0001068238-16-000377.txt : 20160324 0001068238-16-000377.hdr.sgml : 20160324 20160324113351 ACCESSION NUMBER: 0001068238-16-000377 CONFORMED SUBMISSION TYPE: SC 13G/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20160324 DATE AS OF CHANGE: 20160324 GROUP MEMBERS: KENNET CAPITAL MANAGEMENT (JERSEY) LTD SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: SEQUANS COMMUNICATIONS CENTRAL INDEX KEY: 0001383395 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 000000000 STATE OF INCORPORATION: I0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13G/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-86632 FILM NUMBER: 161526201 BUSINESS ADDRESS: STREET 1: 15-55 BLVD CHARLES DE GAULLE STREET 2: LES PORTES DE LA DEFENSE CITY: COLOMBES STATE: I0 ZIP: 92700 BUSINESS PHONE: 33170721600 MAIL ADDRESS: STREET 1: 15-55 BLVD CHARLES DE GAULLE STREET 2: LES PORTES DE LA DEFENSE CITY: COLOMBES STATE: I0 ZIP: 92700 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Kennet Capital Management (Jersey) Ltd CENTRAL INDEX KEY: 0001541870 IRS NUMBER: 000000000 STATE OF INCORPORATION: Y9 FILING VALUES: FORM TYPE: SC 13G/A BUSINESS ADDRESS: STREET 1: 47 ESPLANADE CITY: ST. HELIER STATE: Y9 ZIP: JE1 0BD BUSINESS PHONE: 020-7839-8020 MAIL ADDRESS: STREET 1: 47 ESPLANADE CITY: ST. HELIER STATE: Y9 ZIP: JE1 0BD SC 13G/A 1 kennetcapital_sch13g.htm KENNET CAPITAL MANAGEMENT (JERSEY) LIMITED - SEQUANS SCHEDULE 13G kennetcapital_sch13g.htm
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
SCHEDULE 13G
 
 Under the Securities Exchange Act of 1934
 
(Amendment No. 1)*
 
Sequans Communications S.A.
(Name of Issuer)
 
Ordinary Shares, nominal value €0.02
(Title of Class of Securities)
 
817323 108 (American Depositary Shares, each representing one ordinary share)
(CUSIP Number)
 
 
December 31, 2015
(Date of Event Which Requires Filing of this Statement)
 
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
 
     o Rule 13d-l(b)
 
     o Rule 13d-l(c)
 
     x Rule 13d-l(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).

 
 
 
 
 
Page 1 of 11

 
CUSIP No.  817323 108
  1.
Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
 
Kennet Capital Management (Jersey) Limited
  2. Check the Appropriate Box if a Member of a Group (See Instructions)
    o  (a)
    o  (b)
  3. SEC Use Only
  4. Citizenship or Place of Organization   Jersey
Number of
Shares Bene-
ficially by
Owned by Each Reporting
Person With:
 5. Sole Voting Power   3,177,737
6. Shared Voting Power   0
7. Sole Dispositive Power    3,177,737
8. Shared Dispositive Power   0
  9. Aggregate Amount Beneficially Owned by Each Reporting Person            3,177,737*
  10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions).
  11. Percent of Class Represented by Amount in Row (9)      5.4%*
  12. Type of Reporting Person (See Instructions)  PN
* Based on a total of 59,145,393 shares of the Issuer’s ordinary shares outstanding as of December 31, 2015, as reported in the Issuer’s Form 6-K filed February 4, 2016.

 
 
Page 2 of 11
 
 
CUSIP No.  817323 108
  1.
Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
 
Michael Harrop
  2. Check the Appropriate Box if a Member of a Group (See Instructions)
    o  (a)
    o  (b)
  3. SEC Use Only
  4. Citizenship or Place of Organization   Great Britain
Number of
Shares Bene-
ficially by
Owned by Each Reporting
Person With:
 5. Sole Voting Power   0
6. Shared Voting Power       3,177,737
7. Sole Dispositive Power   0
8. Shared Dispositive Power    3,177,737
  9. Aggregate Amount Beneficially Owned by Each Reporting Person    3,177,737*
  10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions).
  11. Percent of Class Represented by Amount in Row (9)       5.4%**
  12. Type of Reporting Person (See Instructions)  IN
* Pursuant to Rule 13d−4, the Reporting Person disclaims beneficial ownership of the ordinary shares except to the extent of his pecuniary interest therein reflected herein and, as such, declares that the statement shall not be construed as an admission that such person is the beneficial owner of any securities covered hereby.
** Based on a total of 59,145,393 shares of the Issuer’s ordinary shares outstanding as of December 31, 2015, as reported in the Issuer’s Form 6-K filed February 4, 2016.


