-----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, G8G3LC8vFpIjRz9K/lth74+iteOMh86yH2N62rcV0uzVmDV2MEdBoYPwfgql1uWu pjHe9HF1HNj5HCU0Sg4aOA== 0001012975-03-000212.txt : 20030723 0001012975-03-000212.hdr.sgml : 20030723 20030723115202 ACCESSION NUMBER: 0001012975-03-000212 CONFORMED SUBMISSION TYPE: SC 13G PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20030723 GROUP MEMBERS: MAINFIELD ENTERPRISES, INC. SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: HI TECH PHARMACAL CO INC CENTRAL INDEX KEY: 0000887497 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 112638720 STATE OF INCORPORATION: NY FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: SC 13G SEC ACT: 1934 Act SEC FILE NUMBER: 005-43074 FILM NUMBER: 03797699 BUSINESS ADDRESS: STREET 1: 369 BAYVIEW AVENUE CITY: AMITYVILLE STATE: NY ZIP: 11701 BUSINESS PHONE: 5167898228 MAIL ADDRESS: STREET 1: 369 BAYVIEW AVE. CITY: AMITYVILLE STATE: NY ZIP: 11701 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: SAGE CAPITAL GROWTH INC CENTRAL INDEX KEY: 0001226882 STATE OF INCORPORATION: NY FILING VALUES: FORM TYPE: SC 13G BUSINESS ADDRESS: STREET 1: 660 MADISON AVENUE STREET 2: 18TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10021 BUSINESS PHONE: 2126519000 MAIL ADDRESS: STREET 1: 660 MADISON AVENUE STREET 2: 18TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10021 SC 13G 1 e999072.txt --------------------------- OMB APPROVAL --------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13G UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. [_______])* HI-TECH PHARMACAL CO., INC. - -------------------------------------------------------------------------------- (Name of issuer) COMMON STOCK, PAR VALUE $0.01 PER SHARE - -------------------------------------------------------------------------------- (Title of class of securities) 42840B101 - -------------------------------------------------------------------------------- (CUSIP number) - -------------------------------------------------------------------------------- JULY 17, 2003 - -------------------------------------------------------------------------------- (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). Page 1 of 9 Pages CUSIP No. 045327103 13G Page 2 of 9 Pages ________________________________________________________________________________ 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOs. OF ABOVE PERSONS Sage Capital Growth, Inc. ________________________________________________________________________________ 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] ________________________________________________________________________________ 3. SEC USE ONLY ________________________________________________________________________________ 4. CITIZENSHIP OR PLACE OF ORGANIZATION New York ________________________________________________________________________________ NUMBER OF 5. SOLE VOTING POWER SHARES 0 _________________________________________________________________ BENEFICIALLY 6. SHARED VOTING POWER OWNED BY 590,427 (see Item 4) _________________________________________________________________ EACH 7. SOLE DISPOSITIVE POWER REPORTING 0 _________________________________________________________________ PERSON 8. SHARED DISPOSITIVE POWER WITH 590,427 (see Item 4) ________________________________________________________________________________ 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 590,427 (see Item 4) ________________________________________________________________________________ 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [_] ________________________________________________________________________________ 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 6.96% (see Item 4) ________________________________________________________________________________ 12. TYPE OF REPORTING PERSON* CO ________________________________________________________________________________ Page 2 of 9 Pages CUSIP No. 045327103 13G Page 3 of 9 Pages ________________________________________________________________________________ 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NOs. OF ABOVE PERSONS Mainfield Enterprises, Inc. ________________________________________________________________________________ 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] ________________________________________________________________________________ 3. SEC USE ONLY ________________________________________________________________________________ 4. CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands ________________________________________________________________________________ NUMBER OF 5. SOLE VOTING POWER SHARES 0 _________________________________________________________________ BENEFICIALLY 6. SHARED VOTING POWER OWNED BY 590,427 (see Item 4) _________________________________________________________________ EACH 7. SOLE DISPOSITIVE POWER REPORTING 0 _________________________________________________________________ PERSON 8. SHARED DISPOSITIVE POWER WITH 590,427 (see Item 4) ________________________________________________________________________________ 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 590,427 (see Item 4) ________________________________________________________________________________ 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES* [ ] ________________________________________________________________________________ 