SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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. 1

Actions Semiconductor Co., Ltd.
(Name of Issuer)

American Depositary Shares
(Title of Class of Securities)

00507E107
(CUSIP Number)

ACCRETIVE CAPITAL PARTNERS, LLC
16 Wall Street, 2nd Floor
Madison, CT 06443

RICHARD E. FEARON, JR.
16 Wall Street, 2nd Floor
Madison, CT 06443
(203) 482-5805

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

April 30, 2015
(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.

(Continued on following pages)

^{__________________________
1} Includes 4,327,853 American Depositary Shares held directly by Accretive Capital Partners, LLC, of which Accretive Capital Management, LLC is the manager and Mr. Fearon is the managing member of Accretive Capital Management, LLC.

The following constitutes the Schedule 13D filed by the undersigned (the “Schedule 13D”).

This amendment No. 1 to Schedule 13D (this “Amendment No. 1”), which amends and supplements the statement on Schedule 13D filed on December 3, 2014 (the “Original 13D”), by (i) Accretive Capital Partners, LLC an Illinois limited liability company (“Accretive Capital Partners”); (ii) Accretive Capital Management, LLC, an Illinois limited liability company (“Accretive Capital Management”) and (iii) Richard E. Fearon, Jr., a citizen of the United States (together with Accretive Capital Partners and Accretive Capital Management, the “Reporting Persons”) relates to the American Depositary Shares (the “Shares”) of Actions Semiconductor Co., Ltd., a Cayman Islands corporation (the “Issuer”). The address of the principal executive offices of the Issuer is No. 1, Ke Ji Si Road, Technology Innovation Coast of Hi-Tech Zone, Zhuhai, Guangdong, 519085, The People’s Republic of China.

Capitalized terms not defined in this Amendment No. 1 shall have the meaning ascribed to them in the Schedule 13D. Except as set forth herein, the Schedule 13D is unmodified.

Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following information:

While the Reporting Persons hold their stake for investment purposes, the Reporting Persons or its representatives may continue to conduct discussions from time to time with management of the Issuer, and may conduct discussions with other stockholders of the Issuer or other relevant parties, in each case, relating to matters that may include the strategic plans, strategy, assets, business, financial condition, operations, and capital structure of the Issuer. The Reporting Persons may engage the Issuer, other stockholders of the Issuer or other relevant parties in discussions that may include one or more of the other actions described in subsections (a) through (j) of Item 4 of Schedule 13D.

In addition to the foregoing, without limitation, the Reporting Persons may engage in discussions with management, the board of directors, stockholders of the Issuer and other relevant parties or take other actions through their representatives concerning any extraordinary corporate transaction (including but not limited to a merger, acquisition, reorganization or liquidation) or the business, operations, assets, strategy, future plans, prospects, corporate structure, board composition, management, capitalization, dividend policy, charter, bylaws, corporate documents, agreements, de-listing or de-registration of the Issuer. The Reporting Persons expect to conduct discussions with other stockholders, potential operating partners, sources of debt or additional equity financing and other relevant parties regarding financial or strategic acquisitions of, a liquidation of, or joint ventures with the Issuer or other similar arrangements. There is no assurance that these discussions would lead to a definitive transaction.

The Reporting Persons intend to review their investment in the Issuer on a continuing basis. Depending on various factors, including the Issuer’s financial position and strategic direction, the outcome of the discussions referenced above, actions taken by the Board of Directors of the Issuer, price levels of the securities of the Issuer, other investment opportunities available to the Reporting Persons, the availability and cost of debt financing, conditions in the capital markets and general economic and industry conditions, the Reporting Persons may in the future take such actions with respect to their investments in the Issuer as they deem appropriate, including purchasing additional securities of the Issuer, entering into financial instruments or other agreements which increase or decrease the Reporting Persons’ economic exposure with respect to their investments in the Issuer, selling some or all of the Reporting Persons’ respective holdings in the Issuer, engaging in any hedging or similar transactions with respect to such holdings and/or otherwise changing their intention with respect to any and all matters referred to in Item 4 of Schedule 13D.

