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FORM 3
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935 or
Section 30(f) of the Investment Company Act of 1940
[ ] Check this box if no
longer subject to Section
16. Form 4 or Form 5
obligations may continue.
See Instruction 1(b).
(Print or Type Responses)
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1. Name and Address of Reporting Person*
Danish Investment Fund for Central and Eastern Europe
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(Last) (First) (Middle)
4, Bremerholm
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(Street)
DK-1069 Copenhagen K
Denmark
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(City) (State) (Zip)
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2. Date of Event Requiring Statement (Month/Day/Year)
May 12, 1999
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Issuer Name and Ticker of Trading Symbol
Hungarian Telephone and Cable Corp. (HTC)
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5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
[ ] Director
[X] 10% Owner
[ ] Officer (give title below)
[ ] Other (specify below)
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6. If Amendment, Date of Original (Month/Day/Year)
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7. Individual or Joint/Group Filing
(Check Applicable Line)
[X] Form filed by One Reporting Person
[ ] Form filed by More than One Reporting Person
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<TABLE>
<CAPTION>
TABLE I--Non-Derivative Securities Beneficially Owned
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1. Title of Security 2. Amount of Securities 3. Ownership 4. Nature of Indirect
(Instr. 4) Beneficially Owned Form: Direct Beneficial Ownership
(Instr. 4) (D) or Indirect (Instr. 5)
(I) (Instr. 5)
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<S> <C> <C> <C>
Common Stock, par value $.001 per share 1,285,714 (D)
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</TABLE>
Reminder: Report on a separate line for each class of securities beneficially
owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction
5(b)(v). SEC 1473 (9-96)
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FORM 3 (CONTINUED)
<TABLE>
<CAPTION>
TABLE II--DERIVATIVE SECURITIES BENEFICIALLY OWNED (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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1. Title of Derivative 2. Date Exer- 3. Title and Amount of Securities 4. Conver- 5. Owner- 6. Nature of
Security (Instr. 4) cisable and Underlying Derivative Security sion or ship Indirect
Expiration (Instr. 4) Exercise Form of Beneficial
Date ----------------------------------- Price of Deriv- Ownership
(Month/Day/Year) Deriv- ative (Instr. 5)
--------------------- Amount ative Security:
of Security Direct
Date Expira- Title Number (D) or
Exer- tion of Indirect
cisable Date Shares (I)
(Instr. 5)
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<S> <C> <C> <C> <C> <C> <C> <C>
put options (1)
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</TABLE>
Explanation of Responses:
(1) Pursuant to the Shareholders' Agreement Concerning Hungarian Telephone and
Cable Corp between Tele Danmark A/S ("TD") and The Investment Fund for
Central and Eastern Europe ("IFCE")dated May 11, 1999, IFCE has the right
to sell to TD and TD has the obligation to purchase all of the shares of
Common Stock of the Issuer (1) owned by IFCE from May 11, 1999 to June 25,
1999 and from May 15, 2002 to June 15, 2004 or (2) in the event the Issuer
starts activities outside the former Warsaw Pact countries in Central and
Eastern Europe. The purchase price will be calculated to correspond to a
return on IFCE's purchase price of 10% per year, including compounded
interest in the case the shares are sold pursuant to (1) above or 12% per
year, including compounded interest in the case the shares are sold
pursuant to (2) above.
In addition, from May 15, 2002 to June 15, 2004, IFCE has the obligation to
sell to TD and TD has the right to purchase all of the shares of Common
Stock of the Issuer owned by IFCE. The purchase price will be calculated to
correspond to a return on IFCE's purchase price of 12% per year, including
compounded interest.
** Intentional misstatements or omissions of facts constitute Federal Criminal
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Danish Investment Fund for Central and Eastern Europe
/s/Torben Huss
By: /s/Frank N. Larsen June 18, 1999
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Name: Torben Huss Date
Title: Department Director
Name: Frank N. Larsen
Title: Deputy Managing Director
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SEC 1473 (9-96)
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