[1]
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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. *)
*
ISG International Software Group Ltd.
*
- ---------------------------------------------------------------------------
Common Stock
*
M5733B104
*
Gruber & McBaine Capital Management, L.L.C.
50 Osgood Place, Penthouse
San Francisco, CA 94133
(415) 981-2101
- ---------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
*
July 9, 1998
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
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).
SEC 1746 (12-91)
[2]<PAGE>
SCHEDULE 13D
CUSIP No. M5733B104 Page 2 of 15 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
GRUBER & McBAINE CAPITAL MANAGEMENT, L.L.C.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X/
(b) / /
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3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E)/ /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 249,100
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
249,100
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
249,100
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.95
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
[3]<PAGE>
SCHEDULE 13D
CUSIP No. M5733B104 Page 3 of 15 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
JON D. GRUBER
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X/
(b) / /
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3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF, PF
- ---------------------------------------------------------------------------
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
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 73,300
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 488,700
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 73,300
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
488,700
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
562,000
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
6.64
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
[4]<PAGE>
SCHEDULE 13D
CUSIP No. M5733B104 Page 4 of 15 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
J. PATTERSON McBAINE
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X/
(b) / /
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3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF, PF
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E)/ /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 2,900
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 488,700
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 2,900
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
488,700
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
491,600
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.81
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
[5]<PAGE>
SCHEDULE 13D
CUSIP No. M5733B104 Page 5 of 15 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
THOMAS O. LLOYD-BUTLER
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X/
(b) / /
- ---------------------------------------------------------------------------
3 SEC USE ONLY
- ---------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
- ---------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(E)/ /
- ---------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
CALIFORNIA
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 488,700
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
488,700
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
488,700
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.78
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
[6]<PAGE>
SCHEDULE 13D
CUSIP No. M5733B104 Page 6 of 15 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
LAGUNITAS PARTNERS, A California Limited Partnership
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X/
(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
CALIFORNIA
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 233,600
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
233,600
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
233,600
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
2.76
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
[7]<PAGE>
SCHEDULE 13D
CUSIP No. M5733B104 Page 7 of 15 Pages
- ---------------------------------------------------------------------------
1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
GMJ INVESTMENTS, L.P.
- ---------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) / X/
(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
CALIFORNIA
- ---------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 6,000
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
6,000
- ---------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,000
- ---------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
/ /
- ---------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
.07
- ---------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- ---------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
<PAGE>
SCHEDULE 13D
CUSIP No. M5733B104 Page 8 of 15 Pages
ITEM 1. SECURITY AND ISSUER.
This statement relates to shares of Common Stock (the "Stock") of ISG
International Software Group Ltd. ("SISGF"). The principal executive
office of SISGF is located at Industrial Park, Technion City, Haifa,
Israel.
ITEM 2. IDENTITY AND BACKGROUND.
The persons filing this statement and the persons enumerated in Instruction
C of Schedule 13D and, where applicable, their respective places of
organization, general partners, directors, executive officers and
controlling persons, and the information regarding them, are as follows:
(a) Gruber and McBaine Capital Management, L.L.C. (LLC); Jon D.
Gruber (Gruber); J. Patterson McBaine (McBaine); Thomas O. Lloyd-Butler
(TLB); Lagunitas Partners, L.P., a California limited partnership (Lag);
GMJ Investments, L.P., a California limited partnership (GMJ).
(b) The business address of LLC, Gruber, McBaine, Lag and GMJ is 50
Osgood Place, Penthouse, San Francisco, CA 94133.
(c) LLC is an investment adviser. Gruber and McBaine are the
Managers of LLC and TLB is a member of LLC. Lag and GMJ are investment
limited partnerships. LLC is the general partner of Lag and GMJ.
(d) During the last five years, none of such persons has been
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) During the last five years, none of such persons was 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 such persons are citizens of the United States of America.
<PAGE>
SCHEDULE 13D
CUSIP No. M5733B104 Page 9 of 15 Pages
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source and amount of funds used in purchasing the Stock were as
follows:
Purchaser Source of Funds Amount
LLC Capital Under Management $2,625,494
Gruber Personal Funds $720,357
McBaine Personal Funds $24,105
Lag Working Capital $2,325,402
GMJ Working Capital $62,236
ITEM 4. PURPOSE OF TRANSACTION.