Item 5 of the Schedule 13D is hereby amended and supplemented by adding the following information:

The aggregate percentage of Shares reported owned by each person named herein is based upon 35,588,339 Shares outstanding as of March 31, 2015, which is the total number of Shares outstanding, based on 213,530,033 Ordinary Shares outstanding, as reported in Item 7.A. (on page 64) of the Issuer’s annual report on Form 20-F for the year ended December 31, 2014, filed with the Securities and Exchange Commission on April 24, 2015.

An aggregate of 5,570,212 Shares, constituting approximately 15.65% of the Shares outstanding, are reported in this Schedule 13D.

Item 7 of the Schedule 13D includes the following exhibit:

SIGNATURES

After reasonable inquiry and to the best of his knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

SCHEDULE A

Transactions in the Shares During the Past Sixty Days

ACCRETIVE CAPITAL PARTNERS, LLC

RICHARD E. FEARON, JR.

None

	16 Wall Street, 2nd Floor
	Madison, Connecticut 06443
	203.482.5805 direct
	info@accretivecapital.com
	www.accretivecapital.com

An Open Letter to the Board of Directors of Actions Semiconductor Co., Ltd.

April 30, 2015

Mr. Hsiang-Wei Lee
Mr. Chin-Hsin Chen
Mr. Jun Tse Huang
Mr. Yu-Hsin Lin
Mr. Nan-Horng Yeh
Actions Semiconductor Co., Ltd.
No. 1 Ke Ji Si Road
Technology Innovation Coast of Hi-Tech Zone
Zhuhai, Guangdong, 519085
People’s Republic of China

To the Board of Directors of Actions Semiconductor:

As you know, we received your correspondence—written by the Corporate Secretary to Actions Semiconductor, delivered more than four months after making our director nominations, sent to us by the Company’s IR representative instead of you, and informing us of your extraordinary decision to reject the Accretive Capital Partners director nominees. We find your behavior utterly despicable and blatantly conflicted—yet perfectly consistent with your abusive behavior towards shareholders of Actions Semiconductor, including the largest shareholder of the Company. We cannot fathom how any one of you can possibly claim to be acting in the best interest of the Company or its shareholders.

For more than eight long and excruciating years, Accretive Capital Partners and its affiliates have been among the largest and most supportive shareholders of Actions Semiconductor Co., Ltd. ("Actions" or the "Company"). We own over 33.3 million ordinary shares (or approximately 5.6 million ADS shares) held by our fund and its affiliates.

Our ownership now equates to approximately 15.6% of the outstanding shares (based on 213,530,033 ordinary shares outstanding, as reported by the Company in its Form 20-F filing on April 24, 2015), as compared to less than 1% held by the entire Board of Directors and management combined.

Despite your total disinterest in purchasing ownership and your failure to provide management with any direction to build or even to preserve value at Actions, we nevertheless take pride in being value-added partners to the Company and our fellow shareholders. We have worked hard to provide constructive advice during the past eight years, despite the extraordinary destruction of shareholder value authorized by you, as directors of our Company.

	April 30, 2015
	Page 2

We believe that investment firms like ours serve an important societal role in identifying outstanding business managers and supporting them as they turn their visions of fulfilling market needs into realities of new products or better services, improving life for everyone. We strive to achieve our professional responsibilities by investing in and partnering with exceptional CEOs who have demonstrated their success at allocating assets as they build superior businesses. And we are committed to allocating the funds entrusted to us by our investors intelligently, honorably, and just as rationally.

It is with these responsibilities in mind that we come to the disheartening conclusion that the Board of Directors at Actions Semiconductor shares none of our values.

We are writing you once again to advise you of our:

We are extremely troubled by the obvious conflicts of interest and related-party transactions with Nan-Horng Yeh ("Mr. Yeh") and Yu-Hsin Lin ("Mr. Lin"), and we are shocked that other Board members do not understand the risks of providing continued support to these two directors.

Specifically: Mr. Yeh is Chairman of the Board and substantial owner of Realtek Semiconductor Corporation (“Realtek”), which has received significant investment capital from Actions; moreover, Mr. Yeh's elder brother is President of GMI Technology ("GMI"), which is one of the largest distributors of semiconductors for Actions and was sold product for $9.2 million in 2014; and Mr. Lin is Director and Chief Financial Officer of a semiconductor wafer manufacturer, United Microelectronics Corporation ("UMC"), which sells Actions almost all of its semiconductor wafers.

