UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 7 )*
GLOBAL TRAFFIC NETWORK, INC.
(Name of Issuer)
Common Stock, $.001 par value
(Title of Class of Securities)
(CUSIP Number)
William L. Yde III
Global Traffic Network, Inc.
880 Third Avenue, Sixth Floor
New York, NY 10022
(212) 896-1255
With a copy to:
Alan M. Gilbert, Esq.
Maslon Edelman Borman & Brand, LLP
90 South 7th Street, Suite 3300
Minneapolis, MN 55402
(612-672-8200)
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
(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 §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.o
Note:Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 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).
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| 1 | | NAMES OF REPORTING PERSONS
William L. Yde III |
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| 2 | | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
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| | (a) o |
| | (b) þ |
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| 3 | | SEC USE ONLY |
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| 4 | | SOURCE OF FUNDS (SEE INSTRUCTIONS) |
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| | PF — with respect to 413,428 of the shares held by the Johander Trust
OO (held prior to the Issuer’s initial public offering) — with respect to all other shares |
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| 5 | | CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) |
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| | o |
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| 6 | | CITIZENSHIP OR PLACE OF ORGANIZATION |
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| | USA |
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| | 7 | | SOLE VOTING POWER |
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| NUMBER OF | | 1,997,739 Shares |
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| SHARES | 8 | | SHARED VOTING POWER |
| BENEFICIALLY | | |
| OWNED BY | | 0 Shares |
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| EACH | 9 | | SOLE DISPOSITIVE POWER |
| REPORTING | | |
| PERSON | | 1,301,747 Shares |
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| WITH | 10 | | SHARED DISPOSITIVE POWER |
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| | | 0 Shares |
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| 11 | | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
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| | 1,997,739 Shares |
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| 12 | | CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS) |
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| | o |
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| 13 | | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
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| | 10.8% |
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| 14 | | TYPE OF REPORTING PERSON (SEE INSTRUCTIONS) |
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| | IN |
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| Item 1. | | Security and Issuer. |
This statement relates to the common stock, $.001 par value per share (the “Shares”), of Global Traffic Network, Inc., a Nevada corporation (the “Issuer”). The address of the Issuer’s principal executive offices is 880 Third Avenue, Sixth Floor, New York, NY 10022.
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| Item 2. | | Identity and Background. |
This Schedule 13D is being filed by William L. Yde III (the “Reporting Person”). The principal business address for Mr. Yde is 880 Third Avenue, Sixth Floor, New York, NY 10022. Mr. Yde is the Chairman, Chief Executive Officer and President of the Issuer.
During the last five years, the Reporting Person has not been (i) convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors), or (ii) 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.
The Reporting Person is a citizen of the United States of America.
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| Item 3. | | Source and Amount of Funds or Other Consideration. |
Not applicable.
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| Item 4. | | Purposes of Transaction. |
The Reporting Person has acquired the Shares covered by this Schedule solely for investment purposes.
The Reporting Person may formulate other purposes, plans or proposals relating to any of such securities of the Issuer to the extent deemed advisable in light of market conditions, investment policies and other factors. Except as otherwise indicated in this Schedule, including under Item 6 hereof, the Reporting Person has no current plans or proposals which would relate to or would result in any of the following matters:
(a) The acquisition by any person of additional securities of the Issuer, or the disposition of securities of the Issuer, other than pursuant to the plans or arrangements described in Item 6 of this Schedule;
(b) An extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the Issuer or any of its subsidiaries;
(c) A sale or transfer of a material amount of assets of the Issuer or of any of its subsidiaries;
(d) Any change in the present board of directors or management of the Issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board;
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(e) Any material change in the present capitalization or dividend policy of the Issuer;
(f) Any other material change in the Issuer’s business or corporate structure, including but not limited to, if the Issuer is a registered closed-end investment company, any plans or proposals to make any changes in its investment policy for which a vote is required by Section 13 of the Investment Company Act of 1940;
(g) Changes in the Issuer’s charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the Issuer by any person;
(h) Causing a class of securities of the Issuer to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association;
(i) A class of equity securities of the Issuer becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Act; or
(j) Any action similar to any of those enumerated above.
Notwithstanding the foregoing, the Reporting Person may from time to time acquire, or dispose of, common stock and/or other securities of the Issuer if and when the Reporting Person deems it appropriate.
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| Item 5. | | Interest in the Securities of the Issuer. |
(a) The Reporting Person beneficially owns 1,997,739 Shares, including 1,301,747 Shares owned by the Reporting Person directly and 695,992 Shares owned by a certain third party. Pursuant to Rule 13d-4 promulgated under the Securities Exchange Act of 1934, as amended, this shall not be deemed as an admission of beneficial ownership of Shares owned by third parties. According to information provided by the Issuer in its most recently filed Quarterly Report on Form 10-Q, as of February 9, 2011, the Issuer had 18,548,420 Shares outstanding. Based upon this information, the Reporting Person is the beneficial owner of 10.8% of the outstanding Shares.
(b) The Reporting Person has sole voting and dispositive power with respect to the 1,301,747 Shares that he holds directly. The Reporting Person has the power to vote 695,992 additional Shares pursuant to a voting agreement with the third party owner of such Shares.
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(c) The following transactions in the Shares were effected during the past sixty days or since the most recent filing on Schedule 13D, whichever is less, by the Reporting Person:
(i) Between February 28, 2011 and March 7, 2011, the Reporting Person’s former spouse sold 200,000 Shares that the Reporting Person had the right to vote pursuant to an agreement with such former spouse. Such sales were made pursuant to open market transactions as follows:
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| Date | | Number of Shares | | | Weighted Average Price | |
| 2/28/2011 | | | 79,270 | | | $ | 12.6576 | |
| 3/1/2011 | | | 49,900 | | | $ | 12.32 | |
| 3/2/2011 | | | 3,000 | | | $ | 12.0305 | |
| 3/3/2011 | | | 22,300 | | | $ | 12.0152 | |
| 3/7/2011 | | | 45,530 | | | | * | |
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| * | | The Reporting Person is not aware of the price or prices at which Shares were sold on March 7, 2011. |
(ii) On February 25, 2011, the Reporting Person sold 75,000 Shares in a block trade at $12.00 per share, pursuant to a 10b5-1 trading plan.
(iii) On February 9, 2011, the Reporting Person received a 50,000 Share grant of restricted stock with restrictions that lapse as to 16,666 shares on each of February 9, 2012 and 2013 and as to 16,668 shares on February 9, 2014.
(d) Not applicable.
(e) Not applicable.
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| Item 6. | | Contracts, Agreements, Understandings With Respect to Securities of the Issuer. |
Pursuant to a Voting Agreement dated September 30, 2005, by and between William L. Yde III and the Robert L. Johander Revocable Trust u/a/d December 18, 2006 (the “Johander Trust”), the Reporting Person has the right to vote 695,992 Shares held by the Johander Trust so long as the Johander Trust continues to own such Shares. The Reporting Person’s Voting Agreement with the Johander Trust is incorporated by reference as Exhibit 10.1 to this Schedule and any description in this Schedule of such agreement is qualified in its entirety by reference to such agreement.
| 10.1 | | Voting Agreement dated September 30, 2005, by and between William L. Yde III and the Robert L. Johander Revocable Trust u/a/d December 18, 2003 (incorporated by reference to Exhibit 10.2 to the Schedule 13D filed by Mr. Yde on April 3, 2006). |
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SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
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| Dated: March 14, 2011 | /s/ William L. Yde III | |
| | William L. Yde III | |
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