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Securities and Exchange Commission
Washington, D.C. 20549
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SCHEDULE 13D
Under the Securities Exchange Act of 1934
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE
13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
The Austria Fund, Inc.
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(Name of Issuer)
Common Stock, par value $.01 per share
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(Title of Class of Securities)
052587102
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(CUSIP Number)
Gregory L. Melville
Bankgesellschaft Berlin AG
Alexanderplatz 2
D-10178 Berlin
Germany
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 29, 1997
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(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. |_|
Page 1 of 13 Pages
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SCHEDULE 13D
CUSIP NO. 052587102 PAGE 2 OF 13 PAGES
1. NAME OF REPORTING PERSON
S.S. OR I.R.S IDENTIFICATION NO. OF ABOVE PERSON
Bankgesellschaft Berlin AG
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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 Federal Republic of Germany
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NUMBER OF 7. SOLE VOTING POWER 600,400
SHARES ------------------------------------------------------
BENEFICIALLY 8. SHARED VOTING POWER 0
OWNED BY ------------------------------------------------------
EACH 9. SOLE DISPOSITIVE POWER 600,400
REPORTING ------------------------------------------------------
PERSON WITH 10. SHARED DISPOSITIVE POWER 0
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON 600,400
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12. CHECK IF THE AGGREGATE AMOUNT IN ROW (11)
EXCLUDES CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.1%
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14. TYPE OF REPORTING PERSON BK
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Page 2 of 13 Pages
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ITEM 1. SECURITY AND ISSUER
This Schedule 13D relates to the shares of Common Stock, par
value $.01 per share (the "Common Stock"), of The Austria Fund, Inc. (the
"Fund"), a corporation organized under the laws of the State of Maryland and
registered as an investment company under the Investment Company Act of 1940,
as amended (the "Investment Company Act"). The principal executive offices of
the Fund are located at 1345 Avenue of the Americas, 33rd Floor, New York, New
York 10105.
ITEM 2. IDENTITY AND BACKGROUND
(a) - (c) This Schedule 13D is being filed by
Bankgesellschaft Berlin AG (the "Bank"), a corporation formed under the laws of
the Federal Republic of Germany. The Bank is a West German banking organization
whose principal offices are located at Alexanderplatz 2, D-10178 Berlin,
Germany. The name, business address and principal occupation of each director
and executive officer of the Bank are set forth on Annex A hereto, which is
incorporated by reference. Annex A also sets forth the name, address,
jurisdiction of incorporation and principal business of each shareholder of the
Bank who may be deemed to be in control of the Bank. All information in this
Schedule 13D with respect to the persons listed on Annex A is given to the
knowledge of the Bank.
(d) During the past five years, neither the Bank nor any of
the persons listed on Annex A has been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors).
(e) During the past five years, neither the Bank nor any of
the persons listed on Annex A has been a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction and as a result of
such proceeding was or is 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.
(f) All of the individuals listed in Annex A are citizens of
the Federal Republic of Germany, except Yves Dermeaux, who is a citizen of
Belgium, David Clark and Zoe Shaw, who are citizens of Great Britain, and Dr.
Erik Blahut, who is a citizen of the Republic of Austria.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The source of the funds used by the Bank to purchase shares
of Common Stock listed in Item 5(a) was working capital. The amount of the
funds used to purchase such shares aggregated approximately $5,881,720
(exclusive of commissions).
Page 3 of 13 Pages
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ITEM 4. PURPOSE OF TRANSACTION
The shares of Common Stock held by the Bank were acquired for
the purpose of investment. Depending upon the Fund's business and prospects,
and upon future developments, the Bank may from time to time purchase
additional shares of Common Stock, dispose of all or a portion of the shares of
Common Stock it holds, or cease buying or selling shares of Common Stock.
