Securities and Exchange Commission
Washington, D.C. 20549
-------------------------------
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Amendment No. 8
Central European Value Fund, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
153455100
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(CUSIP Number)
Ralph W. Bradshaw
c/o Deep Discount Advisors, Inc.
One West Pack Square, Suite 777
Asheville, NC 28801
(828) 255-4833
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 15, 1999
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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. [ ]
<PAGE>
CUSIP No.: 153455100 13D Page 2
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. ID NO. OF ABOVE PERSON
Deep Discount Advisors, Inc.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) [ ]
OF A GROUP (b) [ ]
===========================================================================
3 SEC USE ONLY
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4 SOURCE OF FUNDS OO
===========================================================================
5 CHECK BOX IF DISCLOSURE OF LEGAL [ ]
PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) OR 2(e)
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
One West Pack Square, Suite 777 Asheville, NC 28801
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NUMBER OF | | SOLE VOTING POWER
SHARES | 7 | 1485400
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BENEFICIALLY | | SHARED VOTING POWER 0
OWNED | 8 |
============================================================================
BY EACH | | SOLE DISPOSITIVE POWER 1485400
REPORTING | 9 |
============================================================================
PERSON | | SHARED DISPOSITIVE POWER 0
WITH | 10 |
============================================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON 1485400
=======================================================================
12 CHECK IF THE AGGREGATE AMOUNT IN ROW [ ]
(11) EXCLUDES CERTAIN SHARES
=======================================================================
13 PERCENT OF CLASS REPRESENTED BY
AMOUNT IN ROW (11) 25.3%
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14 TYPE OF REPORTING PERSON IA
======================================================================
<PAGE>
CUSIP No.: 153455100 13D Page 3
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===============================================================================
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. ID NO. OF ABOVE PERSON
Ron Olin Investment Management Company
===============================================================================
2 CHECK THE APPROPRIATE BOX IF A MEMBER (a) [ ]
OF A GROUP (b) [ ]
========================================================================
3 SEC USE ONLY
======================================================================
4 SOURCE OF FUNDS OO
======================================================================
5 CHECK BOX IF DISCLOSURE OF LEGAL [ ]
PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) OR 2(e)
======================================================================
6 CITIZENSHIP OR PLACE OF ORGANIZATION
One West Pack Square, Suite 777 Asheville, NC 28801
=====================================================================
NUMBER OF | | SOLE VOTING POWER
SHARES | 7 | 829600
=====================================================================
BENEFICIALLY | | SHARED VOTING POWER 0
OWNED | 8 |
====================================================================
BY EACH | | SOLE DISPOSITIVE POWER 829600
REPORTING | 9 |
=====================================================================
PERSON | | SHARED DISPOSITIVE POWER 0
WITH | 10 |
======================================================================
11 AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON 829600
=====================================================================
12 CHECK IF THE AGGREGATE AMOUNT IN ROW [ ]
(11) EXCLUDES CERTAIN SHARES
=========================================================================
13 PERCENT OF CLASS REPRESENTED BY
AMOUNT IN ROW (11) 14.1%
=======================================================================
14 TYPE OF REPORTING PERSON IA
=========================================================================
<PAGE>
This Amendment No. 8 amends and supplements information in Item 4 and
Item 5 and adds Exhibit 1.
ITEM 4. PURPOSE OF TRANSACTION
The reporting persons have sent the issuer a letter recommending that the Board
of Directors of the issuer be expanded to include additional Directors with a
greater focus on enhancing shareholder value. In addition, advance notice was
provided to the issuer of the reporting persons' intent to submit nominations
for Director and solicit proxies in the upcoming annual meeting. A copy of the
letter is included as Exhibit 1 attached to this filing.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a) The Fund's semi-annual report, dated April 14,1999,
states that, as of the close of business on February 28, 1999, there were
5,878,047 shares of Common Stock outstanding. The percentage set forth in
this Item 5(a) was derived using such number.
The Reporting Persons are the beneficial owners of 2,315,000
shares of Common Stock, which constitute approximately 39.4% of the outstanding
shares of Common Stock.
(b) Power to vote and to dispose of the securities resides
with the Reporting Persons.
(c) Since the last filing, the following shares
of Common Stock were traded on the open market:
Date Number of Shares Price Per Share
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8/11/99 16200 bought 11.4676
8/16/99 3100 bought 11.621
8/17/99 500 bought 11.375
8/18/99 3000 bought 11.25
8/19/99 4000 bought 11.6875
8/23/99 1600 bought 11.5
8/24/99 3700 bought 11.4527
8/25/99 25700 bought 11.6167
8/26/99 1000 bought 11.4875
8/30/99 3800 bought 11.375
8/31/99 21200 bought 11.25
9/2/99 1200 bought 11
9/3/99 5700 bought 10.9759
9/7/99 2000 bought 10.9375
9/8/99 11800 bought 11.125
9/9/99 3500 bought 11.25
9/10/99 1600 bought 11.25
9/13/99 4000 bought 11.125
9/14/99 2000 bought 11.1094
9/15/99 12900 bought 10.8866
<PAGE>
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.
Date: September 16, 1999 Deep Discount Advisors, Inc.
By: /s/ Ralph W. Bradshaw
----------------------------
Name: Ralph W. Bradshaw
Title: Secretary
EXHIBIT 1
DEEP DISCOUNT ADVISORS INC.
