---------------------------------
OMB APPROVAL
---------------------------------
OMB Number: 3235-0145
---------------------------------
Expires: October 31, 2002
---------------------------------
Estimated average burden
hours per response. . . 14.9
---------------------------------
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
R.O.C. TAIWAN FUND
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
--------------------------------------------------------------------------------
(Title of Class of Securities)
749651105
--------------------------------------------------------------------------------
(CUSIP Number)
Andrew Pegge Jeffry S. Hoffman
Laxey Partners Limited Swidler Berlin Shereff Friedman, LLP
Stanley House The Chrysler Building
7-9 Market Hill 405 Lexington Avenue
Douglas New York, NY 10174
Isle of Man IM1 2BF (212) 891-9260
011 44 1624 629365
-------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
January 2, 2003
-------------------------------------------------------------------------------
(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 ss.ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box [X].
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See ss. 240.13d-7(b) 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 (the "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).
2
SCHEDULE 13D
----------------------------------------------------------------------------------------------------------------------
CUSIP No. 749651105
----------------------------------------------------------------------------------------------------------------------
1) Name of Reporting Persons
-----------------------------------------------------------------------------------------------------------
I.R.S. Identification No. of Above Persons (entities only)
THE VALUE CATALYST FUND LIMITED
NO I.R.S. IDENTIFICATION NO.
---------- -----------------------------------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions) (a) [X]
(b) [ ]
---------- -----------------------------------------------------------------------------------------------------------
3) SEC Use Only
---------- -----------------------------------------------------------------------------------------------------------
4) Source of Funds (See Instructions)
OO
---------- -----------------------------------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ]
---------- -----------------------------------------------------------------------------------------------------------
6) Citizenship or Place of Organization
CAYMAN ISLANDS
-------------------- ------- -----------------------------------------------------------------------------------------
Number of 7) Sole Voting Power
Shares 0
Beneficially ------- -----------------------------------------------------------------------------------------
Owned by 8) Shared Voting Power
Each 974,850 SHARES
Reporting ------- -----------------------------------------------------------------------------------------
Person 9) Sole Dispositive Power
With 0
------- -----------------------------------------------------------------------------------------
10) Shared Dispositive Power
974,850 SHARES
---------- -----------------------------------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
974,850 SHARES
---------- -----------------------------------------------------------------------------------------------------------
12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]
---------- -----------------------------------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11)
2.98%
---------- -----------------------------------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions)
IV*
---------- -----------------------------------------------------------------------------------------------------------
*Not registered under the Investment Company Act of 1940.
3
---------------------------------------------------------------------------------------------------------------------
CUSIP No. 749651105
---------------------------------------------------------------------------------------------------------------------
1) Name of Reporting Persons
I.R.S. Identification No. of Above Persons (entities only)
LAXEY INVESTORS LIMITED
NO I.R.S. IDENTIFICATION NO.
--------- -----------------------------------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions) (a) [X]
(b) [ ]
--------- -----------------------------------------------------------------------------------------------------------
3) SEC Use Only
--------- -----------------------------------------------------------------------------------------------------------
4) Source of Funds (See Instructions)
OO
--------- -----------------------------------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ]
--------- -----------------------------------------------------------------------------------------------------------
6) Citizenship or Place of Organization
BRITISH VIRGIN ISLANDS
-------------------- ------- ----------------------------------------------------------------------------------------
Number of 7) Sole Voting Power
Shares 0
Beneficially ------- ----------------------------------------------------------------------------------------
Owned by 8) Shared Voting Power
Each 10,000 SHARES
Reporting ------- ----------------------------------------------------------------------------------------
Person 9) Sole Dispositive Power
With 0
------- ----------------------------------------------------------------------------------------
10) Shared Dispositive Power
10,000 SHARES
--------- -----------------------------------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
10,000 SHARES
--------- -----------------------------------------------------------------------------------------------------------
12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]
--------- -----------------------------------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11)
0.03%
--------- -----------------------------------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions)
IV*
--------- -----------------------------------------------------------------------------------------------------------
*Not registered under the Investment Company Act of 1940.
4
---------------------------------------------------------------------------------------------------------------------
CUSIP No. 749651105
---------------------------------------------------------------------------------------------------------------------
1) Name of Reporting Persons
I.R.S. Identification No. of Above Persons (entities only)
LP VALUE LIMITED
NO I.R.S. IDENTIFICATION NO.
--------- -----------------------------------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions) (a) [X]
(b) [ ]
--------- -----------------------------------------------------------------------------------------------------------
3) SEC Use Only
--------- -----------------------------------------------------------------------------------------------------------
4) Source of Funds (See Instructions)
OO
--------- -----------------------------------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ]
--------- -----------------------------------------------------------------------------------------------------------
6) Citizenship or Place of Organization
BRITISH VIRGIN ISLANDS
-------------------- ------- ----------------------------------------------------------------------------------------
Number of 7) Sole Voting Power
Shares 0
Beneficially ------- ----------------------------------------------------------------------------------------
Owned by 8) Shared Voting Power
Each 974,000 SHARES
Reporting ------- ----------------------------------------------------------------------------------------
Person 9) Sole Dispositive Power
With 0
------- ----------------------------------------------------------------------------------------
10) Shared Dispositive Power
974,000 SHARES
--------- -----------------------------------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
974,000 SHARES
--------- -----------------------------------------------------------------------------------------------------------
12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]
--------- -----------------------------------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11)
2.98%
--------- -----------------------------------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions)
IV*
--------- -----------------------------------------------------------------------------------------------------------
*Not registered under the Investment Company Act of 1940.
