SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
under the Securities Exchange Act of 1934
(Amendment No. 1)
W.P. Stewart & Co., Ltd.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
G84922106
(CUSIP Number of Class
of Securities)
Mal Serure David J. Heymann
c/o Arrow Advisors LLC Post Heymann & Koffler LLP
499 Park Avenue Two Jericho Plaza, Wing A, Suite 211
New York, New York 10022 Jericho, New York 11753
Tel: 212-243-7338 Tel: 516-681-3636
Fax: 212-243-2195 Fax: 516-433-2777
|
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 17, 2008
(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 |_|.
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
disclosures provided in a prior cover page.
The information required on the remainder of this cover 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 next page(s)) Page 1 of 15
CUSIP NO. G84922106 13D Page 2 of 15
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Arrow Select LP
I.R.S. I.D. No.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(e) OF 2(f) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
376,613
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 376,613
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
376,613
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.7%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
|
CUSIP NO. G84922106 13D Page 3 of 15
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Arrow Partners LP
I.R.S. I.D. No.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(e) OF 2(f) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
8,506,053
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 8,506,053
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,506,053
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
15.4%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
|
CUSIP NO. G84922106 13D Page 4 of 15
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Arrow Offshore, Ltd.
I.R.S. I.D. No.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(e) OF 2(f) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
6,412,014
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 6,412,014
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,412,014
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
|
CUSIP NO. G84922106 13D Page 5 of 15
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Arrow Opportunities I, LLC
I.R.S. I.D. No.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(e) OF 2(f) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
4,437,500
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 4,437,500
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
4,437,500
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
8.0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
|
CUSIP NO. G84922106 13D Page 6 of 15
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Arrow Opportunities I, Ltd.
I.R.S. I.D. No.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
WC
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(e) OF 2(f) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
1,968,750
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY - 0 -
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 1,968,750
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
- 0 -
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,968,750
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
3.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
|
CUSIP NO. G84922106 13D Page 7 of 15
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Arrow Advisors LLC
I.R.S. I.D. No.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(e) OF 2(f) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 15,288,916
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
15,288,916
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
15,288,916
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
27.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
|
CUSIP NO. G84922106 13D Page 8 of 15
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Arrow Offshore Advisors LLC
I.R.S. I.D. No.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(e) OF 2(f) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 6,412,014
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
6,412,014
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
6,412,014
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.6%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
|
CUSIP NO. G84922106 13D Page 9 of 15
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Arrow Capital Management LLC
I.R.S. I.D. No.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(e) OF 2(f) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 21,700,930
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
21,700,930
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
21,700,930
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
39.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
|
CUSIP NO. G84922106 13D Page 10 of 15
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Alexandre von Furstenberg
I.R.S. I.D. No.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(e) OF 2(f) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 21,700,930
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
21,700,930
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
21,700,930
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
39.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
|
CUSIP NO. G84922106 13D Page 11 of 15
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Mal Serure
I.R.S. I.D. No.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) |X|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
AF
--------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(e) OF 2(f) |_|
--------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
USA
--------------------------------------------------------------------------------
7 SOLE VOTING POWER
0
-----------------------------------------------------------------
NUMBER OF 8 SHARED VOTING POWER
SHARES
BENEFICIALLY 21,700,930
OWNED BY -----------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
PERSON 0
WITH -----------------------------------------------------------------
10 SHARED DISPOSITIVE POWER
21,700,930
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
21,700,930
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* |_|
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
39.2%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
--------------------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
|
CUSIP NO. G84922106 13D Page 12 of 15
This Amendment No. 1 amends certain of the information contained in
Amendment No. 3 to Schedule TO/Schedule 13D (the "13D") filed with the
Securities Exchange Commission on August 4, 2008 by Arrow Masters LP, a Delaware
limited partnership, Arrow Partners LP, a Delaware limited partnership, Arrow
Offshore, Ltd., a Cayman Island exempted company, Arrow Opportunities I, LLC, a
Delaware limited liability company, Arrow Opportunities I, Ltd, a Cayman Island
exempted company, Arrow Advisors LLC, a Delaware limited liability company,
Arrow Offshore Advisors, LLC, a Delaware limited liability company, Arrow
Capital Management LLC, a Delaware limited liability company, Alexandre von
Furstenberg and Mal Serure.
