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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
Under the Securities Exchange Act of 1934
(Amendment No. 1)(1)
Perle Systems Ltd.
-----------------------------------------------------------
(Name of Issuer)
Common Stock
-----------------------------------------------------------
(Title of Class of Securities)
714152105
-----------------------------------------------------------
(CUSIP NUMBER)
Calvin Hori, Hori Capital Management, Inc.,
One Washington Mall, Boston, MA 02108
(617) 367-3800
-----------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
July 3, 1997
-----------------------------------------------------------
(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 which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box [ ].
Note: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
- -------------------
(1) 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 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>
|-----------------------| |--------------------------|
|CUSIP No. 714152105 | | Page 2 of 10 Pages |
|-----------------------| |--------------------------|
|----------------------------------------------------------------------------|
| 1 | NAME OF REPORTING PERSON |
| | S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | |
| | Platinum Partners, L.P. |
|---------|------------------------------------------------------------------|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]|
| | (b) [ ]|
|---------|------------------------------------------------------------------|
| 3 | SEC USE ONLY |
| | |
|---------|------------------------------------------------------------------|
| 4 | SOURCE OF FUNDS* |
| | |
| | WC |
|---------|------------------------------------------------------------------|
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED |
| | PURSUANT TO ITEMS 2(d) or 2(e) [ ] |
|---------|------------------------------------------------------------------|
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | |
| | Massachusetts |
|----------------|-----|-----------------------------------------------------|
| | 7 | SOLE VOTING POWER |
| | | 600,000 |
| NUMBER OF |-----|-----------------------------------------------------|
| SHARES | 8 | SHARED VOTING POWER |
| BENEFICIALLY | | 0 |
| OWNED BY EACH |-----|-----------------------------------------------------|
| REPORTING | 9 | SOLE DISPOSITIVE POWER |
| PERSON | | 600,000 |
| WITH |-----|-----------------------------------------------------|
| | 10 | SHARED DISPOSITIVE POWER |
| | | 0 |
|----------------------------------------------------------------------------|
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | |
| | 600,000 |
|---------|------------------------------------------------------------------|
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) |
| | EXCLUDES CERTAIN SHARES* [ ] |
| | |
|---------|------------------------------------------------------------------|
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| | |
| | 8.2% |
|---------|------------------------------------------------------------------|
| 14 | TYPE OF REPORTING PERSON* |
| | |
| | PN |
|----------------------------------------------------------------------------|
2
<PAGE>
|-----------------------| |--------------------------|
|CUSIP No. 714152105 | | Page 3 of 10 Pages |
|-----------------------| |--------------------------|
|----------------------------------------------------------------------------|
| 1 | NAME OF REPORTING PERSON |
| | S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | |
| | Hori Capital Management, Inc. |
|---------|------------------------------------------------------------------|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]|
| | (b) [ ]|
|---------|------------------------------------------------------------------|
| 3 | SEC USE ONLY |
| | |
|---------|------------------------------------------------------------------|
| 4 | SOURCE OF FUNDS* |
| | |
| | WC |
|---------|------------------------------------------------------------------|
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED |
| | PURSUANT TO ITEMS 2(d) or 2(e) [ ] |
|---------|------------------------------------------------------------------|
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | |
| | Massachusetts |
|----------------|-----|-----------------------------------------------------|
| | 7 | SOLE VOTING POWER |
| | | 600,000 |
| NUMBER OF |-----|-----------------------------------------------------|
| SHARES | 8 | SHARED VOTING POWER |
| BENEFICIALLY | | 69,900 |
| OWNED BY EACH |-----|-----------------------------------------------------|
| REPORTING | 9 | SOLE DISPOSITIVE POWER |
| PERSON | | 600,000 |
| WITH |-----|-----------------------------------------------------|
| | 10 | SHARED DISPOSITIVE POWER |
| | | 69,900 |
|----------------------------------------------------------------------------|
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | |
| | 669,900 |
|---------|------------------------------------------------------------------|
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) |
| | EXCLUDES CERTAIN SHARES* [ ] |
| | |
|---------|------------------------------------------------------------------|
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| | |
| | 9.2% |
|---------|------------------------------------------------------------------|
| 14 | TYPE OF REPORTING PERSON* |
| | |
| | CO |
|----------------------------------------------------------------------------|
3
<PAGE>
|-----------------------| |--------------------------|
|CUSIP No. 714152105 | | Page 4 of 10 Pages |
|-----------------------| |--------------------------|
|----------------------------------------------------------------------------|
| 1 | NAME OF REPORTING PERSON |
| | S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON |
| | |
| | Calvin G. Hori, Sole Shareholder |
|---------|------------------------------------------------------------------|
| 2 | CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]|
