SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
Current
Report
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): December 3, 2008
General
Finance Corporation
(Exact
Name of Registrant as Specified in its Charter)
Delaware
(State
or Other Jurisdiction of Incorporation)
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001-32845
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32-0163571
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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39
East Union Street
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Pasadena,
California
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91103
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(Address
of Principal Executive Offices)
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(Zip
Code)
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(626) 584-9722
(Registrant’s
Telephone Number, Including Area Code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the Registrant under any of the following
provisions (See General Instruction A.2 below):
o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
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EXPLANATORY
NOTES
Certain
References
References
in this Report to “we,” “us,” “our” or the “company” refer to General Finance
Corporation, a Delaware corporation (“General Finance”), and its direct and
indirect subsidiaries, including GFN North America Corp., a Delaware corporation
(“GFNA”) and its subsidiary Pac-Van, Inc., an Indiana corporation ("Pac-Van"),
and GFN U.S. Australasia Holdings, Inc., a Delaware corporation (“GFN U.S.”),
its subsidiary GFN Australasia Holdings Pty Limited, an Australian corporation
(“GFN Holdings”), its subsidiary GFN Australasia Finance Pty Limited, an
Australian corporation (“GFN Finance”), and its subsidiary RWA Holdings Pty
Limited, an Australian corporation (“RWA”). RWA and its subsidiaries are
collectively referred to in this Report as “Royal Wolf.”
TABLE OF
CONTENTS
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Page
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Item 3.02
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Unregistered Sales of Equity
Securities
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3
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Item 5.03
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Amendments to Articles of Incorporation or Bylaws;
Change in Fiscal Year
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3
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Item 8.01
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Other Events
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3
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Item 9.01
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Financial Statements and
Exhibits
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3
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Exhibit
3.1
Exhibit
3.2
Exhibit
99.1
Item
3.02 Unregistered Sales of Equity Securities
On December 8, 2008 Pac-Van entered
into an agreement with William Lloyd under which Pac-Van acquired storage
containers and related assets from William Lloyd for a total of $490,000, which
included cash and the issuance by General Finance of 100 shares of Series B 8%
Cumulative Preferred Stock (“Series B Preferred Stock”) with a liquidation value
of $1,000 per share, a par value of $0.0001 per share and an aggregate
liquidation value of $100,000.
The Series B Preferred Stock is not
convertible into General Finance common stock. The Series B Preferred
Stock has no voting rights, except as required by Delaware
law. Holders of Series B Preferred Stock are entitled to receive,
when declared by the board of directors of General Finance, annual dividends of
$80.00 per share paid quarterly on the 31
st
day of
January, July and October of each year and the 30
th
day of
April of each year. In the event of any liquidation or winding up of
General Finance, the holders of Series B Stock will be entitled to receive, in
preference to holders of common stock and after holders of the Series A 12.5%
Cumulative Preferred Stock of General Finance (the “Series A Preferred Stock”)
have received $50 per share plus an amount equal to accrued by unpaid dividends,
an amount equal to the liquidation preference of $1,000 per share plus an amount
equal to accrued but unpaid dividends, if any.
The
Series B Preferred Stock was offered and sold to William Lloyd in a private
placement transaction in reliance upon exemptions from registration pursuant to
Section 4(2) under the Securities Act of 1933, as amended, and Rule 506
promulgated thereunder. William Lloyd is an accredited investor as
defined in Rule 501 of Regulation D promulgated under the Securities Act of
1933, as amended. General Finance filed its Certificate of Designation of
Preferences, Rights and Limitations of Series B Preferred Stock with the State
of Delaware on December 3, 2008.
Item
5.03
Amendments
to Articles of Incorporation or Bylaws; Change in Fiscal
Year
On December 3, 2008, the Company
filed with the Delaware Secretary of State a Certificate of Designation
establishing the terms of the Series A Preferred Stock. This Certificate of
Designation is filed as Exhibit 3.1 to this Current Report on Form 8-K and is
incorporated by reference into this Item 5.03.
On December 3, 2008, the Company
filed with the Delaware Secretary of State a Certificate of Designation
establishing the terms of the Series B Preferred Stock. This Certificate of
Designation is filed as Exhibit 3.2 to this Current Report on Form 8-K and is
incorporated by reference into this Item 5.03.
Item
8.01 Other Events
General
Finance will make presentations from time to time during the period prior to the
filing of its Quarterly Report on Form 10-Q in February 2009. The
materials for the presentations to investors are furnished hereunder as
Exhibit 99.1.
