<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1 )*
---------
The New South Africa Fund, Inc.
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(Name of Issuer)
Common Stock, par value $ .001
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(Title of Class of Securities)
64880R101
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(CUSIP Number)
James J. Greenberger, Esq., 180 N. LaSalle St., Ste. 2700, Chicago, IL 60601
(312)346-1300
--------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
May 29, 1996 and June 14, 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 this 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).
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SCHEDULE 13D
CUSIP No. 64880R101 Page 2 of 9 Pages
--------- --- ---
- -------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON. S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSON
Hermes Investment Management Limited
- -------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER (a) /x/
OF A GROUP* (b) / /
- -------------------------------------------------------------------------------
(3) SEC USE ONLY
- -------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
AF
- -------------------------------------------------------------------------------
(5) CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United Kingdom
- -------------------------------------------------------------------------------
NUMBER OF SHARES (7) SOLE VOTING
BENEFICIALLY OWNED POWER 0
BY EACH REPORTING --------------------------------------------------
PERSON WITH (8) SHARED VOTING
POWER 0
--------------------------------------------------
(9) SOLE DISPOSITIVE
POWER 0
--------------------------------------------------
(10) SHARED DISPOSITIVE
POWER 0
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- -------------------------------------------------------------------------------
(12) CHECK 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*
1A
- -------------------------------------------------------------------------------
*SEE INSTRUCTION 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. 64880R101 Page 3 of 9 Pages
--------- --- ---
- -------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON. S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSON
Hermes Pensions Management Limited
- -------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER (a) /x/
OF A GROUP* (b) / /
- -------------------------------------------------------------------------------
(3) SEC USE ONLY
- -------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
AF
- -------------------------------------------------------------------------------
(5) CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United Kingdom
- -------------------------------------------------------------------------------
NUMBER OF SHARES (7) SOLE VOTING
BENEFICIALLY OWNED POWER 0
BY EACH REPORTING --------------------------------------------------
PERSON WITH (8) SHARED VOTING
POWER 0
--------------------------------------------------
(9) SOLE DISPOSITIVE
POWER 0
--------------------------------------------------
(10) SHARED DISPOSITIVE
POWER 0
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- -------------------------------------------------------------------------------
(12) CHECK 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*
1A
- -------------------------------------------------------------------------------
*SEE INSTRUCTION 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. 64880R101 Page 4 of 9 Pages
--------- --- ---
- -------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON. S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSON
BT Pension Scheme
- -------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER (a) /x/
OF A GROUP* (b) / /
- -------------------------------------------------------------------------------
(3) SEC USE ONLY
- -------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
WC
- -------------------------------------------------------------------------------
(5) CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United Kingdom
- -------------------------------------------------------------------------------
NUMBER OF SHARES (7) SOLE VOTING
BENEFICIALLY OWNED POWER 0
BY EACH REPORTING --------------------------------------------------
PERSON WITH (8) SHARED VOTING
POWER 0
--------------------------------------------------
(9) SOLE DISPOSITIVE
POWER 0
--------------------------------------------------
(10) SHARED DISPOSITIVE
POWER 0
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- -------------------------------------------------------------------------------
(12) CHECK 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*
EP
- -------------------------------------------------------------------------------
*SEE INSTRUCTION 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. 64880R101 Page 5 of 9 Pages
--------- --- ---
- -------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON. S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSON
Post Office Staff Superannuation Scheme
- -------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER (a) /x/
OF A GROUP* (b) / /
- -------------------------------------------------------------------------------
(3) SEC USE ONLY
- -------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
WC
- -------------------------------------------------------------------------------
(5) CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United Kingdom
- -------------------------------------------------------------------------------
NUMBER OF SHARES (7) SOLE VOTING
BENEFICIALLY OWNED POWER 0
BY EACH REPORTING --------------------------------------------------
PERSON WITH (8) SHARED VOTING
POWER 0
--------------------------------------------------
(9) SOLE DISPOSITIVE
POWER 0
--------------------------------------------------
(10) SHARED DISPOSITIVE
POWER 0
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- -------------------------------------------------------------------------------
(12) CHECK 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*
EP
- -------------------------------------------------------------------------------
*SEE INSTRUCTION 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. 64880R101 Page 6 of 9 Pages
--------- --- ---
- -------------------------------------------------------------------------------
(1) NAME OF REPORTING PERSON. S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE
PERSON
Post Office Pension Scheme
- -------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER (a) /x/
OF A GROUP* (b) / /
- -------------------------------------------------------------------------------
(3) SEC USE ONLY
- -------------------------------------------------------------------------------
(4) SOURCE OF FUNDS*
WC
- -------------------------------------------------------------------------------
(5) CHECK IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEMS 2(d) or 2(e) / /
- -------------------------------------------------------------------------------
(6) CITIZENSHIP OR PLACE OF ORGANIZATION
United Kingdom
- -------------------------------------------------------------------------------
NUMBER OF SHARES (7) SOLE VOTING
BENEFICIALLY OWNED POWER 0
BY EACH REPORTING --------------------------------------------------
PERSON WITH (8) SHARED VOTING
POWER 0
--------------------------------------------------
(9) SOLE DISPOSITIVE
POWER 0
--------------------------------------------------
(10) SHARED DISPOSITIVE
POWER 0
- -------------------------------------------------------------------------------
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
- -------------------------------------------------------------------------------
(12) CHECK 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*
EP
- -------------------------------------------------------------------------------
*SEE INSTRUCTION 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 - PAGE 7 OF 9 PAGES
SCHEDULE 13D
THE NEW SOUTH AFRICA FUND, INC.
