SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULE 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO
RULE 13d-2(a)
(Amendment No. 4)*
Formula Systems (1985) Ltd.
(Name of Issuer)
Ordinary Shares, NIS 1 Par Value
(Title of Class of Securities)
346414-10-5
(CUSIP Number)
Adi Braunstein, Adv.,& Dr. Shlomo Nes Adv. (CPA)., - Court Appointed Trustees
Iscal Holdings Ltd.
55 Hamasger Street, Tel-Aviv ,Israel
972-3-5610000
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
November 30, 2003
(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 Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box
/ /.
Note: Schedules filed in paper format shall include a signed original and five
copies of the Schedule, including all exhibits. See Rule 13d-7 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 disclosure
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 ("Exchange Act") or otherwise subject to the liabilities of that section of
the Exchange Act but shall be subject to all other provisions of the Exchange
Act (however, see the Notes).
(Continued on following pages)
(Page 1 of 22 pages)
SCHEDULE 13D
CUSIP No. 346414-10-5 Page 2 of 22 Pages
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Iscal Holdings Ltd.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
3 SEC USE ONLY
4 SOURCE OF FUNDS
5 CHECK BOX 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
SHARES
BENEFICIALLY 332,409
OWNED BY
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 0
WITH
9 SOLE DISPOSITIVE POWER
332,409
10 SHARED DISPOSITIVE POWER
0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
332,409
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES / /
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.22%
14 TYPE OF REPORTING PERSON
CO
SCHEDULE 13D
CUSIP No. 346414-10-5 Page 3 of 22 Pages
1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Fauchtwanger Investments 1984 Ltd.
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) / /
3 SEC USE ONLY
4 SOURCE OF FUNDS
5 CHECK BOX 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
SHARES
BENEFICIALLY 332,409
OWNED BY
EACH 8 SHARED VOTING POWER
REPORTING
PERSON 0
WITH
9 SOLE DISPOSITIVE POWER
332,409
10 SHARED DISPOSITIVE POWER
0
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
332,409
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES / /
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.22%
14 TYPE OF REPORTING PERSON
CO
SCHEDULE 13D
CUSIP No. 346414-10-5 Page 4 of 22 Pages
This statement constitutes Amendment No. 4 to the Schedule 13D
originally filed by Iscal Holdings Ltd. ("Iscal"), Fauchtwanger Investments 1984
Ltd. ("FI"), Hail Holdings (1965) Ltd. ("Hail"), Keren Peled Investments Ltd
("Keren Peled") and Jacob Hay (collectively, the "Reporting Persons") with the
Securities and Exchange Commission on September 21, 2001, as amended by
Amendment No. 1 on October 1, 2001, Amendment No. 2 on February 11, 2002 and
Amendment No. 3 on March 4, 2002, relating to the ordinary shares of Formula
Systems (1985) Ltd. (the "Issuer"). The principal offices of the Issuer are
located at 3 Hagalim Boulavard, Hertzlia, 46725, Israel.
Please see the attached Annex A for the up to the date names, business
address, principal occupation (and names, principal businesses and address of
place of additional employment) and citizenship of the executive officers and
directors of the Reporting Persons that are corporations.
Terms defined in the Schedule 13D previously filed have the same
meaning in this Amendment.
Item 2. Identity and Background.
Item 2(e) of the Schedule 13D, as amended, is hereby amended as
follows:
(e) Since August, 2002, Iscal and FI are operating under the protection
and supervision of the Tel Aviv District Court.
Item 5. Interest in Securities of the Issuer.
Item 5(a) of the Schedule 13D, as amended, is hereby amended and
restated in its entirety to read as follows:
(a) Iscal beneficially owns 332,409 ordinary shares of the Issuer, or
approximately 3.22% of the outstanding share capital of the Issuer.
FI holds 24.99% of the outstanding share capital of Iscal As a result,
FI may be deemed to be the beneficial owner of the shares of the Issuer.
Item 5(b) of the Schedule 13D, as amended, is hereby amended and
restated as follows:
(b) Each of Iscal and FI, has the sole power to vote or to direct the
vote, to dispose or to direct the disposition of 332,409 shares of the Issuer.