In
accordance with general instruction B.2 to Form 8-K, information in this
Item 8.01 and Exhibit 99.1 attached hereto shall not be deemed “filed” for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), or otherwise subject to the liabilities of such section,
nor shall it be deemed incorporated by reference in any filing under the
Securities Act of 1933, or the Exchange Act, except as shall be expressly set
forth by specific reference in such filing.
Item
9.01 Financial Statements and Exhibits
Exhibit:
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3.1
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Certificate
of Designation for the Series A Preferred Stock filed with the Delaware
Secretary of State
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on
December 3, 2008
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3.2
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Certificate
of Designation for the Series B Preferred Stock filed with the Delaware
Secretary of State
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on
December 3, 2008
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
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GENERAL
FINANCE CORPORATION
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Dated:
December 8, 2008
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By:
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/s/
CHRISTOPHER A. WILSON
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Christopher
A. Wilson
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Vice
President, General Counsel & Secretary
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EXHIBIT
INDEX
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Exhibit
Number
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Exhibit
Description
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3.1
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Certificate
of Designation for the Series A Preferred Stock filed with the Delaware
Secretary of State
on
December 3, 2008
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3.2
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Certificate
of Designation for the Series B Preferred Stock filed with the Delaware
Secretary of State
on
December 3, 2008
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99.1
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General
Finance Corporation Investor Presentation dated December 2008
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5
EXHIBIT
3.1
CERTIFICATE
OF DESIGNATION,
PREFERENCES
AND RIGHTS
OF
SERIES
A 12.5% CUMULATIVE PREFERRED STOCK
OF
GENERAL
FINANCE CORPORATION,
a
Delaware corporation
(Pursuant
to Section 151 of the General Corporation Law of the State of
Delaware)
General Finance Corporation, a
corporation organized and existing under the General Corporation Law of the
State of Delaware (the
"Corporation"
), hereby
certifies that, pursuant to the authority contained in Section Fourth of its
Amended and Restated Certificate of Incorporation, and in accordance with the
provisions of Section 151 of the General Corporation Law of the State of
Delaware, its Board of Directors has adopted the following resolutions creating
a series of its Preferred Stock designated as Series A 12.5% Cumulative
Preferred Stock:
NOW, THEREFORE, BE IT
RESOLVED
, that a series of the class of authorized Preferred Stock of the
Corporation be, and hereby is, created, and that the designation and amount
thereof and the voting powers, preferences and relative, participating, optional
and other special rights of the shares of such series, and the qualifications,
limitations or restrictions thereof, are as follows:
RESOLVED, FURTHER
,
that pursuant to the
authority vested in the Board of Directors by the Amended and Restated
Certificate of Incorporation of the Corporation, the Board of Directors does
hereby provide for the issue of a series of Preferred Stock, $.0001 par value
per share, of the Corporation, to be designated
"Series A 12.5% Cumulative Preferred
Stock"
(hereinafter referred to as the
"Series A"
), consisting of
900,000 shares, and to the extent that the voting powers, designations,
preferences, limitations, restrictions and relative rights of the Series A are
not stated and expressed in the Amended and Restated Certificate of
Incorporation of the Corporation, does hereby fix and herein state and express
such voting powers, designations, preferences, limitations, restrictions and
relative rights as follows (which statement and expression shall be referred to
as the
"Certificate of
Designation"
):
1.
Designation and
Amount
. The shares of such series shall be designated as
"Series A 12.5% Cumulative Preferred
Stock"
and the number of shares constituting such series shall be
900,000.
2.
Dividend
Provisions
. Each share of the Series A is entitled to
receive, out of funds legally available therefor, cumulative dividends at the
annual rate of Six Dollars Twenty-Five Cents ($6.25) and no more, payable in
equal quarterly installments commencing on the 31st
h
day of
January, July and October and the 30
th
day of
April of each year after the issuance of such share, payable only when, as and
if declared by the Board of Directors. Such dividends shall cumulate
(whether or not declared and whether or not funds are legally available for
payment thereof) from the issue date to the date of payment of such
dividends. Such dividends will be paid to the holders of
Series A in preference to any dividend which may be paid to the holders of
the Common Stock. In the event that full cash dividends are not
paid or made available to the holders of all outstanding shares of Series A, and
funds available shall be insufficient to permit payment in full in cash to all
such holders of the preferential amounts to which they are then entitled, the
entire amount available for payment of cash dividends shall be distributed among
the holders of Series A, ratably in proportion to the full amount to which they
would otherwise be respectively entitled, and any remainder not paid in cash
shall cumulate as provided above. Accrued dividends shall be declared
and paid equally on each share of Series A.
3.
