UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
----------------------------
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 1)
HUNGARIAN TELEPHONE AND CABLE CORP.
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(Name of Issuer)
COMMON STOCK, $0.001 PAR VALUE
--------------------------------------------------------------------------------
(Title of Class of Securities)
4455421030
--------------------------------------------------------------------------------
(CUSIP Number)
ASHMORE INVESTMENT MANAGEMENT LIMITED WITH A COPY TO:
20 BEDFORDBURY DEWEY BALLANTINE
LONDON WC2N 4BL ST. HELEN'S, 1 UNDERSHAFT
UNITED KINGDOM LONDON EC3A 8LP
ATTN: MARK GRIMWOOD UNITED KINGDOM
ATTN: DOUGLAS L. GETTER, ESQ.
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
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NOVEMBER 2, 2003
--------------------------------------------------------------------------------
(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
[ ].
CUSIP No. 4455421030
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1. NAMES OF REPORTING PERSONS: Ashmore Investment Management Limited
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS - (ENTITIES ONLY)
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS: AF
-------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) OR 2(e): [ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION: England and Wales
--------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON
WITH:
--------------------------------------------------------------------------------
8. SHARED VOTING POWER: 4,328,572
--------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER: 4,328,572
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON: 4,328,572
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW 11: 29.5 percent
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON: IA
--------------------------------------------------------------------------------
Page 2 of 18 pages
CUSIP No. 4455421030
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS: Ashmore Group Limited
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS - (ENTITIES ONLY)
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS: AF
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) OR 2(e): [ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION: England and Wales
--------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON
WITH:
--------------------------------------------------------------------------------
8. SHARED VOTING POWER: 4,328,572
--------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER: 4,328,572
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON: 4,328,572
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES: [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW 11: 29.5 percent
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON: CO
--------------------------------------------------------------------------------
Page 3 of 18 pages
CUSIP No. 4455421030
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS: Ashmore Investments (UK) Limited
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS - (ENTITIES ONLY)
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS: AF
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) OR 2(e): [ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION: England and Wales
--------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON
WITH:
--------------------------------------------------------------------------------
8. SHARED VOTING POWER: 4,328,572
--------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER: 4,328,572
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON: 4,328,572
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW 11: 29.5 percent
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON: CO
-------------------------------------------------------------------------------
Page 4 of 18 pages
CUSIP No. 4455421030
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS: Ashmore Management Company Limited
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS - (ENTITIES ONLY)
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS: AF
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) OR 2(e): [ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION: Guernsey, Channel Islands
--------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON
WITH:
--------------------------------------------------------------------------------
8. SHARED VOTING POWER: 4,328,572
--------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER: 4,328,572
-------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON: 4,328,572
--------- ---------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW 11: 29.5 percent
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON: IA
--------------------------------------------------------------------------------
Page 5 of 18 pagese
CUSIP No. 4455421030
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS: Ashmore Global Special Situations Fund Limited
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS - (ENTITIES ONLY)
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS: WC
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) OR 2(e): [ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION: Guernsey, Channel Islands
--------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON
WITH:
--------------------------------------------------------------------------------
8. SHARED VOTING POWER: 1,548,572
--------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER: 1,548,572
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON 1,548,572
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW 11: 12.7 percent
--------------------------------------------------------------------------------
4. TYPE OF REPORTING PERSON: CO
--------------------------------------------------------------------------------
