UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
SCHEDULE 13D/A
Under the Securities Exchange Act of 1934
(Amendment No. 4)
Formula Systems (1985) Ltd.
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(Name of Issuer)
Ordinary Shares
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(Title of Class of Securities)
346414 105
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(CUSIP Number)
Gillon Beck Dan Goldstein
----------------------------------------- -------------------------------------
FIMGold, Limited Partnership Formula Systems (1985) Ltd.
c/o FIMI 2001 Ltd.
"Rubinstein House" 3 Abba Eban Boulevard
37 Petach Tikva Road Herzlia, Israel
Tel Aviv, Israel
+972-3-565-2244
+972-9-959-8800
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
September 18, 2006
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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 that is the subject of this Schedule 13D, and
is filing this schedule because of ss.ss.240.13d-1(e), 240.13d-1(f) or
249.13d-1(g), check the following box. |_|
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).
CUSIP NO. 364414 105
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Dan Goldstein
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Check the Appropriate Box if a Member of a Group (See Instructions)
2.
(a) x
(b)
---------- ----- ---------------------------------------------------------------
---------- ---------------- ----------------------------------------------------
3. SEC Use only
---------- ----------------------------------- ---------------------------------
4. Source of funds (See Instructions) N/A
---------- ----------------------------------- ---------------------------------
5. Check if disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e)
---------- -------------------------------------- ------------------------------
6. Citizenship or Place of Organization Israel
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----------------- ----- -------------------- -----------------------------------
Number of 7. Sole Voting Power 0
Shares
Beneficially 8. Shared Voting Power 4,406,237
Owned by Each
Reporting 9. Sole Dispositive Power 0
Person With:
10. Shared Dispositive Power 4,406,237
----------------- ----- -------------------- -----------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
4,406,237
---------- ------------------------------------------------------------------ --
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions) 12.
---------- ------------------------------------------------------ --------------
13. Percent of Class Represented by Amount in Row (11) 33.4%
---------- ---------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
IN
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CUSIP NO. 364414 105
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
Ildani Holdings Ltd.
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Check the Appropriate Box if a Member of a Group (See Instructions)
2.
(a) x
(b)
---------- ----- ---------------------------------------------------------------
---------- ---------------- ----------------------------------------------------
3. SEC Use only
---------- ----------------------------------- ---------------------------------
4. Source of funds (See Instructions) N/A
---------- ----------------------------------- ---------------------------------
5. Check if disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e)
---------- -------------------------------------- ------------------------------
6. Citizenship or Place of Organization Israel
---------- ---------------------------------------------------------------------
----------------- ----- -------------------- -----------------------------------
Number of 7. Sole Voting Power 0
Shares
Beneficially 8. Shared Voting Power 4,406,237
Owned by Each
Reporting 9. Sole Dispositive Power 0
Person With:
10. Shared Dispositive Power 4,406,237
----------------- ----- -------------------- -----------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
4,406,237
---------- ------------------------------------------------------------------ --
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
---------- ------------------------------------------------------ --------------
13. Percent of Class Represented by Amount in Row (11) 33.4%
---------- ---------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
CO
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CUSIP NO. 364414 105
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
FIMI Opportunity Fund, L.P.
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) x
(b)
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3. SEC Use only
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4. Source of funds (See Instructions) N/A
---------- ----------------------------------- ---------------------------------
5. Check if disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e)
---------- -------------------------------------- ------------------------------
6. Citizenship or Place of Organization Delaware
----------------- ----- -------------------- -----------------------------------
Number of 7. Sole Voting Power 0
Shares
Beneficially 8. Shared Voting Power 4,406,237
Owned by Each
Reporting 9. Sole Dispositive Power 0
Person With:
10. Shared Dispositive Power 4,406,237
----------------- ----- -------------------- -----------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
4,406,237
---------- ------------------------------------------------------------------ --
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
---------- ------------------------------------------------------ --------------
13. Percent of Class Represented by Amount in Row (11) 33.4%
---------- ---------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
PN
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CUSIP NO. 364414 105
---------- ---------------------------
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
FIMI 2001 Ltd.
---------- ---------------------------------------------------------------------
Check the Appropriate Box if a Member of a Group (See Instructions)
2.
