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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Camtek Ltd.
--------------------------------------------------------------------------------
(Name of Issuer)
Ordinary Shares, NIS $0.01 par value per share
--------------------------------------------------------------------------------
(Title of Class of Securities)
M207 91105
--------------------------------------------------------------------------------
(CUSIP Number)
Lior Aviram Richard Gilden
Shiboleth, Yisraeli, Roberts, Zisman & Co. Brobeck, Phleger & Harrison LLP
46 Montefiore St. 1633 Broadway, 47th Floor
65201 Tel Aviv New York, NY 10019
Israel (212) 581-1600
011-972-3-7103311
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
August 8, 2002
--------------------------------------------------------------------------------
(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 ss.ss.240.13d-1(e), 240.13d-1(f) or 249.13d-1(g),
check the following box. |X|
NOTE: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. Seess.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).
Page 2 of 11
CUSIP NO. M207 91 105
13D
---------- ---------------------------------------------------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Priortech Ltd. (formerly "PCB Ltd.")
---------- ---------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) |X|
(b) |_|
---------- ----- ---------------------------------------------------------------
3. SEC Use only
---------- ----------------------------------- ---------------------------------
4. Source of funds (See Instructions) BK
---------- ----------------------------------- ---------------------------------
5. Check if disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e) |_|
---------- -------------------------------------- ------------------------------
6. Citizenship or Place of Organization Israel
---------- ---------------------------------------------------------------------
Number of
Shares
Beneficially
Owned by Each
Reporting 7. Sole Voting Power 0
Person With
----------------- ----- -------------------- -----------------------------------
8. Shared Voting Power 21,045,230 Ordinary Shares,
NIS 0.01 par value per share
----------------- ----- ------------------------ -------------------------------
9. Sole Dispositive Power 0
----------------- ----- -------------------------- -----------------------------
10. Shared Dispositive Power 21,045,230 Ordinary Shares,
NIS 0.01 par value per share
---------- ---------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
21,045,230 Ordinary Shares, NIS 0.01 par value per share
---------- ---------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares |_| (See Instructions)
---------- ---------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 75.0%
---------- ---------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
CO
Page 3 of 11
CUSIP NO. M207 91 105
13D
---------- ---------------------------------------------------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Rafi Amit
---------- ---------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) |X|
(b) |_|
---------- ----- ---------------------------------------------------------------
3. SEC Use only
---------- ----------------------------------- ---------------------------------
4. Source of funds (See Instructions) Not Applicable
---------- ----------------------------------- ---------------------------------
5. Check if disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e) |_|
---------- -------------------------------------- ------------------------------
6. Citizenship or Place of Organization Israel
---------- ---------------------------------------------------------------------
Number of
Shares
Beneficially
Owned by Each
Reporting 7. Sole Voting Power 0
Person With
----------------- ----- -------------------- -----------------------------------
8. Shared Voting Power 21,045,230 Ordinary Shares,
NIS 0.01 par value per share
----------------- ----- ------------------------ -------------------------------
9. Sole Dispositive Power 0
----------------- ----- -------------------------- -----------------------------
10. Shared Dispositive Power 21,045,230 Ordinary Shares,
NIS 0.01 par value per share
---------- ---------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
21,045,230 Ordinary Shares, NIS 0.01 par value per share
---------- ---------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares |_| (See Instructions)
---------- ---------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 75.0%
---------- ---------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
IN
Page 4 of 11
CUSIP NO. M207 91 105
13D
---------- ---------------------------------------------------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Yotam Stern
---------- ---------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) |X|
(b) |_|
---------- ----- ---------------------------------------------------------------
3. SEC Use only
---------- ----------------------------------- ---------------------------------
4. Source of funds (See Instructions) Not Applicable
