<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D/A
UNDER THE SECURITIES EXCHANGE ACT OF 1934*
Versant Corporation
- --------------------------------------------------------------------------------
(Name of Issuer)
Common Stock
- --------------------------------------------------------------------------------
(Title of Class of Securities)
925284-10-1
- --------------------------------------------------------------------------------
(CUSIP Number)
Joanna Chin Barry J. Kramer, Esq.
Vertex Management, Inc. Fenwick & West LLP
Three Lagoon Drive, Suite 220 Two Palo Alto Square
Redwood City, CA 94065 Palo Alto, CA 94306
(650) 591-9300 (650) 494-0600
- --------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
JULY 12, 1999
- --------------------------------------------------------------------------------
(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 [ ].
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 (the "Act") or otherwise subject to the liabilities of that section of the
Act but shall be subject to all other provisions of the Act.
<PAGE> 2
SCHEDULE 13D/A
CUSIP NO. 925284-10-1
---------------------------
- --------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (Entities Only)
VERTEX TECHNOLOGY FUND LTD. (FORMERLY VERTEX TECHNOLOGY FUND PTE. LTD.)
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
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 SINGAPORE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER NOT APPLICABLE
OF
--------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 2,708,838(1)
OWNED
--------------------------------------------------------
BY 9 SOLE DISPOSITIVE POWER
EACH NOT APPLICABLE
REPORTING
--------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH
2,708,838(1)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,708,838(1)
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
21.1%*
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IV
- --------------------------------------------------------------------------------
(1) Includes 1,805,892 shares of Common Stock issuable upon conversion of
902,946 shares of Series A Preferred Stock; as well as 902,946 shares of
Common Stock issuable upon exercise of a five year Warrant with an exercise
price of $2.13/share.
* Note: the denominator for this fraction is 12,860,115 (i.e., 10,151,277
outstanding as of July 12, 1999 plus 2,708,838).
2
<PAGE> 3
SCHEDULE 13D/A
CUSIP NO. 925284-10-1
---------------------------
- --------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (Entities Only)
VERTEX INVESTMENTS INTERNATIONAL I INC.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
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 British Virgin Islands
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER NOT APPLICABLE
OF
--------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 100,000
OWNED
--------------------------------------------------------
BY 9 SOLE DISPOSITIVE POWER
EACH NOT APPLICABLE
REPORTING
--------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 100,000
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
100,000
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
1%*
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IV
- --------------------------------------------------------------------------------
* Note: the denominator for this fraction is: 10,151,277 (i.e., the shares of
Common Stock outstanding as of July 12, 1999).
3
<PAGE> 4
SCHEDULE 13D/A
CUSIP NO. 925284-10-1
---------------------------
- --------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (Entities Only)
VERTEX INVESTMENTS INTERNATIONAL III INC.
- --------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [X]
- --------------------------------------------------------------------------------
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 BRITISH VIRGIN ISLANDS
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER NOT APPLICABLE
OF
--------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 489,767
OWNED
--------------------------------------------------------
BY 9 SOLE DISPOSITIVE POWER
EACH NOT APPLICABLE
REPORTING
--------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 489,767
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
489,767
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.8%*
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IV
- --------------------------------------------------------------------------------
* Note: the denominator for this fraction is: 10,151,277 (i.e., the shares of
Common Stock outstanding as of July 12, 1999).
4
<PAGE> 5
SCHEDULE 13D/A
CUSIP NO. 925284-10-1
---------------------------
- --------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (Entities Only)
VERTEX TECHNOLOGY FUND (II), LTD
- --------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
2 (b) [X]
- --------------------------------------------------------------------------------
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 SINGAPORE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER NOT APPLICABLE
OF
--------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 704,223*
OWNED
--------------------------------------------------------
BY 9 SOLE DISPOSITIVE POWER
EACH NOT APPLICABLE
REPORTING
--------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 704,223*
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
704,223*
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.5%**
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
IV
- --------------------------------------------------------------------------------
* Includes 469,482 shares of Common Stock issuable upon conversion of 234,741
shares of Series A Preferred Stock as well as 234,741 shares of Common
Stock issuable upon exercise of a five year Warrant with an exercise price
of $2.13/share.