Factors that may influence the Bank's decision to purchase additional shares or
to sell all or a portion of its holdings include, but are not limited to, the
level of discount from net asset value ("NAV"), the performance of the shares
in the market, the availability of funds, alternative uses of funds, stock and
money market conditions, and general economic conditions. Any additional
purchases or sales of the shares may be in the open market, in
privately-negotiated transactions, or otherwise.
The recent level of the discount from NAV at which the shares
of Common Stock have traded has been a significant factor in the Bank's
decision to purchase shares. With a view to maximizing the return on its
investment in the shares of Common Stock, the Bank is considering possible
actions that it could take if the discount from NAV remains at current levels.
Such actions include, but are not limited to, urging the board of the Fund to
initiate the process of open-ending the Fund, urging the board of the Fund to
commence an issuer tender offer or other repurchase program, or urging the
board of the Fund to liquidate the Fund. The Bank may also consider increasing
its ownership of shares of Common Stock to as much as a majority or more of the
outstanding shares, seeking representation on the Fund's board, soliciting
proxies with respect to the Fund, or other courses of action. (An amendment to
the Fund's Articles of Incorporation to open-end the Fund requires the
affirmative vote of 662/3% of the outstanding shares of the Fund.) The Bank has
not determined to pursue any particular course of action, and, depending upon
the factors listed above and other relevant circumstances, may determine not to
pursue any such actions and instead to hold or dispose at any time of all or a
portion of its shares of Common Stock.
Except as described in this Item 4, the Bank has not
formulated any plans or proposals which relate to or would result in:
(a) the acquisition by any person of additional
securities of the Fund, or the disposition of securities of the Fund;
(b) an extraordinary corporate transaction, such as a
merger, reorganization or liquidation involving the Fund;
(c) a sale or transfer of a material amount of assets of
the Fund;
(d) any change in the present board or management of the
Fund, 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
Page 4 of 13 Pages
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Fund;
(f) any other material change in the Fund's business or
corporate structure, including, but not limited to, any plans or proposals to
make any changes in the Fund's investment policies for which a vote is required
by Section 13 of the Investment Company Act;
(g) any changes in the Fund's charter, by-laws, or
instruments corresponding thereto or other actions which may impede the
acquisition of control of the Fund by any person;
(h) causing a class of securities of the Fund to be delisted
from a national securities exchange or to cease to be authorized to be quoted
in any inter-dealer quotation system of a registered national securities
association;
(i) a class of equity securities of the Fund becoming
eligible for termination of registration pursuant to Section 12(g)(4) of the
Securities Exchange Act of 1934, as amended; or
(j) any action similar to any of those enumerated above.
The Bank will review its investment in the Fund from time to
time and reserves the right to take or not take any action it deems to be in
its best interest or to change its intention as set forth in this Item 4.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The Fund's proxy statement, dated November 8, 1996,
relating to the 1996 Annual Meeting of Stockholders of the Fund states that, as
of October 31, 1996, there were 11,703,031 shares of Common Stock outstanding.
The percentage set forth in this Item 5(a) was derived using such number.
The Bank is the beneficial owner of 600,400 shares of Common
Stock, which constitute approximately 5.1% of the outstanding shares of Common
Stock.
(b) The Bank has sole power to vote and to dispose of
the shares of Common Stock owned by it.
(c) During the last sixty days, the Bank has effected the
following purchases in the shares of Common Stock, all of which were made on
the New York Stock Exchange.