(CUSIP NO. 64880R101)
REPORTING GROUP: HERMES INVESTMENT MANAGEMENT LIMITED
HERMES PENSIONS MANAGEMENT LIMITED
BT PENSION SCHEME
POST OFFICE STAFF SUPERANNUATION SCHEME
POST OFFICE PENSION SCHEME
ITEM 1. SECURITY AND ISSUER
This statement relates to the common stock of The New South Africa Fund,
Inc., par value $.001 per share. The principal executive offices of The New
South Africa Fund, Inc. are located at 245 Park Avenue, New York, NY 10167.
ITEM 2. IDENTITY AND BACKGROUND
The persons filing this statement are Hermes Investment Management Limited
("Hermes Investment"), Hermes Pensions Management Limited ("Hermes Pensions"),
the BT Pension Scheme ("BT") the Post Office Staff Superannuation Scheme
("POSS"), the Post Office Pension Scheme ("POPS") (BT, POSS and POPS being
hereafter collectively referred to as the "Schemes"). The Schemes are each
employee pension funds organized under the laws of the United Kingdom. Hermes
Investment and Hermes Pensions are companies organized under the laws of the
United Kingdom. Hermes Investment is a wholly-owned subsidiary of Hermes
Pensions. The sole business of Hermes Pensions and Hermes Investment is
managing the investments of the Schemes. The principal offices of each of the
reporting persons is located at Standon House, 21 Mansell Street, London E1 8AA,
United Kingdom. During the last five years none of the reporting persons has
been convicted of any criminal offense or has been subject to any judgment,
decree or final order relating to federal or state securities laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
Not applicable as the reported transactions are sales and not purchases.
<PAGE>
SCHEDULE 13D - PAGE 8 OF 9
ITEM 4. PURPOSE OF TRANSACTION
The sales reported on this Amendment were effected in the ordinary course
of business of the reporting persons for investment purposes. None of the
reporting persons has any plans or proposals which relate to or would result in
any of the actions or events described in subsections (a) through (j) of Item 4.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) After giving effect to the sales reported on in this Amendment, none
of the reporting persons owns any securities of the issuer.
(b) Not applicable.
(c) Within the past 60 days, Hermes Investment, acting on behalf of the
reporting persons, sold the common stock of the issuer for the account of the
indicated beneficiary through Barings Securities and Caspian Securities as
follows:
TRADE DATE BT POSS POPS PRICE
- ---------- -- ---- ---- -----
May 29, 1996 35,675 51,425 12,900 $13.50
June 14, 1996 315,725 455,125 0 $13.375
(d) Not applicable
(e) June 14, 1996
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Pursuant to Investment Management Agreements between Hermes Investment and
each of the Schemes, dated March 31, 1995, Hermes Investment acts as an
investment advisor to the Schemes and has sole voting power and power to direct
the disposition of securities acquired for their benefit by Hermes Investment.
Hermes Pensions is a wholly-owned subsidiary of BT and Hermes Investment is a
wholly-owned subsidiary of Hermes Pensions.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Not applicable.
<PAGE>
SCHEDULE 13D - PAGE 9 OF 9
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: June 28, 1996
HERMES INVESTMENT HERMES PENSIONS
MANAGEMENT LIMITED MANAGEMENT LIMITED
By: /s/F.W. Le Grice By: /s/F.W. Le Grice
---------------------- ----------------------
Name: F.W. Le Grice Name: F.W. Le Grice
-------------------- --------------------
Title: Company Secretary Title: Company Secretary
POST OFFICE STAFF BT PENSION SCHEME
SUPERANNUATION SCHEME
By: /s/M.C. Duncombe By: /s/C. Hartridge-Price
---------------------- ----------------------
Name: M.C. Duncombe Name: C. Hartridge-Price
-------------------- --------------------
Title: Chief Executive Title: Secretary to the Trustees
POST OFFICE PENSION SCHEME
By: /s/M.C. Duncombe
----------------
Name: M.C. Duncombe
-------------
Title: Chief Executive