The sole purpose of the purchase of the Stock reported herein was and is
for investment.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
The beneficial ownership of the Stock of the persons named in Item 2 of
this statement is as follows at the date hereof:
Aggregate
Beneficially
Owned Voting Power Dispositive Power
Name Number Percent Sole Shared Sole Shared
Gruber 562,000 6.64 73,300 488,700 73,300 488,700
McBaine 491,600 5.81 2,900 488,700 2,900 488,700
Lag 233,600 2.76 0 233,600 0 233,600
GMJ 6,000 .07 0 6,000 0 6,000
LLC 249,100 2.95 0 249,100 0 249,100
TLB 488,700 5.78 0 488,700 0 488,700
<PAGE>
SCHEDULE 13D
CUSIP No. M5733B104 Page 10 of 15 Pages
The persons filing this statement effected the following transactions in
the Stock on the dates indicated, and such transactions are the only
transactions in the Stock by the persons filing this statement since
January 30, 1998:
Purchase Number Price Broker
Name or Sale Date ` of Shares Per Share Used
Lag P 1/30/98 20,000 13.60 SUNR
GMJ P 1/30/98 1,500 13.60 SUNR
Gruber P 1/30/98 1,500 13.60 SUNR
LLC P 1/30/98 22,000 13.60 SUNR
Lag P 2/12/98 9,000 13.50 SUNR
LLC P 2/12/98 4,500 13.50 SUNR
Gruber P 2/12/98 1,500 13.50 SUNR
LLC P 2/12/98 4,000 12.65 INCA
Lag P 2/20/98 38,000 12.63 BEST
LLC P 2/20/98 48,500 12.63 BEST
Gruber P 2/20/98 6,500 12.63 BEST
Gruber P 2/20/98 1,000 12.92 INCA
Lag P 2/23/98 6,500 13.06 SUNR
LLC P 2/23/98 23,500 13.06 SUNR
GMJ P 2/23/98 1,000 13.06 SUNR
Gruber P 2/23/98 14,000 13.06 SUNR
LLC P 2/23/98 2,000 13.10 INCA
Lag P 2/27/98 1,000 12.17 INCA
Lag P 3/4/98 7,000 9.81 OPCO
LLC P 3/4/98 6,500 9.81 OPCO
Gruber P 3/4/98 1,500 9.81 OPCO
LLC P 3/4/98 400 9.79 INCA
LLC P 6/2/98 1,000 9.56 INCA
Gruber P 6/2/98 500 9.56 INCA
LLC P 6/2/98 2,500 9.63 OPCO
Lag P 6/4/98 6,000 8.81 INCA
Gruber P 6/4/98 1,500 8.81 INCA
LLC P 6/4/98 2,500 8.81 INCA
LLC P 6/5/98 5,000 8.79 INCA
Lag P 6/9/98 12,000 9.25 OPCO
LLC P 6/9/98 7,000 9.25 OPCO
Gruber P 6/9/98 1,000 9.25 OPCO
Gruber P 6/10/98 1,000 9.19 INCA
Lag P 6/15/98 1,000 8.44 INCA
LLC P 6/16/98 2,600 8.25 MHMY
Gruber P 6/16/98 1,000 8.25 MHMY
LLC P 6/16/98 1,500 8.23 INCA
Gruber P 6/16/98 1,500 8.23 INCA
Lag P 6/16/98 5,000 8.13 CHAS
Lag P 6/16/98 10,000 8.19 OPCO
LLC P 6/16/98 8,500 8.19 OPCO
GMJ P 6/16/98 1,500 8.19 OPCO
Lag P 6/17/98 3,500 8.50 BEST
LLC P 6/17/98 1,500 8.50 BEST
LLC P 6/17/98 1,000 8.44 INCA
<PAGE>
SCHEDULE 13D
CUSIP No. M5733B104 Page 11 of 15 Pages
Gruber P 6/17/98 1,000 8.44 INCA
Lag P 6/18/98 12,000 8.50 OPCO
LLC P 6/18/98 11,000 8.50 OPCO
Gruber P 6/18/98 3,000 8.50 OPCO
Lag P 6/19/98 1,000 9.06 INCA
Gruber P 6/19/98 1,000 8.69 SUNR
Lag P 6/22/98 5,000 8.63 SUNR
LLC P 6/22/98 3,500 8.63 SUNR
Gruber P 6/22/98 1,500 8.63 SUNR
LLC P 6/22/98 2,000 8.99 INCA
Gruber P 6/22/98 1,900 8.99 INCA
Lag P 6/23/98 2,500 9.00 OPCO
LLC P 6/23/98 2,500 9.00 OPCO
Lag P 6/23/98 5,000 8.63 PRUB
LLC P 6/23/98 3,500 8.63 PRUB
McBaine P 6/23/98 500 8.63 PRUB
Gruber P 6/23/98 1,000 8.63 PRUB
Lag P 6/23/98 1,000 9.06 INCA
Lag P 6/25/98 8,500 9.23 TSCO
Gruber P 6/25/98 1,500 9.23 TSCO
LLC P 6/25/98 2,500 9.23 TSCO
LLC P 6/25/98 1,500 9.13 OPCO
Gruber P 6/25/98 1,000 9.13 OPCO
Lag P 6/29/98 1,500 10.25 HRZG