| | (b) [ ]|
|---------|------------------------------------------------------------------|
| 3 | SEC USE ONLY |
| | |
|---------|------------------------------------------------------------------|
| 4 | SOURCE OF FUNDS* |
| | |
| | WC |
|---------|------------------------------------------------------------------|
| 5 | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED |
| | PURSUANT TO ITEMS 2(d) or 2(e) [ ] |
|---------|------------------------------------------------------------------|
| 6 | CITIZENSHIP OR PLACE OF ORGANIZATION |
| | |
| | United States Citizen |
|----------------|-----|-----------------------------------------------------|
| | 7 | SOLE VOTING POWER |
| | | 600,000 |
| NUMBER OF |-----|-----------------------------------------------------|
| SHARES | 8 | SHARED VOTING POWER |
| BENEFICIALLY | | 69,900 |
| OWNED BY EACH |-----|-----------------------------------------------------|
| REPORTING | 9 | SOLE DISPOSITIVE POWER |
| PERSON | | 600,000 |
| WITH |-----|-----------------------------------------------------|
| | 10 | SHARED DISPOSITIVE POWER |
| | | 69,900 |
|----------------------------------------------------------------------------|
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | |
| | 669,900 |
|---------|------------------------------------------------------------------|
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) |
| | EXCLUDES CERTAIN SHARES* [ ] |
| | |
|---------|------------------------------------------------------------------|
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| | |
| | 9.2% |
|---------|------------------------------------------------------------------|
| 14 | TYPE OF REPORTING PERSON* |
| | |
| | IN |
|----------------------------------------------------------------------------|
<PAGE>
Item 1. Security and Issuer
This Report on schedule 13D relates to shares of common stock, no par
value (the "Common Stock"), of Perle Systems Ltd. (the "Company"), whose
principal executive offices are located at 60 Renfrew Drive; Markham Ontario;
L3R 0E1, Canada.
Item 2. Identity and Background
This Report is filed by Platinum Partners, L.P., a Massachusetts limited
partnership (the "Partnership"), having its principal place of business and
executive offices at c/o Hori Capital Management, Inc., One Washington Mall, 7th
Floor, Boston, MA 02108; Hori Capital Management, Inc., a Massachusetts
corporation having its principal place of business and executive offices at One
Washington Mall, 7th Floor, Boston, MA 02108 ("Hori Capital Management"); and
Mr. Calvin G. Hori, the sole shareholder, director and President of Hori Capital
Management ("Mr. Hori"), having his business address at c/o Hori Capital
Management, Inc., One Washington Mall, 7th Floor, Boston, MA 02108
(collectively, the "Reporting Persons"). The principal business of each
Reporting Person is to make, manage, supervise, and dispose of investments in a
variety of businesses. Hori Capital Management is the sole General Partner of
the Partnership and one of several investment advisors to Micro Cap Partners,
Ltd. ("Micro Cap").
During the last five years, the Reporting Persons have not been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors), and have not been a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction and are not, as a result of any
such proceeding, subject to a judgment, 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.
Mr. Hori is a United States citizen.
Item 3. Source and Amount of Funds or Other Consideration
The source of funds for the Partnership's and Micro Cap's acquisitions
of the shares of Common Stock identified in Item 5(c) were assets of the
Partnership and of Micro Cap.
Item 4. Purpose of Transaction
The Partnership and Micro Cap acquired the Common Stock described in
Item 5(c) for investment purposes. None of the Reporting Persons have any plans
or proposals which relate to or would result in:
a. The acquisition by any person of additional securities of the
issuer, or the disposition of securities of the issuer;
5
<PAGE>
b. An extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the issuer or any of its
subsidiaries;
c. A sale or transfer of a material amount of assets of the issuer or
any of its subsidiaries;
d. Any change in the present board of directors or management of the
issuer, including any plans or proposals to change the number or term
of directors or to fill any existing vacancies on the board;
e. Any material change in the present capitalization or dividend policy
of the issuer;
f. Any other material change in the issuer's business or corporate
structure including but not limited to, if the issuer is a registered
closed-end investment company, any plans or proposals to make any
change in its investment policy for which a vote is required by
section 13 of the Investment Company Act of 1940;
g. Changes in the issuer's charter, bylaws or instruments corresponding
thereto or other actions which may impede the acquisition of control
of the issuer by any person;
h. Causing a class of securities of the issuer to be delisted from a
national securities exchange or to cease to be authorized to be
quoted in an inter-dealer quotation system of a registered national
securities association;
i. A class of equity securities of the issuer becoming eligible for
termination of registration pursuant to Section 1(g)(4) of the
Securities Exchange Act of 1934; or
j. Any action similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer
a. As of July 3, 1997, the Partnership may be deemed to beneficially own
600,000 shares of Common Stock of the Company. Based upon there being
7,162,398 shares of Common Stock outstanding, the shares of Common
Stock which the Partnership may be deemed to beneficially own
represents approximately 8.2% of the outstanding shares of the Common
Stock of the Company. As of July 3, 1997, Hori Capital Management may
be deemed to beneficially own 600,000 shares of Common Stock of the
Company by virtue of it being the General Partner of the Partnership.
