SCHEDULE 13D
Amendment No. 0
Saville System plc
American Depository Receipt
Cusip # 805174109
Cusip # 805174109
Item 1: Reporting Person - FMR Corp. - (Tax ID: 04-2507163)
Item 4: PF
Item 6: Commonwealth of Massachusetts
Item 7: 192,750
Item 8: None
Item 9: 3,653,350
Item 10: None
Item 11: 4,143,450
Item 13: 12.49%
Item 14: HC
PREAMBLE
The filing of this Schedule 13D is not, and should not be
deemed to be, an admission that such Schedule 13D is required to
be filed. See the discussion under Item 2.
Item 1. Security and Issuer.
This statement relates to shares of the American Depository
Receipt, $0.03 par value (the "Shares") of Saville System plc, a
Ireland corporation (the "Company"). The principal executive
offices of the Company are located at I Van De Graaff Drive,
Burlington, MA 01803-5171.
Item 2. Identity and Background.
This statement is being filed by FMR Corp., a Massachusetts
Corporation ("FMR"). A separate Schedule 13D is being filed by
Fidelity International Limited, a Bermuda joint stock company
incorporated for an unlimited duration by private act of the
Bermuda legislature ("FIL"). FMR is a holding company one of
whose principal assets is the capital stock of a wholly-owned
subsidiary, Fidelity Management & Research Company ("Fidelity"),
which is also a Massachusetts corporation. Fidelity is an
investment advisor which is registered under Section 203 of the
Investment Advisors Act of 1940 and which provides investment
advisory services to more than 30 investment companies which are
registered under Section 8 of the Investment Company Act of 1940
and serves as investment advisor to certain other funds which are
generally offered to limited groups of investors (the "Fidelity
Funds"). Fidelity Management Trust Company ("FMTC"), a wholly-
owned subsidiary of FMR Corp. and a bank as defined in Section
3(a)(6) of the Securities Exchange Act of 1934, serves as trustee
or managing agent for various private investment accounts,
primarily employee benefit plans and serves as investment adviser
to certain other funds which are generally offered to limited
groups of investors (the "Accounts"). Various directly or
indirectly held subsidiaries of FMR are also engaged in
investment management, venture capital asset management,
securities brokerage, transfer and shareholder servicing and real
estate development. The principal offices of FMR, Fidelity, and
FMTC are located at 82 Devonshire Street, Boston, Massachusetts
02109.
FIL is an investment adviser which provides investment
advisory and management services to a number of non-U.S.
investment companies or instrument trusts (the "International
Funds") and certain institutional investors. Prior to June 30,
1980, FIL was a majority-owned subsidiary of Fidelity. On that
date, the shares of FIL held by Fidelity were distributed, as a
dividend, to the shareholders of FMR. FIL currently operates as
an entity independent of FMR and Fidelity. The International
Funds and FIL's other clients, with the exception of Fidelity and
an affiliate of Fidelity, are non-U.S. entities. Various
foreign-based subsidiaries of FIL are also engaged in investment
management. The principal office of FIL is located at Pembroke
Hall, 42 Crow Lane, Hamilton, Bermuda.
Members of the Edward C. Johnson 3d family are the
predominant owners of Class B shares of common stock of FMR
representing approximately 49% of the voting power of FMR. Mr.
Johnson 3d owns 12.0% and Abigail Johnson owns 24.5% of the
aggregate outstanding voting stock of FMR. Mr. Johnson 3d is the
Chairman of FMR. The Johnson family group and all other Class B
shareholders have entered into a shareholders' voting agreement
under which all Class B shares will be voted in accordance with
the majority vote of Class B shares. Accordingly, through their
ownership of voting common stock and the execution of the
shareholders' voting agreement, members of the Johnson family may
be deemed, under the Investment Company Act of 1940, to form a
controlling group with respect to FMR. The business address and
principal occupation of Mr. Johnson 3d is set forth in Schedule A
hereto.
Effective July 1, 1993, Fidelity became sub-advisor to
Fidelity American Special Situations Trust ("FASST").