LLC P 6/29/98 1,000 10.25 HRZG
Gruber P 6/29/98 800 10.34 INCA
Lag P 6/30/98 10,000 10.13 OPCO
LLC P 6/30/98 13,500 10.13 OPCO
Gruber P 6/30/98 1,500 10.13 OPCO
LLC P 6/30/98 1,500 10.19 INCA
Gruber P 6/30/98 800 10.19 INCA
Lag P 7/1/98 3,500 10.13 NITE
LLC P 7/1/98 9,500 10.13 NITE
LLC P 7/1/98 3,000 10.27 INCA
LLC P 7/2/98 2,000 9.75 INCA
LLC P 7/9/98 2,000 8.87 INCA
Lag P 7/10/98 2,000 8.13 MHMY
LLC P 7/10/98 3,000 8.78 INCA
McBaine P 7/10/98 500 8.78 INCA
Gruber P 7/10/98 1,100 8.78 INCA
Lag P 7/13/98 4,000 8.50 CHAS
LLC P 7/13/98 4,600 8.50 CHAS
Gruber P 7/13/98 1,000 8.50 CHAS
McBaine P 7/13/98 400 8.50 CHAS
LLC P 7/15/98 500 8.12 INCA
Lag P 7/17/98 1,200 8.63 INCA
Gruber P 7/17/98 1,000 8.63 INCA
Lag P 7/20/98 3,500 8.38 INCA
GMJ P 7/20/98 1,000 8.38 INCA
Gruber P 7/20/98 1,000 8.38 INCA
Lag P 7/21/98 3,000 8.20 INCA
Gruber P 7/21/98 1,000 8.20 INCA
LLC P 7/21/98 2,300 8.20 INCA
Lag P 7/22/98 7,000 8.07 INCA
<PAGE>
SCHEDULE 13D
CUSIP No. M5733B104 Page 12 of 15 Pages
LLC P 7/22/98 6,000 8.07 INCA
McBaine P 7/22/98 1,000 8.07 INCA
Gruber P 7/22/98 1,200 8.07 INCA
Lag P 7/23/98 9,000 8.13 TSCO
LLC P 7/23/98 1,500 8.13 TSCO
Gruber P 7/23/98 1,500 8.13 TSCO
GMJ P 7/23/98 1,000 8.10 INCA
LLC P 7/23/98 3,500 8.10 INCA
Lag P 7/28/98 1,000 7.50 TSCO
LLC P 7/28/98 1,000 7.50 TSCO
Gruber P 7/28/98 500 7.50 TSCO
Lag P 7/29/98 3,500 7.88 PENN
Gruber P 7/29/98 1,000 7.88 PENN
McBaine P 7/29/98 500 7.88 PENN
LLC P 7/29/98 2,500 7.88 OPCO
Lag P 7/30/98 3,000 7.69 INCA
LLC P 7/30/98 6,000 7.69 INCA
Gruber P 7/30/98 1,000 7.69 INCA
Lag P 8/3/98 4,000 6.75 SHWD
Gruber P 8/3/98 1,000 6.63 PENN
LLC P 8/3/98 2,000 6.63 PENN
LLC P 8/3/98 500 6.81 INCA
Lag P 8/4/98 3,500 6.50 TSCO
Gruber P 8/4/98 1,500 6.50 TSCO
LLC P 8/4/98 2,000 6.50 NITE
LLC P 8/5/98 1,500 6.92 PENN
Lag P 8/5/98 5,000 6.92 PENN
Gruber P 8/5/98 2,500 6.92 PENN
Gruber P 8/5/98 5,000 6.88 OPCO
LLC P 8/5/98 200 7.18 MONT
Lag P 8/6/98 2,000 7.75 PRUB
LLC P 8/6/98 2,000 7.75 PRUB
Gruber P 8/6/98 1,000 7.75 PRUB
Lag P 8/11/98 2,500 8.11 INCA
LLC P 8/11/98 1,500 8.11 INCA
Gruber P 8/11/98 2,000 8.11 INCA
Lag P 8/12/98 3,900 8.71 INCA
Lag P 9/1/98 6,500 7.08 INCA
LLC P 9/1/98 5,000 7.08 INCA
Gruber P 9/1/98 2,500 7.08 INCA
[Key to brokers used:]
BEST Bear Stearns
CHAS Charles Schwab
HRZG Herzog Heine Geduld
INCA Instinet
MHMY M H Meyers
MONT Nationsbank Montgomery Securities
NITE Knight Securities
OPCO Oppenheimer
PENN Pennsylvania Merchant
PRUB Prudential Bache
SHWD Sherwood
SUNR Sunrise Securities
TSCO Troster Singer
<PAGE>
SCHEDULE 13D
CUSIP No. M5733B104 Page 13 of 15 Pages
ITEM. 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
LLC is the general partner of Lag, pursuant to limited partnership
agreements. These agreements provide to the general partner the authority,
among other things, to invest the funds of GMJ and Lag in the Stock, to
vote and dispose of those securities and to file this statement on behalf
of GMJ and Lag. Also pursuant to those limited partnership agreements, LLC
is entitled to fees based on assets under management and realized and
unrealized gain, if certain conditions are met. Pursuant to investment
management agreements, LLC is authorized, among other things, to invest