Voting
Rights
. The Series A shall not be entitled to vote except
as otherwise may be provided by law and as set forth herein. If
dividends on the Series A and any other class or series of preferred stock
ranking on a parity with the Series A which are entitled to similar voting
rights have not been paid in an aggregate amount equal to at least six full
quarterly dividend payments (whether or not consecutive), holders of the Series
A and any such other class or series of preferred stock (voting as a single
class) will be entitled to nominate two persons as advisory directors to attend,
but not to vote at, certain meetings of the Board of Directors’ until
full dividends have been paid for at least four consecutive quarterly dividend
periods. Such advisory directors may be excused from any portion of a
meeting of the Board of Directors that does not relate to the Series
A.
4.
Fractional
Shares
. Fractional shares of Series A may be issued by the
Corporation.
5.
Liquidation Preference for
Series A
.
(a)
Upon the voluntary or involuntary liquidation, winding up or dissolution of the
Corporation, out of the assets available for distribution to stockholders each
share of Series A shall be entitled to receive, in preference to any
payment on the Common Stock, an amount equal to Fifty Dollars ($50.00) plus
cumulative dividends as provided in Section 2 hereof accrued but unpaid to the
date payment is made available to the Series A. If, upon any such
liquidation, winding up or dissolution of the Corporation, the net assets of the
Corporation distributable among the holders of all outstanding shares of the
Series A shall be insufficient to permit the payment in full to such holders of
the preferential amounts to which they are entitled, then the entire net assets
of the Corporation shall be distributed among the holders of the Series A
ratably in proportion to the full amounts to which they would otherwise be
respectively entitled. A reorganization shall not be considered to be
liquidation, winding up or dissolution within the meaning of this subsection
5(a) and the Series A shall be entitled only to the rights provided in the plan
of reorganization and elsewhere herein.
(b) After
the distributions described in subsection 5(a) hereof have been paid, subject to
the rights of Series A and any other series of Preferred Stock which may from
time to time come into existence, the remaining assets of the Corporation
available for distribution to stockholders shall be distributed among the
holders of Common Stock pro rata based on the number of shares of Common Stock
held by each.
6.
Conversion Rights of Series
A
. The shares of Series A shall not be convertible into
any other class or series of capital stock of the Corporation.
7.
Redemption
.
(a)
Right to
Redeem
. The Corporation shall have the right to redeem some or
all of the shares of Series A on or after February 1, 2014. If
the Corporation elects to redeem some, but not all, shares of Series A
eligible for redemption, the Corporation shall redeem from among the shares
submitted by the various stockholders for redemption on the applicable date a
pro-rata amount from each stockholder so submitting shares for
redemption.
(i)
Mechanics of
Redemption
. The Corporation shall effect each such redemption
by giving written notice of its election to redeem, at least 20 days in advance
of the redemption date, to the holder of shares of Series A appearing in
the Corporation's register for the Series A. Such redemption
notice shall indicate whether the Corporation will redeem all or part of the
shares of Series A and the applicable redemption price. The
Corporation may, in its sole and absolute discretion, issue a Contingent
Redemption (as defined above) on any or all Series A shares. If the
Corporation gives notice of a Contingent Redemption and the Triggering Event (as
defined above) does not occur within 180 days of the date upon which the
Corporation gave notice of the Contingent Redemption, such redemption shall be
void and the Corporation shall treat the Series A as though such notice of
redemption had never been given. The Corporation shall be entitled to send a
notice of redemption and begin the redemption procedures regardless of whether
the Corporation has the full amount of the redemption price, in cash or liquid
assets, available on the date the redemption notice is sent to stockholders. The
redemption price shall be paid to the holder of shares of Series A redeemed
on the date fixed in the notice of redemption for said redemption, which
Contingent Redemption may be a fixed number of days following the date upon
which Triggering Event occurs; provided, however, that the Corporation shall not
be obligated to deliver any portion of any such redemption price unless either
the certificates evidencing the shares of Series A redeemed are delivered to the
Corporation or its transfer agent for the Series A, if any, or the holder
notifies the Corporation or such transfer agent that such certificates have been
lost, stolen or destroyed and executes an agreement satisfactory to the
Corporation to indemnify the Corporation from any loss incurred by it in
connection with such certificates.
(ii)
Redemption
Price
. The redemption price per share of Series A shall be
$50.00 per share plus all accrued but unpaid dividends for such
share.
8.
No Preemptive or
Subscription Rights
. No holder of shares of Series A shall be
entitled to preemptive or subscription rights.
9.
Amendment
. So
long as any shares of Series A are outstanding, the Corporation shall not,
without the affirmative vote of at least a majority of the outstanding shares of
Series A voting as a single class, amend, alter or repeal any provision of this
Certificate of Designation so as to affect the rights, preferences,
qualifications, limitations or restrictions of the Series A.