** Note: the denominator for this fraction is: 10,855,500 (10,151,270
outstanding as of July 12, 1999 plus 704,223).
5
<PAGE> 6
SCHEDULE 13D/A
CUSIP NO. 925284-10-1
---------------------------
- --------------------------------------------------------------------------------
NAMES OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (Entities Only)
SINGAPORE TECHNOLOGIES PTE. LTD.
- --------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
2 (b) [X]
- --------------------------------------------------------------------------------
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 SINGAPORE
- --------------------------------------------------------------------------------
7 SOLE VOTING POWER
NUMBER NOT APPLICABLE
OF
--------------------------------------------------------
SHARES 8 SHARED VOTING POWER
BENEFICIALLY 4,002,828(1)
OWNED
--------------------------------------------------------
BY 9 SOLE DISPOSITIVE POWER
EACH NOT APPLICABLE
REPORTING
--------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 4,002,828(1)
- --------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
NONE
- --------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES
[ ]
- --------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0
- --------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON
CO
- --------------------------------------------------------------------------------
(1) Includes 2,275,374 shares of Common Stock issuable upon conversion of
1,137,687 shares of Series A Preferred Stock; as well as 1,137,687 shares
of Common Stock issuable upon exercise of a five year Warrant with an
exercise price of $2.13/share
6
<PAGE> 7
ITEM 1. SECURITY AND ISSUER
This statement relates to the issuance of 1,137,687 shares of Series A
Preferred Stock and two Warrants to purchase 1,137,687 shares of Common Stock of
Versant Corporation ("Issuer"). The 1,137,687 shares of Series A Preferred Stock
are initially convertible into 2,275,374 shares of Common Stock (at an initial
conversion price of $2.13/share). The warrants expire July 11, 2004 and have an
exercise price of $2.13/share, subject to customary adjustments. Each share of
Series A Preferred Stock votes on the same basis as one share of Common Stock.
The principal executive offices of the Issuer are located at 6539 Dumbarton
Circle, Fremont, California 94555.
ITEM 2. IDENTITY AND BACKGROUND
This statement is filed on behalf of (i) Vertex Technology Fund Ltd.
(formerly Vertex Technology Fund Pte. Ltd.), a Singapore corporation ("VTF");
(ii) Vertex Investments International I Inc., a British Virgin Islands
corporation ("VII(I)"); (iii) Vertex Investments International III Inc., a
British Virgin Islands corporation ("VII(III)"); (iv) Vertex Technology Fund
(II) Ltd., a Singapore corporation ("VTF(II)") and Singapore Technologies Pte.
Ltd., a Singapore corporation ("ST"). Each of the foregoing is hereinafter
individually referred to as a "Reporting Person" and collectively as the
"Reporting Persons." VTF, VTF(II), VII(I), and VII(III) are investment funds. ST
is a technology based multinational conglomerate providing research,
development, manufacturing and management in engineering, technology,
infrastructure, property and financial services. VTF, VTF(II), VII(I) and VII
(III) are indirectly controlled by ST, which may direct voting or investment
decisions made by those entities. Vertex Management Pte. Ltd., an affiliate of
the Reporting Persons, holds 6,600 shares of Common Stock of Issuer not
reflected elsewhere in this document. The Reporting Persons hereby disclaim
beneficial ownership of such shares. The address of the Reporting Persons'
principal business and their principal office is 77 Science Park Drive, #02-15,
Cintech III, Singapore Science Park, Singapore 118256.