5
---------------------------------------------------------------------------------------------------------------------
CUSIP No. 749651105
---------------------------------------------------------------------------------------------------------------------
1) Name of Reporting Persons
I.R.S. Identification No. of Above Persons (entities only)
LAXEY UNIVERSAL VALUE, LP
NO I.R.S. IDENTIFICATION NO.
--------- -----------------------------------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions) (a) [X]
(b) [ ]
--------- -----------------------------------------------------------------------------------------------------------
3) SEC Use Only
--------- -----------------------------------------------------------------------------------------------------------
4) Source of Funds (See Instructions)
OO
--------- -----------------------------------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ]
--------- -----------------------------------------------------------------------------------------------------------
6) Citizenship or Place of Organization
DELAWARE
-------------------- ------- ----------------------------------------------------------------------------------------
Number of 7) Sole Voting Power
Shares 0
Beneficially ------- ----------------------------------------------------------------------------------------
Owned by 8) Shared Voting Power
Each 700,000 SHARES
Reporting ------- ----------------------------------------------------------------------------------------
Person 9) Sole Dispositive Power
With 0
------- ----------------------------------------------------------------------------------------
10) Shared Dispositive Power
700,000 SHARES
--------- -----------------------------------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
700,000 SHARES
--------- -----------------------------------------------------------------------------------------------------------
12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]
--------- -----------------------------------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11)
2.1%
--------- -----------------------------------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions)
PN*
--------- -----------------------------------------------------------------------------------------------------------
*Not registered under the Investment Company Act of 1940.
6
---------------------------------------------------------------------------------------------------------------------
CUSIP No. 749651105
---------------------------------------------------------------------------------------------------------------------
1) Name of Reporting Persons
I.R.S. Identification No. of Above Persons (entities only)
LAXEY INVESTORS, L.P.
NO I.R.S. IDENTIFICATION NO.
--------- -----------------------------------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions) (a) [X]
(b) [ ]
--------- -----------------------------------------------------------------------------------------------------------
3) SEC Use Only
--------- -----------------------------------------------------------------------------------------------------------
4) Source of Funds (See Instructions)
OO
--------- -----------------------------------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ]
--------- -----------------------------------------------------------------------------------------------------------
6) Citizenship or Place of Organization
DELAWARE
-------------------- ------- ----------------------------------------------------------------------------------------
Number of 7) Sole Voting Power
Shares 0
Beneficially ------- ----------------------------------------------------------------------------------------
Owned by 8) Shared Voting Power
Each 376,160 SHARES
Reporting ------- ----------------------------------------------------------------------------------------
Person 9) Sole Dispositive Power
With 0
------- ----------------------------------------------------------------------------------------
10) Shared Dispositive Power
376,160 SHARES
--------- -----------------------------------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
376,160 SHARES
--------- -----------------------------------------------------------------------------------------------------------
12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]
--------- -----------------------------------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11)
1.1%
--------- -----------------------------------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions)
PN*
--------- -----------------------------------------------------------------------------------------------------------
*Not registered under the Investment Company Act of 1940.
7
---------------------------------------------------------------------------------------------------------------------
CUSIP No. 749651105
---------------------------------------------------------------------------------------------------------------------
1) Name of Reporting Persons
I.R.S. Identification No. of Above Persons (entities only)
LAXEY PARTNERS LIMITED
NO I.R.S. IDENTIFICATION NO.
--------- -----------------------------------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions) (a) [X]
(b) [ ]
--------- -----------------------------------------------------------------------------------------------------------
3) SEC Use Only
--------- -----------------------------------------------------------------------------------------------------------
4) Source of Funds (See Instructions)
N/A
--------- -----------------------------------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ]
--------- -----------------------------------------------------------------------------------------------------------
6) Citizenship or Place of Organization
ISLE OF MAN
-------------------- ------- ----------------------------------------------------------------------------------------
Number of 7) Sole Voting Power
Shares 0
Beneficially ------- ----------------------------------------------------------------------------------------
Owned by 8) Shared Voting Power
Each 4,010,000 SHARES
Reporting ------- ----------------------------------------------------------------------------------------
Person 9) Sole Dispositive Power
With 0
------- ----------------------------------------------------------------------------------------
10) Shared Dispositive Power
4,010,000 SHARES
--------- -----------------------------------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
4,010,000 SHARES
--------- -----------------------------------------------------------------------------------------------------------
12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]
--------- -----------------------------------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11)
12.3%
--------- -----------------------------------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions)
IA*
--------- -----------------------------------------------------------------------------------------------------------
*Not registered under the Investment Advisors Act of 1940.
