed to sell to the Underwriter, and the Underwriter agreed to purchase from INEOS, subject to and
upon the terms and conditions set forth therein, 14,000,000 shares of Common Stock at a price of $10.8808 per share. INEOS also granted the Underwriter a 30-day option (the “Over-allotment Option”) to purchase up to 2,100,000 additional shares
of Common Stock at a price of $10.8808 per share. The Underwriter and INEOS completed the Secondary Offering and the sale of 14,000,000 shares of Common Stock to the Underwriter on May 26, 2023.
The foregoing description of the Underwriting Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Underwriting
Agreement, which is incorporated by reference to Item 7.
Item 5. Interest in Securities of the Issuer
(a) The percentage of the Issuer’s shares of Co
mmon Stock held is based on a statement of the Issuer in the prospectus supplement filed by the Issuer with the SEC on May 25, 2023 that there would be 116,161,142
shares of Common Stock outstanding as of May 26, 2023 after the Company’s completion of a repurchase of 4,000,000 shares of Common Stock on May 26, 2023. As of the close of business on May 26, 2023, INEOS beneficially owned 10,731,385 shares
of Common Stock, which constituted approximately 9.2% of the Common Stock outstanding. James A. Ratcliffe, as the majority owner of INEOS Limited, may be deemed to be the beneficial owner of, and to have the power to vote and dispose of, the
10,731,385 shares of Common Stock held by INEOS. Neither the filing of this Statement on Schedule 13D nor any of its contents shall be deemed to constitute an admission by Mr. Ratcliffe that he is the beneficial owner of any of the Common Stock
referred to herein for purposes of Section 13(d) or 13(g) of the Securities Exchange Act of 1934, as amended, or for any other purpose, and such beneficial ownership is expressly disclaimed except to the extent of his pecuniary interest
therein.
(b) For each person listed, the following table indicates the number of shares of Common Stock as to which there is sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power
to dispose or to direct the disposition and shared power to dispose or to direct the disposition:
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Reporting Person
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Sole Voting Power
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Shared Voting Power
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Sole Dispositive Power
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Shared Dispositive Power
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INEOS Limited
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0
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10,731,385
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0
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10,731,385
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James A. Ratcliffe
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0
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10,731,385
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0
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10,731,385
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(c) Except for the Underwriting Agreement, and the transactions contemplated by the Underwriting Agreement, none of INEOS, Mr. Ratcliffe or, to the knowledge of either INEOS or Mr. Ratcliffe, any person named on
Exhibit A to the Original Schedule 13D has effected any transaction in the Common Stock during the past 60 days.
(d) Not applicable.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
Item 6 is hereby amended and supplemented by adding the following:
The description of the Underwriting Agreement in Item 4 above is hereby incorporated by reference into this Item 6. A copy of the Underwriting
Agreement is included as an exhibit to this filing.
Item 7. Material to Be Filed as Exhibits
Item 7 of the Schedule 13D is hereby amended and supplemented by inserting the following exhibits:
Exhibit 99.1 Power of Attorney.
The Underwriting Agreement is incorporated herein by reference to Exhibit 1.1 to the Current Report on Form 8-K filed by the Issuer with the SEC on May 26, 2023.
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: May 26, 2023
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INEOS LIMITED
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By:
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/s/ Simon Morland
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Name:
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Simon Morland
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Title:
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Director
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JAMES A. RATCLIFFE
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By:
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/s/ Jonny Ginns**
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** The Power of Attorney, executed by James A. Ratcliffe authorizing the signatory to sign and file this Schedule 13D on James A. Ratcliffe’s behalf, filed as Exhibit 99.1 to this Schedule 13D.