-----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, HppWuq+dsGq0yIV9Od4dlwwlcbsLW6xK+qy72oB7PowNve4DVSwniSZKCirwl5fH YlUN4avlrbakryvb/6wxzw== 0000950159-06-001495.txt : 20061107 0000950159-06-001495.hdr.sgml : 20061107 20061107124118 ACCESSION NUMBER: 0000950159-06-001495 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20061107 DATE AS OF CHANGE: 20061107 GROUP MEMBERS: SPECTRUM GALAXY FUND LTD. GROUP MEMBERS: ZEFF CAPITAL PARTNERS I, L.P. GROUP MEMBERS: ZEFF HOLDING COMPANY, LLC SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: NETMANAGE INC CENTRAL INDEX KEY: 0000909793 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 770252226 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-43535 FILM NUMBER: 061192925 BUSINESS ADDRESS: STREET 1: 10725 N DE ANZA BLVD CITY: CUPERTINO STATE: CA ZIP: 95014 BUSINESS PHONE: 4089737171 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: ZEFF DANIEL CENTRAL INDEX KEY: 0001271640 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: 50 CALIFORNIA STREET STREET 2: SUITE 1500 CITY: SAN FRANCISCO STATE: CA ZIP: 94111 BUSINESS PHONE: 4154395273 SC 13D/A 1 netm13d.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 13D (Rule 13d-2-101) 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. _2_)(1) NetManage, Inc. (Name of Issuer) Common Stock (Title Of Class Of Securities) 641144308 (CUSIP Number) Daniel Zeff c/o Zeff Holding Company, LLC 50 California Street, Suite 1500 San Francisco, CA 94111 (415) 439-5274 (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) November 6, 2006 (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 ss.ss.240.13d-1(e), 240.13d-1(f) or 240.13d-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(b) for other parties to whom copies are to be sent. (Continued on following pages) - -------------- 1 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 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. 641144308 13D - --------- ------------------------------------------------------------------------------------------------------------ 1 NAME OF REPORTING PERSON S.S. OR IRS. IDENTIFICATION NO. OF ABOVE PERSON Daniel Zeff - --------- ------------------------------------------------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [x] - --------- ------------------------------------------------------------------------------------------------------------ 3 SEC USE ONLY - --------- ------------------------------------------------------------------------------------------------------------ 4 SOURCE OF FUNDS* OO - --------- ------------------------------------------------------------------------------------------------------------ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] - --------- ------------------------------------------------------------------------------------------------------------ 6 CITIZENSHIP OR PLACE OF ORGANIZATION United States - --------- ------------------------------------------------------------------------------------------------------------ NUMBER OF 7 SOLE VOTING POWER SHARES 903,788 ------ ---------------------------------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY -0- ------ ---------------------------------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 903,788 ------ ---------------------------------------------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER WITH -0- - ---------------------- ------ ---------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON(1) 903,788 - --------- ------------------------------------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES SHARES* [x] - --------- ------------------------------------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 9.57%(2) - --------- ------------------------------------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* IN - --------- ------------------------------------------------------------------------------------------------------------
________________________ (1) Includes 395,492 shares of Common Stock owned by Zeff Capital Partners I, L.P. Because Zeff Holding Company, LLC has sole voting and investment power over Zeff Capital Partner I, L.P.'s security holdings and Mr. Zeff, in his role as the sole manager and member of Zeff Holding Company, LLC, controls its voting and investment decisions, each of Zeff Capital Partners I, L.P., Zeff Holding Company, LLC, and Mr. Zeff may be deemed to have beneficial ownership of the shares owned of record by Zeff Capital Partners I, L.P. Also includes 508,296 shares of Common Stock owned by Spectrum Galaxy Fund Ltd. Because Mr. Zeff provides discretionary investment management services to Zeff Capital Offshore Fund, a class shares of Spectrum Galaxy Fund Ltd. and Mr. Zeff, in his role as investment manager, controls its voting and investment decisions, Mr. Zeff may be deemed to have beneficial ownership of the shares owned of record by Spectrum Galaxy Fund Ltd. (2) Based on 9,442,367 shares of Common Stock of NetManage, Inc. ("NetManage" or the "Issuer") outstanding at August 9, 2006, as reported in the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2006 filed with the Securities and Exchange Commission on August 11, 2006.