8
---------------------------------------------------------------------------------------------------------------------
CUSIP No. 749651105
---------------------------------------------------------------------------------------------------------------------
1) Name of Reporting Persons
I.R.S. Identification No. of Above Persons (entities only)
COLIN KINGSNORTH
--------- -----------------------------------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions) (a) [X]
(b) [ ]
--------- -----------------------------------------------------------------------------------------------------------
3) SEC Use Only
--------- -----------------------------------------------------------------------------------------------------------
4) Source of Funds (See Instructions)
N/A
--------- -----------------------------------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ]
--------- -----------------------------------------------------------------------------------------------------------
6) Citizenship or Place of Organization
BRITISH
-------------------- ------- ----------------------------------------------------------------------------------------
Number of 7) Sole Voting Power
Shares 0
Beneficially ------- ----------------------------------------------------------------------------------------
Owned by 8) Shared Voting Power
Each 4,010,000 SHARES
Reporting ------- ----------------------------------------------------------------------------------------
Person 9) Sole Dispositive Power
With 0
------- ----------------------------------------------------------------------------------------
10) Shared Dispositive Power
4,010,000 SHARES
--------- -----------------------------------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
4,010,000 SHARES
--------- -----------------------------------------------------------------------------------------------------------
12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]
--------- -----------------------------------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11)
12.3%
--------- -----------------------------------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions)
IN
--------- -----------------------------------------------------------------------------------------------------------
9
---------------------------------------------------------------------------------------------------------------------
CUSIP No. 749651105
---------------------------------------------------------------------------------------------------------------------
1) Name of Reporting Persons
I.R.S. Identification No. of Above Persons (entities only)
ANDREW PEGGE
--------- -----------------------------------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions) (a) [X]
(b) [ ]
--------- -----------------------------------------------------------------------------------------------------------
3) SEC Use Only
--------- -----------------------------------------------------------------------------------------------------------
4) Source of Funds (See Instructions)
N/A
--------- -----------------------------------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ]
--------- -----------------------------------------------------------------------------------------------------------
6) Citizenship or Place of Organization
BRITISH
-------------------- ------- ----------------------------------------------------------------------------------------
Number of 7) Sole Voting Power
Shares 0
Beneficially ------- ----------------------------------------------------------------------------------------
Owned by 8) Shared Voting Power
Each 4,010,000 SHARES
Reporting ------- ----------------------------------------------------------------------------------------
Person 9) Sole Dispositive Power
With 0
------- ----------------------------------------------------------------------------------------
10) Shared Dispositive Power
4,010,000 SHARES
--------- -----------------------------------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
4,010,000 SHARES
--------- -----------------------------------------------------------------------------------------------------------
12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]
--------- -----------------------------------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11)
12.3%
--------- -----------------------------------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions)
IN
--------- -----------------------------------------------------------------------------------------------------------
10
This Statement on Schedule 13D relates to the common stock of R.O.C. Taiwan Fund
(the "Schedule 13D") beneficially owned by the Reporting Persons (as defined in
Item 2 below. The Reporting Persons have previously filed a statement on
Schedule 13G to report the acquisitions that is the subject of this Schedule
13D, and is filing this Schedule 13D pursuant to Rule 13d-1(e).
ITEM 2. IDENTITY AND BACKGROUND
This statement is being filed jointly by (i) The Value Catalyst Fund Limited, a
Cayman Islands company ("Catalyst"), (ii) Laxey Investors Limited, a British
Virgin Islands company ("LIL"), (iii) LP Value Limited, a British Virgin Islands
company ("LPV"), (iv) Laxey Universal Value LP, a Delaware limited partnership
("LUV"); (v) Laxey Investors, L.P. ("LILP"); (vi) Laxey Partners Limited, an
Isle of Man company ("Laxey"), (vii) Colin Kingsnorth, a British citizen
("Kingsnorth"), and (viii) Andrew Pegge, a British citizen ("Pegge" and,
collectively with Catalyst, LIL, LPV, LUV, LILP, Laxey and Kingsnorth, the
"Reporting Persons").
Catalyst is a private investment company formed in May 2000 and created to allow
investors to take advantage of investment opportunities in closed-end funds and
similar investment entities. The address of Catalyst's principal business and
principal office is P.O. Box 309, Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies.
LIL is a private investment company formed in March 1999 and created to allow
investors to take advantage of investment opportunities in closed-end funds and
similar investment entities. The address of LIL's principal business and
principal office is Akara Building, 24 De Castro Street, Wickams Cay I, Road
Town, Tortola, British Virgin Islands.
LPV is an international business company incorporated in the British Virgin
Islands on October 2001 created to allow investors to take advantage of
investment opportunities in closed-end funds and similar investment entities.
LPV is managed by Laxey Partners Limited. The record address of LPV is Craigmuir
Chambers, P.O. Box 71, Road Town, Tortola, British Virgin Islands.
LUV is a Delaware limited partnership organized on February 28, 2002 to provide
the partners with an absolute return through capital appreciation with an
emphasis on structural arbitrage. The general partner of LUV is Laxey Partners
GP(2) Limited, a company established in the British Virgin Islands in February
2002 and wholly-owned subsidiary of Laxey, the investment manager of LUV. The
address of LUV's principal business and principal office is c/o BoE
International Fund Services Limited, Samuel Harris House, St. George's Street,
Douglas, Isle of Man IM99 1EZ, British Isles.
LILP is a Delaware limited partnership organized on November 15, 2001 to allow
investors to take advantage of investment opportunities in closed-end funds and
similar investment entities. The general partner of LILP is Laxey Partners (GP)
Limited, a company established in the British Virgin Islands in February 2002
and a wholly-owned subsidiary of Laxey, the investment manager of LILP. The
address of LILP's principal business and principal office is c/o BoE
International Fund Services Limited, Samuel Harris House, St. George's Street,
Douglas, Isle of Man IM99 1EZ, British Isles.