Page 6 of 18 pagese
CUSIP No. 4455421030
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS: Asset Holder No. 2 Limited re: Ashmore Emerging
Economy Portfolio
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS - (ENTITIES ONLY)
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS: WC
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) OR 2(e): [ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION: Guernsey, Channel Islands
--------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON
WITH:
--------------------------------------------------------------------------------
8. SHARED VOTING POWER: 280,000
--------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER: 280,000
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON: 280,000
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW 11: 2.3 percent
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON: CO
--------------------------------------------------------------------------------
Page 7 of 18 pagese
CUSIP No. 4455421030
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS: Asset Holder No. Limited re: Ashmore Emerging
Markets Liquid Investment Portfolio
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS - (ENTITIES ONLY)
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS: WC
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) OR 2(e): [ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION: Guernsey, Channel Islands
--------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON
WITH:
--------------------------------------------------------------------------------
8. SHARED VOTING POWER: 2,100,000
-------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER: 2,100,000
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON: 2,100,000
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW 11: 14.7 percent
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON: CO
--------------------------------------------------------------------------------
Page 8 of 18 pagese
CUSIP No. 4455421030
--------------------------------------------------------------------------------
1. NAMES OF REPORTING PERSONS: Ashmore Emerging Markets Debt Fund
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS - (ENTITIES ONLY)
--------------------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(a) [ ]
(b) [ ]
--------------------------------------------------------------------------------
3. SEC USE ONLY
--------------------------------------------------------------------------------
4. SOURCE OF FUNDS: WC
--------------------------------------------------------------------------------
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) OR 2(e): [ ]
--------------------------------------------------------------------------------
6. CITIZENSHIP OR PLACE OF ORGANIZATION: Grand Cayman, Cayman Islands
--------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY EACH
REPORTING
PERSON
WITH:
--------------------------------------------------------------------------------
8. SHARED VOTING POWER: 400,000
--------------------------------------------------------------------------------
9. SOLE DISPOSITIVE POWER
--------------------------------------------------------------------------------
10. SHARED DISPOSITIVE POWER: 400,000
--------------------------------------------------------------------------------
11. AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON: 400,000
--------------------------------------------------------------------------------
12. CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (11) EXCLUDES CERTAIN SHARES [ ]
--------------------------------------------------------------------------------
13. PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW 11: 3.2 percent
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON: CO
--------------------------------------------------------------------------------
Page 9 of 18 pagese
This Amendment No. 1 to the Schedule 13D filed by Ashmore Investment
Management Limited ("AIML") relates to the ownership of certain
warrants to acquire shares of common stock, par value $0.001 per share
("Common Stock"), of Hungarian Telephone and Cable Corp. (the
"Company"). This Amendment No. 1 amends and supplements the Schedule
13D filed by AIML dated October 20, 2003 (the "Original Schedule
13D"). Except as set forth below, the information in the Original
Schedule13D remains as stated therein and is incorporated by reference
into this amendment in all respects. Capitalized terms used but not
defined in this amendment have the meanings assigned to them in the
Original Schedule 13D.
ITEM 2. IDENTITY AND BACKGROUND.
(a), (b) and (c):
As disclosed in the Original Schedule 13D, other than its directors,
officers and shareholders, there are no persons controlling or
ultimately in control of AGL. AI(UK)L is a wholly owned subsidiary of
AGL. AMCL and AIML are wholly owned subsidiaries of AI(UK)L. AIML is a
professional investment manager and pursuant to delegated authority
from (i) AMCL provides investment management services with respect to
EMLIP and (ii) AEMDF provides investment management services with
respect to AEMDF.
Asset Holder PCC Limited re Ashmore Emerging Markets Liquid Investment
Portfolio ("EMLIP") is a protected cell (segregated class of shares)
of Asset Holder PCC Limited (a protected cell company) registered in
Guernsey, Channel Islands, and has its principal office address at
Arnold House, St. Julian's Avenue, St. Peter Port, Guernsey G1Y 3NF,
Channels Islands. EMLIP has been authorized by the Guernsey Financial
Services Commission as a Class B Collective Investment Scheme under
the Protection of Investors (Bailiwick of Guernsey) Law, 1987. EMLIP
(including its underlying unit trusts) was established to enable
investors to invest in emerging market debt instruments but also in
other emerging market investments and products.
