SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
Advanced Therapeutic Systems Limited
(Name of Issuer)
Common Stock, par value $0.01 per share
(Title of Class of Securities)
G0099P109
(Cusip Number)
David C. Haley
HBK Investments L.P.
777 Main Street, Suite 2750
Fort Worth, Texas 76102
(817) 870-6100
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 11, 1996
(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 [ ].
*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).
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1. Name of Reporting Person:
HBK Investments L.P.
2. Check the Appropriate Box if a Member of a Group:
(a) / /
(b) / X /
3. SEC Use Only
4. Source of Funds: WC and OO (See Item 3) (1)
5. Check box if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e):
/ /
6. Citizenship or Place of Organization: Delaware
7. Sole Voting Power: 101,400 (1) (2)
Number of
Shares
Beneficially 8. Shared Voting Power: -0-
Owned By
Each
Reporting 9. Sole Dispositive Power: 101,400 (1) (2)
Person
With
10. Shared Dispositive Power: -0-
11. Aggregate Amount Beneficially Owned by Each Reporting Person:
101,400 (1)
12. Check Box if the Aggregate Amount in Row (11) Excludes Certain
Shares:
/ /
13. Percent of Class Represented by Amount in Row (11): 2.6%
14. Type of Reporting Person: PN
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(1) The shares were purchased by HBK Securities Ltd. HBK Investments
L.P. has sole voting and dispositive power over these shares
pursuant to an Investment Management Agreement with HBK Securities
Ltd. Accordingly, HBK Securities Ltd. has no beneficial ownership
of such shares.
(2) Power is exercised by its general partner, HBK Partners II L.P.,
whose general partner is HBK Management L.L.C. <PAGE>
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1. Name of Reporting Person:
HBK Main Street Investments L.P.
2. Check the Appropriate Box if a Member of a Group:
(a) / /
(b) / X /
3. SEC Use Only
4. Source of Funds: WC and OO (See Item 3)
5. Check box if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e):
/ /
6. Citizenship or Place of Organization: Delaware
7. Sole Voting Power: 49,800 (1)
Number of
Shares
Beneficially 8. Shared Voting Power: -0-
Owned By
Each
Reporting 9. Sole Dispositive Power: 49,800 (1)
Person
With
10. Shared Dispositive Power: -0-
11. Aggregate Amount Beneficially Owned by Each Reporting Person:
49,800
12. Check Box if the Aggregate Amount in Row (11) Excludes Certain
Shares:
/ /
13. Percent of Class Represented by Amount in Row (11): 1.3%
14. Type of Reporting Person: PN
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(1) Power is exercised by its general partner, HBK Fund L.P., whose
general partner is HBK Capital L.P., whose general partner is HBK
Partners I L.P., whose general partner is HBK Management
L.L.C.<PAGE>
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1. Name of Reporting Person:
HBK Finance L.P.
2. Check the Appropriate Box if a Member of a Group:
(a) / /
(b) / X /
3. SEC Use Only
4. Source of Funds: WC and OO (See Item 3)
5. Check box if Disclosure of Legal Proceedings is Required Pursuant to
Items 2(d) or 2(e):
/ /
6. Citizenship or Place of Organization: Delaware
7. Sole Voting Power: 224,400 (1)
Number of
Shares
Beneficially 8. Shared Voting Power: -0-
Owned By
Each
Reporting 9. Sole Dispositive Power: 224,400 (1)
Person
With
10. Shared Dispositive Power: -0-
11. Aggregate Amount Beneficially Owned by Each Reporting Person:
224,400
12. Check Box if the Aggregate Amount in Row (11) Excludes Certain
Shares:
/ /
13. Percent of Class Represented by Amount in Row (11): 5.7%
14. Type of Reporting Person: BD
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(1) Power is exercised by its general partner, HBK Fund L.P., whose
general partner is HBK Capital L.P., whose general partner is HBK
Partners I L.P., whose general partner is HBK Management L.L.C.