11
Laxey is the investment manager for each of Catalyst, LIL, LPV, LILP and LUV,
subject to the overall control of the directors of each of these entities and
the general partner, as applicable. Formed in November 1998, Laxey is a global
active value fund manager specializing in arbitrage-led investment. The address
of Laxey's principal business and principal office is Stanley House, 7-9 Market
Hill, Douglas, Isle of Man IM1 2BF.
Each of Messrs. Kingsnorth and Pegge own one half of the outstanding equity of
Laxey. Kingsnorth's principal occupation is that of portfolio manager and
director of Laxey. His business address is Stanley House, 7-9 Market Hill,
Douglas, Isle of Man, IM1 2BF, United Kingdom. Pegge's principal occupation is
also that of portfolio manager and director of Laxey and his business address is
Stanley House, 7-9 Market Hill, Douglas, Isle of Man, IM1 2BF, United Kingdom.
Pursuant to General Instruction C and the instructions to Item 2 of this
statement, set forth below are the respective names, business addresses,
principal present occupations and citizenships of the executive officers and
directors of each of Catalyst, LIL, LPV, LUV, LILP and Laxey. The name, business
address, present principal occupation and citizenship of each of the executive
officers and directors of Catalyst are:
1. NAME: James McCarthy
BUSINESS ADDRESS: 1000 Skokie Boulevard
Suite 325
Wilmette, Illinois 60091
PRINCIPAL OCCUPATION: Director of Business Development, E*Hedge
Holdings, LLC (a company specializing in the area of alternative
investments)
CITIZENSHIP: British
2. NAME: Jonathan D. Pollock
BUSINESS ADDRESS: 19 Berkeley Street
7th Floor
London W1X 5AE
PRINCIPAL OCCUPATION: Portfolio Manager, Stonington Management
Corporation (the management company for Elliot Associates, L.P. and
Westgate International, L.P.)
CITIZENSHIP: United States
3. NAME: Elizabeth Tansell
BUSINESS ADDRESS: First Floor Samuel Harris House
5-11 St. George's Street
Douglas
Isle of Man, IM1 1AJ
12
PRINCIPAL OCCUPATION: Managing Director of BoE International Services
Limited (a fund administration company)
CITIZENSHIP: British
The name, business address, present principal occupation and citizenship of each
of the executive officers and directors of LIL are as follows:
1. NAME: Colin Kingsnorth (See above for all other information)
2. NAME: Andrew Pegge (See above for all other information)
3. NAME: Elizabeth Tansell (See above for all other information)
The name, business address, present principal occupation and citizenship of each
of the executive officers and directors of LPV are as follows:
1. NAME: Colin Kingsnorth (See above for all other information)
2. NAME: Andrew Pegge (See above for all other information)
3. NAME: Elizabeth Tansell (See above for all other information)
LUV is managed by its general partner, Laxey Partners GP(2) Limited. The name,
business address, present principal occupation and citizenship of each of the
executive officers and directors of Laxey Partners GP(2) Limited are as follows:
1. NAME: Colin Kingsnorth (See above for all other information)
2. NAME: Andrew Pegge (See above for all other information)]
LILP is managed by its general partner, Laxey Partners (GP) Limited. The name,
business address, present principal occupation and citizenship of each of the
executive officers and directors of Laxey Partners (GP) Limited are as follows:
1. NAME: Colin Kingsnorth (see above for all other information)
2. NAME: Andrew Pegge (see above for all other information)
The name, business address, present principal occupation and citizenship of each
of the executive officers and directors of Laxey are as follows:
1. NAME: Colin Kingsnorth (See above for all other information)
2. NAME: Andrew Pegge (See above for all other information)
3. NAME: Andrew Leasor
13
BUSINESS ADDRESS: 28 Chelsea Wharf
Lots Road
London
SW 10 0QJ
United Kingdom
PRINCIPAL OCCUPATION: Marketing Director and Director, Laxey
CITIZENSHIP: British
4. NAME: Eddie Gilmore (Director of Laxey)
BUSINESS ADDRESS: 21 Cronk Drean
Douglas
Isle of Man
IM2 6AX
PRINCIPAL OCCUPATION: Retired
CITIZENSHIP: British
During the past five years, neither Catalyst, LIL, LPV, LUV, LILP, Laxey nor any
of their respective executive officers and directors, including Kingsnorth and
Pegge, has been convicted in a criminal proceeding (excluding traffic violations
and similar misdemeanors) or 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 judgement, 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.
Item 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The funds used to purchase the shares of Common Stock described in this
statement were acquired through open market purchases and were derived from
Catalyst's, LIL's, LPV's, LUV's, LILP's and Laxey's investment capital and funds
provided by one or more discretionary accounts managed for unaffiliated third
parties (the "Accounts"). The aggregate amount of the funds used to purchase all
of the shares purchased by Catalyst, LIL, LPV, LUV, LILP, the Accounts and Laxey
is $3,688,675, $44,000, $3,584,320, $2,576,000, $1,384,269 and $3,584,320, and
$3,780, respectively.