The following is a list of the directors and executive officers of VTF:
<TABLE>
<CAPTION>
PRESENT PRINCIPAL
NAME AND BUSINESS ADDRESS OCCUPATION CITIZENSHIP
- ------------------------- ---------- -----------
<S> <C> <C>
Mr. Tay Siew Choon Director, VTF Singaporean
391A Orchard Rd. Managing Director and Deputy
#18-00 Ngee Ann City CEO, Sembcorp Industries
Singapore 238873 Limited
Mr. Lee Kheng Nam President, Vertex Group Singaporean
77 Science Park Drive Director, VTF
#02-15 Cintech III
Singapore Science Park
Singapore 118256
</TABLE>
7
<PAGE> 8
<TABLE>
<CAPTION>
PRESENT PRINCIPAL
NAME AND BUSINESS ADDRESS OCCUPATION CITIZENSHIP
- ------------------------- ---------- -----------
<S> <C> <C>
Pang Seow Lan Director, VTF Singaporean
77 Science Park Drive Senior Manager (Finance)
#02-15 Cintech III Vertex Technology Fund Pte
Singapore Science Park Ltd
Singapore 118256
Isoo Tan Director, VTF Singaporean
77 Science Park Drive Company Secretary
#02-15 Cintech III Vertex Technology Fund Pte
Singapore Science Park Ltd
Singapore 118256
</TABLE>
The following is a list of directors and executive officers of VII (I):
<TABLE>
<CAPTION>
PRESENT PRINCIPAL
NAME AND BUSINESS ADDRESS OCCUPATION CITIZENSHIP
- ------------------------- ---------- -----------
<S> <C> <C>
Lee Kheng Nam Director VII (I) Singaporean
Vertex Management (II) Pte Ltd President, Vertex Group
77 Science Park Drive #02-15
Singapore Science Park
Singapore 118256
Ho Soo Ching Director VII (I) Singaporean
ST Capital Limited Managing Director
79 Robinson Road ST Capital Limited
#22-00 CPF Building
Singapore 068897
</TABLE>
8
<PAGE> 9
<TABLE>
<S> <C> <C>
Ong Peck Choo (Ms.) Director, VII (I) Singaporean
ST Capital Limited Senior Vice President
79 Robinson Road ST Capital
#22-00 CPF Building
Singapore 068897
Premod Paul Thomas Director, VII (I) Indian/Singapore
Singapore Technologies Pte Ltd Director (Finance) Permanent Resident
51 Cuppage Road #09-01 Singapore Technologies
Singapore 229489
Gan Chee Yen (Alternate Director to Director, VII (I) Singaporean
Premod Paul Thomas) Group Financial Controller
Singapore Technologies Pte Ltd Singapore Technologies
51 Cuppage Road #09-01
Singapore 229489
</TABLE>
The following is a list of directors and executive officers of VII (III):
<TABLE>
<CAPTION>
PRESENT PRINCIPAL
NAME AND BUSINESS ADDRESS OCCUPATION CITIZENSHIP
- ------------------------- ---------- -----------
<S> <C> <C>
Ho Soo Ching Director, VII (III) Singaporean
ST Capital Limited Managing Director
79 Robinson Road ST Capital
#22-00 CPF Building
Singapore 068897
Ong Peck Choo (Ms) Director, VII (III) Singaporean
ST Capital Limited Senior Vice President
79 Robinson Road ST Capital
#22-00 CPF Building
Singapore 068897
Premod Paul Thomas Director, VII (III) Indian/Singapore
Singapore Technologies Pte Ltd Director (Finance) Permanent Resident
51 Cuppage Road #09-01 Singapore Technologies
Singapore 229489
Gan Chee Yen (Alternate Director to Director, VII (III) Singaporean
Premod Paul Thomas) Group Financial Controller
Singapore Technologies Pte Ltd Singapore Technologies
51 Cuppage Road #09-01
Singapore 229489
</TABLE>
The following is a list of the directors and executive officers of VTF(II):
9
<PAGE> 10
BOARD OF DIRECTORS
<TABLE>
<CAPTION>
PRESENT PRINCIPAL
NAME AND BUSINESS ADDRESS OCCUPATION CITIZENSHIP
- ------------------------- ---------- -----------
<S> <C> <C>
Mr. Tay Siew Choon Managing Director and Deputy Singaporean
