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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. *)
Telcom Semiconductor, Inc.
(Name of Issuer)
Common Stock
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(Title of Class of Securities)
87921P107
(CUSIP Number)
Eric M. Sippel, Esq.
Shartsis Friese & Ginsburg LLP
One Maritime Plaza, 18th Floor
San Francisco, CA 94111
(415) 421-6500
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
November 20, 1997
(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 / /.
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).
Potential persons who are to respond to the collection of information
contained in this form are not required to respond unless the form displays
a currently valid OMB control number.
SEC 1746 (10-97)
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CUSIP No. 87921P107 Page 2 of 11 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Spinnaker Technology Fund, L.P.
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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
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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
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 230,000
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
230,000
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
230,000
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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)
1.4%
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14 TYPE OF REPORTING PERSON*
PN<PAGE>
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CUSIP No. 87921P107 Page 3 of 11 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Spinnaker Founders Fund, L.P.
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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
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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
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 458,259
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
458,259
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
458,259
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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)
2.8%
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14 TYPE OF REPORTING PERSON*
PN
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CUSIP No. 87921P107 Page 4 of 11 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Bowman 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
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4 SOURCE OF FUNDS*
AF
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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
Delaware
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 915,059
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
915,059
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
915,059
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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)
5.6%
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14 TYPE OF REPORTING PERSON*
IA 00
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CUSIP No. 87921P107 Page 5 of 11 Pages
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1 NAME OF REPORTING PERSON
SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON
Lawrence A. Bowman
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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
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4 SOURCE OF FUNDS*
AF
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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
United States
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NUMBER OF 7 SOLE VOTING POWER
SHARES 0
BENEFICIALLY --------------------------------------------------
OWNED BY 8 SHARED VOTING POWER
EACH 915,059
REPORTING --------------------------------------------------
PERSON 9 SOLE DISPOSITIVE POWER
WITH 0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
915,059
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
915,059
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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)
5.6%
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14 TYPE OF REPORTING PERSON*
IN
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CUSIP No. 87921P107 Page 6 of 11 Pages
ITEM 1. SECURITY AND ISSUER.
This statement relates to shares of Common Stock (the "Stock") of Telcom
Semiconductor, Inc. ("Telcom"). The principal executive office of Telcom is
located at 1300 Terra Bella, Mountain View, California 94039.
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) The persons filing this statement are Bowman Capital Management,
L.L.C. ("LLC"), Lawrence A. Bowman ("Bowman"), Spinnaker Technology Fund,
L.P., a Delaware limited partnership ("Spinnaker Tech") and Spinnaker
Founders Fund, L.P., a Delaware limited partnership ("Spinnaker Founders").
(b) The business address of LLC, Bowman, Spinnaker Tech and Spinnaker
Founders is 1875 South Grant Street, Suite 600, San Mateo, California 94402.
(c) Bowman is the manager and principal member of the LLC which serves
as the investment adviser to and the general partner of Spinnaker Tech and
Spinnaker Founders, both investment limited partnerships.
(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) Bowman is a citizen of the United States of America.
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CUSIP No. 87921P107 Page 7 of 11 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 Affiliate $8,369,565 (1)
Spinnaker Founders Working Capital $4,424,845
Spinnaker Tech Working Capital $1,985,573
(1) This amount represents purchases of the Stock for Spinnaker Tech,
Spinnaker Founders and for separate account clients of the LLC.
ITEM 4. PURPOSE OF TRANSACTION.
The principal purpose of the acquisition of the Stock is investment.
Although the persons named in Item 2 hereof may acquire or dispose of
additional securities of Telcom, the persons named in Item 2 of this
statement have no current plans or proposals that relate to or would result
in:
(a) An extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving Telcom or any of its subsidiaries;
(b) A sale or transfer of a material amount of assets of Telcom or of
any of its subsidiaries;
(c) Any change in the present board of directors or management of
Telcom, including any plans or proposals to change the number or term of
directors or to fill any existing vacancies on the board;
(d) Any material change in the present capitalization or dividend
policy of Telcom;
(e) Any other material change in Telcom's business or corporate
structure;
(f) Changes in Telcom's charter, by-laws or instruments corresponding
thereto or other actions which may impede the acquisition of control of
Telcom by any person;
(g) Causing a class of securities of Telcom to be delisted from a
national securities exchange or to cease to be authorized to be quoted in an
inter-dealer quotation system of a registered national securities
association;
(h) A class of equity securities of Telcom becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the Act; or
(i) Any action similar to any of those enumerated above.