ITEM 4. PURPOSE OF TRANSACTION
On January 2, 2003, Laxey sent a letter to R.O.C. Taiwan Fund (the "Trust"), a
copy of which is attached hereto as an exhibit and incorporated herein by
reference. The letter requested that a proposal to terminate the Amended and
Restated Investment Contract, among the Trust, International Investment Trust
Company Limited and the Central Trust of China within sixty (60) days after the
2003 Annual Meeting of the Stockholders be submitted for consideration by the
Trust's shareholders. As indicated in Laxey's letter to the Trust, the request
was made in accordance with the notice provisions set forth in the Trust's April
29, 2002 proxy statement
14
applicable to proposals to be made for the Trust's 2003 annual meeting of
shareholders. On December 10, 2002, the Trust's bylaws were amended to restrict
the manner in which shareholder proposals could be submitted for consideration
by the Trust's shareholders. The amendment was filed with the Securities and
Exchange Commission on December 18, 2002. The amendment appears to be contrary
to the April 29, 2003 proxy statement and may be construed as providing the
trustees of the Trust with the discretion to preclude Laxey's proposal from
being considered at the Trust's 2003 annual meeting of shareholders. On January
10, 2003, Laxey received a letter from the Trust stating that Laxey's proposal
failed to comply with Rule 14a-8, which failure could provide the trustees of
the Trust with discretion to preclude consideration of Laxey's proposal by the
Trust's stockholders at the 2003 annual meeting. Laxey is hopeful that the
trustees of the Trust will not seek to deprive the Trust's shareholders of the
opportunity to vote on its proposal and that the trustees will submit Laxey's
proposal for consideration by the Trust's shareholders. Laxey is reviewing
various courses of action in light of the amendment to the Trust's bylaws.
Other than as set forth above, none of the Reporting Persons or, in the case of
non-individual Reporting Persons, any of their directors or executive officers
identified in Item 2, have any present plans or proposals which relate to or
could result in, any of the matters referred to in paragraphs (a) through (j),
inclusive, of Item 4 of Schedule 13D (although they reserve the right to develop
any such plans or proposals).
Item 5. INTEREST IN SECURITIES OF THE ISSUER
(a) As of the date hereof, Catalyst, together with Laxey, Kingsnorth and Pegge,
are the beneficial owners of 974,840 shares of Common Stock, which
represent approximately 2.98% of the issued and outstanding Common Stock of
the Trust. As of the date hereof, LIL, together with Laxey, Kingsnorth and
Pegge, are the beneficial owners of 10,000 shares of Common Stock, which
represents approximately 0.03% of the issued and outstanding shares of the
Common Stock. As of the date hereof, LPV, together with Laxey, Kingsnorth
and Pegge, are the beneficial owners of 974,000 shares of Common Stock,
which represents approximately 2.97% of the issued and outstanding shares
of the Common Stock. As of the date hereof, LUV, together with Laxey,
Kingsnorth and Pegge are the beneficial owners of 700,000 shares of Common
Stock which represents approximately 2.1% of the issued and outstanding
shares of the Common Stock. As of the date hereof, LILP, together with
Laxey, Kingsnorth and Pegge are the beneficial owners of 376,160 shares of
Common Stock, which represents approximately 1.1% of the issued and
outstanding shares of the Common Stock. As of the date hereof, Laxey,
Kingsnorth and Pegge are the beneficial owners, through Laxey's
discretionary authority over the Accounts, of the 974,000 shares of Common
Stock held in the Accounts, which represents approximately 2.97% of the
issued and outstanding shares of the Common Stock. The Accounts are
terminable at any time by the respective third parties, for which the
Accounts are held, upon providing written notice to Laxey. As of the date
hereof, Laxey together with Kingsnorth and Pegge are the beneficial owners
of 1,000 shares of Common Stock, which represents less than 1% of the
issued and outstanding shares of Common Stock. Accordingly, Laxey,
Kingsnorth and Pegge are, as of the date hereof, beneficial owners of an
aggregate of 4,010,000 shares of Common Stock, constituting approximately
12.3% of the shares of Common Stock outstanding. No other person identified
in Item 2 beneficially owns any shares of Common Stock.
(b) As of the date hereof, Laxey, Kingsnorth and Pegge share with Catalyst the
power to vote and dispose of 974,840 shares of Common Stock. As of the date
hereof, Laxey,
15
Kingsnorth and Pegge share with LIL the power to vote and dispose of 10,000
shares of Common Stock. As of the date hereof, Laxey, Kingsnorth and Pegge
share with LPV the power to vote and dispose of 974,000 shares of Common
Stock. As of the date hereof, Laxey, Kingsnorth and Pegge share with LUV,
the power to vote and dispose of 700,000 shares of Common Stock. As of the
date hereof, Laxey, Kingsnorth and Pegge share with LILP the power to vote
and dispose of 376,160 shares of Common Stock. As of the date hereof,
Laxey, Kingsnorth and Pegge have sole voting and dispository power with
respect to the 974,000 shares of Common Stock held in the Accounts. As of
the date hereof, Kingsnorth and Pegge share with Laxey the power to vote
and dispose of 1,000 shares of Common Stock. Accordingly, Laxey, Kingsnorth
and Pegge, as of the date hereof, have voting power and dispositive power
over an aggregate of 4,010,000 shares of Common Stock, constituting
approximately 12.3% of the shares of Common Stock outstanding. No other
person identified in Item 2 shares the power to vote or dispose of any
shares of Common Stock. The information contained in Item 2 relating to the
persons identified in this Item 5(b) is incorporated by reference.