---------- ----------------------------------- ---------------------------------
5. Check if disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e) |_|
---------- -------------------------------------- ------------------------------
6. Citizenship or Place of Organization Israel
---------- ---------------------------------------------------------------------
Number of
Shares
Beneficially
Owned by Each
Reporting 7. Sole Voting Power 63,000 Ordinary Shares,
Person With NIS 0.01 par value per share
----------------- ----- -------------------- -----------------------------------
8. Shared Voting Power 21,045,230 Ordinary Shares,
NIS 0.01 par value per share
----------------- ----- ------------------------ -------------------------------
9. Sole Dispositive Power 63,000 Ordinary Shares,
NIS 0.01 par value per share
----------------- ----- -------------------------- -----------------------------
10. Shared Dispositive Power 21,045,230 Ordinary Shares,
NIS 0.01 par value per share
---------- ---------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
21,108,230 Ordinary Shares, NIS 0.01 par value per share
---------- ---------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares |_| (See Instructions)
---------- ---------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 75.2%
---------- ---------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
IN
Page 5 of 11
CUSIP NO. M207 91 105
13D
---------- ---------------------------------------------------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Itzah Krell
---------- ---------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) |X|
(b) |_|
---------- ----- ---------------------------------------------------------------
3. SEC Use only
---------- ----------------------------------- ---------------------------------
4. Source of funds (See Instructions) Not Applicable
---------- ----------------------------------- ---------------------------------
5. Check if disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e) |_|
---------- -------------------------------------- ------------------------------
6. Citizenship or Place of Organization Israel
---------- ---------------------------------------------------------------------
Number of
Shares
Beneficially
Owned by Each
Reporting 7. Sole Voting Power 41,500 Ordinary Shares,
Person With NIS 0.01 par value per share
----------------- ----- -------------------- -----------------------------------
8. Shared Voting Power 21,045,230 Ordinary Shares,
NIS 0.01 par value per share
----------------- ----- ------------------------ -------------------------------
9. Sole Dispositive Power 41,500 Ordinary Shares,
NIS 0.01 par value per share
----------------- ----- -------------------------- -----------------------------
10. Shared Dispositive Power 21,045,230 Ordinary Shares,
NIS 0.01 par value per share
---------- ---------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
21,086,730 Ordinary Shares, NIS 0.01 par value per share
---------- ---------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares |_| (See Instructions)
---------- ---------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 75.1%
---------- ---------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
IN
Page 6 of 11
Item 1. SECURITY AND ISSUER.
This statement on Schedule 13D relates to the ordinary shares, NIS 0.01
par value per share (the "Issuer Ordinary Shares"), of Camtek Ltd., a company
organized under the laws of the State of Israel (the "Issuer"). The principal
executive offices of the Issuer are located at Ramat Gavriel Industrial Zone,
P.O. Box 544, Migdal Haemek 23150, Israel.
Item 2. IDENTITY AND BACKGROUND.
(a) Name of Person filing
See Item 1 of each cover page attached hereto.
(b) Address of Principal Business Offices or, if none, Residence
Priortech Ltd. ("Priortech")
PO BOX 631
Midgal Haemek, 10566, Israel
Rafi Amit:
c/o Camtek Ltd.
Ramat Gavriel Industrial Zone
P.O. Box 544
Midgal Haemek 23150
Israel
Yotam Stern:
c/o Camtek Ltd.
Ramat Gavriel Industrial Zone
P.O. Box 544
Midgal Haemek 23150
Israel
Itzhak Krell:
c/o Camtek Ltd.
Ramat Gavriel Industrial Zone
P.O. Box 544
Midgal Haemek 23150
Israel
(c) Priortech, through its affiliated companies, engages in various
aspects of electronic packaging, including the assembly of printed circuit
boards and the development of advanced substrates, which are intermediate
components connection the chip to the printed circuit board. Set forth in
Schedule A is the name and present principal occupation or employment and the
name, principal business and address of any corporation or other
Page 7 of 11
organization in which such employment is conducted, of each of Priortech's
directors and executive officers, as of the date hereof.
The employment information for Messrs. Amit, Stern and Krell are
provided in Schedule A and incorporated by reference herein.
(d) During the past five years, neither Priortech nor, to Priortech's
knowledge, any person named in Schedule A to this Statement, nor Messrs. Amit,
Stern or Krell have been convicted in a criminal proceeding (excluding traffic
violations or similar misdemeanors).