391A Orchard Rd. CEO, Sembcorp Industries
#18-00 Ngee Ann City Limited
Singapore 238873
Mr. Lee Kheng Nam President, Vertex Group Singaporean
77 Science Park Drive
#02-15 Cintech III
Singapore Science Park
Singapore 118256
Sum Soon Lim Consultant Singaporean
51 Cuppage Road, #10-11/17
Singapore 229469
</TABLE>
EXECUTIVE OFFICERS
<TABLE>
<CAPTION>
PRESENT PRINCIPAL
NAME AND BUSINESS ADDRESS OCCUPATION CITIZENSHIP
- ------------------------- ---------- -----------
<S> <C> <C>
Lee Kheng Nam President, Vertex Technology Singaporean
77 Science Park Drive Fund Pte Ltd
#02-15 Cintech III
Singapore Science Park
Singapore 118256
Pang Seow Lan Senior Manager (Finance) Singaporean
77 Science Park Drive Vertex Technology Fund Pte
#02-15 Cintech III Ltd
Singapore Science Park
Singapore 118256
Isoo Tan Company Secretary Singaporean
77 Science Park Drive Vertex Technology Fund Pte
#02-15 Cintech III Ltd
Singapore Science Park
Singapore 118256
</TABLE>
10
<PAGE> 11
The following is a list of directors and executive officers of ST:
<TABLE>
<CAPTION>
PRESENT PRINCIPAL
NAME AND BUSINESS ADDRESS OCCUPATION CITIZENSHIP
- ------------------------- ---------- -----------
<S> <C> <C>
Tay Siew Choon Director of ST Singaporean
Sembcorp Industries Ltd CEO, Sembcorp Industries
391A Orchard Road #18-00
Ngee Ann City
Singapore 238873
Lim Swee Say Director of ST Singaporean
Trade Union House Deputy Secretary General
Shenton Way National Trade Union Congress
Singapore 068810
Chua Su Li Secretary of ST Singaporean
Singapore Technologies Pte Ltd
51 Cuppage Road #09-01
Singapore 118258
Ms. Ho Ching President, Chief Executive Singaporean
Singapore Technologies Pte Ltd Officer and Director of ST
51 Cuppage Road #09-01
Singapore 118258
Singaporean
Peter Ho Hak Ean Director of ST
Minder Building, Level 5 Permanent Secretary (Defense
Gombak Drive Development
Singapore 669838 Ministry of Defense)
Wong Kok Siew Director of ST Singaporean
391A Orchard Road #18-00 President/CEO
Ngee Ann City Sembcorp Industries Ltd.
Singapore 238873
Peter Seah Lim Huat Director of ST Singaporean
OUB Centre, 45th Storey President and CEO
1 Raffles Place Overseas Union Bank Limited
Singapore 048616
</TABLE>
11
<PAGE> 12
<TABLE>
<S> <C> <C>
Boon Swan Foo Director of ST Singaporean
51 Cuppage Rd. #09-08 President and CEO
Singapore 229468 Singapore Technologies
Engineering Ltd.
Davinder Singh Director of ST Singaporean
Drew & Naplar
20 Raffles Place
#17-00
Ocean Towers
Singapore 048620
Teo Ming Kian Chairman of the Board and, Singaporean
Ministry of Communications Director of ST
480 Alexandra Rd. #99-00 Executive Chairman National
PSA Building Science and Technology Board
Singapore 119963
</TABLE>
During the last five years, neither of the Reporting Persons nor,
to the best of the Reporting Persons' knowledge, any person named in this Item 2
has been: (a) convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors); or (b) a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction as a result of which, he, she or
it 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.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The consideration given in exchange for the shares of Common Stock and Series A
Preferred Stock of Issuer was Reporting Persons' working capital. None of the
funds consisted of funds or other consideration borrowed or otherwise obtained
for the purpose of acquiring, holding, trading or voting the securities.