SCHEDULE 13D
CUSIP No. 346414-10-5 Page 5 of 22 Pages
Item 5(c) of the Schedule 13D, as amended, is hereby amended by adding
thereto the following:
(c) In a series of transactions made in the open market between April
25, 2002 and August 7, 2002, Iscal sold on Nasdaq an aggregate of 206,144 shares
of the Issuer, for the total amount of $2,122,380.12 (average price per share of
$10.30). Iscal made the following sales of ordinary shares of the Issuer in open
market transactions effected through brokers on the dates, in the amounts and
for the prices per share indicated:
NUMBER OF PRICE PER SHARE
DATE ORDINARY SHARES (U.S.$)*
-------------------------------------------------------------------
4/25/02 1,106 $9.63
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4/29/02 3,000 $8.97*
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4/30/02 7,190 $8.66*
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5/1/02 7,500 $8.73*
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5/2/02 7,500 $9.14*
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5/7/02 5,000 $8.90*
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5/8/02 5,000 $8.79*
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5/9/02 3,679 $8.76*
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5/12/02 5,980 $8.75*
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5/13/02 2,396 $8.74*
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5/14/02 7,229 $9.05*
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5/23/02 5,000 $9.39*
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5/27/02 2,069 $9.81*
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6/3/02 1,775 $11.43*
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6/13/02 1,022 $9.86*
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6/16/02 1,000 $10.09
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6/17/02 1,958 $10.33*
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SCHEDULE 13D
CUSIP No. 346414-10-5 Page 6 of 22 Pages
6/18/02 965 $10.61
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6/25/02 1,551 $9.63
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7/9/02 5,062 $10.36*
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7/10/02 5,220 $10.80*
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7/11/02 2,661 $11.19*
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7/14/02 250 $11.17
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7/31/02 2,453 $10.85*
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8/1/02 31,107 $10.78*
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8/4/02 13,971 $10.78*
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8/5/02 15,000 $10.95*
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8/6/02 51,500 $11.06*
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8/7/02 8,000 $11.07*
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* average price of transactions in that day.
On November 5, 2003, Iscal transferred to Atarei Hashron - Company for
Development and Investments in Real Estate (1985) Ltd., an Israeli company with
its principal place of business at 7, Gibori Israel Street, Netanya, Israel
("Atarei Hashron") 187,943 ordinary shares of the Issuer which were held in
escrow for Iscal and Atarei Hasharon in accordance with an agreement (the
"Escrow Agreement") dated October 25, 2001 between Iscal, Atarei Hasharon and A.
Rozenberg Trust Company Ltd., an Israeli company with its principal place of
business at 24, Raul Walenberg Street, Tel Aviv, Israel (the "Trustee"). The
transaction was effected by the Trustee. The average price per share for this
transaction was the higher of NIS 77.30, or the price at which Atarei Hasharon
would be able to sell those shares on the open market.
In a series of transactions made in the open market between November 5,
2003 and November 30, 2003, Iscal sold on the Tel Aviv Stock Exchange an
aggregate of 248,324 shares of the Issuer, for the total amount of NIS
18,680,000 (average price per share of NIS 75.23). Iscal made the following
sales of ordinary shares of the Issuer in open market transactions effected
through brokers on the dates, in the amounts and for the prices per share
indicated:
SCHEDULE 13D
CUSIP No. 346414-10-5 Page 7 of 22 Pages
NUMBER OF PRICE PER SHARE
DATE ORDINARY SHARES (NIS)*
-------------------------------------------------------------------
11/5/03 14,708 NIS78.70*
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11/6/03 2,580 NIS 78.75*
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11/9/03 7,000 NIS 79.23*
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11/10/03 860 NIS 79.90*
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11/11/03 192 NIS 77.90*
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11/12/03 29,053 NIS 75.65*
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11/13/03 3,778 NIS 77.70*
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11/16/03 628 NIS 75.00*
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11/19/03 11,250 NIS 72.91*
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11/20/03 48,446 NIS 73.96*
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11/23/03 33,689 NIS 75.35*
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11/24/03 23,890 NIS 74.50*
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11/25/03 25,667 NIS 75.00 *
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11/26/03 18,200 NIS 75.46 *
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11/27/03 17,561 NIS 75.44 *
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11/30/03 10,822 NIS 74.10 *
* Average price of transactions in that day.
