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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. 3)
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)
November 5, 2003
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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 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 13)
* 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 13
SCHEDULE 13D
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CUSIP No. 749651105
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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.
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2) Check the Appropriate Box if a Member of a Group (a) [X]
(See Instructions) (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
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7) Sole Voting Power
0
Number of -------------------------------------------------------------
Shares 8) Shared Voting Power
Beneficially 974,840 SHARES
Owned by -------------------------------------------------------------
Each 9) Sole Dispositive Power
Reporting 0
Person -------------------------------------------------------------
With 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%
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14) Type of Reporting Person (See Instructions)
IV*
--------------------------------------------------------------------------------
*Not registered under the Investment Company Act of 1940.
Page 3 of 13
--------------------------------------------------------------------------------
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 (a) [X]
(See Instructions) (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
--------------------------------------------------------------------------------
7) Sole Voting Power
0
Number of -------------------------------------------------------------
Shares 8) Shared Voting Power
Beneficially 968,600 SHARES
Owned by -------------------------------------------------------------
Each 9) Sole Dispositive Power
Reporting 0
Person -------------------------------------------------------------
With 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 13
--------------------------------------------------------------------------------
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 (a) [X]
(See Instructions) (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
--------------------------------------------------------------------------------
7) Sole Voting Power
0
Number of -------------------------------------------------------------
Shares 8) Shared Voting Power
Beneficially 965,000 SHARES
Owned by -------------------------------------------------------------
Each 9) Sole Dispositive Power
Reporting 0
Person -------------------------------------------------------------
With 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*
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*Not registered under the Investment Company Act of 1940.
Page 5 of 13
--------------------------------------------------------------------------------
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 (a) [X]
(See Instructions) (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
--------------------------------------------------------------------------------
7) Sole Voting Power
0
Number of -------------------------------------------------------------
Shares 8) Shared Voting Power
Beneficially 779,216 SHARES
Owned by -------------------------------------------------------------
Each 9) Sole Dispositive Power
Reporting 0
Person -------------------------------------------------------------
With 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 13
--------------------------------------------------------------------------------
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 (a) [X]
(See Instructions) (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
--------------------------------------------------------------------------------
7) Sole Voting Power
0
Number of -------------------------------------------------------------
Shares 8) Shared Voting Power
Beneficially 693,200 SHARES
Owned by -------------------------------------------------------------
Each 9) Sole Dispositive Power
Reporting 0
Person -------------------------------------------------------------
With 10) Shared Dispositive Power
693,200 SHARES
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11) Aggregate Amount Beneficially Owned by Each Reporting Person
693,200 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)
IV*
--------------------------------------------------------------------------------
*Not registered under the Investment Company Act of 1940.
Page 7 of 13
--------------------------------------------------------------------------------
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 (a) [X]
(See Instructions) (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
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7) Sole Voting Power
0
Number of -------------------------------------------------------------
Shares 8) Shared Voting Power
Beneficially 5,334,856 SHARES
Owned by -------------------------------------------------------------
Each 9) Sole Dispositive Power
Reporting 0
Person -------------------------------------------------------------
With 10) Shared Dispositive Power
5,334,856 SHARES
--------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
5,334,856 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)
16.3%
--------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions)
IA*
--------------------------------------------------------------------------------
*Not registered under the Investment Company Act of 1940.
Page 8 of 13
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CUSIP No. 749651105
--------------------------------------------------------------------------------
1) Name of Reporting Persons
I.R.S. Identification No. of Above Persons (entities only)
COLIN KINGSNORTH
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2) Check the Appropriate Box if a Member of a Group (a) [X]
(See Instructions) (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
--------------------------------------------------------------------------------
7) Sole Voting Power
0
Number of -------------------------------------------------------------
Shares 8) Shared Voting Power
Beneficially 5,334,856 SHARES
Owned by -------------------------------------------------------------
Each 9) Sole Dispositive Power
Reporting 0
Person -------------------------------------------------------------
With 10) Shared Dispositive Power
5,334,856 SHARES
--------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
5,334,856 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)
16.3%
--------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions)
IN
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Page 9 of 13
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CUSIP No. 749651105
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1) Name of Reporting Persons
I.R.S. Identification No. of Above Persons (entities only)
ANDREW PEGGE
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2) Check the Appropriate Box if a Member of a Group (a) [X]
(See Instructions) (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
--------------------------------------------------------------------------------
7) Sole Voting Power
0
Number of -------------------------------------------------------------
Shares 8) Shared Voting Power
Beneficially 5,334,856 SHARES
Owned by -------------------------------------------------------------
Each 9) Sole Dispositive Power
Reporting 0
Person -------------------------------------------------------------
With 10) Shared Dispositive Power
5,334,856 SHARES
--------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
5,334,856 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)
16.3%
--------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions)
IN
--------------------------------------------------------------------------------
Page 10 of 13
This Amendment No. 3 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 and Amendment No. 2 on July 18, 2003 by the Reporting Persons with respect
to the shares of Common Stock of the ROC Taiwan Fund (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, LIL'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, LIL, the Accounts and Laxey
is $3,684,895.20, $3,564,448.00, $3,636,000.00, $2,940,492.80, $3,230,956.00,
$3,551,700.00 and $3,460.00, 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, LIL, together with
Laxey, Kingsnorth and Pegge are the beneficial owners of 693,200 shares of
Common Stock, which represents approximately 2.1% of the issued and
outstanding 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
5,334,856 shares of Common Stock, constituting approximately 16.3% of the
shares of Common Stock outstanding. No other person identified in Item 2
beneficially owns any shares of Common Stock.
Page 11 of 13
(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 share with LIL the power to vote and dispose of 693,200 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
5,334,856 shares of Common Stock, constituting approximately 16.3% 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.
In the past 60 days, the following open market purchases of Common Stock
have been made by LIL:
-----------------------------------------------------------------------------
NUMBER OF SHARES OF
DATE OF PURCHASE COMMON STOCK BOUGHT PRICE PAID/SHARE
-----------------------------------------------------------------------------
11/05/03 63,200 $4.73
-----------------------------------------------------------------------------
11/06/03 630,000 $4.654
-----------------------------------------------------------------------------
No separate transactions were undertaken by Catalyst, LPV, LUV, LILP,
Laxey, Kingsnorth, Pegge or the Accounts during the above time period.
Page 12 of 13
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. 3 to Statement on Schedule 13D is true, complete and
correct.
Dated: November 13, 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 INVESTORS LIMITED
By: /s/ Elizabeth Tansell
---------------------------
Name: Elizabeth Tansell
Title: Director
Page 13 of 13
LAXEY PARTNERS LIMITED
By: /s/ Chris Bruce
---------------------------
Name: Chris Bruce
Title: Director
/s/ Colin Kingsnorth
-------------------------------
Colin Kingsnorth
/s/ Andrew Pegge
-------------------------------
Andrew Pegge