FASST is a unit trust established and authorized by the
Department of Trade and Industry under the laws of England. The
investment advisor of FASST is Fidelity Investment Services
Limited, an English company and a subsidiary of FIL.
The Shares to which this statement relates are owned
directly by twenty of the Fidelity Funds, forty-two of the
Accounts, FASST, and by Fidelity International Limited, through
its subsidiaries and affiliates.
FMR and FIL are of the view that they are not acting as a
"group" for purposes of Section 13(d) under the Securities
Exchange Act of 1934 (the "1934 Act") and that they are not
otherwise required to attribute to each other the "beneficial
ownership" of securities "beneficially owned" by the other
corporation within the meaning of Rule 13d-3 promulgated under
the 1934 Act. Therefore, they are of the view that the Shares
held by the other corporations need not be aggregated for
purposes of Section 13(d). However, FMR is making this filing on
a voluntary basis as if all of the Shares are beneficially owned
by FMR and FIL on a joint basis.
The name, residence or business address, principal
occupation or employment and citizenship of each of the executive
officers and directors of FMR are set forth in Schedule A hereto.
Within the past five years, none of the persons named in
this Item 2 or listed on Schedule A has been convicted in any
criminal proceeding (excluding traffic violations or similar
misdemeanors) or has been a party to any civil proceeding and as
a result thereof was or is subject to any judgment, decree or
final order enjoining future violations of, or prohibiting or
mandating activities subject to federal or state securities laws
or finding any violations with respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
The Fidelity Funds which own or owned Shares purchased in
the aggregate 6,892,400 Shares for cash in the amount of
approximately $257,102,740, including brokerage commissions. The
Fidelity Funds used their own assets in making such purchase and
no part of the purchase price is represented by borrowed funds.
Proceeds from 4,205,100 Shares sold aggregated approximately
$164,679,782. The attached Schedule B sets forth Shares
purchased and/or sold since May 31, 1998.
The Accounts of FMTC which own or owned Shares purchased in
the aggregate 332,750 Shares for cash in the amount of
approximately $13,953,623, including brokerage commissions. The
Accounts used their own assets in making such purchase and no
part of the purchase price is represented by borrowed funds.
Proceeds from 144,400 Shares sold aggregated approximately
$5,675,630. The attached Schedule B sets forth Shares purchased
and/or sold since May 31, 1998.
FASST which own or owned Shares purchased in the aggregate
10,400 Shares for cash in the amount of approximately $518,017,
including brokerage commissions. FASST used its own assets in
making such purchase and no part of the purchase price is
represented by borrowed funds. Proceeds from 3,600 Shares sold
aggregated approximately $162,356. The attached Schedule B sets
forth Shares purchased and/or sold since May 31, 1998.
Item 4. Purpose of Transaction.
The purpose of Fidelity and FMTC in having the Fidelity
Funds and the Accounts purchase Shares (see Item 5 below) is to
acquire an equity interest in the Company in pursuit of specified
investment objectives established by the Board of Trustees of the
Fidelity Funds and by the investors in the Accounts.
Fidelity and FMTC, respectively, may continue to have the
Fidelity Funds and the Accounts purchase Shares subject to a
number of factors, including, among others, the availability of
Shares of sale at what they consider to be reasonable prices and
other investment opportunities that may be available to the
Fidelity Funds and Accounts.
Fidelity and FMTC, respectively, intend to review
continuously the equity position of the Fidelity Funds and
Accounts in the Company. Depending upon future evaluations of
the business prospects of the Company and upon other
developments, including, but not limited to, general economic and
business conditions and money market and stock market conditions,
Fidelity may determine to cease making additional purchases of
Shares or to increase or decrease the equity interest in the
Company by acquiring additional Shares, or by disposing of all or
a portion of the Shares.