ITEM 4. PURPOSE OF TRANSACTION
All of the securities acquired by the Reporting Persons were
acquired for investment purposes. Except as set forth below:
(a) The Reporting Persons do not have any plans or proposals which
would relate to or would result in the acquisition or disposition
of additional securities of the Issuer;
(b) The Reporting Persons do not presently have any plans or
proposals which relate to or would result in an extraordinary
corporate transaction, such as a merger, reorganization or
liquidation, involving the Issuer or any of its subsidiaries;
12
<PAGE> 13
(c) The Reporting Persons do not presently have any plans or
proposals which relate to or would result in a sale or transfer
of a material amount of assets of the Issuer or of any of its
subsidiaries;
(d) The Reporting Persons have made no changes to the Board of
Directors or management of the Issuer and have no present plans
or proposals to make any changes in the present Board of
Directors or management of the Issuer, including any changes in
the number or term of directors or the filling of any existing
vacancies on the Board of Directors. The Reporting Persons
currently intend to send its representative to meetings of the
Issuer's Board of Directors in a non-voting observer capacity and
are considering recommending to management a candidate for
Issuer's Board of Directors;
(e) The Reporting Persons do not presently have any plans or
proposals which relate to or would result in any material change
in the present capitalization or dividend policy of the Issuer;
(f) The Reporting Persons do not presently have any plans or
proposals which relate to or would result in any other material
change in the Issuer's business or corporate structure;
(g) The Reporting Persons do not presently have any plans or
proposals which relate to or would result in 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) The Reporting Persons do not presently have any plans or
proposals which relate to or would result in a class of
securities of the Issuer being delisted from a national
securities exchange or ceasing to be authorized to be quoted in
an inter-dealer quotation system of a registered national
securities association;
(i) The Reporting Persons do not presently have any plans or
proposals which relate to or would result in a class of equity
securities of the Issuer becoming eligible for termination of
registration pursuant to Section 12(g)(4) of the Securities
Exchange Act of 1934, as amended; and
(j) The Reporting Persons do not presently have any plans or
proposals which relate to or would result in an action similar to
any of those enumerated above.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a)(i) The 1,805,892 shares of Common Stock issuable upon conversion of
the Series A Preferred Stock held by VTF represent a beneficial
ownership of approximately 15.1% of the Issuer's outstanding
shares of Common Stock, based on 10,151,277 outstanding shares of
Common Stock as of July 12, 1999. The 469,482 shares of Common
Stock issuable upon conversion of the Series A Preferred Stock
held by VTF(II) represent a beneficial ownership of approximately
4.4% of Issuer's
13
<PAGE> 14
outstanding shares of Common Stock as of July 12, 1999. Each
share of Series A Preferred Stock votes on the same basis as one
share of Common Stock. The 1,137,687 shares of Common Stock
issuable upon exercise of the two Warrants represent 10.1% of the
Issuer's outstanding shares of Common Stock. The Warrants do not
have any voting privileges.
(ii) The 100,000 and 489,767 shares of Common Stock held by VII(I) and
VII(III) represent a beneficial ownership of 1% and 4.8%
respectively as of July 12, 1999.
(b)
<TABLE>
<CAPTION>
No. of Shares Holding No. of Shares Holding
Sole Power to Vote, Shared Power to Vote,
Dispose or Direct Dispose or Direct
Disposition Disposition
--------------------- ---------------------
<S> <C> <C>
Singapore Technologies
Pte. Ltd. None 4,002,828*
Vertex Technology Fund
Ltd. None 2,708,830*
Vertex Techology Fund None 704,223*
(II), Ltd.
Vertex Investments
International I, Inc. None 100,000
Vertex Investments
International III, Inc. None 489,767
</TABLE>
* assumes conversion of all Series A Preferred Stock held by Reporting
Persons and exercise of all Warrants held by Reporting Persons
(c) The Reporting Persons have not effected any transaction in the
Issuer's Common Stock during the past 60 days, and, to the best
of their knowledge, no person named in Item 2 has effected any
transactions in the Issuer's Common Stock during the past 60
days.
(d) No other person is known to the Reporting Persons to have the
right to receive or the power to direct the receipt of dividends
from, or proceeds from the sale of, any shares of Common Stock
beneficially owned by the Reporting Persons on the date of this
statement.
(e) Not applicable.
14
<PAGE> 15
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
PREFERRED STOCK AND WARRANT PURCHASE AGREEMENT
The Preferred Stock and Warrant Purchase Agreement dated as of
June 28, 1998, by and among the Issuer and VTF, VTF(II) and others, contains
certain "standstill" and "right of first offer" obligations of VTF with respect
to the Shares.
Standstill Obligation. VTF and VTF(II) have agreed that, as long
as the applicable investor owns more than five percent of Issuer's securities,
it will not acquire more than 100,000 shares of the Issuer's Common Stock (other
than the shares issuable upon conversion of the Series A Preferred Stock or
exercise of the Warrants) without prior written consent of the Issuer.