funds of their various investment advisory clients, and to vote and dispose
of those securities. Such investment management agreements may be
terminated by either party on thirty days' notice, and provide for fees
payable to LLC based on assets under management and realized and unrealized
gains, if certain conditions are met. Pursuant to authority granted to LLC
orally and under a Power of Attorney, LLC is authorized, among other
things, to invest funds of various relatives and affiliates of Gruber and
McBaine. Such authority may be terminated at any time on notice and there
are no fees payable to LLC for those services.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
A. Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G
(previously filed).
<PAGE>
SCHEDULE 13D
CUSIP No. M5733B104 Page 14 of 15 Pages
SIGNATURES
After reasonable inquiry and to the best of my knowledge, I certify that
the information set forth in this statement is true, complete and correct.
DATED: September 18, 1998
Jon D. Gruber
J. Patterson McBaine
Thomas O. Lloyd-Butler
Gruber and McBaine Capital Management, L.L.C., by J. Patterson McBaine,
Manager
GMJ Investments, L.P., by J. Patterson McBaine, Manager of Gruber and
McBaine Capital Management, L.L.C., General Partner
Lagunitas Partners, A California Limited Partnership, by J. Patterson
McBaine, Manager of Gruber and McBaine Capital Management, L.L.C., General
Partner
<PAGE>
SCHEDULE 13D
CUSIP No. M5733B104 Page 15 of 15 Pages
EXHIBIT A
AGREEMENT REGARDING JOINT FILING
OF STATEMENT ON SCHEDULE 13D OR 13G
The undersigned agree to file jointly with the Securities and Exchange
Commission (the "SEC") any and all statements on Schedule 13D or Schedule
13G (and any amendments or supplements thereto) required under section
13(d) of the Securities Exchange Act of 1934, as amended, in connection
with purchases by the undersigned of securities of SISGF. For that
purpose, the undersigned hereby constitute and appoint Gruber & McBaine
Capital Management, L.L.C., a California limited liability company, as
their true and lawful agent and attorney-in-fact, with full power and
authority for and on behalf of the undersigned to prepare or cause to be
prepared, sign, file with the SEC and furnish to any other person all
certificates, instruments, agreements and documents necessary to comply
with section 13(d) and section 16(a) of the Securities Exchange Act of
1934, as amended, in connection with said purchases, and to do and perform
every act necessary and proper to be done incident to the exercise of the
foregoing power, as fully as the undersigned might or could do if
personally present.
DATED: September 18, 1998.
Jon D. Gruber
J. Patterson McBaine
Thomas O. Lloyd-Butler
Gruber and McBaine Capital Management, L.L.C., by J. Patterson McBaine,
Manager
GMJ Investments, L.P., by J. Patterson McBaine, Manager of Gruber and
McBaine Capital Management, L.L.C., General Partner
Lagunitas Partners, A California Limited Partnership, by J. Patterson
McBaine, Manager of Gruber and McBaine Capital Management, L.L.C., General
Partner
2217-005:1008120
CSR\2217\029\1008120.01 9/22/98 12:16
