SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13G
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Amendment No. 1
INFORMATION STATEMENT PURSUANT TO RULES 13d-1 AND 13d-2
UNDER THE SECURITIES EXCHANGE ACT OF 1934
W. R. Grace & Co.
(NAME OF ISSUER)
Common Stock, $0.01 par value
(TITLE OF CLASS OF SECURITIES)
38388F108
(CUSIP NUMBER)
December 31, 2004
(Date of Event which requires Filing of this Statement)
Check the appropriate box to
designate the rule pursuant to
which this Schedule is filed:
[ ] Rule 13d-1(b)
[x] Rule 13d-1(c)
[ ] Rule 13d-1(d)
(Page 1 of 16 Pages)
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* 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 the disclosures provided in a prior cover page.
The information required in 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. 38388F108 13G PAGE 2 of 16 PAGES
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Ardsley Partners Fund II, L.P.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [x]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES -----------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
1,000,000
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING -----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
1,000,000
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,000,000
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
1.5%
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(12) TYPE OF REPORTING PERSON **
PN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38388F108 13G PAGE 3 of 16 PAGES
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Ardsley Partners Institutional Fund, L.P.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [x]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES -----------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
520,000
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING -----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
520,000
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
520,000
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0.8%
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(12) TYPE OF REPORTING PERSON **
PN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38388F108 13G PAGE 4 of 16 PAGES
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Ardsley Offshore Fund Ltd.
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [x]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
British Virgin Islands
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES -----------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
1,420,000
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING -----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
1,420,000
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,420,000
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
2.2%
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(12) TYPE OF REPORTING PERSON **
CO
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38388F108 13G PAGE 5 of 16 PAGES
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Ardsley Advisory Partners
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [x]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Connecticut
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES -----------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
2,995,000
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING -----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
2,995,000
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
2,995,000
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
4.5%
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(12) TYPE OF REPORTING PERSON **
PN; IA
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38388F108 13G PAGE 6 of 16 PAGES
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Ardsley Partners I
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [x]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Connecticut
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES -----------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
1,520,000
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING -----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
1,520,000
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
1,520,000
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
2.3%
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(12) TYPE OF REPORTING PERSON **
PN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38388F108 13G PAGE 7 of 16 PAGES
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(1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO.
OF ABOVE PERSON
Philip J. Hempleman
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [ ]
(b) [x]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF (5) SOLE VOTING POWER
465,000
SHARES -----------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
2,995,000
OWNED BY -----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
465,000
REPORTING -----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
2,995,000
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
3,460,000
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES ** [ ]
--------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
5.2%
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(12) TYPE OF REPORTING PERSON **
IN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. 38388F108 13G PAGE 8 of 16 PAGES
The Schedule 13G filed on September 2, 2004 is hereby amended by this
Amendment No. 1 to the Schedule 13G.
ITEM 1(a). NAME OF ISSUER:
The name of the issuer is W. R. Grace & Co. (the "Company").
ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
7500 Grace Drive, Columbia, Maryland 21044
ITEM 2(a). NAME OF PERSON FILING:
This statement is filed by:
(i) Ardsley Partners Fund II, L.P., a Delaware limited partnership
("AP II"), with respect to the shares of Common Stock (defined in
Item 2(d) below) directly owned by it;
(ii) Ardsley Partners Institutional Fund, L.P., a Delaware limited
partnership ("Ardsley Institutional"), with respect to the shares
of Common Stock directly owned by it;
(iii) Ardsley Offshore Fund Ltd., a British Virgin Islands Corporation
("Ardsley Offshore"), with respect to the shares of Common Stock
directly owned by it;
(iv) Ardsley Advisory Partners, a Connecticut general partnership
("Ardsley") which serves as Investment Manager of Ardsley
Offshore and the Investment Adviser of AP II, Ardsley
Institutional and certain managed accounts, with respect to the
shares of Common Stock directly owned by Ardsley Offshore, AP II,
Ardsley Institutional and the managed accounts;
(v) Ardsley Partners I, a Connecticut general partnership ("Ardsley
Partners") which serves as General Partner of AP II and Ardsley
Institutional; and
(vi) Philip J. Hempleman, the Managing Partner of Ardsley and Ardsley
Partners, with respect to the shares of Common Stock owned by AP
II, Ardsley Institutional, Ardsley Offshore and the managed
accounts and with respect to the shares of Common Stock he owns
individually.
The foregoing persons are hereinafter sometimes collectively
referred to as the "Reporting Persons". Any disclosures herein with
respect to persons other than the Reporting Persons are made on
information and belief after making inquiry to the appropriate party.
