UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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SCHEDULE 13D
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
Under the Securities Exchange Act of 1934
(Amendment No. ________)*
Tronox Incorporated
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(Name of Issuer)
Class B Common Stock, par value $0.01 per share
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(Title of Class of Securities)
897051207
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(CUSIP Number)
Mr. Robert L. Rosen
RLR Capital Partners, LP
152 West 57th Street, 21st Floor
New York, NY 10019
(212) 903-2700
With a copy to:
Marc Weingarten, Esq.
Schulte Roth & Zabel LLP
919 Third Avenue
New York, New York 10022
(212) 756-2000
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 6, 2007
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(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 Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following
box. [ ]
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.
(Continued on following pages)
(Page 1 of 10 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
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 10 PAGES)
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CUSIP NO. 897051207 SCHEDULE 13D PAGE 3 OF 10 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
RLR Capital Partners, LP
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
Not Applicable
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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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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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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7 SOLE VOTING POWER
-0-
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,200,000
OWNED BY -------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
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10 SHARED DISPOSITIVE POWER
1,200,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,200,000
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12 CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES*
[ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.24%
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14 TYPE OF REPORTING PERSON*
IA
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 897051207 SCHEDULE 13D PAGE 4 OF 10 PAGES
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1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Robert L. Rosen
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
Not Applicable
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
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7 SOLE VOTING POWER
-0-
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NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 1,200,000
OWNED BY -------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON WITH -0-
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10 SHARED DISPOSITIVE POWER
1,200,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH PERSON
1,200,000
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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)
5.24%
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14 TYPE OF REPORTING PERSON*
IN
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
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CUSIP NO. 897051207 SCHEDULE 13D PAGE 5 OF 10 PAGES
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ITEM 1. SECURITY AND ISSUER
This Schedule 13D relates to the shares of Class B Common Stock, par
value $0.01 per share (the "Class B Shares"), of Tronox Incorporated (the
"Issuer"). The principal executive office of the Issuer is located at One
Leadership Square, Suite 300, 211 N. Robinson Avenue, Oklahoma City, Oklahoma
73102.
ITEM 2. IDENTITY AND BACKGROUND
(a)-(c) The persons filing this statement are RLR Capital Partners, LP,
a New York limited partnership ("RLR") and Robert L. Rosen. RLR's principal
business is to serve as the investment manager of funds and/or accounts,
including RLR Focus Master Fund, LP, a limited partnership formed under the laws
of the Cayman Islands (the "Fund") and the holder of the Class B Shares set
forth in this Schedule 13D.
RLR Capital Partners GP, LLC, a New York limited liability company
("Manager"), is the sole general partner of RLR, and serving in such capacity is
its principal business.
Mr. Robert L. Rosen (together with Manager, RLR and the Fund, the
"Reporting Persons") is the managing member of the Manager, and serving in such
capacity is his present principal occupation or employment.
The Reporting Persons have their principal business and office addresses
at 152 West 57th Street, 21st Floor New York, New York 10019.
(d) None of the Reporting Persons has ever been convicted in any
criminal proceeding.
(e) None of the Reporting Persons has ever been a party to any civil
proceeding commenced before a judicial or administrative body of competent
jurisdiction as a result of which it or he was or is now 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.
(f) Mr. Rosen is a United States citizen.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
All of the funds used to purchase the Class B Shares described in this
Schedule 13D came from the working capital of the Fund. A total of
approximately $12.2 million was paid to acquire such Class B Shares.
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CUSIP NO. 897051207 SCHEDULE 13D PAGE 6 OF 10 PAGES
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ITEM 4. PURPOSE OF TRANSACTION
The Fund originally acquired Class B Shares for investment in the
ordinary course of business because the Reporting Persons believed that the
Class B Shares, when purchased, were substantially undervalued and represented
an attractive investment opportunity. The Reporting Persons have had, and expect
to continue to have, discussions with the Issuer's management regarding the
Company's business and prospects. On November 7, 2007, the Reporting Persons
sent a letter to the Issuer expressing their support for the Issuer's management
and the initiatives management has undertaken. A copy of the letter is attached
hereto as Exhibit 1 and is incorporated herein by reference.