Each of these related-parties stands to lose substantial profits if Actions were to sell the Company to a third party or even to eliminate certain unprofitable product lines so that Actions shareholders could benefit from a profitable business of their own. Meanwhile, Mr. Yeh continues to serve as a director at Actions, charged by our Company with fiduciary duties to Actions—and not to Realtek or GMI. Amazingly, Mr. Lin serves as Chairman of the Audit Committee for Actions, entrusted with the responsibility and power to approve these related party transactions.

	April 30, 2015
	Page 3

In each of the last six (6) years since 2008, Actions has hemorrhaged an operating loss totaling a staggering $102.7 million. Last year alone, under the direction of this Board, Actions destroyed $39.5 million of Company assets with its operating loss.

Mr. Yeh and Mr. Lin are unwilling to authorize additional Company stock repurchases, have purchased no Actions stock for themselves, and are unwilling to consider a sale of the Company. We believe the sole purpose for continuing this money-losing business at the expense of Actions shareholders is to enrich the related parties of Mr. Yeh and Mr. Lin.

We are also perplexed by the transactions approved by this Board on behalf of shareholders. The following investments, as reported in the Company's Form 20-F filings since 2005, have resulted in an astounding loss of more than $35.9 million, or 46% of the invested capital:

	April 30, 2015
	Page 4

Beijing Actions Microelectronics Co., Ltd.

On November 17, 2005 Actions established a subsidiary, Actions Microelectronics Co., Ltd. ("Beijing Actions") which served as a holding company for its research and development center for imaging and video technology. On September 22, 2009, Beijing Actions introduced a group of new shareholders and Actions further invested $1.5 million. The Company subsequently invested an additional $2.6 million on January 25, 2011. Actions total investment reached $6.1 million as of January 25, 2011, and the Company held a minority stake of 46% equity interest in Beijing Actions. The carrying value as of December 31, 2014 was only $3.3 million, a 45% decline in value.

AMC Holdings Limited

In 2007, Actions acquired a minority stake of 5% equity interest in AMC Holdings Limited ("AMC"), which has somehow grown to a total investment of $27.0 million. AMC was established in Taiwan and engages in manufacturing printed circuit board (PCB) laminate and providing other related sub-contractor service. Actions' investment in AMC is now worthless, with a reported carrying value of $0.0 as of December 31, 2014.

	April 30, 2015
	Page 5

Bizlink Holdings Inc.

In 2007, Actions made a $1.0 million investment in Bizlink Holdings Inc. ("Bizlink"), a manufacturer of interconnectivity solutions such as cable, wire and connectors. In 2008, the equity value of this investment was wiped out, resulting in a $0.0 carrying value as of December 31, 2008.

Unitech Electronics Co., Ltd.

In 2007, Actions invested $100,000 in Unitech Electronics Co., Ltd. ("Unitech"), a manufacturer and designer of automatic identification and data collection products. Actions invested an additional $100,000 in 2008; since increasing its investment in Unitech to $200,000 in 2008, however, Actions has made no mention of this investment in its subsequent 20-F filings.

Actar Limited

In 2008, Actions acquired a 7% minority stake in Actar Limited ("Actar"), which was established in the PRC and engages in the entertainment media industry, for $3.0 million. Since Actions made this investment, Actar has become fully impaired, completed a liquidation process, and has a carrying value of $0.0 as of December 31, 2014.

	April 30, 2015
	Page 6

Nann Capital Corporation

In August 2009, the Company’s Hong Kong subsidiary, Actions Enterprises (via its Shanghai subsidiary, Actions Technology), obtained land use rights to the Shanghai Zhangjiang High-Tech Park office building. Less than a year later, in July 2010, the Company transferred all ownership interest of Actions Enterprises to Nann Capital ("Nann") for $1 and the Company further invested $4.4 million for a 40% ownership stake in Nann. The following year, in June 2011, Actions invested an additional $7.1 million in Nann. In April 2014, Actions invested another $3.7 million, and in May 2014, Actions invested an additional $9.0 million, for a total investment of $24.2 million.

Hi-Trend Investment Holdings Co., Ltd.