Ashmore Emerging Market Debt Fund ("AEMDF") is an exempted company
incorporated with limited liability in the Cayman Islands and is
registered with the Cayman Islands Monetary Authority as a Mutual
Fund. AEMDF has its principal office address at PO Box 61 GT, Harbour
Center, 4th Floor, Georgetown, Grand Cayman, Cayman Islands. AEMDF was
established to enable investors to invest in emerging markets bonds,
debt instruments and other investment products.
AIML, AGL, AI(UK)L, AMCL, GSSF, AEEP, EMLIP and AEMDF are together
referred to herein as the "Ashmore Parties" and, individually, as an
"Ashmore Party."
The name, business address and present principal occupation or
employment of each director and executive officer of EMLIP and AEMDF
(including the name and address of the corporation or organization in
which such employment is conducted) is set forth in Exhibit 7.1 hereto
and incorporated by reference herein.
(d) and (e): EMLIP and AMDF have not, within the last 5 years, nor to
the knowledge of EMLIP and AEMDF, have any of their directors and
executive officers, been convicted in a criminal proceeding (excluding
traffic violations or similar misdemeanors), or been party to a civil
proceeding of a judicial or administrative body of competent
jurisdiction and as a result of such proceeding been or are subject to
a judgment, decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state
securities laws, or finding any violations with respect to such laws.
(f): EMLIP is a protected cell (segregated class of assets) of Asset
Holder PCC Limited (a protected cell company) registered in Guernsey,
Channel Islands. AEMDF is an exempted company incorporated with
limited liability in the Caymans Islands. Each director and executive
officer of EMLIP and AEMDF is a citizen of the United Kingdom, except
that Martin Byrne is a citizen of the Republic of Ireland.
Page 10 of 18 pagese
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
A disclosed in the Original Schedule 13D, EMLIP and AEMDF acquired
Warrants to purchase Common Stock pursuant to the EMLIP Purchase
Agreement and the AEMDF Purchase Agreement. No separate consideration
was paid by either EMLIP or AEMDF in respect of the Warrants. The
description of the EMLIP Purchase Agreement and the AEMDF Purchase
Agreement and the transactions contemplated thereby are qualified in
their entirety by reference to complete copies of the agreements which
were filed with the Original Schedule 13D and are incorporated by
reference herein.
The exercise of the Warrants is subject to he satisfaction of certain
conditions as more fully described in Item 6. If the conditions are
satisfied to permit EMLIP and/or AEMDF to exercise the Warrants and
purchase the Common Stock underlying such Warrants and EMLIP and/or
AEMDF so exercised the Warrants, EMLIP and AEMDF currently anticipate
that funds for such exercise would be provided from the general
investment funds of each such party. The information set forth in Item
6 with respect to the Warrants, including the description of the
conditions to the exercise of the Warrants, is incorporated by
reference into this Item 3 in all respects.
ITEM 4. PURPOSE OF TRANSACTION.
The Warrants were acquired from Postabank pursuant to the EMLIP
Purchase Agreement and the AEMDF Purchase Agreement in a series of
related transactions in which the relevant Ashmore Parties also
acquired Common Stock and Unsecured Notes.
Each of EMLIP and AEMDF acquired the Warrants for investment purposes.
Except as set forth in Item 6 which is incorporated by reference into
this Item 4 in all respects, the Ashmore Parties do not at the present
time have any plans or proposals that relate to or would result in any
of the transactions described in paragraphs (a) - (j) of Item 4 of
Schedule 13D.
The Ashmore Parties intend to review on a continuing basis their
ownership of the Warrants and the Company's business, prospects and
financial condition. Based on such continuing reviews, alternate
investments opportunities available to the parties and all other
factors deemed relevant (including, without limitation, the market for
and the price of the Warrants and the underlying Common Stock, offers
for the underlying Common Stock, transfer restrictions applicable to
the Warrants and the underlying Common Stock, general economic
conditions and other future developments), the Ashmore Parties may
decide to sell or seek the sale of all or part of the Warrants or the
underlying Common Stock or increase their holdings of Common Stock.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
(a) and (b):
Based on information disclosed by the Company, the Company has
12,195,680 shares of Common Stock issued and outstanding.