Neither Fidelity nor FMTC has any present plan or proposal
which relates to or would result in (i) an extraordinary
corporate transaction, such as a merger, reorganization,
liquidation, or sale of transfer of a material amount of assets
involving the Company or any of its subsidiaries, (ii) any change
in the Company's present Board of Directors or management, (iii)
any material changes in the Company's present capitalization or
dividend policy or any other material change in the Company's
business or corporate structure, (iv) any change in the Company's
charter or by-laws, or (v) the Company's common stock becoming
eligible for termination of its registration pursuant to Section
12(g)(4) of the 1934 Act.
Item 5. Interest in Securities of Issuer.
Although Item 5 assumes that FMR, Fidelity, FMTC, FASST, and
FIL beneficially own all 4,143,450 Shares, reference is made to
Item 2 for a disclaimer of beneficial ownership with respect to
the securities which are "beneficially owned" by the other
corporations.
(a) FMR beneficially owns, through Fidelity, as investment
advisor to the Fidelity Funds, 3,457,500 Shares, or approximately
10.42% of the outstanding Shares of the Company, and through
FMTC, the managing agent for the Accounts, 189,050 Shares, or
approximately 0.57% of the outstanding Shares of the Company.
FIL beneficially owns, as investment advisor to the International
Funds, 496,900 Shares, or approximately 1.50% of the outstanding
Shares of the Company. Neither FMR, Fidelity, FMTC, nor any of
its affiliates nor, to the best knowledge of FMR, any of the
persons named in Schedule A hereto, beneficially owns any other
Shares. The combined holdings of FMR, Fidelity, FMTC, FASST, and
FIL are 4,143,450 Shares, or approximately 12.49% of the
outstanding Shares of the Company.
(b) FMR, through is control of Fidelity, investment advisor
to the Fidelity Funds, and the Funds each has sole power to
dispose of the Shares. Neither FMR nor Mr. Johnson has the sole
power to vote or direct the voting of the 3,457,500 Shares owned
directly by the Fidelity Funds, which power resides with the
Funds' Boards of Trustees. Fidelity carries out the voting of
the Shares under written guidelines established by the Funds'
Board of Trustees. FMR, through its control of FMTC, investment
manager to the Accounts, and the Accounts each has sole
dispositive power over 189,050 Shares and sole power to vote or
to direct the voting of 185,950 Shares, and no power to vote or
to direct the voting of 3,100 Shares owned by the Accounts. FIL,
FMR Corp., through its control of Fidelity, and FASST each has
sole power to vote and to dispose of the 6,800 Shares held by
FASST.
(c) Except as set forth in Schedule B, neither FMR, or any
of its affiliates, nor, to the best knowledge of FMR, any of the
persons named in Schedule A hereto has effected any transaction
in Shares during the past sixty (60) days.
Item 6. Contract, Arrangements, Understandings or Relationships
With Respect to Securities of the Issuer.
Neither FMR nor any of its affiliates nor, to the best
knowledge of FMR, any of the persons named in Schedule A hereto
has any joint venture, finder's fee, or other contract or
arrangement with any person with respect to any securities of the
Company.
The Funds and Accounts may from time to time own debt
securities issued by the Company or its direct or indirect
subsidiaries, and may from time to time purchase and/or sell such
debt securities.
Item 7. Material to be Filed as Exhibits.
Not Applicable.
This statement speaks as of its date, and no inference
should be drawn that no change has occurred in the facts set
forth herein after the date hereof.
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.
FMR Corp.
DATE: August 17, 1998 By: /s/Eric D. Roiter
Eric D. Roiter
VP & Genl Counsel
Duly authorized under Power of
Attorney dated December 30,
1997
by and on behalf of FMR Corp.
and its direct and indirect
subsidiaries
SCHEDULE A
The name and present principal occupation or employment of
each executive officer and director of FMR Corp. are set forth
below. The business address of each person is 82 Devonshire
Street, Boston, Massachusetts 02109, and the address of the
corporation or organization in which such employment is conducted
is the same as his business address. All of the persons listed
below are U.S. citizens.
POSITION WITH
PRINCIPAL
NAME FMR CORP. OCCUPATION
Edward C. Johnson 3d President,
Chairman of the
Director, CEO Board and CEO, FMR
Corp.