Enhanced Performance through Closed-End Fund Investments
One West Pack Square, Suite 777, Asheville, NC 28801
828-274-1863 Fax: 828-255-4834
Mr. Stephen Treadway, Chairman September 16, 1999
and all Board Members cy: Paul F. Roye, Chairman
Ms. Deborah Kaback, Secretary Division of Investment Management
The Central European Value fund, Inc. Securities and Exchange Commission
Oppenheimer Capital Mail Stop 5-6
Oppenheimer Tower, One World Financial Center 450 Fifth Street, N.W.
225 Liberty Street Washington, D.C. 20549
New York, N.Y. 10281
Re: Formal Advanced Notice of Director Nominees
and Recommendations to the Board of Directors
Dear Mr. Treadway, Ms. Kaback, and Members of the Board:
As you know, Deep Discount Advisors, Inc. and Ron Olin Investment Management
Company are representatives of the largest beneficial shareholder of The Central
European Value Fund. In anticipation of the next annual meeting scheduled for
December, 1999, we have a recommendation for the Board of Directors that we
think will result in strengthening the existing Board by augmenting it with
additional Board members who could represent a broader base of shareholder
interests. Specifically, we recommend that the Board be expanded to a total of
eleven (11) members as permitted by the By-Laws of the Fund. This measure could
be partially implemented by appointing two new Board members immediately. If
this recommendation is approved by the current Board, then up to eight (8) Board
members would be standing for election at the next annual meeting. These would
include the two (2) current, incumbent Board members plus six (6) new Board
members to fill out the newly expanded Board to eleven.
This letter will also serve as our formal advanced notice that we intend to
nominate Board candidates at the next annual meeting. In the event that the
Board is expanded to the permissible limit of eleven Directors, the maximum
number that we will be nominating is six (6) new Board candidates. The names,
addresses, and brief biographies of our nominees are included on the attached
exhibit. In the event that fewer than six (6) Board candidates are standing for
election, the candidates that we intend to nominate will be taken in the order
listed on the attached exhibit, e.g. if only two Board seats are up for
election, then our nominees would be Ron Olin and Ralph Bradshaw. All of our
nominees have agreed to serve, and in the currently unanticipated event that one
or more of them are unable to serve, then they would be replaced with other
nominees of our choosing.
This advanced notice of our nominees for Directors of the Fund does not preclude
the submission of additional advanced notice (within the period required by the
Fund's By-Laws) of other shareholder proposals that we may present at the next
annual meeting.
With regard to the advanced notice of our Director nominees, if you need any
additional information in order to comply fully with the Fund's notification
requirements, please advise us accordingly within five (5) business days.
If you would like to discuss our recommendation or any other matters relevant to
the upcoming annual meeting, I am available at your convenience.
Sincerely,
Ronald G. Olin
Chairman, Deep Discount Advisors, Inc.
attch
Name and Address Age Principal Occupation Past Five Years
Ronald G. Olin
One West Pack Square
Suite 777
Asheville, NC 28801 54 Chief Executive Officer of Deep Discount
Advisors, Inc., an investment advisory
firm; General Partner of Ron Olin
Investment Management Co.; Chairman and
Director of Clemente Strategic Value Fund,
Inc., and Director of The Austria Fund,
Inc., both closed-end investment companies.
Shares of Central European
Value Fund, Inc. (9-15-99) 3,200
Ralph W. Bradshaw
One West Pack Square
Suite 777
Asheville, NC 28801 48 Vice President of Deep Discount Advisors,
Inc., an investment advisory firm; Director
of Clemente Strategic Value Fund, Inc., and
Director of The Austria Fund, Inc., both
closed-end investment companies.
Shares of Central European
Value Fund, Inc. (9-15-99) 800
William A. Clark
One West Pack Square
Suite 777
Asheville, NC 28801 53 Principal of Deep Discount Advisors, Inc.,
an investment advisory firm; Director of
Clemente Strategic Value Fund, Inc., and
Director of The Austria Fund, Inc., both
closed-end investment companies.
Shares of Central European
Value Fund, Inc. (9-15-99) 2,600
Gary A. Bentz
One West Pack Square
Suite 777
Asheville, NC 28801 43 Chief Financial Officer and Treasurer of
Deep Discount Advisors, Inc., an investment
advisory firm; Director of Clemente
Strategic Value Fund, Inc., and Director of
The Austria Fund, Inc., both closed-end
investment companies.
Shares of Central European
Value Fund, Inc. (9-15-99) 4,800
Glenn W. Wilcox, Sr.
418 Vanderbilt Road
Asheville, NC 28803 67 Chairman of the Board and Chief Executive
Officer of Wilcox Travel Agency; Director
of Champion Industries, Inc.; Chairman of
the Board of Blue Ridge Printing Co., Inc.;
Chairman of the Board of Tower Associates,
Inc.; Director of Asheville Chamber of
Commerce; Vice Chairman of the Board of
First Union National Bank; Board of Trustees
of Appalachian State University; Board of
Trustees and Board of Directors of Mars Hill
College.
Shares of Central European
Value Fund, Inc. (9-15-99) - 0 -
Andrew Strauss
77 Central Ave,
Suite F
Asheville, NC 28801 45 Attorney and senior member of Strauss &
Associates, PA., attorneys, Asheville, N.C.;
Previous President of White Knight
Healthcare, Inc., and LMV Leasing, Inc., a
wholly owned subsidiary of Xerox Credit
Corporation.
Shares of Central European
Value Fund, Inc. (9-15-99) 2,600