11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 6.96% (see Item 4) ________________________________________________________________________________ Page 3 of 9 Pages ________________________________________________________________________________ 12. TYPE OF REPORTING PERSON* CO ________________________________________________________________________________ *SEE INSTRUCTIONS BEFORE FILLING OUT! ITEM 1. (a) Name of Issuer: Hi-Tech Pharmacal Co., Inc. (b) Address of Issuer's Principal Executive Offices: 369 Bayview Avenue Amityville, New York 11701 ITEM 2. (a) Name of Persons Filing: Sage Capital Growth, Inc. ("Sage") Mainfield Enterprises, Inc. ("Mainfield") (b) Address of Principal Business Office: Sage: 660 Madison Avenue, 18th floor New York, NY 10021 Mainfield: Icaza, Gonzalez-Ruiz &Aleman (BVI) Trust Limited, Wickhams Cay I, Vanterpool Plaza P.O. Box 873, Road Town Tortolla, British Virgin Islands (c) Citizenship: Sage: New York Mainfield: British Virgin Islands (d) Title of Class of Securities: Common Stock, par value $0.01 per share (e) CUSIP Number: 42840B101 Page 4 of 9 Pages ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULES 13D-1(B), OR 13D-2(B) OR (C), CHECK WHETHER THE PERSONS FILING ARE A: (a) [ ] Broker or dealer registered under Section 15 of the Exchange Act; (b) [ ] Bank as defined in Section 3(a)(6) of the Exchange Act; (c) [ ] Insurance company as defined in Section 3(a)(19) of the Exchange Act; (d) [ ] Investment company registered under Section 8 of the Investment Company Act; (e) [ ] An investment advisor in accordance with Rule 13d-1(b)(1)(ii)(E); (f) [ ] An employee benefit plan or an endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F); (g) [ ] A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G); (h) [ ] A savings association as defined in Section 3(b) of the Federal Deposit Insurance Act; (i) [ ] A church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act of 1940; (j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J). If this statement is filed pursuant to Rule 13d-1(c), check this box [X]. 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. Sage: (a) Amount Beneficially Owned: 590,427 shares of Common Stock (see Footnote 1) (b) Percent of Class: - ---------- 1 Includes 455,427 shares of Common Stock owned by Mainfield and 135,000 shares of Common Stock issuable upon exercise of the Additional Investment Right issued to Mainfield on July 17, 2003. Page 5 of 9 Pages 6.96% (see Footnote 2) (c) Number of shares as to which Sage has: (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: 590,427 shares of Common Stock (see Footnote 1) (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: 590,427 shares of Common Stock (see Footnote 1) Mainfield: (a) Amount Beneficially Owned: 590,427 shares of Common Stock (see Footnote 1) (b) Percent of Class: 6.96% (see Footnote 2) (c) Number of Shares as to Which Mainfield has: (i) Sole power to vote or to direct the vote: 0 (ii) Shared power to vote or to direct the vote: 590,427 shares of Common Stock (see Footnote 1) (iii) Sole power to dispose or to direct the disposition of: 0 (iv) Shared power to dispose or to direct the disposition of: - --------- 2 Based on 7,493,476 shares of Common Stock issued and outstanding as of July 14, 2003 as represented by the Issuer to Mainfield, plus (i) the 860,000 shares issued by the Company on July 17, 2003, and (ii) the 135,000 shares of Common Stock issuable upon exercise of the Additional Investment Right issued on July 17, 2003, for a total of 8,488,476 shares of Common Stock. Page 6 of 9 Pages 590,427 shares of Common Stock (see Footnote 1) ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS. Inapplicable ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON. Pursuant to an investment management agreement between Mainfield and Sage, Sage has the power to sell or vote on behalf of Mainfield some or all of the shares of Common Stock to which this report relates. Accordingly, under Rule 13d-3(a), Sage may be deemed to be the beneficial owner of shares owned by Mainfield. ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY. Inapplicable ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP. See the Joint Filing Agreement Attached hereto as an Exhibit. ITEM 9. NOTICE OF DISSOLUTION OF THE GROUP. Inapplicable ITEM 10. CERTIFICATION. By signing below the undersigned certifies that, to the best of its 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 7 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. Sage Capital Growth, Inc. /s/ Avi Vigder -------------------------------- Name: Avi Vigder Title: Authorized Signatory Mainfield Enterprises, Inc. /s/ Avi Vigder -------------------------------- Name: Avi Vigder Title: Authorized Signatory Page 8 of 9 Pages JOINT FILING AGREEMENT In accordance with rule 13d-1(k)(1) of the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing with each other of the attached statement on Schedule 13G, and all amendments thereto, and that such statement, and all amendments thereto, is made on behalf of each of them. IN WITNESS WHEREOF, the undersigned hereby executed this agreement on July 23, 2003. Sage Capital Growth, Inc. /s/ Avi Vigder -------------------------------- Name: Avi Vigder Title: Authorized Signatory Mainfield Enterprises, Inc. /s/ Avi Vigder -------------------------------- Name: Avi Vigder Title: Authorized Signatory Page 9 of 9 Pages -----END PRIVACY-ENHANCED MESSAGE-----