The purpose of this Amendment No. 1 is to amend information set forth in
Items 1, 2, 4, 6 and 7 of the 13D. Capitalized terms used herein and not
otherwise defined shall have the respective meanings ascribed thereto in the
13D.
Item 1. Security and Issuer
Item 1 is hereby amended and restated in its entirety to read as follows:
This Schedule 13D relates to shares of Common Stock, par value $0.001 per
share (the "Shares") of W.P. Stewart & Co., Ltd., a Bermuda Exempted Company
(the "Issuer"). The principal executive offices of the Issuer are located at
Trinity Hall, 43 Cedar Avenue, Hamilton, HMLX, Bermuda.
Item 2. Identity and Background.
Item 2 is hereby amended and restated in its entirety as follows:
(a) This statement is being filed by each of: (i) Arrow Select LP, a
Delaware limited partnership ("Select"); (ii) Arrow Partners LP, a Delaware
limited partnership ("Partners"); (iii) Arrow Offshore, Ltd., a Cayman Island
exempted company ("AOL"); (iv) Arrow Opportunities I, LLC, a Delaware limited
liability company ("Arrow Delaware"); (v) Arrow Opportunities I, Ltd, a Cayman
Island exempted company ("Arrow Cayman"); (vi) Arrow Advisors LLC, a Delaware
limited liability company ("Advisors"); (vii) Arrow Offshore Advisors, LLC, a
Delaware limited liability company ("Offshore Advisors"); (viii) Arrow Capital
Management LLC, a Delaware limited liability company ("Management"); (ix)
Alexandre von Furstenberg ("von Furstenberg"); and (x) Mal Serure ("Serure").
Select, Partners, AOL, Arrow Delaware, Arrow Cayman, Advisors, Offshore
Advisors, Management, von Furstenberg and Serure are collectively referred to as
the "Reporting Persons". A joint filing agreement among the Reporting Persons is
attached hereto as Exhibit 1.
(b) The principal business address of each of Select, Partners, Arrow
Delaware, Advisors, Offshore Advisors, Management, von Furstenberg and Serure is
499 Park Avenue, New York, New York 10022. The principal business address of
AOL, Arrow Cayman is located at c/o Meridian Fund Services Limited, 73 Front
Street, Hamilton HM 12, Bermuda and its telephone number is 345-949-9876.
|
CUSIP NO. G84922106 13D Page 13 of 15
(c) Each of Select, Partners, AOL, Arrow Delaware and Arrow Cayman are
investment vehicles that invest primarily in public companies. The general
partner or managing member, as applicable, of each of Select, Partners, Arrow
Delaware and Arrow Cayman is Advisors. Management is the sole investment advisor
of each of Select, Partners, and Arrow Delaware and the co-investment advisor
with Offshore Advisors of AOL. Each of the Advisors and Management is owned and
controlled by Alexandre von Furstenberg and Mal Serure and Messrs. von
Furstenberg and Serure are the executive officers of AOL.
(d) - (e) Legal Proceedings
During the past five years, none of the Reporting Persons has been (a)
convicted in a criminal proceeding (excluding traffic violations or similar
misdemeanors) or (b) a party to any civil proceeding of a judicial or
administrative body of competent jurisdiction and as a result of which such
person was or is subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to, federal or
state securities laws, or finding any violation with respect to such laws.
(f) Citizenship
Both Messrs. von Furstenberg and Serure are citizens of the United States.
Item 4. Purpose of Transaction.
Item 4 is hereby amended and restated in its entirety as follows:
Each of the Reporting Persons acquired the Shares reported herein with a
view to making a profit on his or its investment. The Reporting Persons continue
to review their investment in the Issuer and have or may engaged in discussions
with management, the Issuer's board of directors, other shareholders of the
Issuer and other relevant parties concerning the Issuer's business, operations,
governance, management, strategy and future plans. In this regard, Messrs.
Serure and von Furstenberg have had discussions with members of the Issuer's
management regarding areas of cooperation between Management and the Issuer. As
a result, Management and the Issuer have shared insights with respect to
research and potential investments for the Issuer's clients' portfolios.
Further, Mr. von Furstenberg has been nominated for election to the Board of
Directors of the Issuer at the Issuer's next shareholders meeting scheduled for
November 18, 2008. Management currently anticipates that it will continue to
collaborate with the Issuer with respect to the sharing of research and Messrs.