[Signatures
continued on next page]
IN
WITNESS WHEREOF, the Corporation has caused this Certificate of Designation,
Preferences and Rights of Series A Preferred Stock to be duly executed by its
Secretary on December 3, 2008.
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GENERAL FINANCE
CORPORATION
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By:
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Christopher
A. Wilson
Secretary
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8
EXHIBIT
3.2
CERTIFICATE
OF DESIGNATION,
PREFERENCES
AND RIGHTS
OF
SERIES
B 8% CUMULATIVE PREFERRED STOCK
OF
GENERAL
FINANCE CORPORATION,
a
Delaware corporation
(Pursuant
to Section 151 of the General Corporation Law of the State of
Delaware)
General Finance Corporation, a
corporation organized and existing under the General Corporation Law of the
State of Delaware (the
"Corporation"
), hereby
certifies that, pursuant to the authority contained in Section Fourth of its
Amended and Restated Certificate of Incorporation, and in accordance with the
provisions of Section 151 of the General Corporation Law of the State of
Delaware, its Board of Directors has adopted the following resolutions creating
a series of its Preferred Stock designated as Series B 8% Cumulative Preferred
Stock:
NOW, THEREFORE, BE IT
RESOLVED
, that a series of the class of authorized Preferred Stock of the
Corporation be, and hereby is, created, and that the designation and amount
thereof and the voting powers, preferences and relative, participating, optional
and other special rights of the shares of such series, and the qualifications,
limitations or restrictions thereof, are as follows:
RESOLVED, FURTHER
,
that pursuant to the
authority vested in the Board of Directors by the Amended and Restated
Certificate of Incorporation of the Corporation, the Board of Directors does
hereby provide for the issue of a series of Preferred Stock, $.0001 par value
per share, of the Corporation, to be designated
"Series B 8% Cumulative Preferred
Stock"
(hereinafter referred to as the
"Series B"
), consisting of
50,000 shares, and to the extent that the voting powers, designations,
preferences, limitations, restrictions and relative rights of the Series B are
not stated and expressed in the Amended and Restated Certificate of
Incorporation of the Corporation, does hereby fix and herein state and express
such voting powers, designations, preferences, limitations, restrictions and
relative rights as follows (which statement and expression shall be referred to
as the
"Certificate of
Designation"
):
1.
Designation and
Amount
. The shares of such series shall be designated as
"Series B 8% Cumulative Preferred
Stock"
and the number of shares constituting such series shall be
50,000.
2.
Dividend
Provisions
. Subject to the right of shares of the Series A
12.5% Cumulative Preferred Stock of the Corporation, each share of the Series B
is entitled to receive, out of funds legally available therefor, cumulative
dividends at the annual rate of Eighty Dollars ($80.00) and no more, payable in
equal quarterly installments commencing on the 31st
h
day of
January, July and October and the 30
th
day of
April of each year after the issuance of such share, payable only when, as and
if declared by the Board of Directors. Such dividends shall cumulate
(whether or not declared and whether or not funds are legally available for
payment thereof) from the issue date to the date of payment of such
dividends. Dividends will be paid to the holders of Series B (i)
after all accrued and unpaid dividends for the Series A 12.5% Cumulative
Preferred Stock of the Corporation (the “
Series A
”) have been paid
declared and paid or set apart and (ii) in preference to any dividend which may
be paid to the holders of the Common Stock. In the event that
full cash dividends are not paid or made available to the holders of all
outstanding shares of Series B, and funds available shall be insufficient to
permit payment in full in cash to all such holders of the preferential amounts
to which they are then entitled, the entire amount available for payment of cash
dividends shall be distributed among the holders of Series B, ratably in
proportion to the full amount to which they would otherwise be respectively
entitled, and any remainder not paid in cash shall cumulate as provided
above. Accrued dividends shall be declared and paid equally on each
share of Series B.
3.
Voting
Rights
. The Series B shall not be entitled to vote except as
otherwise may be provided by law and as set forth herein. If
dividends on the Series B and any other class or series of preferred stock
ranking senior to or on a parity with the Series B which are entitled to similar
voting rights have not been paid in an aggregate amount equal to at least six
full quarterly dividend payments (whether or not consecutive), holders of the
Series B and any such other class or series of preferred stock (voting as a
single class) will be entitled to nominate two persons as advisory directors to
attend, but not to vote at, certain meetings of the Board
of Directors’ until full dividends have been paid for at least four
consecutive quarterly dividend periods. Such advisory directors may
be excused from any portion of a meeting of the Board of Directors that does not
relate to the Series B.