(e) During the past five years, neither Priortech nor, to Priortech's
knowledge, any person named in Schedule A to this Statement, nor Messrs. Amit,
Stern or Krell, was a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction as a result of which such person
was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activity subject to, Federal or State
securities laws or finding any violation with respect to such laws.
(f) Each of the persons making this filing, including those individuals
named in Schedule A, is a citizen of Israel.
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Bank Leumi loaned Priortech an aggregate of US$6,200,000, of which
US$2,800,000 was loaned directly to Priortech and US$3,400,000 was loaned to
P.C.B. Technologies Ltd., a subsidiary of Priortech, to purchase the Issuer's
Ordinary Shares.
Item 4. PURPOSE OF TRANSACTION.
(a) - (j) On August 8, 2002, Priortech acquired 5,922,228 Issuer
Ordinary Shares in connection with the Issuer's rights offering pursuant to
Issuer's prospectus, dated July 23, 2002, for an aggregate purchase price of
US$6,218,339.40. The purpose of the transaction was for Priortech to acquire
additional securities of the Issuer, which is a subsidiary of Priortech.
Other than as described above, Priortech has no plans or proposals that
relate to or would result in any of the actions described in subparagraphs (a)
through (j) of Item 4 of Schedule 13D (although it reserves the right to develop
such plans).
Item 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) - (b) Priortech is the beneficial owner of 21,045,230 Issuer
Ordinary Shares, representing 75.0% of the issued and outstanding Issuer
Ordinary Shares. To the knowledge of Priortech, none of the persons named in
Schedule A beneficially owns any shares of Issuer Ordinary Shares, other than as
described below and in Items 7 through 10 in each cover page attached hereto.
Each of Messrs. Rafi Amit, Yotam Stern and Itzhak Krell may be deemed
to beneficially own the 21,045,230 Issuer Ordinary Shares owned by Priortech and
may be demmed
Page 8 of 11
to share the power to vote and dispose of all these Issuer Ordinary Shares as a
result of the agreements described in Item 6 below.
As of August 8, 2002, Mr. Rafi Amit beneficially owned 21,045,230
Issuer Ordinary Shares, or approximately 75.0% of the outstanding Issuer
Ordinary Shares. Mr. Amit shares the power to vote and dispose of all these
Issuer Ordinary Shares.
As of August 8, 2002, Mr. Yotam Stern beneficially owned 21,108,230
Issuer Ordinary Shares or approximately 75.2% of the outstanding Issuer Ordinary
Shares. Mr. Stern shares the power to vote and dispose of 21,045,230 Issuer
Ordinary Shares, and has the sole power to vote and dispose of 63,000 Issuer
Ordinary Shares.
As of August 8, 2002, Mr. Itzhak Krell beneficially owned 21,086,730
Issuer Ordinary Shares, or approximately 75.1% of the outstanding Issuer
Ordinary Shares. Mr. Krell shares the power to vote and dispose of 21,045,230
Issuer Ordinary Shares, and has the sole power to vote and dispose of 41,500
Issuer Ordinary Shares.
(c) On August 8, 2002, Priortech acquired 5,922,228 Issuer Ordinary
Shares in connection with the Issuer's rights offering US$1.05 per share, for an
aggregate purchase price of US$6,218,339.40.
(d) Not applicable.
(e) Not applicable.
Item 6. CONTRACTS, ARRANGEMENT, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Priortech beneficially holds a total of 21,045,230 Issuer Ordinary
Shares. Certain shareholders of Priortech are parties two voting agreements,
incorporated herein by reference as Exhibits 99.2 and 99.3 hereto. Pursuant to a
voting agreement among Messrs. Rafi Amit, Yotam Stern and Itzhak Krell,
Priortech and several other individuals (the "Signatories), the Signatories
agreed to vote jointly and in a uniform manner in Priortech's general meetings.
A decision by the Signatories regarding a voting of their shares will be
determined by simple majority according to their individual ownership interests
in Priortech. Messrs. Rafi Amit, Yotam Stern and Itzhak Krell own a majority of
the shares held by the Signatories and have agreed to vote jointly and in a
uniform manner pursuant to another voting agreement among them.