Serure and von Furstenberg may be involved in the Issuer's research efforts. In
addition, the Issuer may provide marketing services for certain of the Reporting
Persons and other funds advised by Management. Management has also expressed a
willingness to provide assistance in helping the Issuer develop arrangements
with third parties with regard to marketing its products and/or client
development. There can be no assurance that any such arrangements will
ultimately be entered into. Depending on various factors including, without
limitation, the Issuer's financial position, future actions taken by the
Issuer's board of directors, price levels of the Shares, other available
investment opportunities, conditions in the securities market and general
economic and industry conditions, the Reporting Persons may in the future take
such actions with respect to their investment in the Issuer as they deem
appropriate.
|
CUSIP NO. G84922106 13D Page 14 of 15
Item 6. Contracts, Arrangement, Understandings or Relationships With Respect to
Securities of the Issuer.
Item 6 is hereby amended and restated in its entirety as follows
The information set forth in Item 4 is incorporated herein by reference.
Except as otherwise provided in this Schedule 13D, there are no contracts,
arrangements, understandings or relationships among any of the Reporting Persons
and between the Reporting Persons and any persons with respect to any securities
of the Issuer.
Item 7. Materials to be Filed as Exhibits.
Item 7 is hereby amended by adding the following:
1. Joint Filing Agreement
2. Assignment and Assumption Agreement, dated October 17, 2008, by and
between Arrow Masters LP and Arrow Select LP.
|
CUSIP NO. G84922106 13D Page 15 of 15
Signatures
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.
Pursuant to Rule 13d-1(k), this Schedule 13D is filed jointly on behalf of
each of the Reporting Persons.
Dated as of: October 17, 2008
ARROW SELECT LP ARROW PARTNERS LP
By: Arrow Advisors LLC By: Arrow Advisors LLC
General Partner General Partner
By: /s/ Mal Serure By: /s/ Mal Serure
------------------------------ ------------------------------
Mal Serure Mal Serure
Co-Managing Member Co-Managing Member
ARROW OFFSHORE, LTD. ARROW OPPORTUNITIES I, LLC
By: /s/ Mal Serure By: /s/ Mal Serure
---------------------------------- ----------------------------------
Mal Serure Mal Serure
Director Co-Managing Member
ARROW OPPORTUNITIES I, LTD ARROW ADVISORS LLC
By: /s/ Mal Serure By: /s/ Mal Serure
---------------------------------- ----------------------------------
Mal Serure Mal Serure
Director Co-Managing Member
ARROW OFFSHORE ADVISORS LLC ARROW CAPITAL MANAGMENT LLC
By: /s/ Mal Serure By: /s/ Mal Serure
---------------------------------- ----------------------------------
Mal Serure Mal Serure
Co-Managing Member Co-Managing Member
/s/ Mal Serure /s/ Alexandre von Furstenberg
-------------------------------------- --------------------------------------
Mal Serure Alexandre von Furstenberg
Attention: Intentional misstatements or omissions of fact constitute Federal
criminal violations (See 18 U.S.C. 1001).
|
Exhibit 1
Joint Filing Agreement
In accordance with Rule 13d-1(k) under the Securities and Exchange Act of
1934, the persons or entities named below agree to the joint filing on behalf of
each of them of a statement on Schedule 13D (including amendments thereto) with
respect to the Depositary Receipts of the Issuer and further agree that this
joint filing agreement be included as an exhibit to this Schedule 13D. In
evidence thereof, the undersigned, being duly authorized, have executed this
Joint Filing Agreement as of October 17, 2008.