 
 
Page 3 of 11
 
 
CUSIP No.  817323 108
  1.
Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
 
Spencer Wells
  2. Check the Appropriate Box if a Member of a Group (See Instructions)
    o  (a)
    o  (b)
  3. SEC Use Only
  4. Citizenship or Place of Organization   Great Britain
Number of
Shares Bene-
ficially by
Owned by Each Reporting
Person With:
 5. Sole Voting Power   0
6. Shared Voting Power   3,177,737
7. Sole Dispositive Power   0
8. Shared Dispositive Power   3,177,737
  9. Aggregate Amount Beneficially Owned by Each Reporting Person   3,177,737*
  10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions).
  11. Percent of Class Represented by Amount in Row (9)        5.4%**
  12. Type of Reporting Person (See Instructions)  IN
* Pursuant to Rule 13d−4, the Reporting Person disclaims beneficial ownership of the ordinary shares except to the extent of his pecuniary interest therein reflected herein and, as such, declares that the statement shall not be construed as an admission that such person is the beneficial owner of any securities covered hereby.
** Based on a total of 59,145,393 shares of the Issuer’s ordinary shares outstanding as of December 31, 2015, as reported in the Issuer’s Form 6-K filed February 4, 2016.
 
 
Page 4 of 11
 
 
CUSIP No.  817323 108
  1.
Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
 
Claire Cabot
  2. Check the Appropriate Box if a Member of a Group (See Instructions)
    o  (a)
    o  (b)
  3. SEC Use Only
  4. Citizenship or Place of Organization   Great Britain
Number of
Shares Bene-
ficially by
Owned by Each Reporting
Person With:
 5. Sole Voting Power   0
6. Shared Voting Power   3,177,737
7. Sole Dispositive Power   0
8. Shared Dispositive Power        3,177,737
  9. Aggregate Amount Beneficially Owned by Each Reporting Person   3,177,737*
  10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions).
  11. Percent of Class Represented by Amount in Row (9)       5.4%**
  12. Type of Reporting Person (See Instructions)  IN
* Pursuant to Rule 13d−4, the Reporting Person disclaims beneficial ownership of the ordinary shares except to the extent of her pecuniary interest therein reflected herein and, as such, declares that the statement shall not be construed as an admission that such person is the beneficial owner of any securities covered hereby.
** Based on a total of 59,145,393 shares of the Issuer’s ordinary shares outstanding as of December 31, 2015, as reported in the Issuer’s Form 6-K filed February 4, 2016.
 
 
 
 
 
Page 5 of 11

 
 
CUSIP No.  817323 108
  1.
Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
 
Phillip Maletroit
  2. Check the Appropriate Box if a Member of a Group (See Instructions)
    o  (a)
    o  (b)
  3. SEC Use Only
  4. Citizenship or Place of Organization   Great Britain
Number of
Shares Bene-
ficially by
Owned by Each Reporting
Person With:
 5. Sole Voting Power   0
6. Shared Voting Power   3,177,737
7. Sole Dispositive Power   0
8. Shared Dispositive Power   3,177,737
  9. Aggregate Amount Beneficially Owned by Each Reporting Person      3,177,737*
  10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions).
  11. Percent of Class Represented by Amount in Row (9)        5.4%**
  12. Type of Reporting Person (See Instructions)  IN
* Pursuant to Rule 13d−4, the Reporting Person disclaims beneficial ownership of the ordinary shares except to the extent of her pecuniary interest therein reflected herein and, as such, declares that the statement shall not be construed as an admission that such person is the beneficial owner of any securities covered hereby.
** Based on a total of 59,145,393 shares of the Issuer’s ordinary shares outstanding as of December 31, 2015, as reported in the Issuer’s Form 6-K filed February 4, 2016.
 
 
Page 6 of 11
 
Item 1.
    
     
  (a) Name of Issuer:
     
    Sequans Communications S.A.
     
  (b) Address of Issuer’s Principal Executive Offices:
     
    19 Le Parvis, 92073 Paris-La Défense, France
     
Item 2.
    
     
  (a) Names of Persons Filing:
     
    Kennet Capital Management (Jersey) Limited
    Michael Harrop
    Spencer Wells
    Claire Cabot
    Phillip Maletroit
     
  (b) Address of Principal Business Office or, if none, Residence:
     
    The principal business office of Kennet Capital Management (Jersey) Limited, is 1st Floor, Waterloo House, Don Street, St Helier, Jersey, Channel Islands, JE1 1AD;  the principal business office of Michael Harrop is Greystock, Wellington Road, St Saviour, Jersey, JE2 7TH Channel Islands.
     
  (c) Citizenship:
     
    The place of organization of Kennet Capital Management (Jersey) Limited is Jersey; the country of citizenship of each of Michael Harrop, Spencer Wells, Claire Cabot and Phillip Maletroit is Great Britain.
     
  (d) Title of Class of Securities:
     
    Ordinary Shares, nominal value €0.02 per share
     
  (e) CUSIP Number:
     
    817323 108 (American Depositary Shares, representing one ordinary share)
     
Item 3.  If this statement is filed pursuant to §§240.13d-l(b) or 240.13d-2(b) or (c), check whether the person filing is a:
     
  (a) o Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
     
  (b) o Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
     
  (c) o    Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
     
  (d) o Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C 80a-8);
     
  (e) o An investment adviser in accordance with §240.13d-l(b)(l)(ii)(E);
     
  (f) o An employee benefit plan or endowment fund in accordance with §240.13d-l(b)(l)(ii)(F);
     
  (g) o A parent holding company or control person in accordance with § 240.13d-l(b)(l)(ii)(G)
     
  (h) o A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
 
 
Page 7 of 11
 
 
 
  (i) o A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the InvestmentCompany Act of 1940 (15 U.S.C. 80a-3);
     
  (j) o A non-U.S. institution in accordance with §240.13d-l(b)(l)(ii)(J).
     
