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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 2)
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)
July 14, 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 [ ].
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.
(Page 1 of 12 Pages)
* 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).
Page 2 of 12 Pages
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 974,840 SHARES
Reporting -----------------------------------------------------------
Person 9) Sole Dispositive Power
With 0
-----------------------------------------------------------
10) Shared Dispositive Power
974,840 SHARES
--------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
974,840 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)
3.0%
--------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions)
IV*
--------------------------------------------------------------------------------
*Not registered under the Investment Company Act of 1940.
Page 3 of 12 Pages
SCHEDULE 13D
--------------------------------------------------------------------------------
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 968,600 SHARES
Reporting -----------------------------------------------------------
Person 9) Sole Dispositive Power
With 0
-----------------------------------------------------------
10) Shared Dispositive Power
968,600 SHARES
--------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
968,600 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)
3.0%
--------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions)
IV*
--------------------------------------------------------------------------------
*Not registered under the Investment Company Act of 1940.
Page 4 of 12 Pages
SCHEDULE 13D
--------------------------------------------------------------------------------
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 965,000 SHARES
Reporting -----------------------------------------------------------
Person 9) Sole Dispositive Power
With 0
-----------------------------------------------------------
10) Shared Dispositive Power
965,000 SHARES
--------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
965,000 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)
3.0%
--------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions)
PN*
--------------------------------------------------------------------------------
*Not registered under the Investment Company Act of 1940.
Page 5 of 12 Pages
SCHEDULE 13D
--------------------------------------------------------------------------------
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 779,216 SHARES
Reporting -----------------------------------------------------------
Person 9) Sole Dispositive Power
With 0
-----------------------------------------------------------
10) Shared Dispositive Power
779,216 SHARES
--------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
779,216 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)
2.4%
--------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions)
PN*
--------------------------------------------------------------------------------
*Not registered under the Investment Company Act of 1940.
Page 6 of 12 Pages
SCHEDULE 13D
--------------------------------------------------------------------------------
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 4,641,656 SHARES
Reporting -----------------------------------------------------------
Person 9) Sole Dispositive Power
With 0
-----------------------------------------------------------
10) Shared Dispositive Power
4,641,656 SHARES
--------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
4,641,656 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)
14.2%
--------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions)
IA*
--------------------------------------------------------------------------------
*Not registered under the Investment Advisers Act of 1940.
Page 7 of 12 Pages
SCHEDULE 13D
--------------------------------------------------------------------------------
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 4,641,656 SHARES
Reporting -----------------------------------------------------------
Person 9) Sole Dispositive Power
With 0
-----------------------------------------------------------
10) Shared Dispositive Power
4,641,656 SHARES
--------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
4,641,656 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)
14.2%
--------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions)
IN
--------------------------------------------------------------------------------
Page 8 of 12 Pages
SCHEDULE 13D
--------------------------------------------------------------------------------
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 4,641,656 SHARES
Reporting -----------------------------------------------------------
Person 9) Sole Dispositive Power
With 0
-----------------------------------------------------------
10) Shared Dispositive Power
4,641,656 SHARES
--------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
4,641,656 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)
14.2%
--------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions)
IN
--------------------------------------------------------------------------------
Page 9 of 12 Pages
This Amendment No. 2 to the Statement on Schedule 13D amends Items 3 and 5 of
the Statement on Schedule 13D originally filed with the Securities and Exchange
Commission on January 13, 2003 and amended by Amendment No. 1 on January 27,
2003 by The Value Catalyst Fund Limited ("Catalyst"), LP Value Limited ("LPV"),
Laxey Universal Value LP ("LUV"), Laxey Investors, L.P. ("LILP"), Laxey Partners
Limited ("Laxey"), Colin Kingsnorth ("Kingsnorth") and Andrew Pegge ("Pegge"),
with respect to the shares of Common Stock (the "Common Stock") of the ROC
Taiwan (the "Trust").