ARROW SELECT LP ARROW PARTNERS LP
By: Arrow Advisors LLC By: Arrow Advisors LLC
General Partner General Partner
By: /s/ Mal Serure By: /s/ Mal Serure
------------------------------ ------------------------------
Mal Serure Mal Serure
Co-Managing Member Co-Managing Member
ARROW OFFSHORE, LTD. ARROW OPPORTUNITIES I, LLC
By: /s/ Mal Serure By: /s/ Mal Serure
---------------------------------- ----------------------------------
Mal Serure Mal Serure
Director Co-Managing Member
ARROW OPPORTUNITIES I, LTD ARROW ADVISORS LLC
By: /s/ Mal Serure By: /s/ Mal Serure
---------------------------------- ----------------------------------
Mal Serure Mal Serure
Director Co-Managing Member
ARROW OFFSHORE ADVISORS LLC ARROW CAPITAL MANAGMENT LLC
By: /s/ Mal Serure By: /s/ Mal Serure
---------------------------------- ----------------------------------
Mal Serure Mal Serure
Co-Managing Member Co-Managing Member
/s/ Mal Serure /s/ Alexandre von Furstenberg
-------------------------------------- --------------------------------------
Mal Serure Alexandre von Furstenberg
|
ASSIGNMENT AND ASSUMPTION AGREEMENT
This Assignment and Assumption Agreement ("Agreement") is made this 17th
day of October, by and between ARROW MASTERS LP, a Delaware limited partnership
("Arrow Masters"), and ARROW SELECT L.P., a Delaware limited partnership ("Arrow
Select").
WITNESSETH:
WHEREAS, Arrow Masters is party to those certain Agreements listed on
Schedule 1 hereto (the "Arrow Agreements");
WHEREAS, Arrow Masters desires to assign to Arrow Select all of its rights
in and to the Arrow Agreements and Arrow Select desires to accept such
assignment and assume all of Arrow Masters' obligations under the Arrow
Agreements;
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:
1. Assignment. Arrow Masters hereby assigns, conveys and delivers to Arrow
Select, all of its right, title and interest in, to and under the Arrow
Agreements.
2. Assumption. Arrow Select hereby accepts the assignment by Arrow Masters
of its rights and obligations under the Arrow Agreements.
3. Effectiveness. The effectiveness of this Agreement shall occur on the
later of the date of this Agreement and the date of filing of a Schedule 13D or
amendment thereto by Arrow Select and its affiliated funds that are parties to
the Arrow Agreements reflecting the matters set forth in this Agreement and
filing it as an exhibit thereto
4. Further Assurances. Each of the parties hereto hereby agrees to execute
and deliver all such further documents and take all such further actions as
shall be necessary, desirable or expedient to consummate the transactions
contemplated hereby.
5. Governing Law. This Agreement shall be governed by, and construed in
accordance with, the laws of the State of New York without giving effect to the
conflict of laws principles thereof.
6. Successors and Assigns. This Assignment shall inure to the benefit of,
and be binding upon, the parties and their respective successors and assigns.
7. Captions. The captions appearing in this Agreement are inserted only as
a matter of convenience and for reference and in no way define, limit or
describe the scope and intent of this Agreement or any of the provisions hereof.
IN WITNESS WHEREOF, the undersigned have executed this instrument as of
the day and year first above written.
Arrow Masters LP
By: Arrow Advisors LLC
General Partner
By:
Alexandre von Furstenberg
Co-Managing Member
By:
Mal Serure
Co-Managing Member
Arrow Select LP
By: Arrow Advisors LLC
General Partner
By:
Alexandre von Furstenberg
Co-Managing Member
By:
Mal Serure
Co-Managing Member
W.P. STEWART HEREBY CONSENTS TO THE
FOREGOING ASSIGNMENT AND ASSUMPTION
THIS _______ DAY OF OCTOBER, 2008
W.P. Stewart & Co., Ltd.
By:
Mark Phelps
Chief Executive Officer
Schedule 1
ARROW AGREEMENTS
1. Investment Agreement, dated May 20, 2008, between Arrow Offshore, Ltd, a
Cayman Islands exempted company ("Arrow Offshore"), Arrow Partners LP, a
Delaware limited partnership ("Arrow Partners"), Arrow Masters, and W.P.
Stewart & Co., Ltd., a Bermuda exempted Company (the "Company").
2. Amendment No. 1 to Investment Agreement, dated as of July 7, 2008, among
Arrow Offshore, Arrow Partners, Arrow Masters, Arrow Opportunities I, LLC,
a Delaware limited liability company ("Arrow Opportunities Delaware"),
Arrow Opportunities I, Ltd., a Cayman Islands exempted company ("Arrow
Opportunities Cayman"), and the Company.
3. Registration Rights Agreement dated as of May 20, 2008, among the Company
and Arrow Offshore, Arrow Partners, and Arrow Masters.
4. Joinder Agreement, dated as of July 7, 2008, among the Company, Arrow
Offshore, Arrow Partners, Arrow Masters, Arrow Opportunities Delaware and
Arrow Opportunities Cayman.
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