ITEM 2(b). ADDRESS OF PRINCIPAL OFFICE OR, IF NONE, RESIDENCE:
The address of the business office of each of the Reporting Persons,
with the exception of Ardsley Offshore, is 262 Harbor Drive, Stamford,
Connecticut 06902.
The address of the registered office of Ardsley Offshore is Romasco
Place, Wickhams Cay 1, Roadtown Tortola, British Virgin Islands.
ITEM 2(c). CITIZENSHIP:
AP II and Ardsley Institutional are Delaware limited partnerships.
Ardsley Offshore is a British Virgin Islands Corporation. Ardsley and Ardsley
Partners are Connecticut general partnerships. Mr. Hempleman is a United States
Citizen.
CUSIP No. 38388F108 13G PAGE 9 of 16 PAGES
ITEM 2(d). TITLE OF CLASS OF SECURITIES: Common Stock, $0.01 par value
("Common Stock")
ITEM 2(e). CUSIP NUMBER: 38388F108
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13d-1(b), OR 13d-2(b),
CHECK WHETHER THE PERSON FILING IS A:
(a) [ ] Broker or dealer registered under Section 15 of the Act
(b) [ ] Bank as defined in Section 3(a)(6) of the Act
(c) [ ] Insurance Company as defined in Section 3(a)(19) of the
Act
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act
(e) [ ] Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940
(f) [ ] Employee Benefit Plan, Pension Fund which is subject to
the provisions of the Employee Retirement Income Security
Act of 1974 or Endowment Fund; see Rule 13d-1(b)(1)(ii)(F)
(g) [ ] Parent Holding Company, in accordance with
Rule 13d-1(b)(ii)(G); see item 7
(h) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(H)
If this statement is filed pursuant to Rule 13d-1(c), check the box. [X]
CUSIP No. 38388F108 13G PAGE 10 of 16 PAGES
ITEM 4. OWNERSHIP.
A. Ardsley Partners Fund II, L.P.
(a) Amount beneficially owned: 1,000,000
(b) Percent of class: 1.5%. The percentages used herein and
in the rest of Item 4 are calculated based upon the 66,000,159 shares of Common
Stock issued and outstanding at October 31, 2004 as reflected in the Company's
Form 10-Q filed on November 5, 2004.
(c) (i) Sole Power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,000,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 1,000,000
B. Ardsley Partners Institutional Fund, L.P.
(a) Amount beneficially owned: 520,000
(b) Percent of class: 0.8%
(c) (i) Sole Power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 520,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 520,000
C. Ardsley Offshore Fund Ltd.
(a) Amount beneficially owned: 1,420,000
(b) Percent of class: 2.2%
(c) (i) Sole Power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,420,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 1,420,000
D. Ardsley Advisory Partners
(a) Amount beneficially owned: 2,995,000
(b) Percent of class: 4.5%
(c) (i) Sole Power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 2,995,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 2,995,000
E. Ardsley Partners I
(a) Amount beneficially owned: 1,520,000
(b) Percent of class: 2.3%
(c) (i) Sole Power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,520,000
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition: 1,520,000
F. Philip J. Hempleman
(a) Amount beneficially owned: 3,460,000
(b) Percent of class: 5.2%
(c) (i) Sole Power to vote or direct the vote: 465,000
(ii) Shared power to vote or direct the vote: 2,995,000
(iii) Sole power to dispose or direct the disposition: 465,000
(iv) Shared power to dispose or direct the disposition: 2,995,000
CUSIP No. 38388F108 13G PAGE 11 of 16 PAGES
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
Not applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
Ardsley, the Investment Manager of Ardsley Offshore and the Investment
Adviser of certain managed accounts, has the power to vote and direct the
disposition of the proceeds from the sale of the shares of Common Stock owned by
Ardsley Offshore and the managed accounts, and accordingly may be deemed the
direct "beneficial owner" of such shares of Common Stock.
Ardsley, the Investment Adviser of AP II and Ardsley Institutional
shares the power to vote and direct the disposition of the proceeds from the
sale of the shares of Common Stock owned by AP II and Ardsley Institutional, and
accordingly may be deemed the direct "beneficial owner" of such shares of Common
Stock.
Ardsley Partners, the General Partner of AP II and Ardsley
Institutional shares the power to vote and direct the disposition of the shares
of Common Stock owned by AP II and Ardsley Institutional, and accordingly may be
deemed the direct "beneficial owner" of such shares of Common Stock.