Right of First Offer. VTF and VTF(II) have each agreed that in
the event that either investor and its "affiliates" or "associates" (as those
terms are defined in Rule 405 promulgated under the Securities Act of 1993, as
amended (the "SECURITIES ACT")) (collectively, the "VERTEX GROUP") seek to sell,
transfer the voting rights in, or otherwise transfer for value 5% or more of the
then outstanding shares of the Issuer's Common Stock (including the shares
issuable upon conversion of the Series A Preferred Stock) to any person or group
of persons in one or more related transactions (a "SIGNIFICANT TRANSACTION"),
the Vertex Group will provide, in writing, a notice reflecting its desire to
enter into such Significant Transaction and setting forth the terms and
conditions of the proposed Significant Transaction (such notice, a "ROFO
NOTICE"). Each ROFO Notice shall constitute an offer by the Vertex Group to sell
the securities covered by such ROFO Notice (the "ROFO SECURITIES") to the Issuer
on the terms and conditions set forth in the ROFO Notice as to any part of the
ROFO Securities. The Right of First Offer (i) will not apply to any transfer in
connection with a transaction approved by the Issuer's Board of Directors, (ii)
will not apply to any shares transferred pursuant to the Right of First Offer,
and (iii) will terminate on June 27, 2002.
REGISTRATION RIGHTS AGREEMENT
VTF and the Issuer entered into a Registration Rights Agreement
dated as of October 16, 1998 (the "REGISTRATION RIGHTS AGREEMENT"), as amended
July 12, 1999 to include VTF(II),which provides, among other things, certain
registration rights with respect to the Shares.
Issuer has previously filed and has declared effective a
registration statement on Form S-3 (the "S-3 REGISTRATION STATEMENT") covering
the shares of Common Stock issuable upon conversion of the Series A Preferred
Stock of VTF. Issuer intends to file an additional Form S-3 covering the shares
of Common Stock issuable upon the conversion of the Series A Preferred Stock of
VTF(II) and the shares of Common Stock issuable upon the exercise of the
Warrants by VTF and VTF(II) (collectively the "REGISTRABLE SECURITIES").
If the Issuer proposes to register any of its securities under
the Securities Act, it must give prior notice to VTF and VTF(II) and permit
them, subject to certain limitations, to
15
<PAGE> 16
include in such registration all or part of the Registrable Securities (a
"PIGGYBACK Registration"). The underwriters (if any) may reduce the number of
Registrable Securities to be included in a Piggyback Registration, provided that
each of VTF and certain other holders of the Registrable Securities shall be
subject to such reduction only on a pro rata basis.
The Issuer is required to bear all Registration Expenses (as
defined in the Registration Rights Agreement) in connection with Registration
Rights Agreement.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
The following documents are filed as exhibits hereto:
<TABLE>
<S> <C>
Exhibit A: Preferred Stock and Warrant Purchase Agreement
dated June 28, 1999 among Issuer, VTF, VTF(II)
and other investors and exhibits thereto.*
Exhibit B: Registration Rights Agreement dated as of
October 16, 1998, by and among the Issuer and
VTF.**
</TABLE>
* Incorporated by reference to Issuer's report on Form 8-K filed with the
Securities and Exchange Commission on July 13, 1999.
** Incorporated by reference to VTF's Schedule 13D filed with the Securities
and Exchange Commission on October 27, 1998.
16
<PAGE> 17
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.
Dated: July 22, 1999
VERTEX TECHNOLOGY FUND LTD.
By: /s/ Lee Kheng Nam
-------------------------------------
Name: Lee Kheng Nam
-----------------------------------
Title: President
----------------------------------
VERTEX TECHNOLOGY FUND (II), LTD.
By: /s/ Lee Kheng Nam
-------------------------------------
Name: Lee Kheng Nam
-----------------------------------
Title: President
----------------------------------
VERTEX INVESTMENTS INTERNATIONAL I INC.
By: /s/ Lee Kheng Nam
-------------------------------------
Name: Lee Kheng Nam
-----------------------------------
Title: President
----------------------------------
VERTEX INVESTMENTS INTERNATIONAL III INC.
By: /s/ Lee Kheng Nam
-------------------------------------
Name: Lee Kheng Nam
-----------------------------------
Title: President
----------------------------------
SINGAPORE TECHNOLOGIES PTE LTD.
By:
-------------------------------------
Name:
-----------------------------------
Title:
----------------------------------
17
