UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
PAXAR CORPORATION
-----------------
(Name of Issuer)
Common Stock, Par Value $0.10 Per Share
-----------------------------
(Title of Class of Securities)
704227107
---------
(CUSIP Number)
Gregory D. Hitchan
Blum Capital Partners, L.P.
909 Montgomery Street, Suite 400
San Francisco, CA 94133
(415) 434-1111
--------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 29, 2005
--------------
(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 which is the subject of this Schedule 13D, and
is filing this schedule because of Rule 13d-1(b)(3) or (4), check the
following box [ ].
*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 1 of 13
CUSIP NO. 704227107 SCHEDULE 13D Page 2 of 13
------------------------------------------------------------------------------
1. NAME OF REPORTING PERSON BLUM CAPITAL PARTNERS, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-3205364
------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* See Item 3
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION California
------------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 2,200,200**
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,200,200**
------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,200,200**
------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.4%**
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14. TYPE OF REPORTING PERSON PN, IA
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** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 704227107 SCHEDULE 13D Page 3 of 13
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1. NAME OF REPORTING PERSON RICHARD C. BLUM & ASSOCIATES, INC.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 94-2967812
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS* See Item 3
------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION California
------------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF -----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 2,200,200**
BENEFICIALLY
OWNED BY EACH -----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
-----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,200,200**
------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,200,200**
------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.4%**
------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON CO
------------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 704227107 SCHEDULE 13D Page 4 of 13
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1. NAME OF REPORTING PERSON BLUM STRATEGIC GP III, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 04-3809436
-----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
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3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 2,200,200**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,200,200**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,200,200**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.4%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
-----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 704227107 SCHEDULE 13D Page 5 of 13
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1. NAME OF REPORTING PERSON BLUM STRATEGIC GP III, L.P.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 02-0742606
-----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
-----------------------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 2,200,200**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,200,200**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,200,200**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.4%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON PN
-----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 704227107 SCHEDULE 13D Page 6 of 13
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1. NAME OF REPORTING PERSON SADDLEPOINT PARTNERS GP, L.L.C.
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON 83-0424234
----------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [x]
-----------------------------------------------------------------------------
3. SEC USE ONLY
-----------------------------------------------------------------------------
4. SOURCE OF FUNDS* See Item 3
-----------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) [ ]
-----------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
-----------------------------------------------------------------------------
7. SOLE VOTING POWER -0-
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER 2,200,200**
BENEFICIALLY
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER -0-
----------------------------------------------------------
10. SHARED DISPOSITIVE POWER 2,200,200**
-----------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,200,200**
-----------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
-----------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.4%**
-----------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON OO (Limited Liability Company)
-----------------------------------------------------------------------------
** See Item 5
*SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP NO. 704227107 SCHEDULE 13D Page 7 of 13
Item 1. Security and Issuer
----------------------------
This Schedule 13D relates to shares of common stock, $0.10 par value per
share (the "Common Stock") of Paxar Corporation, a New York corporation
(the "Issuer"). The principal executive office and mailing address of
the Issuer is 105 Corporate Park Drive, White Plains, New York 10604.
Item 2. Identity and Background
--------------------------------
This Schedule 13D is being filed by Blum Capital Partners, L.P., a
California limited partnership, ("Blum L.P."); Richard C. Blum &
Associates, Inc., a California corporation ("RCBA Inc."); Blum Strategic
GP III, L.L.C., a Delaware limited liability company ("Blum GP III");
Blum Strategic GP III, L.P., a Delaware limited partnership
("Blum GP III LP"); and Saddlepoint Partners GP, L.L.C., a Delaware
limited liability company ("Saddlepoint GP") (collectively, the
"Reporting Persons").
Blum L.P. is a California limited partnership whose principal business is
acting as general partner for investment partnerships and providing investment
advisory services. Blum L.P. is an investment advisor registered with the
Securities and Exchange Commission. The sole general partner of Blum L.P.
is RCBA Inc.
The principal business office address of Blum L.P. and RCBA Inc. is 909
Montgomery Street, Suite 400, San Francisco, California 94133. The names
of the executive officers and directors of RCBA Inc., their addresses,
citizenship and principal occupations are as follows:
Name and Business Citizenship Principal Occupation
Office Held Address or Employment
-------------------- ----------------------- --------- --------------------
Richard C. Blum 909 Montgomery St. USA President & Chairman,
President, Suite 400 Blum L.P.
Chairman & Director San Francisco, CA 94133
Nils Colin Lind 909 Montgomery St. Norway Managing Partner,
Managing Partner Suite 400 Blum L.P.
& Director San Francisco, CA 94133
John C. Walker 909 Montgomery St. USA Partner,
Partner Suite 400 Blum L.P.
