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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. )*
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)
March 19, 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 [ ].
Check the following box if a fee is being paid with the statement [ ].
(A fee is not required only if the reporting 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.)
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.
*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 and 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).
<PAGE>
SCHEDULE 13D
|-----------------------| |--------------------------|
|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 |
| | | 658,200 |
| NUMBER OF |-----|-----------------------------------------------------|
| SHARES | 8 | SHARED VOTING POWER |
| BENEFICIALLY | | 0 |
| OWNED BY EACH |-----|-----------------------------------------------------|
| REPORTING | 9 | SOLE DISPOSITIVE POWER |
| PERSON | | 658,200 |
| WITH |-----|-----------------------------------------------------|
| | 10 | SHARED DISPOSITIVE POWER |
| | | 0 |
|----------------------------------------------------------------------------|
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | |
| | 658,200 |
|---------|------------------------------------------------------------------|
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) |
| | EXCLUDES CERTAIN SHARES* [ ] |
| | |
|---------|------------------------------------------------------------------|
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| | |
| | 9.0% |
|---------|------------------------------------------------------------------|
| 14 | TYPE OF REPORTING PERSON* |
| | |
| | PN |
|----------------------------------------------------------------------------|
2
<PAGE>
SCHEDULE 13D
|-----------------------| |--------------------------|
|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 |
| | | 658,200 |
| NUMBER OF |-----|-----------------------------------------------------|
| SHARES | 8 | SHARED VOTING POWER |
| BENEFICIALLY | | 190,000 |
| OWNED BY EACH |-----|-----------------------------------------------------|
| REPORTING | 9 | SOLE DISPOSITIVE POWER |
| PERSON | | 658,200 |
| WITH |-----|-----------------------------------------------------|
| | 10 | SHARED DISPOSITIVE POWER |
| | | 190,000 |
|----------------------------------------------------------------------------|
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | |
| | 848,200 |
|---------|------------------------------------------------------------------|
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) |
| | EXCLUDES CERTAIN SHARES* [ ] |
| | |
|---------|------------------------------------------------------------------|
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| | |
| | 11.8% |
|---------|------------------------------------------------------------------|
| 14 | TYPE OF REPORTING PERSON* |
| | |
| | CO |
|----------------------------------------------------------------------------|
3
<PAGE>
SCHEDULE 13D
|-----------------------| |--------------------------|
|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 |
| | | 658,200 |
| NUMBER OF |-----|-----------------------------------------------------|
| SHARES | 8 | SHARED VOTING POWER |
| BENEFICIALLY | | 190,000 |
| OWNED BY EACH |-----|-----------------------------------------------------|
| REPORTING | 9 | SOLE DISPOSITIVE POWER |
| PERSON | | 658,200 |
| WITH |-----|-----------------------------------------------------|
| | 10 | SHARED DISPOSITIVE POWER |
| | | 190,000 |
|----------------------------------------------------------------------------|
| 11 | AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
| | |
| | 848,200 |
|---------|------------------------------------------------------------------|
| 12 | CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) |
| | EXCLUDES CERTAIN SHARES* [ ] |
| | |
|---------|------------------------------------------------------------------|
| 13 | PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
| | |
| | 11.8% |
|---------|------------------------------------------------------------------|
| 14 | TYPE OF REPORTING PERSON* |
| | |
| | IN |
|----------------------------------------------------------------------------|
4
<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 the 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 transactions described 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;
b. An extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the issuer or any of its
subsidiaries;
5
<PAGE>
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 March 19, 1997, the Partnership may be deemed to beneficially
own 658,200 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 9.0% of the outstanding shares of the Common
Stock of the Company. As of March 19, 1997, Hori Capital Management
may be deemed to beneficially own 658,200 shares of Common Stock of
the Company by virtue of it being the General Partner of the
Partnership. As of February 21, 1997, Hori Capital Management may be
deemed to beneficially own 190,000 shares of Common Stock of the
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
6
<PAGE>
Stock which Hori Capital Management may be deemed to beneficially own
represents approximately 11.8% of the outstanding shares of Common
Stock of the Company. As of March 19, 1997, Mr. Hori may be deemed to
beneficially own 848,200 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 11.8% 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 purchases of shares of Common
Stock:
--------------------------------------------------------
Aggregate
Transaction Price Per Purchase
Date # of Shares Share Price
--------------------------------------------------------
10/18/96 45,000 2.98806 134,463
--------------------------------------------------------
10/21/96 20,000 3.37625 67,525
--------------------------------------------------------
10/22/96 9,000 3.37778 30,400
--------------------------------------------------------
10/23/96 5,000 3.38000 16,900
--------------------------------------------------------
10/24/96 10,000 3.41250 34,125
--------------------------------------------------------
10/25/96 9,000 3.62778 32,650
--------------------------------------------------------
10/30/96 10,000 3.87750 38,775
--------------------------------------------------------
11/01/96 29,000 3.46636 100,525
--------------------------------------------------------
11/04/96 7,800 3.37821 26,350
--------------------------------------------------------
11/05/96 66,000 3.37538 222,775
--------------------------------------------------------
11/06/96 55,000 3.75045 206,275
--------------------------------------------------------
11/07/96 30,000 3.75083 112,525
--------------------------------------------------------
11/08/96 205,000 4.00012 820,025
--------------------------------------------------------
11/12/96 5,000 4.00500 20,025
--------------------------------------------------------
11/18/96 12,100 3.86365 46,750
--------------------------------------------------------
11/18/96 15,000 3.93917 59,088
--------------------------------------------------------
7
<PAGE>
--------------------------------------------------------
Aggregate
Transaction Price Per Purchase
Date # of Shares Share Price
----------------------------------------------------
12/02/96 2,800 3.75920 10,526
----------------------------------------------------
12/12/96 30,000 2.75083 82,525
----------------------------------------------------
12/16/96 30,000 2.87583 86,275
----------------------------------------------------
2/21/97 12,500 2.37700 29,713
----------------------------------------------------
3/19/97 50,000 1.87550 93,775
----------------------------------------------------
Micro Cap has made the following purchase of shares of Common Stock:
------------------------------------------------------
Aggregate
Transaction Price Per Purchase
Date # of Shares Share Price
------------------------------------------------------
1/9/97 30,000 3.54253 106,276
------------------------------------------------------
1/10/97 10,000 3.50250 35,025
------------------------------------------------------
1/10/97 20,000 3.62625 72,525
------------------------------------------------------
1/17/97 10,000 3.62750 36,275
------------------------------------------------------
1/22/97 8,500 3.75294 31,900
------------------------------------------------------
1/23/97 5,000 3.81750 19,088
------------------------------------------------------
1/23/97 80,000 3.87531 310,025
------------------------------------------------------
1/24/97 7,500 3.81583 28,619
------------------------------------------------------
2/21/97 19,000 2.37632 45,150
------------------------------------------------------
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 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
8
<PAGE>
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.
9
<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 15th 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
10
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 ownership
by each of the undersigned of the shares of Common Stock of Perle Systems, Ltd.
EXECUTED as of the 15th 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