Mr. Hempleman is the Managing Partner of Ardsley and Ardsley Partners
and in that capacity directs their operations and therefore may be deemed to be
the indirect "beneficial owner" of the shares of Common Stock owned by Ardsley
Offshore, AP II, Ardsley Institutional and the managed accounts. Mr. Hempleman
also has the power to vote and direct the disposition of the proceeds from the
sale of the shares of Common Stock that he owns individually.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY. Not
applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
CUSIP No. 38388F108 13G PAGE 12 of 16 PAGES
ITEM 10. CERTIFICATION.
Each of the Reporting Persons hereby makes the following certification:
By signing below I certify, to the best of my knowledge and belief,
the securities referred to above were acquired in the ordinary course of
business, were not acquired for the purpose of and do not have the effect of
changing or influencing the control of the issuer of such securities and were
not acquired in connection with or as a participant in any transaction having
such purposes or effect.
CUSIP No. 38388F108 13G PAGE 13 of 16 PAGES
SIGNATURES
After reasonable inquiry and to the best of their knowledge and
belief, the undersigned certify that the information set forth in this statement
is true, complete and correct.
DATED: February 11, 2005
ARDSLEY PARTNERS FUND II, L.P.
BY: ARDSLEY PARTNERS I,
GENERAL PARTNER
BY: /s/ Steve Napoli
-----------------------------------------
Steve Napoli
GENERAL PARTNER
ARDSLEY PARTNERS INSTITUTIONAL FUND, L.P.
BY: ARDSLEY PARTNERS I,
GENERAL PARTNER
BY: /s/ Steve Napoli
-----------------------------------------
Steve Napoli
GENERAL PARTNER
ARDSLEY OFFSHORE FUND LTD.
BY: /s/ Neil Glass
-----------------------------------------
Neil Glass
Vice-President and Administrative Manager
ARDSLEY ADVISORY PARTNERS
BY: ARDSLEY PARTNERS I
GENERAL PARTNER
BY: /s/ Steve Napoli
-----------------------------------------
Steve Napoli
GENERAL PARTNER
CUSIP No. 38388F108 13G PAGE 14 of 16 PAGES
ARDSLEY PARTNERS I
BY: STEVE NAPOLI
GENERAL PARTNER
BY: /s/ Steve Napoli
-----------------------------------------
Steve Napoli
GENERAL PARTNER
PHILIP J. HEMPLEMAN, Individually
BY: /s/ Steve Napoli
-----------------------------------------
Steve Napoli
As attorney in fact for
Phillip J. Hempleman
CUSIP No. 38388F108 13G PAGE 15 of 16 PAGES
JOINT FILING AGREEMENT PURSUANT TO RULE 13d-1(k)(1)
The undersigned acknowledge and agree that the foregoing statement
on Schedule 13G is filed on behalf of each of the undersigned and that all
subsequent amendments to this statement on Schedule 13G shall be filed on behalf
of each of the undersigned without the necessity of filing additional joint
filing statements. The undersigned acknowledge that each shall be responsible
for the timely filing of such amendments, and for the completeness and accuracy
of the information concerning him, her or it contained herein, but shall not be
responsible for the completeness and accuracy of the information concerning the
other entities or persons, except to the extent that he, she or it knows or has
reason to believe that such information is inaccurate.
Dated: February 11, 2005
ARDSLEY PARTNERS FUND II, L.P.
BY: ARDSLEY PARTNERS I,
GENERAL PARTNER
BY: /s/ Steve Napoli
-----------------------------------------
Steve Napoli
GENERAL PARTNER
ARDSLEY PARTNERS INSTITUTIONAL FUND, L.P.
BY: ARDSLEY PARTNERS I,
GENERAL PARTNER
BY: /s/ Steve Napoli
-----------------------------------------
Steve Napoli
GENERAL PARTNER
ARDSLEY OFFSHORE FUND LTD.
BY: /s/ Neil Glass
-----------------------------------------
Neil Glass
Vice-President and Administrative Manager
ARDSLEY ADVISORY PARTNERS
BY: ARDSLEY PARTNERS I
GENERAL PARTNER
BY: /s/ Steve Napoli
-----------------------------------------
Steve Napoli
GENERAL PARTNER
CUSIP No. 38388F108 13G PAGE 16 of 16 PAGES
ARDSLEY PARTNERS I
BY: ARDSLEY PARTNERS I
GENERAL PARTNER
BY: /s/ Steve Napoli
-----------------------------------------
Steve Napoli
GENERAL PARTNER
PHILIP J. HEMPLEMAN, Individually
BY: /s/ Steve Napoli
-----------------------------------------
Steve Napoli
As attorney in fact for
Phillip J. Hempleman