Page 5 of 13 Pages
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Date Number of Shares Purchased Price Per Share
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August 6, 1997 10,000 $10.000
August 8, 1997 14,500 9.802
August 11, 1997 31,400 9.812
August 12, 1997 10,000 9.996
August 13, 1997 2,000 9.812
August 14, 1997 5,000 9.750
August 18, 1997 5,000 9.562
August 19, 1997 500 9.750
August 20, 1997 2,500 9.688
August 21, 1997 10,200 9.812
August 25, 1997 7,200 9.750
August 26, 1997 17,000 9.625
August 27, 1997 300 9.750
August 28, 1997 14,500 9.664
August 29, 1997 10,000 9.562
September 2, 1997 14,300 9.750
September 3, 1997 13,500 9.840
September 5, 1997 28,700 10.062
September 8, 1997 2,900 10.062
September 9, 1997 1,800 10.000
September 11, 1997 3,000 9.875
September 12, 1997 10,000 9.875
September 15, 1997 6,800 9.875
September 16, 1997 40,000 9.875
September 19, 1997 4,400 10.125
September 23, 1997 26,200 10.250
September 25, 1997 12,400 10.287
September 29, 1997 15,500 10.438
(d) No person other than the Bank has the right to receive or
the power to direct the receipt of dividends from, or the proceeds from the
sale of, the shares of Common Stock owned by the Bank.
(e) It is inapplicable to state the date on which the Bank
ceased to be the beneficial owner of more than five percent of the Common
Stock.
Page 6 of 13 Pages
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ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS
WITH RESPECT TO SECURITIES OF THE ISSUER
The Bank does not have any contract, arrangement,
understanding or relationship (legal or otherwise) with any person with respect
to any securities of the Fund, including, but not limited to, the transfer or
voting of any such securities, finders' fees, joint ventures, loan or option
arrangements, puts or calls, guarantees of profits, division of profits or
loss, or the giving or withholding of proxies.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
None.
Page 7 of 13 Pages
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SIGNATURE
After reasonable inquiry and to the best of our knowledge and
belief, we certify that the information set forth in this statement is true,
complete and correct.
Date: October 2, 1997 BANKGESELLSCHAFT BERLIN AG
By: /s/ E. Joseph Carrico
---------------------------
Name: E. Joseph Carrico
Title: Director
By: /s/ Gregory L. Melville
----------------------------
Name: Gregory L. Melville
Title: Assistant Director
Page 8 of 13 Pages
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ANNEX A
Unless otherwise indicated, the business address for all
individuals listed in this Annex A is Bankgesellschaft Berlin AG,
Alexanderplatz 2, 10178 Berlin Federal Republic of Germany.
MEMBERS OF THE MANAGING BOARD
Name and Address Principal Occupation
Dr. Wolfgang Rupf Speaker of the Managing Board of Bankgesellschaft
Berlin AG
Dr. Knuth Fischer Member of the Managing Board of Bankgesellschaft
Berlin AG
Hans Leukers Member of the Managing Board of Bankgesellschaft
Berlin AG
Leopold Trobinger Member of the Managing Board of Bankgesellschaft
Berlin AG
Page 9 of 13 Pages
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EXECUTIVE OFFICERS
<TABLE>
<CAPTION>
Name and Address Principal Occupation
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<S> <C>
Dr. Herbert Alisch Managing Director of Bankgesellschaft Berlin
Bankgesellschaft Berlin AG AG
Konzern-Finanzen und Beteiligungen
Hardenbergstrasse 32
10623 Berlin
Federal Republic of German
Willi Bohmer Managing Director of Bankgesellschaft Berlin
AG
Peter Konig Managing Director of Bankgesellschaft Berlin
AG
Hans Joachim Bley Managing Director of Bankgesellschaft Berlin
AG
Jochen W. Sawahn Managing Director of Bankgesellschaft Berlin
AG
Dr. Joachim Preussner Managing Director of Bankgesellschaft Berlin
AG