(c) The following open market purchases and sales of Common Stock have been
made by Catalyst*:
-------------------------------- -------------------------------------------- ----------------------------------
DATE OF PURCHASE NUMBER OF SHARES OF COMMON PRICE PAID/SHARE
STOCK BOUGHT
-------------------------------- -------------------------------------------- ----------------------------------
08/30/02 4,000,000 $3.78
-------------------------------- -------------------------------------------- ----------------------------------
-------------------------------- -------------------------------------------- ----------------------------------
DATE OF SALE NUMBER OF SHARES OF COMMON PRICE PER SHARE
STOCK SOLD
-------------------------------- -------------------------------------------- ----------------------------------
09/10/02 (3,024,160) $3.68
-------------------------------- -------------------------------------------- ----------------------------------
*In September 2002, 3,024,160 shares of Common Stock held by Catalyst was sold
in the open market and the same aggregate number of shares of Common Stock was
purchased in the open market by various Laxey entities. In October 2002, 1,000
shares of Common Stock held by Catalyst were sold to Laxey and registered in the
record name of Laxey.
The following open market purchases and sales of Common Stock have been
made by LIL:
16
-------------------------------- -------------------------------------------- ----------------------------------
DATE OF PURCHASE NUMBER OF SHARES OF COMMON PRICE PAID/SHARE
STOCK BOUGHT
-------------------------------- -------------------------------------------- ----------------------------------
06/18/02 10,000 $4.40
-------------------------------- -------------------------------------------- ----------------------------------
The following open market purchases of Common stock have been made by
LPV:
-------------------------------- -------------------------------------------- ----------------------------------
DATE OF PURCHASE NUMBER OF SHARES OF COMMON PRICE PAID/SHARE
STOCK BOUGHT
-------------------------------- -------------------------------------------- ----------------------------------
09/10/02 974,000 $3.68
-------------------------------- -------------------------------------------- ----------------------------------
The following open market purchases of Common Stock have been made by
LUV:
-------------------------------- -------------------------------------------- ----------------------------------
DATE OF PURCHASE NUMBER OF SHARES OF COMMON PRICE PAID/SHARE
STOCK BOUGHT
-------------------------------- -------------------------------------------- ----------------------------------
09/10/02 700,000 $3.68
-------------------------------- -------------------------------------------- ----------------------------------
The following open market purchase have been made by LILP:
-------------------------------- -------------------------------------------- ----------------------------------
DATE OF PURCHASE NUMBER OF SHARES OF COMMON PRICE PAID/SHARE
STOCK BOUGHT
-------------------------------- -------------------------------------------- ----------------------------------
09/10/02 376,160 $3.68
-------------------------------- -------------------------------------------- ----------------------------------
The following open market purchases of Common Stock have been made on
behalf of the Accounts:
-------------------------------- -------------------------------------------- ----------------------------------
DATE OF PURCHASE NUMBER OF SHARES OF COMMON PRICE PAID/SHARE
STOCK BOUGHT
-------------------------------- -------------------------------------------- ----------------------------------
09/10/02 974,000 $3.68
-------------------------------- -------------------------------------------- ----------------------------------
No separate transactions were undertaken by Kingsnorth or Pegge during the above
time period.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO
SECURITIES OF THE ISSUER
Pursuant to certain agreements dated June 26, 2000, November 3, 2000 and March
22, 2002 respectively, Laxey is the exclusive investment manager to Catalyst,
LIL and LUV. Pursuant to certain agreements dated July 5, 2001, October 30, 2001
and November 1, 2001, Laxey is the exclusive investment manager to the Accounts.
17
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
EXHIBIT A. AGREEMENT OF JOINT FILING
18
SIGNATURES
After reasonable inquiry and to the best of the knowledge and belief of
the undersigned, the undersigned hereby certify that the information set forth
in this Statement on Schedule 13D is true, complete and correct.
Dated: January 13, 2003
THE VALUE CATALYST FUND LIMITED
By: /s/ Elizabeth Tansell
---------------------------------
Name: Elizabeth Tansell
Title: Director
LAXEY INVESTORS LIMITED
By: /s/ Andrew Pegge
--------------------------------
Name: Andrew Pegge
Title: Director
LP VALUE LIMITED
By: /s/ Andrew Pegge
--------------------------------
Name: Andrew Pegge
Title: Director
LAXEY UNIVERSAL VALUE LP
By: Laxey Partners GP(2) Limited, its General
Partner
By: /s/ Andrew Pegge
--------------------------------
Name: Andrew Pegge
Title: Director
19
LAXEY INVESTORS, L.P.
By: Laxey Partners (GP) Limited, its General
Partner
By: /s/ Andrew Pegge
--------------------------------
Name: Andrew Pegge
Title: Director
LAXEY PARTNERS LIMITED
By: /s/ Andrew Pegge
--------------------------------
Name: Andrew Pegge
Title: Director
/s/ Colin Kingsnorth
------------------------------------
Colin Kingsnorth
/s/ Andrew Pegge
------------------------------------
Andrew Pegge
20
EXHIBIT A
AGREEMENT OF JOINT FILING
In accordance with Rule 13d-1(k) under the Securities Exchange Act of
1934, as amended, the undersigned hereby agree to the joint filing with all
other persons signatory below of a statement on Schedule 13d or any amendments
thereto, with respect to the common stock of R.O.C. TAIWAN FUND, and that this
Agreement be included as an attachment to such filing.
