SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED
PURSUANT TO RULE 13d -1(a) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(a) (Amendment No. __)*
The Argentina Fund, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
040112104
(CUSIP Number)
Andrew Pegge Copy to:
Laxey Partners Limited Gary T. Moomjian, Esq.
22 Duke Street Kaufman & Moomjian, LLC
Douglas 50 Charles Lindbergh Boulevard
Isle of Man IM1 2AY Mitchel Field, New York 11553
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
October 3, 2000
(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 that is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1(e), 13d-1 (f) or 13d-1(g), check the
following box [ ].
NOTE: Schedules filed in paper format shall include a signed original and five
copies of the schedule, including all exhibits. See Rule 13d-7 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 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 1 of 8 Pages
<PAGE>
CUSIP No. 040112104 13D Page 2 of 8 Pages
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
The Value Catalyst Fund Limited
No I.R.S. Identification No.
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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*
00
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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
Cayman Islands
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NUMBER OF 7 SOLE VOTING POWER 584,300
SHARES ------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY ------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER 584,300
REPORTING ------------------------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
584,300 shares
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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)
6.3 %
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14 TYPE OF REPORTING PERSON *
IV**
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* SEE INSTRUCTIONS BEFORE FILLING OUT!
** Not registered under the Investment Company Act of 1940.
<PAGE>
ITEM 1. SECURITY AND ISSUER. PAGE 3 OF 8 PAGES
This statement relates to the common stock ("Common Stock") of The
Argentina Fund, Inc., a Maryland corporation (the "Company"). The address of the
principal executive offices of the Company is 345 Park Avenue, New York, New
York 10154.
ITEM 2. IDENTITY AND BACKGROUND.
This statement is being filed by The Value Catalyst Fund Limited, a Cayman
Islands company ("Catalyst"). Catalyst is an investment company formed in May
2000 and is designed to allow investors to take advantage of investment
opportunities in closed-end funds and similar investment entities. The address
of Catalyst's principal business and principal office is PO Box 309, Ugland
House, South Church Street, George Town, Grand Cayman, Cayman Islands, British
West Indies.
The name, business address, present principal occupation and citizenship of
each of the directors of Catalyst are as follows:
1. James McCarthy (Chairman)
1000 Skokie Boulevard
Suite 325
Wilmette, Illinois 60091
Principal occupation: Director of Business Development, E* Hedge
Holdings, LLC, a company specializing in the area of alternative
investments.
Citizenship: British
2. Jonathan D. Pollock
19 Berkeley Street
7th Floor
London W1X 5AE
Principal occupation: portfolio manager, Stonington Management
Corporation, the management company for Elliot Associates, L.P. and
Westgate International, L.P.
Citizenship: United States
<PAGE>
Page 4 of 8 Pages
3. Elizabeth Tansell
19/21 Circular Road
Douglas
Isle of Man IM99 1EZ
Principal occupation: Managing Director of BoE International
Services Limited, a fund administration company.
Citizenship: British
The Investment Manager for Catalyst is Laxey Partners Limited, an Isle of
Man corporation, 22 Duke Street, Douglas, Isle of Man IM1 2AY ("Laxey"). Laxey
is a global hedge fund manager, specializing in arbitrage led investment. Laxey
manages Catalyst, subject to the overall control of the directors.
The name, business address, present principal occupation and citizenship of
each of the officers and directors of Laxey are as follows:
1. Colin Kingsnorth
28 Chelsea Wharf
Lots Road
London
SW10 8QJ
United Kingdom
Principal occupation: portfolio manager and director of Laxey
Citizenship: British
2. Andrew Pegge
22 Duke Street
Douglas
Isle of Man
IM1 2AY
United Kingdom
Principal occupation: portfolio manager and director of Laxey.
Citizenship: British
<PAGE>
Page 5 of 8 Pages
3. Andrew Leasor
28 Chelsea Wharf
Lots Road
London
SW 10 8QJ
United Kingdom
Principal occupation: marketing director and director of Laxey
Citizenship: British
4. Andrew Baker (director of Laxey)
15-19 Athol Street
Douglas
Isle of Man
IM1 1LB
Principal occupation: solicitor
Citizenship: British
5. Eddie Gilmore (director of Laxey)
21 Cronk Drean
Douglas
Isle of Man
IM2 6AX
Principal occupation: retired
Citizenship: British
During the past five years, neither Catalyst or its directors, nor Laxey or
its executive officers and directors, has been convicted in a criminal
proceeding (excluding traffic violations and similar misdemeanors) or been a
party to a civil proceeding of a judicial or administrative body of competent
jurisdiction and, as 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.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The amount of the funds used to purchase the shares reported as
beneficially owned in Item 5 hereof was approximately $6,025,000. All of such
funds were from the investment capital of Catalyst.
<PAGE>
Page 6 of 8 Pages
ITEM 4. PURPOSE OF TRANSACTION.
The shares of the Common Stock owned by Catalyst and reported hereby were
purchased for investment and with the view of addressing with the management of
the Company the steps which may be taken to substantially reduce or eliminate
the significant discount which the shares of Common Stock trade from the net
asset value thereof. These steps may include converting the Company to open-end
status, or making it an interval fund (where redemptions can be made only weekly
or monthly) or by conducting a tender offer at or near net asset value.
Furthermore, Catalyst may seek to obtain representation on the Company's Board
of Directors. In addition, Catalyst may seek, by stockholder vote, to terminate
the investment advisory contract between the Company and its investment manager.
Catalyst may purchase additional shares of Common Stock, or alternatively sell
shares of Common Stock, from time to time.
Other than as set forth above, neither Catalyst, Laxey, nor any of their
directors or executive officers identified in Item 2, have any present plans or
proposals which relate to, or could result in, any of the matters referred to in
paragraphs (a) through (j), inclusive, of Item 4 of Schedule 13D (although it
reserves the right to develop any such plans or proposals). Catalyst may, at any
time and from time to time, review or reconsider its position and formulate
plans or proposals with respect thereto, but has no present intention of doing
so.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) Catalyst owns 584,300 shares of Common Stock, representing
approximately 6.3% of the total number of shares of Common Stock outstanding. To
the best knowledge of Catalyst, neither Laxey nor any of the directors of
Catalyst or any of the executive officers or directors of Laxey own any shares
of Common Stock.
(b) Catalyst has the sole power to vote or direct the vote, and the sole
power to dispose or direct the disposition of, the shares of Common Stock owned
by Catalyst.
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Page 7 of 8 Pages
(c) Within the past 60 days, Catalyst purchased shares of Common Stock on
the New York Stock Exchange as follows:
No. of Shares Price per
Date (all year 2000) Purchased Share
-------------------- ------------- ---------
August 11 146,000 $10.2265
August 14 120,000 10.0625
August 17 55,900 10.1246
August 18 6,900 10.0625
August 31 1,500 10.3125
September 1 14,200 10.7324
September 7 40,000 10.7500
October 3 500 10.3750
October 4 100,000 10.4375
October 6 20,000 10.4688
(d) and (e): Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR
RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER.
None.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
None.
<PAGE>
Page 8 of 8 Pages
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief,
the undersigned certify that the information set forth in this statement is
true, complete and correct.
Dated: October 12, 2000
The Value Catalyst Fund Limited
By /s/ Elizabeth Tansell
-------------------------------
Name: Elizabeth Tansell
Title: Director