In 2010, Actions acquired a 10% minority equity interest in Hi-Trend Investment Holdings Co., Ltd ("Hi-Trend") for $800,000. Hi-Trend was established in the PRC and engages in developing and manufacturing of integrated circuits and chips. Actions made an additional $202,000 investment and its ownership was subsequently diluted to 9%. The carrying value of Hi-Trend was $1.1 million as of December 31, 2014.

Grand Choice Investment Limited

In February 2010, Actions purchased a 20% minority interest in Grand Choice Investment Limited ("Grand Choice") for $600,000. Grand Choice is a private company established in February 2010 which designs and manufactures software and hardware for electronic books. In December 2010, Actions invested another $600,000 to maintain its 20% interest, and in March and April 2011, Actions' ownership was diluted to 15% and 12%, respectively, due to additional capital injection from other investors. In September 2012, Actions invested yet another $1.5 million in Grand Choice, increasing its total investment to $2.7 million and ownership to 19%. The carrying value of Grand Choice is only $819,000 as of December 31, 2014, a 70% loss on investment.

	April 30, 2015
	Page 7

OCTT Asia Limited

In January 2011, Actions invested $13.7 million in OCTT Asia Limited ("OCTT"), a private equity fund incorporated in Mauritius for the stated purpose of investing in fabless semiconductor design companies in Taiwan that would provide M&A opportunities for the Company. Of the $70 million managed by OCTT, $30.6 million was invested in Realtek Semiconductor Corporation, whose Chairman and substantial owner is Actions Board member Mr. Yeh. Moreover, in your June 11, 2014 letter to shareholders you stated, "Our investment in the private equity fund OCTT Holding Co., Ltd. has been financially rewarding"; yet the December 31, 2014 carrying value of the OCTT is unchanged from Actions’ original 2011 investment.

Shanghai Real Estate Project

In November 2014, Actions announced that it invested $10 million for a 40% minority stake in Shanghai real estate, which the CEO of Actions stated was “not the core business of Actions Semiconductor.” Yet, just one month later, in a Form 6-K filed with the U.S. Securities and Exchange Commission on December 9, 2014, Mr. Lee described cash as so "scarce" that the Company would not be using it "to buy back shares and, by so doing, limiting our operating flexibility and ability to act quickly, risk[ing] putting the Company at a competitive disadvantage and serv[ing] shareholders poorly."

We believe these decisions conflict directly with the Company’s Corporate Governance Guidelines transcribed below:

“Transactions with Directors and their Affiliates:

	April 30, 2015
	Page 8

Except for employment arrangements with the CEO and other management directors, the Company does not engage in transactions with directors or their affiliates if a transaction would cast into doubt the independence of a director, would present the appearance of a conflict of interest, or is otherwise prohibited by law, rule or regulation. This includes, directly or indirectly, any extension, maintenance or renewal of an extension of credit to any director or member of management of the Company. This prohibition also includes significant business dealings with directors or their affiliates, substantial charitable contributions to organizations in which a director is affiliated, and consulting contracts with, or other indirect forms of compensation to, a director. The Board will conduct an appropriate review of all related party transactions on an ongoing basis.” – Page 3, Paragraph 3, Actions Semiconductor “Corporate Governance Guidelines”

We are profoundly concerned about the conflicts of interest among the Board of Directors at Actions and by the accelerating pace of extraordinary destruction in shareholder value of our Company and we demand answers to the questions contained in this letter. We remain resolute in correcting this situation and adamant that you follow through with your commitment to support the nomination of our two directors. The disproportionate research and development expenditure must be reduced immediately and the company should be sold to better custodians of capital.

For over eight long and painful years, Accretive remained a patient and supportive long-term investor in Actions, hoping that its Board of Directors would act in the best interests of shareholders. You have failed us and all of our fellow shareholders, and we are determined to stop the Board from destroying additional value of our assets at Actions Semiconductor.

ACCRETIVE CAPITAL MANAGEMENT, LLC

Regards,

Richard E. Fearon, Jr.
Managing Partner

About Accretive Capital Partners:
Accretive Capital Partners is an investment fund focused on value investing in small and micro-cap public companies in which its active partnership with management may help to build and unlock shareholder value.