<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 0)*
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
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
July 19, 1994
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(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 /X/. (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).
(Continued on following page(s))
Page 1 of 11 Pages
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CUSIP No. 64880R101 13D Page 2 of 11 Pages
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
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 Box 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 870,850
by Each Reporting --------------------------------------------------
Person With (8) Shared Voting
Power 0
--------------------------------------------------
(9) Sole Dispositive
Power 870,850
--------------------------------------------------
(10) Shared Dispositive
Power 0
- -------------------------------------------------------------------------------
(11) Aggregate Amount Beneficially Owned by Each Reporting Person
870,850
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
18.3%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
IA
- -------------------------------------------------------------------------------
*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>
CUSIP No. 64880R101 13D Page 3 of 11 Pages
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
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 Box 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
870,850
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
18.3%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
IA
- -------------------------------------------------------------------------------
*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>
CUSIP No. 64880R101 13D Page 4 of 11 Pages
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
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 Box 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
351,400
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
7.4%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
EP
- -------------------------------------------------------------------------------
*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>
CUSIP No. 64880R101 13D Page 5 of 11 Pages
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
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 Box 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
506,550
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
10.6%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
EP
- -------------------------------------------------------------------------------
*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>
CUSIP No. 64880R101 13D Page 6 of 11 Pages
- -------------------------------------------------------------------------------
(1) Names of Reporting Persons. S.S. or I.R.S. Identification Nos. of Above
Persons
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 Box 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
12,900
- -------------------------------------------------------------------------------
(12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares* / /
- -------------------------------------------------------------------------------
(13) Percent of Class Represented by Amount in Row (11)
0.3%
- -------------------------------------------------------------------------------
(14) Type of Reporting Person*
EP
- -------------------------------------------------------------------------------
*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 Page 7 of 11 Pages
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. is 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"), and 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 Pensions was, prior to March 31,
1995, known as Postel Investment Management Limited and was jointly owned by
BT and POSS. On March 31, 1995, Hermes Pensions became a wholly-owned
subsidiary of BT and Hermes Investment was organized as 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
All funds used to make the purchases reported on this form were obtained
from the working capital the Schemes. Prior to the purchases reported on
this form, Hermes Pensions had acquired 42,600 shares of the common stock of
the issuer for the account of BT and 130,900 shares of the common stock of
the issuer for the account of POSS.
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Schedule 13D Page 8 of 11 Pages
ITEM 4. PURPOSE OF TRANSACTION
All purchases reported on this form were made for investment purposes
only. 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) Based upon the issuer's proxy statement, filed April 10, 1995, the
reporting persons believe that approximately 4,757,169 shares of the common
stock of the issuer are outstanding. The aggregate number and percentage of
the class of securities reported on beneficially owned by the reporting
persons is as follows:
Reporting Person Number of Shares Percentage
- ---------------- ---------------- ----------
Hermes Investment 870,850 18.3%
Hermes Pensions 870,850 18.3%
BT 351,400 7.4%
POSS 506,550 10.6%
POPS 12,900 0.3%
(b) Hermes Investment has the sole power to vote and the sole power to
direct the disposition of all of the securities beneficially owned by the
reporting persons, comprising 870,850 shares of the common stock of the
issuer.
(c) Hermes Investment (or, prior to March 31, 1995, Hermes Pensions)
made the following purchases of common stock of the issuer for the account of
the indicated beneficiary through brokers in New York and London. No sales
were made during the period referenced below; reductions (indicated in
brackets) refer to reallocations of interest in the reported on securities
held by Hermes Investment between and among the Schemes:
Date BT POSS POPS Price
- ---- -- ---- ---- -----
07/19/94 29,250 21,200 $13.50
07/22/94 29,000 21,000 $13.135
07/29/94 20,000 $13.00
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Schedule 13D Page 9 of 11 Pages
08/25/94 40,800 $13.375
10/04/94 11,600 8,400 $13.25
10/12/94 20,500 $13.60
10/13/94 60,000 $13.70
10/14/94 30,500 $13.75
11/09/94 12,000 $14.375
11/30/94 20,000 $14.125
12/09/94 30,000 $13.875
12/20/94 78,000 17,000 $14.875
12/22/94 61,400 $15.125
01/11/95 50,000 $14.125
03/06/95 (84,450) 84,450 $15.42+
03/28/95 30,100 27,100 $14.125
05/04/95 30,000 $15.00
11/24/95 45,000 23,600 (68,600) $17.28+
11/27/95 32,800 17,200 $15.375
11/30/95 17,500 11,500 (29,000) $18.33+
+ Internal reallocation of interest between the Schemes; no consideration
paid.
(d) Not applicable.
(e) Not applicable.
<PAGE>
Schedule 13D Page 10 of 11 Pages
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 BT and POSS, and a Novation Deed between and among Hermes
Investment, Hermes Pensions and POPS (with respect to an earlier investment
management agreement between Hermes Pensions and POPS), each 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.
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Schedule 13D Page 11 of 11 Pages
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: April 16, 1996
HERMES INVESTMENT HERMES PENSIONS
MANAGEMENT LIMITED MANAGEMENT LIMITED
By: /s/ F.W Le Grice By: /s/ F.W. Le Grice
--------------------------- ---------------------------
Title: Company Secretary Title: Company Secretary
BT PENSION SCHEME POST OFFICE STAFF
SUPERANNUATION SCHEME
By: /s/ illegible By: /s/ M.C. Duncombe
--------------------------- ---------------------------
Title: Secretary Title: Chief Executive
POST OFFICE PENSION SCHEME
By: /s/ M.C. Duncombe
---------------------------
Title: Chief Executive
