-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Sv+VsGphHrg2qZsviXpnNZW2pOal/WTZjNMWwg29iQFPf2Q+oniz8F4xXzociB8H QZNFs/ON+0NZX1e1xzOuQw== 0001019056-07-000852.txt : 20070920 0001019056-07-000852.hdr.sgml : 20070920 20070920105311 ACCESSION NUMBER: 0001019056-07-000852 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20070920 DATE AS OF CHANGE: 20070920 GROUP MEMBERS: ADAM BENOWITZ GROUP MEMBERS: VISION CAPITAL ADVISORS, LLC GROUP MEMBERS: VISION OPPORTUNITY MASTER FUND, LTD. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SILVERSTAR HOLDINGS LTD CENTRAL INDEX KEY: 0001003390 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 000000000 STATE OF INCORPORATION: B0 FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-50469 FILM NUMBER: 071126242 BUSINESS ADDRESS: STREET 1: 1900 GLADES ROAD STREET 2: SUITE 435 CITY: BOCA RATON STATE: FL ZIP: 33431 BUSINESS PHONE: 561-479-0040 MAIL ADDRESS: STREET 1: 1900 GLADES ROAD STREET 2: SUITE 435 CITY: BOCA RATON STATE: FL ZIP: 33134 FORMER COMPANY: FORMER CONFORMED NAME: LEISUREPLANET HOLDINGS LTD DATE OF NAME CHANGE: 20000128 FORMER COMPANY: FORMER CONFORMED NAME: FIRST SOUTH AFRICA CORP LTD DATE OF NAME CHANGE: 19951114 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: VISION OPPORTUNITY MASTER FUND, LTD. CENTRAL INDEX KEY: 0001349985 IRS NUMBER: 270120759 FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: C/O VISION CAPITAL ADVISORS, LLC STREET 2: 20 WEST 55TH STREET, 5TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: (212) 849-8228 MAIL ADDRESS: STREET 1: C/O VISION CAPITAL ADVISORS, LLC STREET 2: 20 WEST 55TH STREET, 5TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10019 FORMER COMPANY: FORMER CONFORMED NAME: Vision Opportunity Master Fund Ltd DATE OF NAME CHANGE: 20060117 SC 13G 1 silverstar_13g.txt SCHEDULE 13G UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13G Under the Securities Exchange Act of 1934 Silverstar Holdings, Ltd. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, par value $0.01 per share - -------------------------------------------------------------------------------- (Title of Class of Securities) G81365101 ----------------------------------------- (CUSIP Number) September 6, 2007 - -------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [ ] Rule 13d-1(b) [X] Rule 13d-1(c) [ ] Rule 13d-1(d) *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 the disclosures provided in a prior cover page. The information required in 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. G81365101 SCHEDULE 13G Page 2 of 9 Pages - ------------------------------- ----------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Vision Opportunity Master Fund, Ltd. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES BENEFICIALLY 0 OWNED BY -------------------------------------------------------- EACH 6 SHARED VOTING POWER REPORTING PERSON 1,641,379 WITH -------------------------------------------------------- 7 SOLE DISPOSITIVE POWER 0 -------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 1,641,379 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,641,379 - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES * [ ] - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 8.7% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON * CO - -------------------------------------------------------------------------------- - ------------------------------- ----------------------- CUSIP No. G81365101 SCHEDULE 13G Page 3 of 9 Pages - ------------------------------- ----------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Vision Capital Advisors, LLC (formerly known as Vision Opportunity Capital Management, LLC) - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES BENEFICIALLY 0 OWNED BY -------------------------------------------------------- EACH 6 SHARED VOTING POWER REPORTING PERSON 1,641,379 WITH -------------------------------------------------------- 7 SOLE DISPOSITIVE POWER 0 -------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 1,641,379 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,641,379 - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES * [ ] - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 8.7% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON * IA - -------------------------------------------------------------------------------- - ------------------------------- ----------------------- CUSIP No. G81365101 SCHEDULE 13G Page 4 of 9 Pages - ------------------------------- ----------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON Adam Benowitz - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION US Citizen - -------------------------------------------------------------------------------- NUMBER OF 5 SOLE VOTING POWER SHARES BENEFICIALLY 0 OWNED BY -------------------------------------------------------- EACH 6 SHARED VOTING POWER REPORTING PERSON 1,641,379 WITH -------------------------------------------------------- 7 SOLE DISPOSITIVE POWER 0 -------------------------------------------------------- 8 SHARED DISPOSITIVE POWER 1,641,379 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,641,379 - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES * [ ] - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 8.7% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON * IN - -------------------------------------------------------------------------------- - ------------------------------- ----------------------- CUSIP No. G81365101 SCHEDULE 13G Page 5 of 9 Pages - ------------------------------- ----------------------- Item 1(a). Name of Issuer: Silverstar Holdings Ltd. Item 1(b). Address of Issuer's Principal Executive Offices: Clarendon House Church Street Hamilton HM CX Bermuda. Item 2(a). Name of Person Filing. Vision Opportunity Master Fund, Ltd. Vision Capital Advisors, LLC Adam Benowitz Item 2(b). Address of Principal Business Office or, if None, Residence. Vision Opportunity Master Fund, Ltd.: c/o Citi Hedge Fund Services (Cayman) Limited P.O. Box 1748 Cayman Corporate Centre 27 Hospital Road, 5th Floor Grand Cayman KY1-1109 Cayman Islands Vision Capital Advisors, LLC Adam Benowitz: 20 W. 55th Street, 5th Floor New York, New York 10019 USA Item 2(c). Citizenship. Vision Opportunity Master Fund, Ltd. - Cayman Islands Vision Capital Advisors, LLC - Delaware Adam Benowitz - US Citizen Item 2(d). Title of Class of Securities: Common Stock, par value $0.01 per share Item 2(e). CUSIP Number: G81365101 Item 3. If this statement is filed pursuant to ss.ss.240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: Not Applicable - ------------------------------- ----------------------- CUSIP No. G81365101 SCHEDULE 13G Page 6 of 9 Pages - ------------------------------- ----------------------- Item 4. Ownership. The following is information regarding the aggregate number and percentage of the class of securities of the Issuer identified in Item 1 as of September 19, 2007: (a) Vision Opportunity Master Fund, Ltd. - 1,641,379 Vision Capital Advisors, LLC - 1,641,379 Adam Benowitz - 1,641,379 (b) Percent of class: Vision Opportunity Master Fund, Ltd. - 8.7%* Vision Capital Advisors, LLC - 8.7%* Adam Benowitz - 8.7%* (c) Number of shares as to which the person has: Vision Opportunity Master Fund, Ltd. ------------------------------------ (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: 1,641,379 (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: 1,641,379 Vision Capital Advisors, LLC ---------------------------- (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: 1,641,379 (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: 1,641,379 Adam Benowitz ------------- (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: 1,641,379 (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: 1,641,379 * Percent of class based on 18,127,469 shares of Common Stock outstanding as of September 17, 2007 as reported by the Issuer directly to the Reporting Persons. - ------------------------------- ----------------------- CUSIP No. G81365101 SCHEDULE 13G Page 7 of 9 Pages - ------------------------------- ----------------------- Item 5. Ownership of Five Percent or Less of a Class. Not Applicable Item 6. Ownership of More than Five Percent on Behalf of Another Person. Not Applicable Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company. Not Applicable Item 8. Identification and Classification of Members of the Group. Not Applicable Item 9. Notice of Dissolution of Group. Not Applicable - ------------------------------- ----------------------- CUSIP No. G81365101 SCHEDULE 13G Page 8 of 9 Pages - ------------------------------- ----------------------- Item 10. Certification. Certification pursuant to ss.240.13d-1(c): By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect. - ------------------------------- ----------------------- CUSIP No. G81365101 SCHEDULE 13G Page 9 of 9 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. Dated: September 19, 2007 VISION OPPORTUNITY MASTER FUND, LTD.** By: /s/ ADAM BENOWITZ ------------------------------------- Name: Adam Benowitz Title: Portfolio Manager VISION CAPITAL ADVISORS, LLC** By: /s/ ADAM BENOWITZ ------------------------------------- Name: Adam Benowitz Title: Managing Member /s/ ADAM BENOWITZ ----------------------------------------- ADAM BENOWITZ** ** Vision Capital Advisors, LLC (the "Investment Manager") serves as investment manager to Vision Opportunity Master Fund, Ltd. (the "Master Fund"), the record owner of the subject securities. Adam Benowitz is the managing member of the Investment Manager and the Master Fund's portfolio manager. Each Reporting Person disclaims beneficial ownership of all securities other than those owned of record by such Reporting Person. EXHIBIT INDEX Exhibit No. Document - ----------- ------------------------------------------ 1 Joint Filing Agreement Exhibit 1 JOINT FILING AGREEMENT In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the persons named below agree to the joint filing on behalf of each of them of a statement on Schedule 13G (including amendments thereto) with respect to the Common Stock, par value $0.01 per share, of Silverstar Holdings Ltd. and further agree that this Joint Filing Agreement be included as an Exhibit to such joint filing. Dated: September 19, 2007 VISION OPPORTUNITY MASTER FUND, LTD. By: /s/ ADAM BENOWITZ ------------------------------------- Name: Adam Benowitz Title: Portfolio Manager VISION CAPITAL ADVISORS, LLC By: /s/ ADAM BENOWITZ ------------------------------------- Name: Adam Benowitz Title: Managing Member /s/ ADAM BENOWITZ ----------------------------------------- ADAM BENOWITZ -----END PRIVACY-ENHANCED MESSAGE-----