San Francisco, CA 94133
Jose S. Medeiros 909 Montgomery St. Brazil Partner,
Partner Suite 400 Blum L.P.
San Francisco, CA 94133
John H. Park 909 Montgomery St. USA Partner,
Partner Suite 400 Blum L.P.
San Francisco, CA 94133
CUSIP NO. 704227107 SCHEDULE 13D Page 8 of 13
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
-------------------- ----------------------- --------- -------------------
Gregory L. Jackson 909 Montgomery St. USA Partner,
Partner Suite 400 Blum L.P.
San Francisco, CA 94133
Jeffrey A. Cozad 909 Montgomery St. USA Partner,
Partner Suite 400 Blum L.P.
San Francisco, CA 94133
Marc T. Scholvinck 909 Montgomery St. USA Partner & Chief
Partner, Chief Suite 400 Financial Officer,
Financial Officer, San Francisco, CA 94133 Blum L.P.
Assistant Secretary
& Director
Gregory D. Hitchan 909 Montgomery St. USA General Counsel
General Counsel Suite 400 & Secretary,
& Secretary San Francisco, CA 94133 Blum L.P.
Blum GP III is a Delaware limited liability company whose principal business
is acting as the general partner of Blum GP III LP, a Delaware limited
partnership, whose principal business is acting as the general partner
of Blum Strategic Partners III, L.P., a Delaware limited partnership
("Blum Strategic III") whose principal office is 909 Montgomery Street,
Suite 400, San Francisco, California 94133.
The principal business office address of Blum GP III and Blum GP III LP is
909 Montgomery Street, Suite 400, San Francisco, California 94133. The
names of the managing members and members of Blum GP III, their addresses,
citizenship and principal occupations are as follows:
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
-------------------- ----------------------- --------- -------------------
Richard C. Blum 909 Montgomery St. USA President & Chairman,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
Nils Colin Lind 909 Montgomery St. Norway Managing Partner,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
John H. Park 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
CUSIP NO. 704227107 SCHEDULE 13D Page 9 of 13
Name and Business Citizen- Principal Occupation
Office Held Address ship or Employment
-------------------- ----------------------- --------- -------------------
Gregory L. Jackson 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
Jeffrey A. Cozad 909 Montgomery St. USA Partner,
Managing Member Suite 400 Blum L.P.
San Francisco, CA 94133
John C. Walker 909 Montgomery St. USA Partner,
Member Suite 400 Blum L.P.
San Francisco, CA 94133
Jose S. Medeiros 909 Montgomery St. Brazil Partner,
Member Suite 400 Blum L.P.
San Francisco, CA 94133
Marc T. Scholvinck 909 Montgomery St. USA Partner & Chief
Member Suite 400 Financial Officer,
San Francisco, CA 94133 Blum L.P.
Gregory D. Hitchan 909 Montgomery St. USA General Counsel
Member & Suite 400 & Secretary,
General Counsel San Francisco, CA 94133 Blum L.P.
Saddlepoint GP is a Delaware limited liability company whose principal
business is acting as the general partner of Saddlepoint Partners, L.P.,
a Delaware limited partnership ("Saddlepoint LP"), and Saddlepoint
Partners (Cayman), L.P., a Cayman Islands exempted limited partnership
("Saddlepoint (Cayman) LP"). The principal business office address of
Saddlepoint GP, Saddlepoint LP and Saddlepoint (Cayman) LP is 909
Montgomery Street, Suite 400, San Francisco, California 94133.
Blum L.P. is the managing member of Saddlepoint GP. RCBA Inc. is the
sole general partner of Blum L.P. The principal business office for
Blum L.P. and RCBA Inc. and the names of the executive officers and
directors of RCBA Inc. and their addresses, citizenship and principal
occupations are disclosed above.
To the best knowledge of the Reporting Persons, none of the entities or
persons identified in this Item 2 has, during the past five years, been
convicted of any criminal proceeding (excluding traffic violations or
similar misdemeanors), nor been a party to a civil proceeding of a judicial
or administrative body of competent jurisdiction and as a result of such
proceeding was or is subject to a judgment, decree or final order enjoining
future violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with respect to
such laws.
CUSIP NO. 704227107 SCHEDULE 13D Page 10 of 13
Item 3. Source and Amount of Funds or Other Considerations
-----------------------------------------------------------
The source of funds for the purchases of securities was the working capital
of Blum L.P.'s limited partnerships and investment advisory clients, the
partnership for which Blum GP III LP serves as the sole general partner
and the partnerships for which Saddlepoint GP serves as the general partner.