Heinrich Honerlage Managing Director of Bankgesellschaft Berlin
Konzern-Revision AG
Bankgesellschaft Berlin AG
Otto-Braun-Strasse 90
10149 Berlin
Federal Republic of Germany
Stefan Tragler Managing Director of Bankgesellschaft Berlin
Konzern-Revision AG
Bankgesellschaft Berlin AG
Otto-Braun-Strasse 90
10149 Berlin
Federal Republic of Germany
Artur Fischer Managing Director of Bankgesellschaft Berlin
Konzern-Organisation AG
Bankgesellschaft Berlin AG
Brunnestrasse 111
13355 Berlin
Federal Republic of Germany
Page 10 of 13 Pages
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Name and Address Principal Occupation
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Wolfgang Gunther Managing Director of Bankgesellschaft Berlin
Konzern-Organisation AG
Bankgesellschaft Berlin AG
Brunnestrasse 111
13355 Berlin
Federal Republic of Germany
Helmut Ramthun Managing Director of Bankgesellschaft Berlin
Konzern-Organisation AG
Bankgesellschaft Berlin AG
Brunnestrasse 111
13355 Berlin
Federal Republic of Germany
Hans-Jurgen Meyer Managing Director of Bankgesellschaft Berlin
Compliance Officer AG
Bankgesellschaft Berlin AG
Brunnestrasse 111
13355 Berlin
Federal Republic of Germany
Joachim Antczack Managing Director of Bankgesellschaft Berlin
Stabsstelle AG
Investment Banking/Back Office
Brunnestrasse 111
13355 Berlin
Federal Republic of Germany
Wolfgang Stockel Managing Director of Bankgesellschaft Berlin
AG
Heinz-Dieter Gottschalk Managing Director of Bankgesellschaft Berlin
AG
Jochen Zimmermann Managing Director of Bankgesellschaft Berlin
AG
Frank-Michael Boenke Managing Director of Bankgesellschaft Berlin
AG
Georg-Heinrich Sieveking Managing Director of Bankgesellschaft Berlin
AG
Hadi Saidi Managing Director of Bankgesellschaft Berlin
AG
Page 11 of 13 Pages
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Name and Address Principal Occupation
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Gerhard Richter Managing Director of Bankgesellschaft Berlin
AG
Zoe Shaw Managing Director of Bankgesellschaft Berlin
Asset-Backed Transaktionen AG
Bankgesellschaft Berlin AG
London Branch
1 Crown Court
Cheapside
London EC2V 6JP
Dr. Karl-Friedrich Hirschhauser Managing Director of Bankgesellschaft Berlin
AG
Gunther Laubner Managing Director of Bankgesellschaft Berlin
AG
Mr. David Clark General Manager of Bankgesellschaft Berlin AG
Bankgesellschaft Berlin AG
London Branch
1 Crown Court
Cheapside
London EC2V 6JP
Mr. Yves Dermeaux General Manager of Bankgesellschaft Berlin AG
Bankgesellschaft Berlin AG
London Branch
1 Crown Court
Cheapside
London EC2V 6JP
Dr. Erik Blahut Managing Director of Bankgesellschaft Berlin
AG
Serge Demoliere Managing Director of Bankgesellschaft Berlin
AG
Thomas W. Meyer Managing Director of Bankgesellschaft Berlin
AG
Hans-Werner Wilms Managing Director of Bankgesellschaft Berlin
AG
Tim Kettemann Managing Director of Bankgesellschaft Berlin
AG
</TABLE>
Page 12 of 13 Pages
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SHAREHOLDERS WHO MAY BE DEEMED TO CONTROL THE BANK
The following shareholders of the Bank may be deemed to control the Bank:
The City of Berlin
Gothaer Beteiligungsgesellschaft, an affiliate of an insurance company formed
under the laws of the Federal Republic of Germany, whose principal address is
Lutzowstrasse 89, 10785 Berlin, Germany, and whose principal shareholders are
Gothaer Versicherungs Bank AG (principal office: Gothaer Allee 1, 50672, Koln,
Germany), Gothaer Lebenversicherung AG (principal office: Gothaer Platz 2-8,
37069 Gottingen, Germany) and Norddeutsche Landesbank Girozentrale NORD/LB
(principal address is Georgplatz 1, D-30159, Hannover, Germany).
Norddeutsche Landesbank Girozentrale NORD/LB, a bank formed under the laws of
the Federal Republic of Germany, whose principal address is Georgplatz 1,
D-30159, Hannover, Germany.
Page 13 of 13 Pages