(a) x
(b)
---------- ----- ---------------------------------------------------------------
---------- ---------------- ----------------------------------------------------
3. SEC Use only
---------- ----------------------------------- ---------------------------------
4. Source of funds (See Instructions) N/A
---------- ----------------------------------- ---------------------------------
5. Check if disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e)
---------- -------------------------------------- ------------------------------
6. Citizenship or Place of Organization Israel
---------- ---------------------------------------------------------------------
----------------- ----- -------------------- -----------------------------------
Number of 7. Sole Voting Power 0
Shares
Beneficially 8. Shared Voting Power 4,406,237
Owned by Each
Reporting 9. Sole Dispositive Power 0
Person With:
10. Shared Dispositive Power 4,406,237
----------------- ----- -------------------- -----------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
4,406,237
---------- ------------------------------------------------------------------ --
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
---------- ------------------------------------------------------ --------------
13. Percent of Class Represented by Amount in Row (11) 33.4%
---------- ---------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
CO
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CUSIP NO. 364414 105
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
FIMGold, Limited Partnership
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2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) x
(b)
---------- ---------------- ----------------------------------------------------
3. SEC Use only
---------- ----------------------------------- ---------------------------------
4. Source of funds (See Instructions) N/A
---------- ----------------------------------- ---------------------------------
5. Check if disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e)
---------- -------------------------------------- ------------------------------
6. Citizenship or Place of Organization Israel
----------------- ----- -------------------- -----------------------------------
Number of 7. Sole Voting Power 0
Shares
Beneficially 8. Shared Voting Power 4,406,237
Owned by Each
Reporting 9. Sole Dispositive Power 0
Person With:
10. Shared Dispositive Power 4,406,237
----------------- ----- -------------------- -----------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
4,406,237
---------- ------------------------------------------------------------------ --
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
---------- ------------------------------------------------------ --------------
13. Percent of Class Represented by Amount in Row (11) 33.4%
---------- ---------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
PN
CUSIP NO. 364414 105
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only)
FIMGold Ltd.
---------- ---------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) x
(b)
---------- ---------------- ----------------------------------------------------
3. SEC Use only
---------- ----------------------------------- ---------------------------------
4. Source of funds (See Instructions) N/A
---------- ----------------------------------- ---------------------------------
5. Check if disclosure of Legal Proceedings Is Required Pursuant to
Items 2(d) or 2(e)
---------- -------------------------------------- ------------------------------
6. Citizenship or Place of Organization Israel
----------------- ----- -------------------- -----------------------------------
Number of 7. Sole Voting Power 0
Shares
Beneficially 8. Shared Voting Power 4,406,237
Owned by Each
Reporting 9. Sole Dispositive Power 0
Person With:
10. Shared Dispositive Power 4,406,237
----------------- ----- -------------------- -----------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
4,406,237
---------- ------------------------------------------------------------------ --
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
---------- ------------------------------------------------------ --------------
13. Percent of Class Represented by Amount in Row (11) 33.4%
---------- ---------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
CO
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Explanatory note: This Schedule 13D constitutes amendment no. 4 to the Schedule
13D filed by the Reporting Persons.
Item 2. Identity and Background.
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Item 2 is hereby amended as follows:
Appendix A, that sets forth the name, business or residential address,
citizenship, principal occupation or employment and name, address and principal
business of the employer of each controlling person, executive officer and
director of FIMI 2001 Ltd., is hereby amended and restated in its entirety with
the attached Appendix A.
Item 4. Purpose of Transaction.
------ ----------------------
Item 4 is hereby amended to add the following:
FIMGold LP entered into an agreement with Emblaze Ltd. ("Emblaze"), an
Israeli company listed on the Official Listing of the London Stock Exchange,
dated as of September 12, 2006 (Share Purchase Agreement"), under which FIMGold
LP agreed to sell to Emblaze all of the Shares it holds in Formula Systems
(1985) Ltd., an Israeli company (the "Company"), at a price per share of $16.00
("Price Per Share").
Prior to the closing of the sale transaction, a distribution of a
dividend of substantially all the shares the Company holds in Formula Vision
Technologies (F.V.T.) Ltd., an Israeli company listed on the Tel Aviv Stock
Exchange, is expected to be presented for the approval of the Company's Board of
Directors . See Share Purchase Agreement attached to this report for additional
details.
Prior to the closing of the sale transaction, Ishay Davidi and Yarom
Oren will resign from the Board of Directors of the Company and four new
directors designated by Emblaze are expected to be appointed by the Board of
Directors. Dan Goldstein and Gad Goldstein have agreed to resign from the Board
of Directors of the Company, upon the request of Emblaze following the closing.
The closing of the transaction is expected to occur no later than
November 10, 2006 and is subject to certain closing conditions as set forth in
the Share Purchase Agreement attached to this report.
Except as aforesaid, the Reporting Persons have no plans or proposals
of the type described in paragraphs (a) through (j) of Item 4 of the Schedule
13D rules.
Item 5. Interest in Securities of the Issuer.
------ ------------------------------------
Item 5(a) is hereby amended to add the following:
(a) FIMGold holds 4,406,237 Shares, which constitutes approximately
33.4% of the outstanding Shares, based on 13,200,000 outstanding Shares as of
September 12, 2006.
Item 6. Contracts, Arrangements, Understandings or Relationships With
Respect to Securities of the Issuer.