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 is hereby amended and restated in its entirety to read as follows:
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, 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, LPV, LUV, LILP, the Accounts and Laxey is
$3,684,895.20, $3,564,448, $3,636,000, $2,940,492.80, $3,551,700 and $3,460,
respectively.
Item 5. INTEREST IN SECURITIES OF THE ISSUER
Items 5(a) and 5(b) below are hereby amended and restated in their entirety and
Item 5(c) is hereby amended to supplement the original Item 5(c) as follows:
(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 3.0% of the issued and outstanding Common
Stock of the Trust. As of the date hereof, LPV, together with Laxey,
Kingsnorth and Pegge, are the beneficial owners of 968,600 shares of
Common Stock, which represents approximately 3.0% 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
965,000 shares of Common Stock which represents approximately 3.0% 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 779,216 shares of Common Stock, which represents
approximately 2.4% 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 953,000 shares of Common Stock held in the Accounts,
which represents approximately 2.9% 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
4,641,656 shares of Common Stock, constituting approximately 14.2% of
the shares of Common Stock outstanding. No other person identified in
Item 2 beneficially owns any shares of Common Stock.
Page 10 of 12 Pages
(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, Kingsnorth and Pegge share with LPV the power
to vote and dispose of 968,600 shares of Common Stock. As of the date
hereof, Laxey, Kingsnorth and Pegge share with LUV, the power to vote
and dispose of 965,000 shares of Common Stock. As of the date hereof,
Laxey, Kingsnorth and Pegge share with LILP the power to vote and
dispose of 779,216 shares of Common Stock. As of the date hereof,
Laxey, Kingsnorth and Pegge have sole voting and dispository power with
respect to the 953,000 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 4,641,656 shares of Common
Stock, constituting approximately 14.2% 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) In the past 60 days, the following open market purchases of Common
Stock have been made by LUV:
-------------------------------- -------------------------------------------- ----------------------------------
DATE OF PURCHASE NUMBER OF SHARES OF COMMON STOCK BOUGHT PRICE PAID/SHARE
-------------------------------- -------------------------------------------- ----------------------------------
07/14/03 265,000 $4.00
-------------------------------- -------------------------------------------- ----------------------------------
In the past 60 days, the following open market purchases of Common
Stock have been made by LILP:
-------------------------------- -------------------------------------------- ----------------------------------
DATE OF PURCHASE NUMBER OF SHARES OF COMMON STOCK BOUGHT PRICE PAID/SHARE
-------------------------------- -------------------------------------------- ----------------------------------
06/23/03 200,000 $3.94
-------------------------------- -------------------------------------------- ----------------------------------
07/14/03 192,056 $4.00
-------------------------------- -------------------------------------------- ----------------------------------
07/16/03 11,000 $4.06
-------------------------------- -------------------------------------------- ----------------------------------
No separate transactions were undertaken by Catalyst, LPV, Laxey,
Kingsnorth, Pegge or the Accounts during the above time period.
Page 11 of 12 Pages
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 Amendment No. 2 to Statement on Schedule 13D is true, complete and
correct.
Dated: July 18, 2003
THE VALUE CATALYST FUND LIMITED
By: /s/ Elizabeth Tansell
---------------------------------
Name: Elizabeth Tansell
Title: Director
LP VALUE LIMITED
By: /s/ Chris Bruce
---------------------------------
Name: Chris Bruce
Title: Director
LAXEY UNIVERSAL VALUE LP
By: Laxey Partners GP(2) Limited,
its General Partner
By: /s/ Chris Bruce
---------------------------------
Name: Chris Bruce
Title: Director
LAXEY INVESTORS, L.P.
By: Laxey Partners (GP) Limited,
its General Partner
By: /s/ Chris Bruce
---------------------------------
Name: Chris Bruce
Title: Director
LAXEY PARTNERS LIMITED
By: /s/ Chris Bruce
---------------------------------
Name: Chris Bruce
Title: Director
Page 12 of 12 Pages
/s/ Colin Kingsnorth
------------------------------------
Colin Kingsnorth
/s/ Andrew Pegge
------------------------------------
Andrew Pegge