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UNITED SATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTO, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)*
FIRST SOUTH AFRICA CORP., LTD.
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(Name of Issuer)
Common Stock, par value $.01 per share
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(Title of Class of Securities)
G34874100
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(CUSIP Number)
Check the following box if a fee is being paid with this statement [_]. (A fee
is not required only if the filing person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7).
*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 in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
SEC 1745 (2-95)
Page 1 of 4 pages
<PAGE>
13G
- ------------------- -----------------
CUSIP NO. G34874100 PAGE 2 OF 4 PAGES
- ------------------- -----------------
- --------------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Clive Kabatznik
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [_]
(b) [X]
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
U.S.A.
- --------------------------------------------------------------------------------
5 SOLE VOTING POWER
480,000
NUMBER OF --------------------------------------------------
SHARES 6 SHARED VOTING POWER
BENEFICIALLY
OWNED BY 0
EACH --------------------------------------------------
REPORTING 7 SOLE DISPOSITIVE POWER
PERSON
WITH 480,000
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8 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
480,000
- --------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
N/A
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
9.3%
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12 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
SEC 1745 (2-95)
Page 2 of 4 pages
<PAGE>
13G
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CUSIP NO. G34874100 PAGE 3 OF 4 PAGES
- ------------------- -----------------
ITEM 4. OWNERSHIP. As of December 31, 1997:
(a) Amount beneficially owned: 480,000 shares. Includes
190,000 shares of Class B Common Stock, par value $.01
per share (the "Class B Common Stock") held by Mr.
Kabatznik and 290,000 shares of Common Stock, par value
$.01 per share, issuable upon exercise of options that
are immediately exercisable at an exercise price of (i)
$6.00 per share with respect to 5,000 options, (ii)
$5.00 per share with respect to 155,000 options, (ii)
$4.75 per share with respect to 125,000 options, and
(iv) $3.75 per share with respect to 5,000 options. Does
not include 175,000 shares of Common Stock issuable upon
exercise of options not exercisable within 60 days. Each
share of Class B Common Stock has five votes per share;
each share of Common Stock has one vote per share.
(b) Percent of class: 9.3%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: 480,000
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or direct the disposition
of: 480,000
(iv) Shared power to dispose or direct the
disposition of: 0
SEC 1745 (2-95)
Page 3 of 4 pages
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
FEBRUARY 9, 1998
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Date
/s/ Clive Kabatznik
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Signature
Clive Kabatznik
Chief Executive Officer, President,
Chief Financial Officer and Director
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Name/Title
SEC 1745 (2-95)
Page 4 of 4 pages