------ --------------------------------------------------------------
Item 6 is hereby amended to add the following:
Reference is made to the share purchase agreement described in Item 4
above. In connection with such transaction, FIMGold entered into an agreement
with A.I. Research and Development Ltd. (AI) in accordance with which AI is
entitled to a finders fee of 2% of the transaction value in the event the
transaction is consummated.
Item 7. Materials to be Filed as Exhibits.
------ ---------------------------------
Item 7 is hereby amended to add the following:
4. Share Purchase Agreement dated as of September 12, 2006 between
FIMGold and Emblaze.
SIGNATURES
After reasonable inquiry and to the best of our knowledge and
belief, each of the signatories with respect to itself certify that the
information set forth in this statement is true, complete and correct.
Date: September 18, 2006
FIMGOLD, LIMITED PARTNERSHIP
By: FIMGOLD LTD.
Its General Partner
By:/s/Ishay Davidi
-----------------------
Ishay Davidi
Director
By:/s/Dan Goldstein
-----------------------
Dan Goldstein
Director
FIMI OPPORTUNITY FUND, L.P.
By: FIMI 2001 LTD.
Its General Partner
By: /s/Ishay Davidi
----------------------
Ishay Davidi
Chief Executive Officer
FIMI 2001 LTD.
By: /s/Ishay Davidi
-----------------------
Ishay Davidi
Chief Executive Officer
ILDANI HOLDINGS LTD.
By:/s/Dan Goldstein
-----------------------
Dan Goldstein
Chief Executive Officer
By:/s/_Dan Goldstein
-----------------------
Dan Goldstein
APPENDIX A
Directors and Executive Officers of FIMI 2001 Ltd. The name, business or
residence address, principal occupation and name, address and business of
employer of each controlling shareholder, executive officer and director of
FIMI 2001 Ltd. are set forth below.
Unless otherwise noted, the business address of each is c/o FIMI 2001 Ltd.,
"Rubinstein House", 37 Menachem Begin Road, Tel Aviv, Israel.
-------------------------- --------------------- ------------------------- ------------------------------------------------
Name & Address Citizenship Position with FIMI 2001 Current Principal Occupation
Ltd.
-------------------------- --------------------- ------------------------- ------------------------------------------------
Alex Berman U.S. Director Associate Director, Babson Capital Management
LLC, an entrepreneurial capital management
firm, a subsidiary of Massachusetts Mutual
Life Insurance Company.
Address:
One Memorial Drive
Cambridge, MA 02142
-------------------------- --------------------- ------------------------- ------------------------------------------------
Marshal Butler U.S. Director Private Investor.
Address: 900 Third Avenue 33rd floor
New York, NY 10022
-------------------------- --------------------- ------------------------- ------------------------------------------------
Ishay Davidi* Israeli Chief Executive Officer Chief Executive Officer and Director in (i)
and Director First Israel Mezzanine Investors Ltd., the
Managing General Partner of the Mezzanine
Fund, in (ii) FIMI 2001 Ltd., the Managing
General Partner of the FIMI Opportunity Fund,
and in (iii) FIMI 2005 Ltd., the Managing
General Partner of the FIMI Opportunity II Fund
-------------------------- --------------------- ------------------------- ------------------------------------------------
Amnon Goldsmidt Israeli Director Retired. Former Senior Executive Vice
President in Israel Discount Bank Ltd.
-------------------------- --------------------- ------------------------- ------------------------------------------------
Robert Joyal U.S. Director Retired. Former President, Babson Capital
Management LLC.
Address:
One Memorial Drive
Cambridge, MA 02142
-------------------------- --------------------- ------------------------- ------------------------------------------------
Gillon Beck Israeli Senior Partner Senior Partner in FIMI Opportunity Fund
Director in FIMI Opportunity 2005 Ltd.
-------------------------- --------------------- ------------------------- ------------------------------------------------
Yarom Oren Israeli Senior Partner Senior Partner in FIMI Opportunity Fund
Director in FIMI Opportunity 2005 Ltd.
-------------------------- --------------------- ------------------------- ------------------------------------------------
Chelly Pardo Israeli Partner in charge of Partner in charge of Investors Relations of
Investors Relations FIMI 2001 Ltd.
Director in FIMI Opportunity 2005 Ltd.
-------------------------- --------------------- ------------------------- ------------------------------------------------
*Mr. Davidi indirectly owns more than 50% of the outstanding capital of FIMI
2001 Ltd. He is also the Chief Executive Officer, a director, and a
shareholder of First Israel Mezzanine Investors Ltd., which serves as the
managing partner of The Israel Mezzanine Fund, L.P. and The Israel Mezzanine
Fund (In Israel) Limited Partnership (collectively with The Jordan (Bermuda)
Investment Company Ltd., the "Fund"). The Fund, together with the Bank, holds
a convertible debenture of the Company in the principal amount of
approximately $4.7 million, which is convertible into 248,450 Shares.
Mr. Davidi disclaims beneficial ownership of the Shares beneficially owned by
FIMI 2001 Ltd. and by the Fund.