Except as set forth herein or as would occur upon completion of any of
the actions discussed herein, the Reporting Persons have no present plan or
proposal that would relate to or result in any of the matters set forth in
subparagraphs (a)-(j) of Item 4 of Schedule 13D. The Reporting Persons intend to
review the Fund's investment in the Issuer on a continuing basis and may engage
in discussions with management, the Board of Directors, other stockholders of
the Issuer and other relevant parties concerning the business, operations,
governance, management, strategy and future plans of the Issuer. Depending on
various factors including, without limitation, the Issuer's financial position
and strategic direction, the outcome of the discussions referenced above,
actions taken by the Board of Directors, price levels of the Class B Shares,
other investment opportunities available to the Reporting Persons, conditions in
the securities market and general economic and industry conditions, the
Reporting Persons may in the future take such actions with respect to the Fund's
investment in the Issuer as they deem appropriate including, without limitation,
purchasing additional Class B Shares or selling some or all of the Class B
Shares held by the Fund, engaging in short selling of or any hedging or similar
transactions with respect to the Class B Shares and/or otherwise changing their
intention with respect to any and all matters referred to in Item 4 of Schedule
13D.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The Reporting Persons beneficially own 1,200,000 Class B Shares,
constituting approximately 5.24% of the Class B Shares outstanding.
The aggregate percentage of Class B Shares beneficially owned by the
Reporting Persons is based upon 22,889,431 Class B Shares outstanding, which is
the total number of Class B Shares outstanding as of July 31, 2007 as reported
in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission on August 7, 2007.
(b) RLR and Mr. Rosen share power to vote and direct the disposition of
all of the Class B Shares held by the Fund. Thus, as of November 6, 2007, the
Reporting Persons may be deemed to beneficially own 1,200,000 Class B Shares, or
5.24% of the Class B Shares issued and outstanding as of that date.
(c) The following transactions in the Class B Shares were effected by the
Reporting Persons during the past 60 days, each of which was effected in open
market transactions.
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CUSIP NO. 897051207 SCHEDULE 13D PAGE 7 OF 10 PAGES
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RLR Focus Master Fund, LP
TRADE DATE SHARES PURCHASED/SOLD PRICE PER SHARE
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09/10/2007 2,100.00 10.01
09/14/2007 1,600.00 9.92
09/17/2007 10,000.00 9.87
09/17/2007 1,800.00 9.83
09/18/2007 8,300.00 9.87
09/26/2007 35,000.00 9.15
09/26/2007 15,000.00 9.15
09/28/2007 25,000.00 9.09
09/28/2007 5,000.00 9.03
10/01/2007 25,000.00 9.03
10/02/2007 10,000.00 9.00
10/02/2007 10,000.00 9.00
10/02/2007 5,000.00 9.00
10/03/2007 20,000.00 8.92
10/03/2007 10,000.00 8.89
10/04/2007 22,100.00 8.83
10/08/2007 13,000.00 9.04
10/09/2007 16,200.00 8.97
10/10/2007 25,000.00 8.96
10/11/2007 23,000.00 8.65
10/15/2007 15,000.00 8.39
10/16/2007 15,500.00 8.14
10/19/2007 15,000.00 7.83
10/22/2007 10,000.00 7.68
10/22/2007 5,600.00 7.54
10/23/2007 20,000.00 7.35
10/23/2007 50,000.00 7.30
10/24/2007 10,000.00 7.32
10/25/2007 10,000.00 7.38
10/26/2007 3,800.00 7.66
10/30/2007 20,000.00 7.66
10/31/2007 135,000.00 8.33
10/31/2007 25,000.00 8.26
11/06/2007 60,000.00 7.60
11/06/2007 2,400.00 7.60
(d) No person other than the Reporting Persons is known to have the right
to receive or the power to direct the receipt of dividends from, or the proceeds
from the sale of, such Class B Shares.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER
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CUSIP NO. 897051207 SCHEDULE 13D PAGE 8 OF 10 PAGES
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Except as otherwise set forth herein, the Reporting Persons do not have any
contract, arrangement, understanding or relationship with any person with
respect to the securities of the Issuer.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
1. Letter from the Reporting Persons to the Issuer, dated November 7, 2007
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CUSIP NO. 897051207 SCHEDULE 13D PAGE 9 OF 10 PAGES
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SIGNATURES
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.
Dated: November 8, 2007
/s/ Robert L. Rosen
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Robert L. Rosen, in his capacity
as the managing member of RLR
Capital Partners GP, LLC, the
sole general partner of RLR
Capital Partners, LP
/s/ Robert L. Rosen
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Robert L. Rosen
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CUSIP NO. 897051207 SCHEDULE 13D PAGE 10 OF 10 PAGES
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EXHIBIT INDEX
1. Letter from the Reporting Persons to the Issuer, dated November 7, 2007