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Pursuant to Rule 13d-2(a) of Regulation 13D-G of the General Rules
and Regulations under the Securities Exchange Act of 1934, as amended (the
"Act"), the undersigned hereby amend the Schedule 13D Statement of HBK
Investments L.P. dated September 11, 1996 (the "Schedule 13D"), relating to
the Common Stock, par value $0.01 per share, of Advanced Therapeutic Systems
Limited. Unless otherwise indicated, all defined terms used herein shall have
the same meanings as those set forth in the Schedule 13D.
ITEM 1. SECURITY AND ISSUER.
No material change.
ITEM 2. IDENTITY AND BACKGROUND.
No material change.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
Item 3 is hereby amended in its entirety to read as follows:
The source and amount of the funds used or to be used by each of the
Reporting Persons to purchase the shares of Common Stock are set forth below.
REPORTING PERSON SOURCE OF FUNDS AMOUNT OF FUNDS
Investments Working Capital
and Other (1)(2) $3,363,362
Main Street Working Capital
and Other (1) $1,770,614
Finance Working Capital $6,551,457
and Other (1)
(1) As used herein the term "Working Capital" includes income from
the business operations of the entity plus sums borrowed from, among other
sources, banks and brokerage firm margin accounts, to operate such business in
general. A portion of the funds reported herein was obtained from Bear,
Stearns & Co. Inc. as margin loans to acquire the shares of Common Stock, and
the remainder was obtained from Working Capital.
(2) The shares of Common Stock were purchased by HBK Securities
Ltd., which has no beneficial ownership of such shares of Common Stock.
ITEM 4. PURPOSE OF TRANSACTION.
No material change.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
Items 5(a) - (c) hereby are amended in their entireties to read as
follows:
(a)
Reporting Persons
Pursuant to an Investment Management Agreement, the aggregate number
of shares of the Common Stock that Investments owns beneficially, pursuant to
Rule 13d-3 of the Act, is 101,400, which constitutes approximately 2.6% of the
outstanding shares of Common Stock.
The aggregate number of shares of the Common Stock that Main Street
owns beneficially, pursuant to Rule 13d-3 of the Act, is 49,800, which
constitutes approximately 1.3% of the outstanding shares of Common Stock.
The aggregate number of shares of the Common Stock that Finance owns
beneficially, pursuant to Rule 13d-3 of the Act, is 224,400, which constitutes
approximately 5.7% of the outstanding shares of Common Stock.
Controlling Persons
Because of its position as the sole general partner of Investments,
Partners II may, pursuant to Rule 13d-3 of the Act, be deemed to be the
beneficial owner of 101,400 shares of Common Stock, which constitutes
approximately 2.6% of the outstanding shares of Common Stock.
Each of (1) Fund, as sole general partner of each of Main Street and
Finance, (2) Capital, as sole general partner of Fund, and (3) Partners I, as
sole general partner of Capital, may, pursuant to Rule 13d-3 of the Act, be
deemed to be the beneficial owner of 274,200 shares of the Common Stock, which
constitutes approximately 7.0% of the outstanding shares of Common Stock.
Each of (1) Management, as sole general partner of Partners I and
Partners II, and (2) the Managers, as controlling persons of Management, may,
pursuant to Rule 13d-3 of the Act, be deemed to be the beneficial owner of an
aggregate of 375,600 shares of the Common Stock, which constitutes
approximately 9.6% of the outstanding shares of Common Stock.
To the best of the knowledge of each of the Reporting Persons, other
than as set forth above, none of the persons named in Item 2 herein is the
beneficial owner of any shares of Common Stock.
(b)
Reporting Persons
Pursuant to an Investment Management Agreement, and acting through
its general partner, Partners II, Investments has the sole power to vote or to
direct the vote and to dispose or to direct the disposition of 101,400 shares
of the Common Stock.
Acting through its general partner, Fund, Main Street has the sole
power to vote or to direct the vote and to dispose or to direct the
disposition of 49,800 shares of the Common Stock.
Acting through its general partner, Fund, Finance has the sole power
to vote or to direct the vote and to dispose or to direct the disposition of
224,400 shares of the Common Stock.