Item 4. Purpose of Transaction
-------------------------------
The purpose of the acquisition of the Common Stock is for investment, and
the acquisitions of the Common Stock were made in the ordinary course of
business and were not made for the purpose of acquiring control of the Issuer.
Although no Reporting Person has any specific plan or proposal to acquire
or dispose of the Common Stock, consistent with its investment purpose,
each Reporting Person at any time and from time to time may acquire additional
Common Stock or dispose of any or all of its Common Stock depending upon an
ongoing evaluation of the investment in the Common Stock, prevailing market
conditions, other investment opportunities, liquidity requirements of the
Reporting Persons and/or other investment considerations.
Also, consistent with the investment purpose, the Reporting Persons may
engage in communications with one or more shareholders of the Issuer, one
or more officers of the Issuer and/or one or more members of the board of
directors of the Issuer and/or one or more representatives of the Issuer
regarding the Issuer, including but not limited to its operations. The
Reporting Persons may discuss ideas that, if effected may result in any
of the following: the acquisition by persons of additional Common Stock
of the Issuer, an extraordinary corporate transaction involving the Issuer,
and/or changes in the board of directors or management of the Issuer.
Except to the extent the foregoing may be deemed a plan or proposal,
none of the Reporting Persons has any plans or proposals which relate to,
or could result in, any of the matters referred to in paragraphs (a)
through (j), inclusive, of the instructions to Item 4 of Schedule 13D.
The Reporting Persons may, at any time and from time to time, review
or reconsider their position and/or change their purpose and/or formulate
plans or proposals with respect thereto.
Item 5. Interest in Securities of the Issuer
---------------------------------------------
(a), (b) According to the Issuer's Form 10-Q filed with the Securities
and Exchange Commission on August 9, 2005, there were 40,666,385 shares
of Common Stock issued and outstanding as of August 5, 2005. Based on
such information, after taking into account the transactions described
in Item 5(c) below, the Reporting Persons report beneficial ownership
of the following shares of Common Stock: (i) 943,400 shares of Common
Stock held by Blum L.P. and RCBA Inc. on behalf of the limited partnerships
for which Blum L.P. serves as the general partner, or on behalf of an
entity for which Blum L.P. serves as investment advisor, which represents
2.3% of the outstanding shares of the Common Stock; (ii) 1,165,500 shares
CUSIP NO. 704227107 SCHEDULE 13D Page 11 of 13
of the Common Stock held by Blum GP III which serves as general partner
of Blum GP III LP which, in turn, serves as the general partner of Blum
Strategic III, which represents 2.9% of the outstanding shares of the
Common Stock; (iii) 25,300 shares of the Common Stock held by Saddlepoint
GP on behalf of a partnership for which it serves as the general partner,
which represents 0.1% of the outstanding shares of the Common Stock; and
(iv) 33,000 shares of the Common Stock that are legally owned by The Nuclear
Decommissioning Trust of Dominion Nuclear Connecticut, Inc. ("Dominion
Connecticut"), which represents 0.1% of the outstanding shares of the
Common Stock and 33,000 shares of the Common Stock that are legally owned
by Virginia Electric and Power Company Qualified Nuclear Decommissioning
Trust ("Virginia Electric"), which represents 0.1% of the outstanding shares
of the Common Stock (collectively, the "Investment Advisory Clients"),
with respect to which Blum L.P. has voting and investment power. Each
Investment Advisory Client has entered into an investment management
agreement with Blum L.P., but neither Investment Advisory Client has any
contract, arrangement or understanding with the other Investment Advisory
Client, or any other Reporting Person, with respect to the acquisition,
ownership, disposition or voting of any shares of the Common Stock. Each
Investment Advisory Client disclaims membership in a group with any
Reporting Person or with the other Investment Advisory Client, and each
disclaims beneficial ownership of any shares beneficially owned by the
Reporting Persons other than for their own account.
Voting and investment power concerning the above shares are held solely
by Blum L.P., Blum GP III and Saddlepoint GP. The Reporting Persons
therefore may be deemed to be members in a group, in which case the
group would be deemed to have beneficial ownership of an aggregate of
2,200,200 shares of the Common Stock, which is 5.4% of the outstanding
Common Stock. As the sole general partner of Blum L.P., RCBA Inc. is
deemed the beneficial owner of the securities over which Blum L.P. has
voting and investment power. The filing of this Schedule shall not be
construed as an admission that any of the shareholders, directors or
executive officers of RCBA Inc. or the managing members and members of
Blum GP III, Blum GP III LP and Saddlepoint GP, is, for any purpose, the
beneficial owner of any of the securities that are beneficially owned by
RCBA Inc., Blum GP III LP, Blum GP III or Saddlepoint GP.