- --------- ------------------------------------------------------------------------------------------------------------ 1 NAME OF REPORTING PERSON S.S. OR IRS. IDENTIFICATION NO. OF ABOVE PERSON Zeff Holding Company, LLC - --------- ------------------------------------------------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [x] - --------- ------------------------------------------------------------------------------------------------------------ 3 SEC USE ONLY - --------- ------------------------------------------------------------------------------------------------------------ 4 SOURCE OF FUNDS* WC - --------- ------------------------------------------------------------------------------------------------------------ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] - --------- ------------------------------------------------------------------------------------------------------------ 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - --------- ------------------------------------------------------------------------------------------------------------ NUMBER OF 7 SOLE VOTING POWER SHARES 395,492 ------ ---------------------------------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY -0- ------ ---------------------------------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 395,492 ------ ---------------------------------------------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER WITH -0- - ---------------------- ------ ---------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON(3) 395,492 - --------- ------------------------------------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES SHARES*(4) [x] - --------- ------------------------------------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.19%(2) - --------- ------------------------------------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* OO - --------- ------------------------------------------------------------------------------------------------------------ __________________ (3) Because Zeff Holding Company, LLC has sole investment and voting power over 395,492 shares of Common Stock owned of record by Zeff Capital Partners I, L.P., Zeff Holding Company, LLC may be deemed to have beneficial ownership of these shares. (4) The amount in row (11) excludes 508,296 shares of Common Stock owned of record by Spectrum Galaxy Fund Ltd. Each of Zeff Holding Company, LLC and Zeff Capital Partners I, L.P. expressly disclaims beneficial ownership of all shares held by Spectrum Galaxy Fund Ltd.
- --------- ------------------------------------------------------------------------------------------------------------ 1 NAME OF REPORTING PERSON S.S. OR IRS. IDENTIFICATION NO. OF ABOVE PERSON Zeff Capital Partners I, L.P. - --------- ------------------------------------------------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [x] - --------- ------------------------------------------------------------------------------------------------------------ 3 SEC USE ONLY - --------- ------------------------------------------------------------------------------------------------------------ 4 SOURCE OF FUNDS* WC - --------- ------------------------------------------------------------------------------------------------------------ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] - --------- ------------------------------------------------------------------------------------------------------------ 6 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - --------- ------------------------------------------------------------------------------------------------------------ NUMBER OF 7 SOLE VOTING POWER SHARES 395,492 ------ ---------------------------------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY -0- ------ ---------------------------------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 395,492 ------ ---------------------------------------------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER WITH -0- - ---------------------- ------ ---------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 395,492 - --------- ------------------------------------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES SHARES*(4) [x] - --------- ------------------------------------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 4.19%(2) - --------- ------------------------------------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* PN - --------- ------------------------------------------------------------------------------------------------------------
- --------- ------------------------------------------------------------------------------------------------------------ 1 NAME OF REPORTING PERSON S.S. OR IRS. IDENTIFICATION NO. OF ABOVE PERSON Spectrum Galaxy Fund Ltd. - --------- ------------------------------------------------------------------------------------------------------------ 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ] (b) [x] - --------- ------------------------------------------------------------------------------------------------------------ 3 SEC USE ONLY - --------- ------------------------------------------------------------------------------------------------------------ 4 SOURCE OF FUNDS* WC - --------- ------------------------------------------------------------------------------------------------------------ 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) OR 2(e) [ ] - --------- ------------------------------------------------------------------------------------------------------------ 6 CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands - --------- ------------------------------------------------------------------------------------------------------------ NUMBER OF 7 SOLE VOTING POWER SHARES 508,296 ------ ---------------------------------------------------------------------------------------- BENEFICIALLY 8 SHARED VOTING POWER OWNED BY -0- ------ ---------------------------------------------------------------------------------------- EACH 9 SOLE DISPOSITIVE POWER REPORTING 508,296 ------ ---------------------------------------------------------------------------------------- PERSON 10 SHARED DISPOSITIVE POWER WITH -0- - ---------------------- ------ ---------------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 508,296 - --------- ------------------------------------------------------------------------------------------------------------ 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES SHARES*(5) [x] - --------- ------------------------------------------------------------------------------------------------------------ 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.38%(2) - --------- ------------------------------------------------------------------------------------------------------------ 14 TYPE OF REPORTING PERSON* CO - --------- ------------------------------------------------------------------------------------------------------------ __________________ (5) The amount in row (11) excludes 395,492 shares of Common Stock owned of record by Zeff Capital Partners I, L.P. Spectrum Galaxy Fund Ltd. expressly disclaims beneficial ownership of all shares held through Zeff Capital Partners I, L.P.