Chairman &
Mng. Director
J. Gary Burkhead Director and Vice Chairman President,
Fidelity Investments
Institutional
Services
Company, Inc.
James C. Curvey Director, Vice Chairman, Chief Operating
Officer, FMR
Chief Operating Officer
William L. Byrnes Director & Mng. Vice Chairman, FIL
Director
Abigail P. Johnson Director Associate Director
and Senior Vice President - Fidelity
Management & Research Company
George A. Vanderheiden Director Senior
Vice President,
Fidelity Management
& Research Company
David C. Weinstein Sr. Vice President Sr. Vice President
Administration Administration, FMR
Corp.
Mark A. Peterson Executive Vice President President - Fidelity
Investments Technology &
Processing Group
Gerald M. Lieberman Sr. Vice Pres. - Sr. Vice Pres. -
Chief Financial Chief Financial
Officer Officer, FMR Corp.
SCHEDULE B
Saville System plc
Twenty Fidelity Fund(s) purchased Shares since May 31, 1998 at
the dates and at the prices set forth below. The transactions
were made for cash in open market transactions or with other
investment companies with the same or an affiliated investment
advisor.
DATE SHARES PRICE
06-01-98 18,500 $39.6655
06-02-98 50,000 40.7827
06-03-98 50,000 40.4375
06-04-98 20,000 39.625
06-08-98 75,000 38.2333
06-09-98 137,900 39.85168
06-30-98 100,000 51.2688
07-01-98 63,200 48.0203
07-02-98 8,100 45.25
07-06-98 50,000 43.75
07-07-98 50,400 43.875
07-08-98 50,000 44.7125
07-16-98 335,000 37.9534
07-17-98 595,000 33.3875285
07-20-98 159,700 32.70905
07-21-98 115,000 33.08125
07-22-98 130,000 31.6725714
07-23-98 23,000 30.8629444
07-24-98 250,000 32.4551529
07-27-98 53,700 33.2550416
07-28-98 134,600 35.0081
07-29-98 452,400 26.3733
SCHEDULE B
Saville System plc
Twelve Fidelity Fund(s) sold Shares since May 31, 1998 at the
dates and at the prices set forth below. The transactions were
made for cash in open market transactions or with other
investment companies with the same or an affiliated investment
advisor.
DATE SHARES PRICE
06-04-98 50,000 $39.58335
06-09-98 70,900 39.6875
06-17-98 50,000 44.325
06-24-98 31,100 48.4499
06-26-98 40,000 50.0313
07-01-98 72,700 47.1625
07-02-98 17,500 47.3214
07-09-98 35,000 46.4018
07-10-98 15,000 45.6667
07-16-98 10,000 40.0625
07-21-98 1,400 32.125
07-27-98 32,600 32.9816
SCHEDULE B
Saville System plc
Twenty-one Account(s) purchased Shares since May 31, 1998 at the
dates and at the prices set forth below. The transactions were
made for cash in open market transactions or with other
investment companies with the same or an affiliated investment
advisor.
DATE SHARES PRICE
06-03-98 250 $41.125
06-08-98 1,500 37.6875
07-24-98 33,100 32.2216454
07-27-98 7,800 33.12247
07-28-98 10,000 35.0081
SCHEDULE B
Saville System plc
Five Account(s) sold Shares since May 31, 1998 at the dates and
at the prices set forth below. The transactions were made for
cash in open market transactions or with other investment
companies with the same or an affiliated investment advisor.
DATE SHARES PRICE
06-09-98 19,100 $40.3154
06-24-98 100 48.4499
06-26-98 900 51.375
07-29-98 2,200 29.50
SCHEDULE B
Saville System plc
FASST sold Shares since May 31, 1998 at the dates and at the
prices set forth below. The transactions were made for cash in
open market transactions or with other investment companies with
the same or an affiliated investment advisor.
DATE SHARES PRICE
06-11-98 300 $42.875