c) During the last 60 days, the Reporting Persons purchased the following
shares of Common Stock in the open market:
Entity Trade Date Shares Price/Share
------ ---------- ------ ------------
Investment partnerships for 08-12-05 54,300 19.6979
which Blum L.P. serves as the 08-15-05 16,400 19.6863
general partner and on behalf 08-16-05 28,100 19.6972
of an entity for which Blum L.P. 08-17-05 30,000 19.6747
serves as investment advisor. 09-29-05 26,200 16.6726
09-30-05 9,800 16.7991
10-05-05 4,500 16.9965
CUSIP NO. 704227107 SCHEDULE 13D Page 12 of 13
Entity Trade Date Shares Price/Share
------ --------- ------- ----------
For Blum Strategic III for 08-12-05 54,400 19.6979
which Blum GP III LP 08-15-05 16,400 19.6863
serves as the general partner 08-16-05 28,100 19.6972
and for Blum GP III which 08-17-05 30,000 19.6747
serves as the general 08-18-05 80,000 19.6738
partner for Blum GP III LP. 09-29-05 34,500 16.6726
09-30-05 60,700 16.7991
10-05-05 29,400 16.9965
10-06-05 600 17.0300
Entity Trade Date Shares Price/Share
------ ---------- ------- ----------
The partnership for which 10-05-05 24,800 16.9965
Saddlepoint GP serves as 10-06-05 500 17.0300
general partner.
Entity Trade Date Shares Price/Share
------ ---------- ------ ------------
The Investment Advisory 09-29-05 4,400 16.6726
Clients for which Blum L.P. 09-30-05 4,800 16.7991
serves as investment advisor.
(d) and (e) Not applicable.
Item 6. Contracts, Arrangements, Understandings or Relationships with
Respect to Securities of the Issuer
-----------------------------------------------------------------------------
None of the Reporting Persons or, to the best knowledge of the Reporting
Persons, the other persons named in Item 2, is a party to any contract,
arrangement, understanding or relationship with respect to any securities
of the Issuer, including but not limited to the transfer or voting of any
securities of the Issuer, finder's fees, joint ventures, loan or option
arrangements, puts or calls, guarantees of profits, division of profits
or loss, or the giving or withholding of proxies, except as noted above,
Blum L.P. has voting and investment power of the shares held by it for
the benefit of The Investment Advisory Clients.
Item 7. Material to be Filed as Exhibits
-----------------------------------------
Exhibit A Joint Filing Undertaking.
CUSIP NO. 704227107 SCHEDULE 13D Page 13 of 13
SIGNATURES
After reasonable inquiry and to the best of our knowledge and belief,
the undersigned certify that the information set forth in this statement
is true, complete and correct.
Dated: October 11, 2005
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- -----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
General Counsel and Secretary General Counsel and Secretary
BLUM STRATEGIC GP III, L.L.C. BLUM STRATEGIC GP III, L.P.
By: Blum Strategic GP III, L.L.C.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- ------------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Member and General Counsel Member and General Counsel
SADDLEPOINT PARTNERS GP, L.L.C.
By: Blum Capital Partners, L.P.
Its Managing Member
By: Richard C. Blum & Associates, Inc.
Its General Partner
By: /s/ Gregory D. Hitchan
-------------------------------
Gregory D. Hitchan
General Counsel and Secretary
CUSIP NO. 704227107 SCHEDULE 13D Page 1 of 1
Exhibit A
JOINT FILING UNDERTAKING
The undersigned, being duly authorized thereunto, hereby execute this
agreement as an exhibit to this Schedule 13D to evidence the agreement
of the below-named parties, in accordance with the rules promulgated
pursuant to the Securities Exchange Act of 1934, to file this Schedule
jointly on behalf of each such party.
Dated: October 11, 2005
RICHARD C. BLUM & ASSOCIATES, INC. BLUM CAPITAL PARTNERS, L.P.
By: Richard C. Blum & Associates, Inc.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- -----------------------------------
Gregory D. Hitchan Gregory D. Hitchan
General Counsel and Secretary General Counsel and Secretary
BLUM STRATEGIC GP III, L.L.C. BLUM STRATEGIC GP III, L.P.
By: Blum Strategic GP III, L.L.C.
Its General Partner
By: /s/ Gregory D. Hitchan By: /s/ Gregory D. Hitchan
------------------------------- ------------------------------------
Gregory D. Hitchan Gregory D. Hitchan
Member and General Counsel Member and General Counsel
SADDLEPOINT PARTNERS GP, L.L.C.
By: Blum Capital Partners, L.P.
Its Managing Member
By: Richard C. Blum & Associates, Inc.
Its General Partner
By: /s/ Gregory D. Hitchan
-------------------------------
Gregory D. Hitchan
General Counsel and Secretary