4.
Fractional
Shares
. Fractional shares of Series B may be issued by the
Corporation.
5.
Liquidation Preference for
Series B
.
(a)
Upon the voluntary or involuntary liquidation, winding up or dissolution of the
Corporation, out of the assets available for distribution to stockholders, after
payment in full of the liquidation preference and all accrued and unpaid
dividends of the Series A, each share of Series B shall be entitled to receive,
in preference to any payment on the Common Stock, an amount equal to One
Thousand Dollars ($1,000.00) plus cumulative dividends as provided in Section 2
hereof accrued but unpaid to the date payment is made available to the Series
B. If, upon any such liquidation, winding up or dissolution of the
Corporation, the net assets of the Corporation distributable among the holders
of all outstanding shares of the Series B shall be insufficient to permit the
payment in full to such holders of the preferential amounts to which they are
entitled, then the entire net assets of the Corporation shall be distributed
among the holders of the Series B ratably in proportion to the full amounts to
which they would otherwise be respectively entitled. A reorganization shall not
be considered to be liquidation, winding up or dissolution within the meaning of
this subsection 5(a) and the Series B shall be entitled only to the rights
provided in the plan of reorganization and elsewhere herein.
(b) After
the distributions described in subsection 5(a) hereof have been paid, subject to
the rights of Series B and any other series of Preferred Stock which may from
time to time come into existence, the remaining assets of the Corporation
available for distribution to stockholders shall be distributed among the
holders of Common Stock pro rata based on the number of shares of Common Stock
held by each.
6.
Conversion Rights of Series
B
. The shares of Series B shall not be convertible into any
other class or series of capital stock of the Corporation.
7.
Redemption
.
(a)
Right to
Redeem
. The Corporation shall have the right to redeem some or
all of the shares of Series B on or after February 1, 2014. If the
Corporation elects to redeem some, but not all, shares of Series B eligible for
redemption, the Corporation shall redeem from among the shares submitted by the
various stockholders for redemption on the applicable date a pro-rata amount
from each stockholder so submitting shares for redemption.
(iii)
Mechanics of
Redemption
. The Corporation shall effect each such redemption
by giving written notice of its election to redeem, at least 20 days in advance
of the redemption date, to the holder of shares of Series B appearing in the
Corporation's register for the Series B. Such redemption notice shall
indicate whether the Corporation will redeem all or part of the shares of Series
B and the applicable redemption price. The Corporation may, in its
sole and absolute discretion, issue a Contingent Redemption (as defined above)
on any or all Series B shares. If the Corporation gives notice of a
Contingent Redemption and the Triggering Event (as defined above) does not occur
within 180 days of the date upon which the Corporation gave notice of the
Contingent Redemption, such redemption shall be void and the Corporation shall
treat the Series B as though such notice of redemption had never been given. The
Corporation shall be entitled to send a notice of redemption and begin the
redemption procedures regardless of whether the Corporation has the full amount
of the redemption price, in cash or liquid assets, available on the date the
redemption notice is sent to stockholders. The redemption price shall be paid to
the holder of shares of Series B redeemed on the date fixed in the notice of
redemption for said redemption, which Contingent Redemption may be a fixed
number of days following the date upon which Triggering Event occurs; provided,
however, that the Corporation shall not be obligated to deliver any portion of
any such redemption price unless either the certificates evidencing the shares
of Series B redeemed are delivered to the Corporation or its transfer agent for
the Series B, if any, or the holder notifies the Corporation or such transfer
agent that such certificates have been lost, stolen or destroyed and executes an
agreement satisfactory to the Corporation to indemnify the Corporation from any
loss incurred by it in connection with such certificates.
(iv)
Redemption
Price
. The redemption price per share of Series B shall be
$1,000.00 per share plus all accrued but unpaid dividends for such
share.
8.
No Preemptive or
Subscription Rights
. No holder of shares of Series B shall be
entitled to preemptive or subscription rights.
9.
Amendment
. So
long as any shares of Series B are outstanding, the Corporation shall not,
without the affirmative vote of at least a majority of the outstanding shares of
Series B voting as a single class, amend, alter or repeal any provision of this
Certificate of Designation so as to affect the rights, preferences,
qualifications, limitations or restrictions of the Series B.
IN
WITNESS WHEREOF, the Corporation has caused this Certificate of Designation,
Preferences and Rights of Series B Preferred Stock to be duly executed by its
Secretary on December 3, 2008.
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GENERAL FINANCE
CORPORATION
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By:
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Christopher
A. Wilson
Secretary
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11