This Agreement may be executed in any number of counterparts each of
which shall be deemed an original and all of which together shall be deemed to
constitute one and the same Agreement.
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement on the 13th
day of January, 2003.
THE VALUE CATALYST FUND LIMITED
By: /s/ Elizabeth Tansell
---------------------------------
Name: Elizabeth Tansell
Title: Director
LAXEY INVESTORS LIMITED
By: /s/ Andrew Pegge
---------------------------------
Name: Andrew Pegge
Title: Director
LP VALUE LIMITED
By: /s/ Andrew Pegge
---------------------------------
Name: Andrew Pegge
Title: Director
LAXEY UNIVERSAL VALUE LP
By: Laxey Partners GP(2) Limited, its General
Partner
By: /s/ Andrew Pegge
---------------------------------
Name: Andrew Pegge
Title: Director
LAXEY INVESTORS, L.P.
By: Laxey Partners (GP) Limited, its General
Partner
By: /s/ Andrew Pegge
---------------------------------
Name: Andrew Pegge
Title: Director
LAXEY PARTNERS LIMITED
By: /s/ Andrew Pegge
---------------------------------
Name: Andrew Pegge
Title: Director
/s/ Colin Kingsnorth
------------------------------------
Colin Kingsnorth
/s/ Andrew Pegge
------------------------------------
Andrew Pegge
LAXEY PARTNERS LIMITED
c/o Laxey Partners Limited
Stanley House, 7-9 Market Hill
Douglas, Isle of Man, IM1 2BF
Tel: 01624 690900 Fax: 01624 623819
www.laxeypartners.com
January 2, 2003
VIA FACSIMILE AND HAND DELIVERY
R.O.C. Taiwan Fund
c/o Citigate Dewe Rogerson
62 W. 45th Street, 4th Floor
New York, New York 10036
RE: R.O.C. TAIWAN FUND: STOCKHOLDER PROPOSAL NOTICE
Gentlemen and Ladies,
In accordance with the notice provisions set forth in the Proxy Statement dated
April 29, 2002 filed by R.O.C. Taiwan Fund (the "Trust") with the Securities and
Exchange Commission and in accordance with Rule 14c-4(c)(i) of the Securities
Exchange Act of 1934, as amended, we hereby request that a proposal to terminate
the Amended and Restated Investment Contract, among the Trust, International
Investment Trust Company Limited and the Central Trust of China (the "Investment
Advisory Contract") be submitted to the Trust's shareholders at the next annual
meeting of shareholders. We are the investment manager of the Value Catalyst
Fund Limited, Laxey Investors Limited, Laxey Investors, L.P., LP Value Limited,
and Laxey Universal Value Limited and, through such entities and unaffiliated
third party discretionary accounts, we are the beneficial owners of an aggregate
of 4,010,000 shares of the Trust's Common Stock. We intend to deliver a proxy
statement and form of proxy to the voting shareholders of the Trust sufficient
to carry the proposal pursuant to applicable law.
Our proposal and supporting statement to be presented to shareholders at the
2003 Annual Meeting is as follows:
"RESOLVED: The Investment Advisory Contract among the Trust,
International Investment Trust Company Limited and the Central Trust
of China shall be terminated in accordance with its terms, effective
within 60 days after the 2003 Annual Meeting."
SUPPORTING STATEMENT: As a significant Trust shareholder, we have a vested
interest in the Trust's performance and management decisions relating to
shareholder value. The average discount to NAV over the last five years has been
as follows:1997--17%; 1998--18%; 1999--14%; 2000 -- 19%; 2001 -- 14.5%; and 2002
to date - 15%. We believe that the past efforts of the investment advisor have
been insufficient in narrowing the discount to NAV. In 1991 the
Board of Trustees authorized a periodic share repurchase program under Rule
10b-18 under the Securities Exchange Act of 1934, pursuant to which purchases of
shares may be made by the Trust when the shares trade at a discount to their
NAV. However, according to the Trust's recent public filings, the Board of
Trustees has no plan or intention of causing the Trust to make any further
purchases. We note that the Trust's organizational documents provide that, if
the Trust's shares trade on the New York Stock Exchange at an average discount
from their net asset value ("NAV") of more than 10% during any twelve-week
period, the Board of Trustees is required to submit to the shareholders at their
next annual meeting a binding resolution to convert the Trust into an open-end
investment company. The affirmative vote of a majority of the outstanding shares
is required for the adoption of such a resolution. Since June 1, 1992 the
shareholders have voted on such a resolution six times, in 1995 and each of the
years from 1997 through 2001. Each time, the resolution did not pass because it
did not obtain sufficient shareholder votes. In addition, the Board of Trustees
may decide at any time to present to the shareholders the question of whether
the Trust should be converted to an open-end investment company; however, such a
voluntary submission would require the approval of two-thirds of the outstanding
shares for its adoption. While we agree that allowing the shareholders to vote
to open-end the fund in the case of a persistent discount of 10% or more for a
12-week period could theoretically help in narrowing the discount to NAV, we do
not believe that it has been effective in doing so since the requisite vote for
shareholder approval is set too high to be meaningful and historically has not
been reached.