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CUSIP No. 87921P107 Page 8 of 11 Pages
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
Bowman 915,059 10% 0 915,059 0 915,059
LLC 915,059 10% 0 915,059 0 915,059
Spinnaker Tech 230,000 1.4% 0 230,000 0 230,000
Spinnaker Founders 458,259 2.8% 0 458,259 0 458,259
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 September 21, 1997:
Purchase Number Price
Name or Sale Date of Shares Per Share
Spinnaker Tech BUY 9/30/97 6,000 13.750000
Spinnaker Tech BUY 10/09/97 10,000 12.000000
Spinnaker Tech BUY 10/17/97 52,000 11.581300
Spinnaker Tech BUY 10/29/97 11,000 9.319400
Spinnaker Tech BUY 11/14/97 15,000 9.500000
Spinnaker Tech BUY 12/30/97 129,000 7.125000
Spinnaker Tech SELL 1/30/98 105,000 10.250000
Spinnaker Tech BUY 2/11/98 1,000 9.500000
Spinnaker Tech BUY 2/11/98 12,000 9.700000
Spinnaker Tech BUY 2/12/98 12,000 9.700000
LLC BUY 9/30/97 4,000 13.750000
LLC BUY 10/09/97 10,000 12.000000
LLC BUY 10/17/97 48,000 11.581300
LLC BUY 10/29/97 11,500 9.319400
LLC BUY 11/14/97 15,000 9.500000
LLC BUY 12/30/97 126,000 7.125000
LLC SELL 1/30/98 95,000 10.250000
LLC BUY 2/11/98 13,000 9.700000
LLC BUY 2/12/98 13,000 9.700000
Spinnaker Founders BUY 10/20/97 50,000 12.000000
Spinnaker Founders BUY 10/20/97 52,000 11.722400
Spinnaker Founders BUY 10/22/97 3,400 11.000000
Spinnaker Founders BUY 10/28/97 140,000 8.464300
Spinnaker Founders BUY 11/03/97 25,000 10.500000
Spinnaker Founders BUY 11/13/97 35,000 8.607100
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CUSIP No. 87921P107 Page 9 of 11 Pages
Purchase Number Price
Name or Sale Date of Shares Per Share
Spinnaker Founders BUY 11/17/97 30,000 9.875000
Spinnaker Founders SELL 12/30/97 255,000 7.125000
Spinnaker Founders BUY 1/30/98 200,000 10.250000
Spinnaker Founders BUY 2/13/98 2,799 9.750000
All purchases and sales were executed as open market transactions.
ITEM. 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
LLC serves as General Partner to Spinnaker Tech and Spinnaker Founders
pursuant to Limited Partnership Agreements which provide LLC with the
authority to purchase, vote and dispose of securities for Spinnaker Tech and
Spinnaker Founders. LLC is entitled to fees based on assets under management
and special profit allocations based on realized and unrealized gains and
losses, if certain conditions are met. Pursuant to Investment Management
Agreements, LLC is authorized, among other things, to invest funds of its
various investment advisory clients and to vote and dispose of those
securities. Such investment management agreements may be terminated by
either party on notice as provided in such agreements and provide for fees
payable to LLC based on assets under management and realized and unrealized
gains.
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CUSIP No. 87921P107 Page 10 of 11 Pages
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
A. Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G.
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 AS OF: February 17, 1998
Spinnaker Technology Fund, L.P.
By: Bowman Capital Management, L.L.C., General Partner
By: /s/ Lawrence A. Bowman
Lawrence A. Bowman, Manager
/s/ Lawrence A. Bowman
Lawrence A. Bowman
Bowman Capital Management, L.L.C.
By: /s/ Lawrence A. Bowman
Lawrence A. Bowman, Manager
Spinnaker Founders Fund, L.P.
By: Bowman Capital Management, L.L.C., General Partner
By: /s/ Lawrence A. Bowman
Lawrence A. Bowman, Manager
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CUSIP No. 87921P107 Page 11 of 11 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 Common Stock of Telcom Semiconductor, Inc. For that
purpose, the undersigned hereby constitute and appoint Bowman Capital
Management, L.L.C., a Delaware 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 AS OF: February 17, 1998.
Spinnaker Technology Fund, L.P.
By: Bowman Capital Management, L.L.C., General Partner
By: /s/ Lawrence A. Bowman
Lawrence A. Bowman, Manager
/s/ Lawrence A. Bowman
Lawrence A. Bowman
Bowman Capital Management, L.L.C.
By: /s/ Lawrence A. Bowman
Lawrence A. Bowman, Manager
Spinnaker Founders Fund, L.P.
By: Bowman Capital Management, L.L.C., General Partner
By: /s/ Lawrence A. Bowman
Lawrence A. Bowman, Manager
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