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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. 2)*
Perle Systems Ltd.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
714152105
---------------------------------------
(CUSIP NUMBER)
Calvin Hori, Hori Capital Management, Inc.,
One Washington Mall, Boston, MA 02108
(617) 367-3800
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
August 20, 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>
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CUSIP NO. 714152105 Page 2 of 10 Pages
- ------------------- ------------------
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1 NAME OF REPORTING PERSON
S.S. or I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Platinum Partners, L.P.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Massachusetts
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY 0
EACH REPORTING PERSON -----------------------------------------------------
WITH 8 SHARED VOTING POWER
0
-----------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0
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14 TYPE OF REPORTING PERSON*
PN
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2
<PAGE>
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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.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Massachusetts
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY 0
EACH REPORTING PERSON -----------------------------------------------------
WITH 8 SHARED VOTING POWER
0
-----------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0
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14 TYPE OF REPORTING PERSON*
CO
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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
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States Citizen
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NUMBER OF SHARES 7 SOLE VOTING POWER
BENEFICIALLY OWNED BY 0
EACH REPORTING PERSON -----------------------------------------------------
WITH 8 SHARED VOTING POWER
0
-----------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
-----------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0
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14 TYPE OF REPORTING PERSON*
IN
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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
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<PAGE>
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 acquisition
of the securities 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;
c. A sale or transfer of a material amount of assets of the issuer or
any of its subsidiaries;
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<PAGE>
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.
5. Interest in Securities of the Issuer
a. As of September 11, 1997, Hori Capital Management, Calvin G. Hori
and the Partnership may be deemed to beneficially own 0 shares of
Common Stock of the Company. On such date, Hori Capital Management,
Calvin G. Hori and the Partnership sold all the shares of Common
Stock of the Company that it then held.
b. Not Applicable.
c. The Partnership has made the following sales of shares of Common
Stock:
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Transaction Date # of Shares Price Per Share Aggregate
Purchase Price
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8/20/97 406,000 1.75 710,500
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6
<PAGE>
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8/27/97 4,000 1.59 6,375
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8/28/97 9,500 1.56 14,844
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9/2/97 12,500 1.50 18,750
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9/3/97 5,500 1.50 8,250
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9/5/97 20,000 1.50 30,000
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9/8/97 8,000 1.50 12,000
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9/11/97 129,000 1.38 177,375
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Micro Cap has made the following sales of shares of Common Stock:
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Transaction Date # of Shares Price Per Share Aggregate
Purchase Price
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8/20/97 69,900 1.75 122,325
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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. August 20, 1997.
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.
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.
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<PAGE>
Item 7. Material to be Filed as Exhibits
Exhibit 1 - Agreement regarding filing of joint Schedule 13D.
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 a sealed instrument this 25th day of September, 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
8
<PAGE>
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 a sealed instrument this 25th day of September, 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