In a series of transactions made in the open market between November 11th, 2003
and November 21, 2003, Iscal sold on Nasdaq an aggregate of 22,800 shares of the
Issuer, for the total consideration of $382,754 (average price per share of
$16.79). Iscal made the following sales of ordinary shares of the Issuer in open
market transactions effected through brokers on the dates, in the amounts and
for the prices per share indicated:
NUMBER OF PRICE PER SHARE
DATE ORDINARY SHARES ($)*
--------------------------------------------------------------
11/11/03 5,000 17.42*
--------------------------------------------------------------
13/11/03 10,000 16.77*
--------------------------------------------------------------
19/11/03 2,000 16.60*
--------------------------------------------------------------
20-21/11/03 5,800 16.55*
* Average price of transactions in that day.
SCHEDULE 13D
CUSIP No. 346414-10-5 Page 8 of 22 Pages
5(e) Due to the sales made by the Reporting Person as described above,
the Reporting Person ceased to be the beneficial owner of more than 5% of the
Ordinary Shares of the Issuer on November 19, 2003.
Item 7. Material to be filed as Exhibits
10.1. Agreement between Iscal, Atarei Hashron, and the Trustee, dated
October 25, 2001 and a summary in English.*
10.2. Agreement between Iscal and Bank Leumi LeIsrael Ltd., dated
October 28, 2001 and a summary in English.*
10.3. Power of Attorney of Fauchtwanger Investments 1984 Ltd in favour
of Iscal Holdings Ltd.*
10.4. Court Appointment of Adi Braunstein, Adv., and Dr. Shlomo Ness
Adv. (CPA) as Trustees of Iscal Holdings Ltd., and a summary in English.
10.5. Court Appointment of Dr. Shlomo Ness Adv. (CPA) as Trustee of
Fauchtwanger Investments 1984 Ltd., and a summary in English.
-----------------
* Previously filed with Amendment No.2 to this Schedule 13D.
SCHEDULE 13D
CUSIP No. 346414-10-5 Page 9 of 22 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.
December 7, 2003
-----------------------------------
Date
/s/ Adi Braunstein, Adv. /s/ Shlomo Ness, Adv. (CPA)
----------------------------------- -----------------------------------
Signature
/s/ Adi Braunstein, Adv., and Dr. Shlomo Nes Adv. (CPA) Court-Appointed
Trustees, for Iscal Holdings Ltd.
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Name/Title
The original statement shall be signed by each person on whose behalf
the statement is filed or his authorized representative. If the statement is
signed on behalf of a person by his authorized representative other than an
executive officer or general partner of the filing person, evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement, provided, however, that a power or attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and any title of each person who signs the statement shall be typed or
printed beneath his signature.
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE
FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001)
SCHEDULE 13D
CUSIP No. 346414-10-5 Page 10 of 22 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that that information set forth in this statement is true,
complete and correct.
December 7, 2003
-----------------------------------------------------
Date
/s/ Shlomo Ness
-----------------------------------------------------
Signature
/s/ Dr.shlomo Nes Adv. (CPA) Court Appointed Trustee for Fauchtwanger
Investments 1984 Ltd.
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Name/Title
The original statement shall be signed by each person on whose behalf
the statement is filed or his authorized representative. If the statement is
signed on behalf of a person by his authorized representative other than an
executive officer or general partner of the filing person, evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement, provided, however, that a power or attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and any title of each person who signs the statement shall be typed or
printed beneath his signature.
ATTENTION: INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACT CONSTITUTE
FEDERAL CRIMINAL VIOLATIONS (SEE 18 U.S.C. 1001)
SCHEDULE 13D
CUSIP No. 346414-10-5 Page 11 of 22 Pages
ANNEX A
(a) Name of executive officers and directors of the Reporting Person;
(b) Business addresses of executive officers and directors of Reporting
Person;
(d) Principal occupation and name, principal business and address of places
of additional employment of executive officers and directors of Reporting
Person;
(f) Citizenship of the officers and directors of the Reporting Person as
follows:
ISCAL HOLDINGS LTD.
1. (a) Adi Braunstein, Adv
(b) 55 HaMashger Street, Tel-Aviv, Israel
(d) Court Appointed Trustee Iscal Holdings Ltd.
(f) Israel.
2. (a) Dr. Shlomo Nes Adv. (CPA)
(b) 28 Bezalel St. Ramat-Gan
(d) Court Appointed Trustee Iscal Holdings Ltd.
(f) Israel.
FAUCHTWANGER INVESTMENTS 1984 LTD.
1. (a) Dr. Shlomo Nes Adv. (CPA)
(b) 28 Bezalel St. Ramat-Gan Israel.
(d) Court Appointed Trustee Fauchtwanger Investments 1984 Ltd.
(f) Israel.