We need an investment advisor that will act in a manner which would expediently
and effectively allow the shareholders of the Trust to maximize their
investment. The persistent discount to NAV suffered by the stockholders and
ineffective methods of narrowing such discount provides strong evidence that the
International Investment Management Limited, the current investment advisor, has
not acted in such a manner. Thus, we seek to terminate the current Investment
Advisory Contract with International Investment Management Limited.
Information regarding our addresses, telephone number and ownership of
beneficial shares of the Trust is attached hereto as Annex A.
If you would like to discuss this matter further, please do not hesitate to call
me.
Sincerely,
LAXEY PARTNERS LIMITED
/s/ Andrew Pegge
--------------------------
Name: Andrew Pegge
Title: Director
ANNEX A
STOCKHOLDER INFORMATION
The name, address, telephone number and the number of shares of common stock
beneficially owned for the stockholder and a description of the private
investment entities it manages is as follows:
Laxey Partners Limited, an Isle of Man company ("Laxey"):
Formed in November 1998, Laxey is a global active value fund manager
specializing in arbitrage-led investment. Laxey is the investment manager for
Laxey Investors Limited, Value Catalyst Fund Limited, LP Value Limited, Laxey
Universal Value Limited and Laxey Investors, LP, subject to the overall control
of the directors of such entities. The address of Laxey's principal business and
principal office is Stanley House, 7-9 Market Hill, Douglas, Isle of Man IM1
2BF. Their telephone number is 01624-690-900. As of January 2, 2003, Laxey,
through its management of Laxey Investors Limited, Value Catalyst Fund Limited,
LP Value Limited, Laxey Universal Value Limited and Laxey Investors, L.P. and,
through such private investment entities and unaffiliated third party
discretionary accounts, is the beneficial owner of 4,010,000 shares of the
Trust, of which 1,000 shares are held in record name.
Laxey Investors Limited, a British Virgin Islands company ("LIL"):
LIL is a private investment company formed in March 1999 and created to allow
investors to take advantage of investment opportunities in closed-end funds and
similar investment entities. The address of LIL's principal business and
principal office is Akara Building, 24 De Castro Street, Wickams Cay I, Road
Town, Tortola, British Virgin Islands. As of January 2, 2003, LIL is the
beneficial owner of 10,000 shares of the Trust.
The Value Catalyst Fund Limited, a Cayman Islands company ("Catalyst"):
Catalyst is a private investment company formed in May 2000 and created to allow
investors to take advantage of investment opportunities in closed-end funds and
similar investment entities. The address of Catalyst's principal business and
principal office is P.O. Box 309, Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies. Their telephone number
is (345) 949 8066. As of January 2, 2003, Catalyst is the beneficial owner of
974,840 shares of the Trust.
LP Value Limited, a British Virgin Islands company ("LPV"):
Formed in October 2001, LPV is an investment international business company
established incorporated in the British Virgin Islands for institutional
investors. LPV is managed by Laxey Partners Limited. The address of LPV's
principal business and principal office is First Floor, Samuel Harris House,
5-11 St. George's St., Douglas, Isle of Man. As of the January 2, 2003, LPV is
the beneficial owner of 974,000 shares of the Trust.
Laxey Universal Value Limited, a Delaware limited partnership ("LUV"):
LUV is a Delaware limited partnership organized on February 28, 2002 to provide
the partners
with an absolute return through capital appreciation with an emphasis on
structural arbitrage. The general partner of LUV is Laxey Partners GP(2)
Limited, a company established in the British Virgin Islands in February 2002
and wholly-owned subsidiary of Laxey, the investment manager of LLP. The address
of LUV's principal business and principal office is c/o BoE International Fund
Services Limited, Samuel Harris House, St. George's Street, Douglas, Isle of Man
IM99 1EZ, British Isles. As of January 2, 2003, LUV is the beneficial owner of
700,000 shares of the Trust.
Laxey Investors, L.P. ("LILP")
LILP is a Delaware limited partnership organized on November 15, 2001 to allow
investors to take advantage of investment opportunities in closed-end funds and
similar investment entities. The general partner of LILP is Laxey Partners (GP)
Limited, a company established in the British Virgin Islands in February 2002
and a wholly-owned subsidiary of Laxey, the investment manager of LILP. The
address of LILP's principal business and principal office is c/o BoE
International Fund Services Limited, Samuel Harris House, St. George's Street,
Douglas, Isle of Man, IM99 1EZ, British Isles. As of January 2, 2003, LILP is
the beneficial owner of 376,160 shares of the Trust.
Colin Kingsnorth, a British citizen ("Kingsnorth"); and Andrew Pegge, a British
citizen ("Pegge" and, collectively with LIL, Laxey, and Kingsnorth, the
"Stockholders"):
Each of Messrs. Kingsnorth and Pegge own one half of the outstanding equity of
Laxey. Kingsnorth's principal occupation is that of portfolio manager and
director of Laxey. His business address is 28 Chelsea Wharf, Lots Road, London,
SW10 0QJ, United Kingdom. Pegge's principal occupation is also that of portfolio
manager and director of Laxey and his business address is Stanley House, 7-9
Market Hill, Douglas, Isle of Man, IM1 2BF, United Kingdom. Their telephone
numbers are 0207-349-5566 and 01624-69-0900, respectively. As of January 2,
2003, each of Messrs. Kingsnorth and Pegge is the beneficial owner of 4,010,000
shares of the Trust.