SEC Filings

10-12G/A
AMSURG CORP filed this Form 10-12G/A on 11/03/1997
Entire Document
 
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No assurance can be given that such election, which must be expressed in a
charter or bylaw amendment, will or will not be made in the future.
 
     The Tennessee Greenmail Act (the "Greenmail Act") prohibits AmSurg from
purchasing or agreeing to purchase any of its securities, at a price in excess
of fair market value, from a holder of 3% or more of any class of such
securities who has beneficially owned such securities for less than two years,
unless such purchase has been approved by the affirmative vote of a majority of
the outstanding shares of each class of voting stock issued by AmSurg or AmSurg
makes an offer of at least equal value per share to all holders of shares of
such class.
 
     The effect of the Greenmail Act may be to render more difficult a change of
control of AmSurg.
 
     Other Change-of-Control Provisions.  For a description of certain other
change-of-control provisions, see "MANAGEMENT OF AMSURG -- Employment
Agreements;" and" -- Stock Incentive Plans."
 
                        SHARES ELIGIBLE FOR FUTURE SALE
 
   
     Following the Distribution, AmSurg will have outstanding an aggregate of
4,702,718 shares of Class A Common Stock and 4,787,131 shares of Class B Common
Stock based on the number of outstanding shares of AmSurg common stock on
September 30, 1997. Of the total outstanding shares of Common Stock, the shares
of AmSurg Common Stock issued to holders of AHC Common Stock in the Distribution
will be freely tradable without restriction or further registration under the
Securities Act, unless held by "affiliates" of AmSurg, as that term is defined
in Rule 144 under the Securities Act (which sales would be subject to certain
volume limitations and other restrictions described below).
    
 
   
     The shares of Class A Common Stock issued and outstanding as of the
Distribution held by stockholders other than AHC were issued in transactions
unrelated to the Distribution. Under current law, absent registration or an
exemption from registration other than Rule 144, such shares will be "restricted
securities" as that term is defined in Rule 144 under the Securities Act and
will be eligible for sale or transfer only in accordance with Rule 144. All of
the shares of Class A Common Stock expected to be outstanding as of the
Distribution will be "restricted securities."
    
 
     The Series A Preferred Stock is convertible into Class A Common Stock upon
the earlier to occur of (a) 60 days following a Spin-off (the Distribution will
constitute a Spin-off) or (b) a Qualified IPO. A Qualified IPO, prior to a
Spin-off, means a public offering of Class A Common Stock yielding net cash
proceeds of at least $25,000,000. The Series B Preferred Stock is automatically
convertible in the event of an AmSurg Sale or Qualified IPO, as those terms are
defined in the AmSurg Charter. In addition, the Series B Preferred Stock may be
converted upon certain other events specified in the AmSurg Charter. The shares
of Class A Common Stock issued upon conversion of the Series A Preferred Stock
and Series B Preferred Stock will be "restricted securities" as that term is
defined in Rule 144 under the Securities Act and will be eligible for sale or
transfer only in accordance with Rule 144 absent registration or an exemption
from registration.
 
   
     In general, under Rule 144 as currently in effect, a person (or persons
whose share are aggregated), including an affiliate, who has beneficially owned
shares for at least one year (including, if the shares are transferred, the
holding period of any prior owner except an affiliate) is entitled to sell in
"broker's transactions" or to market makers, within any three-month period
commencing 90 days after the date of this Information Statement, a number of
shares that does not exceed the greater of (i) 1% of the then outstanding shares
of the Class A Common Stock (approximately 47,027 shares immediately after the
Distribution) or (ii) generally, the average weekly trading volume in such class
of the Class A Common Stock during the four calendar weeks preceding the filing
of a Form 144 with respect to such sale, and subject to certain other
limitations and restrictions. In addition, a person who is not deemed to have
been an affiliate of AmSurg at any time during the three months preceding a
sale, and who has beneficially owned the shares proposed to be sold for at least
two years, would be entitled to sell such shares under Rule 144(k) without
regard to the volume and other requirements described above. Shares of Class A
Common Stock that would otherwise be deemed "restricted securities" could be
sold at any time through an effective registration statement relating to such
shares of Class A Common Stock. Of the 3,959,718 shares of Class A Common Stock
that are anticipated to
    
 
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