Other than the above mentioned voting agreements, there are no
contracts, arrangements, understandings or relationships (legal or otherwise)
among each of Priortech, Messrs. Rafi Amit, Yotam Stern and Itzhak Krell and any
other person with respect to any securities of the Issuer, including but not
limited to transfer or voting of any of the securities, finder's fees, joint
ventures, loan or option arrangement, puts or calls, guarantees of profits,
division of profits or loss, or the giving or withholding or proxies.
Item 7. MATERIALS TO BE FILED AS EXHIBITS.
The following documents are filed as exhibits:
Page 9 of 11
99.1 Joint Filing Agreement, dated February 13, 2001, among the
signatories to this Schedule 13D (incorporated by reference to
the Schedule 13G filed with the SEC on February 14, 2001).
99.2 Contract dated March 29, 1999 (incorporated by reference to
the Schedule 13D filed with the SEC on November 15, 2000).
99.3 Contract dated September 27, 1993 (incorporated by reference
to the Schedule 13D filed with the SEC on November 15, 2000).
Page 10 of 11
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that that information set forth in this statement is true, complete and
correct.
August 19, 2002
Priortech Ltd.
BY: /S/ RAFI AMIT
-----------------------------------
Name: Rafi Amit
Title: Chief Executive Officer
/S/ RAFI AMIT
-----------------------------------
Rafi Amit
/S/ YOTAM STERN
-----------------------------------
Yotam Stern
/S/ ITZHAK KRELL
-----------------------------------
Itzhak Krell
The original statement shall be signed by each person on whose behalf
the statement is filed or his authorized representative. If the statement is
signed on behalf of a person by his authorized representative other than an
executive officer or general partner of the filing person, evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement, provided, however, that a power or attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and any title of each person who signs the statement shall be typed or
printed beneath his signature.
NOTE: Schedules filed in paper format shall include a signed original
and five copies of the schedule, including all exhibits.
SEEss.240.13d-7 for other parties for whom copies are to be sent.
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001)
Page 11 of 11
SCHEDULE A
--------------------- -------------------------------------- -------------------------------
NAME PRESENT PRINCIPAL OCCUPATION ADDRESS OF EMPLOYER
INCLUDING NAME OF EMPLOYER (IF OTHER
THAN PRIORTECH LTD.)
--------------------- -------------------------------------- -------------------------------
Rafi Amit Chief Executive Officer and Chairman Priortech Ltd.
of the Board of Directors Priortech PO BOX 631
Ltd.; Chief Executive Officer and Midgal Haemek, 10566, Israel
Chairman of the Board of Directors
of Camtek Ltd.
--------------------- -------------------------------------- -------------------------------
Yotam Stern Chief Financial Officer and Director Priortech Ltd.
of Priortech Ltd.; Executive Vice PO BOX 631
President - Business Development and Midgal Haemek, 10566, Israel
Director of Camtek Ltd.
--------------------- -------------------------------------- -------------------------------
Itzhak Krell Director of Priortech Ltd.; Director Priortech Ltd.
of P.C.B. Technologies (a subsidiary PO BOX 631
of Priortech Ltd.) Midgal Haemek, 10566, Israel
--------------------- -------------------------------------- -------------------------------
Mordechai Kerret Director of Priortech Ltd.; Chief Arison Holdings Ltd.
Financial Officer of Arison Holdings 23 Shaal Ha'Melech Boulevard
Ltd. Tel Aviv, Israel
--------------------- -------------------------------------- -------------------------------
Gabi Heller Director of Priortech Ltd.; Chief Walden Venture Capital Fund
Financial Officer of Walden Venture 85 Medinat Ha'Yehadim
Capital Fund Hertzelia, Israel
--------------------- -------------------------------------- -------------------------------
Yossi Shacham Director of Priortech Ltd.; Director Shacha Microelectronics Ltd.
of Shacham Microelectronics Ltd.; 13 Ha'Notrim STreet
Director of Mizur Technologies Ltd.; Zichron Yaacov, Israel
Professor at Cornell University
--------------------- -------------------------------------- -------------------------------
11