  (k) o Group, in accordance with §240.13d-l(b)(l)(ii)(K).
     
  If filing as a non-U.S. institution in accordance with §240.13d-l(b)(l)(ii)(J), please specify the type of institution: Not Applicable
     
Item. 4 Ownership.
     
  Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1.
     
  (a) Amount beneficially owned:
     
  Kennet Capital Management (Jersey) Limited:  3,177,737*
  Michael Harrop:  3,177,737*
  Spencer Wells:   3,177,737*
  Claire Cabot:  3,177,737*
  Phillip Maletroit:  3,177,737*
     
  (b) Percent of class:
     
  Kennet Capital Management (Jersey) Limited: 5.4% *
  Michael Harrop: 5.4% *
  Spencer Wells: 5.4% *
  Claire Cabot: 5.4% *
  Phillip Maletroit: 5.4%*
     
  (c) Number of shares as to which the person has:
 
  (i)
Sole power to vote or to direct the vote
     
    Kennet Capital Management (Jersey) Limited:  3,177,737*
    Michael Harrop:  0 *
    Spencer Wells: 0*
    Claire Cabot:  0 *
    Phillip Maletroit:  0*
     
  (ii) Shared power to vote or to direct the vote
     
    Kennet Capital Management (Jersey) Limited:  0 *
    Michael Harrop:  3,177,737*
    Spencer Wells:  3,177,737*
    Claire Cabot:  3,177,737*
    Phillip Maletroit:  3,177,737*
     
  (iii) Sole power to dispose or to direct the disposition of
     
    Kennet Capital Management (Jersey) Limited:  3,177,737*
    Michael Harrop:  0 *
    Spencer Wells:  0*
    Claire Cabot:  0 *
    Phillip Maletroit:  0*
     
  (iv) Shared power to dispose or to direct the disposition of
     
    Kennet Capital Management (Jersey) Limited:  0 *
    Michael Harrop:  3,177,737*
 
 
 
 
Page 8 of 11
 
 
 
 
    Spencer Wells:  3,177,737*
    Claire Cabot:  3,177,737*
    Phillip Maletroit:  3,177,737*
 
*
Kennet II LP, or KII, holds 3,163,556 of the Issuer’s ordinary shares and King Street Partners LP, or KSP, holds 14,181 of the Issuer’s ordinary shares. Pursuant to a management agreement, Kennet Capital Management (Jersey) Limited, or KCMJL, has sole voting and dispositive power over the shares held by KII and KSP. The board of directors of KCMJL consists of Michael Harrop, Spencer Wells, Claire Cabot and Phillip Maletroit, who share such voting and dispositive power.  Pursuant to Rule 13d−4, each of Michael Harrop, Spencer Wells, Claire Cabot and Phillip Maletroit disclaims beneficial ownership of the ordinary shares except to the extent of his or her pecuniary interest therein reflected herein and, as such, declares that the statement shall not be construed as an admission that such person is the beneficial owner of any securities covered hereby.
     
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.
     
 As described in Item 4 above, KII holds 3,163,556 of the Issuer’s ordinary shares and KSP holds 14,181 of the Issuer’s ordinary shares. Pursuant to a management agreement KCMJL has sole voting and dispositive power over the shares held by KII and KSP. The board of directors of KCMJL consists of Michael Harrop, Spencer Wells, Claire Cabot and Phillip Maletroit, who share such voting and dispositive power.
     
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.
     
Item 10. Certification
     
 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.
 
 
 
 
Page 9 of 11
 
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:  March 17, 2016
 
KENNET CAPITAL MANAGEMENT (JERSEY) LIMITED  
   
   
By:  /s/ Spencer Wells                                                 /s/ Michael Harrop                                    
Name:  Spencer Wells Michael Harrop
Title:  Director  
   
   
  /s/ Claire Cabot                                        
  Claire Cabot
   
   
  /s/ Phillip Maletroit                                     
  Phillip Maletroit
 
 
Page 10 of 11
 
 
 
EXHIBIT A

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 the Schedule 13G to which this Agreement is an exhibit (and any further amendment filed by them) with respect to the ordinary shares of Sequans Communications S.A.
 
This agreement may be executed simultaneously in any number of counterparts, all of which together shall constitute one and the same instrument.
 
Dated:  March 17, 2016

 
KENNET CAPITAL MANAGEMENT (JERSEY) LIMITED  
   
   
By:  /s/ Spencer Wells                             /s/ Michael Harrop                                    
Name:  Spencer Wells Michael Harrop
Title:  Director  
   
   
  /s/ Claire Cabot                                          
  Claire Cabot
   
   
  /s/ Phillip Maletroit                                     
  Phillip Maletroit
 
 
 
 
 
 
 
 

Page 11 of 11