As of July 3, 1997, Hori Capital Management may be deemed to
beneficially own 69,900 shares of Common Stock of the
6
<PAGE>
Company by virtue of it being one of several investment advisors to
Micro Cap. Based upon there being 7,162,398 shares of Common Stock
outstanding, the shares of Common Stock which Hori Capital Management
may be deemed to beneficially own represents approximately 9.2% of
the outstanding shares of Common Stock of the Company. As of July 3,
1997, Mr. Hori may be deemed to beneficially own 669,900 shares of
Common Stock of the Company by virtue of his being the sole
shareholder of Hori Capital Management. Based upon there being
7,162,398 shares of Common Stock outstanding, the shares of Common
Stock which Mr. Hori may be deemed to beneficially own represents
approximately 9.2% of the outstanding shares of Common Stock of the
Company.
b. In accordance with the Agreement of Limited Partnership, the General
Partner has the sole power to vote and the sole power to dispose of
the shares of Common Stock of the Company held by the Partnership.
c. The Partnership has made the following sales of shares of Common
Stock:
----------------------------------------------------------
Transaction Price Per Aggregate
Date # of Shares Share Sale Price
----------------------------------------------------------
7/2/97 60,000 1.813 108,780
----------------------------------------------------------
7/3/97 19,900 1.75 34,825
----------------------------------------------------------
Micro Cap has made the following sales of shares of Common Stock:
----------------------------------------------------------
Transaction Price Per Aggregate
Date # of Shares Share Sale Price
----------------------------------------------------------
7/2/97 90,000 1.813 163,170
----------------------------------------------------------
7/3/97 30,100 1.75 52,675
----------------------------------------------------------
All transactions were made in the open market on NASDAQ.
d. The Partnership and Micro Cap are each limited partnerships. Each
partner of the Partnership is entitled to receive certain
distributions from the Partnership's assets as specified in the
Partnership's governing documents. Similarly, each partner of Micro
Cap is entitled to receive certain distributions from Micro Cap's
assets as specified in Micro Cap's governing documents. These
distributions may include funds received by the Partnership or Micro
Cap from dividends declared
7
<PAGE>
with respect to the shares of Common Stock held by the Partnership or
Micro Cap or from the sale of such shares of Common Stock.
e. Not applicable.
The filing of this statement shall not be construed as an admission that
any of the Reporting Persons are, for the purposes of Sections 13(d) or 13(g) of
the Securities Exchange Act of 1934, the beneficial owners of any securities
covered by this statement.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect
to Securities of the Issuer
There are no contracts, arrangements, understandings or relationships
(legal or otherwise) between or among any of the Reporting Persons and any other
person with respect to any securities of the Company other than (a) the
governing documents of the Partnership and Micro Cap and (b) the investment
advisory agreement between Hori Capital Management and Micro Cap.
Item 7. Material to be Filed as Exhibits
Exhibit 1 - Agreement regarding filing of joint Schedule 13D.
8
<PAGE>
Signature
After reasonable inquiry and to the best of the knowledge and belief of
the undersigned, each of the undersigned hereby certifies that the information
set forth in this statement is true, complete and correct.
EXECUTED as of the 21st day of July, 1997.
PLATINUM PARTNERS, L.P.
By: /s/ Calvin G. Hori
---------------------------
Calvin G. Hori, President of
Hori Capital Management, Inc.,
General Partner
HORI CAPITAL MANAGEMENT, INC.
By: /s/ Calvin G. Hori
---------------------------
Calvin G. Hori, President
/s/ Calvin G. Hori
---------------------------
Calvin G. Hori
9
Exhibit 1
---------
AGREEMENT
Pursuant to Rule 13d-1(f)(1) under the Securities Exchange Act of 1934,
as amended, the undersigned hereby agree that only one statement containing the
information required by Schedule 13D need be filed with respect to the
beneficial ownership by each of the undersigned of the shares of Common Stock of
Perle Systems, Ltd.
EXECUTED as of the 21st day of July, 1997.
PLATINUM PARTNERS, L.P.
By: /s/ Calvin G. Hori
---------------------------
Calvin G. Hori, President of
Hori Capital Management, Inc.,
General Partner
HORI CAPITAL MANAGEMENT, INC.
By: /s/ Calvin G. Hori
---------------------------
Calvin G. Hori, President
/s/ Calvin G. Hori
---------------------------
Calvin G. Hori