Item 4. Purpose of the Transaction Item 4 as previously filed is hereby amended to add the following: On October 24, 2006, the Issuer sent the filing persons a letter rejecting their offer to purchase the company at a price of $5.25 per share, stating that the offered price was "inadequate." After considering the response the filing persons have determined to increase the price offered by their proposal to $5.50 per share. On November 6,2006, the filing persons sent the Issuer a letter increasing the proposed price to $5.50, asking for a response by November 20, and providing certain information. The revised proposal is not subject to any financing contingency. A copy of this letter is attached to this amendment as Exhibit A." Item 7. Material to be filed as Exhibits EXHIBIT A: Letter to Board of Directors dated November 6, 2006 CUSIP No. 641144308 13D 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. Date: November 6, 2006 Zeff Capital Partners I, L.P. By: Zeff Holding Company, LLC, its General Partner By: /s/ Daniel Zeff -------------------------------------- Daniel Zeff, Manager Zeff Holding Company, LLC By: /s/ Daniel Zeff -------------------------------------- Daniel Zeff, Manager Spectrum Galaxy Fund Ltd. By: /s/ Dion R. Friedland -------------------------------------- Dion R. Friedland, Director By: /s/ Daniel Zeff -------------------------------------- Daniel Zeff EXHIBIT A Riley Investment Management, LLC Zeff Capital Partners, L.P. 11100 Santa Monica Boulevard, Suite 810 50 California Street, Suite 1500 Los Angeles, California 90025 San Francisco, CA 94111 November 6, 2006 NetManage, Inc. Board of Directors c/o Mr. Zvi Alon, President 20883 Stevens Creek Boulevard Cupertino, CA 95014 Dear Mr. Alon: In your letter to us, dated October 24, 2006, you informed us of your Board of Directors' decision to reject our proposal to acquire NetManage for $5.25 per share. Consequently, we have decided to increase our offer to acquire all of the outstanding shares of NetManage common stock that we do not already own to $5.50 per share in cash. We are extending the date for you to respond to our proposal to November 20, 2006. Following NetManage's continued operating losses, as reported in your last earnings release on October 23, 2006, we view our proposal as a fair price for NetManage's stock. We wish to reiterate that we have the necessary financial resources at our disposal to finance our proposed acquisition of NetManage. We hope to enter into negotiations with NetManage's Board of Directors as soon as possible, and hope it will consider our offer seriously for the benefit of NetManage's shareholders. Our proposal remains conditioned upon, among other things, completion of satisfactory due diligence and negotiation of mutually acceptable definitive agreements (and the conditions set forth in such agreements). In addition, this letter does not constitute a legally binding obligation, and there will be no binding obligation except as set forth in definitive acquisition documents executed by all parties. We have no obligation to enter into or consummate a transaction, except if and to the extent reflected in any such executed, definitive agreements. ------------------------------------------------ Bryant R. Riley, as Managing Member, Riley Investment Management LLC ------------------------------------------------ Daniel Zeff, as Managing Partner, Zeff Capital Partners, L.P. -----END PRIVACY-ENHANCED MESSAGE-----