Controlling Persons
Acting through its general partner, Management, and in its capacity
as the general partner of Investments, Partners II has the sole power to vote
or to direct the vote and to dispose or to direct the disposition of 101,400
shares of the Common Stock.
Acting through its general partner, Capital, and in its capacity as
the general partner of each of Main Street and Finance, Fund has the sole
power to vote or to direct the vote and to dispose or to direct the
disposition of 274,200 shares of the Common Stock.
Acting through its general partner, Partners I, and in its capacity
as the general partner of Fund, Capital has the sole power to vote or to
direct the vote and to dispose or to direct the disposition of 274,200 shares
of the Common Stock.
Acting through its general partner, Management, and in its capacity
as the general partner of Capital, Partners I has the sole power to vote or to
direct the vote and to dispose or to direct the disposition of 274,200 shares
of the Common Stock.
In its capacity as the general partner of Partners I, Management has
the sole power to vote or to direct the vote and to dispose or to direct the
disposition of 274,200 shares of the Common Stock. In its capacity as the
general partner of Partners II, Management has the sole power to vote or to
direct the vote and to dispose or to direct the disposition of 101,400 shares
of the Common Stock.
Managers
In his capacity as a controlling person of Management, each of the
Managers has the shared power to vote or to direct the vote and to dispose or
to direct the disposition of 375,600 shares of the Common Stock.
(c)
Since the most recent filing on Schedule 13D, the Reporting Persons
have purchased shares of Common Stock in open market transactions on the
American Stock Exchange as follows:
NUMBER OF SHARES PRICE PER
ITEM 2 PERSON DATE PURCHASED SHARE
Investments (1) 9/11/96 7,300 35.63
Investments (1) 9/11/96 13,400 35.50
Main Street 9/11/96 17,200 35.63
Main Street 9/11/96 31,600 35.50
(1) The shares of Common Stock were purchased by HBK Securities Ltd., which
has no beneficial ownership of such shares pursuant to an Investment
Management Agreement with Investments.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
No material change.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 99.1 -- Agreement pursuant to Rule 13d-1(f)(1)(iii), filed
herewith.<PAGE>
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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: September 13, 1996
HBK INVESTMENTS L.P.
By: /s/ H. Michael Reese
H. Michael Reese (1)
HBK MAIN STREET INVESTMENTS L.P.
By: /s/ H. Michael Reese
H. Michael Reese (2)
HBK FINANCE L.P.
By: /s/ H. Michael Reese
H. Michael Reese (3)
(1) An Authorization Certificate authorizing H. Michael Reese to act on
behalf of HBK Investments L.P. previously has been filed with the
Securities and Exchange Commission.
(2) An Authorization Certificate authorizing H. Michael Reese to act on
behalf of HBK Main Street Investments L.P. previously has been filed
with the Securities and Exchange Commission.
(3) An Authorization Certificate authorizing H. Michael Reese to act on
behalf of HBK Finance L.P. previously has been filed with the
Securities and Exchange Commission.
Exhibit 99.1
Pursuant to Rule 13d-1(f)(1)(iii) of Regulation 13D-G of the General
Rules and Regulations of the Securities and Exchange Commission under the
Securities Exchange Act of 1934, as amended, the undersigned agrees that the
statement to which this Exhibit is attached is filed on behalf of each of them
in the capacities set forth below.
HBK INVESTMENTS L.P.
By: /s/ H. Michael Reese
H. Michael Reese (1)
HBK MAIN STREET INVESTMENTS L.P.
By: /s/ H. Michael Reese
H. Michael Reese (2)
HBK FINANCE L.P.
By: /s/ H. Michael Reese
H. Michael Reese (3)
(1) An Authorization Certificate authorizing H. Michael Reese to act on
behalf of HBK Investments L.P. previously has been filed with the
Securities and Exchange Commission.
(2) An Authorization Certificate authorizing H. Michael Reese to act on
behalf of HBK Main Street Investments L.P. previously has been filed
with the Securities and Exchange Commission.
(3) An Authorization Certificate authorizing H. Michael Reese to act on
behalf of HBK Finance L.P. previously has been filed with the
Securities and Exchange Commission.