The exercise of the Warrants is subject to the satisfaction of
certain conditions more fully described in Item 6. The
information set forth in Item 6 with respect to the Warrants,
including the description of the conditions to the exercise of
the Warrants, is incorporated by reference into this Item 4 in
all respects. If the conditions are satisfied to permit EMLIP
and AEMDF to exercise the Warrants and purchase the underlying
Common Stock and EMLIP and AEMDF so exercised the Warrants,
then:
Page 11 of 18 pagese
(i) EMLIP may be deemed to directly beneficially own 2,100,000
shares of Common Stock, representing 14.7 percent of the
outstanding Common Stock after the exercise of the Warrants
owned by EMLIP and purchase of the underlying Common Stock.
EMLIP has shared voting and investment power with respect to
such shares of Common Stock;
(ii) AEMDF may be deemed to directly beneficially own 400,000
shares of Common Stock, representing 3.2 percent of the
outstanding Common Stock after the exercise of the Warrants
owned by AEMDF and purchase of the underlying Common Stock.
AEMDF has shared voting and investment power with respect to
such shares of Common Stock;
(iii) AGL indirectly beneficially owns 4,328,572 shares of
Common Stock representing 29.5 percent of the outstanding
Common Stock after the exercise of the Warrants by EMLIP and
AEMDF and the purchase of the underlying Common Stock by such
parties, by virtue of AGL's indirect beneficial ownership of
GSSF, AEEP, EMLIP and AEMDF. AGL has shared voting and
investment power with respect to such shares of Common Stock.
(iv) AI(UK)L indirectly beneficially owns 4,328,572 shares of
Common Stock representing 29.5 percent of the outstanding
Common Stock after the exercise of the Warrants by EMLIP and
AEMDF and the purchase of the underlying Common Stock by such
parties by virtue of AI(UK)L's indirect beneficial ownership
of GSSF, AEEP, EMLIP and AEMDF. AI(UK)L has shared voting and
investment power with respect to such shares of Common Stock.
(v) AMCL indirectly beneficially owns 4,328,572 shares of
Common Stock representing 29.5 percent of the Common Stock
after the exercise of the Warrants by EMLIP and AEMDF and the
purchase of the underlying Common Stock by such parties, by
virtue of AMCL's indirect beneficial ownership of GSSF, AEEP,
EMLIP and AEMDF. AMCL has shared voting and investment power
with respect to such shares of Common Stock.
(vi) AIML indirectly beneficially owns 4,328,572 shares of
Common Stock representing 29.5 percent of the Common Stock
after the exercise of the Warrants by EMLIP and AEMDF and the
purchase of the underlying Common Stock by such parties, by
virtue of AIML's indirect beneficial ownership of GSSF, AEEP,
EMLIP and AEMDF. AIML has shared voting and investment power
with respect to such shares of Common Stock.
(c) Other than the transactions described herein, no transactions
by the Ashmore Parties required to be reported by this Item
have taken place since the filing of the Original Schedule
13D.
(d) Except as described in Item 5(a) and 5(b) above, no other
person is known to have the right to receive or power to
direct the receipt of dividends from or proceeds from the sale
of the Common Stock.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
Pursuant to the (i) EMLIP Purchase Agreement, EMLIP acquired 21
Warrants to purchase 100,000 shares of Common Stock per Warrant and
(ii) AEMDF Purchase Agreement, AEMDF acquired 4 Warrants to purchase
100,000 shares of Common Stock per Warrant from Postabank.
Postabank has agreed to hold the Warrants for the benefit of EMLIP and
AEMDF and only take such actions with respect to the Warrants as
requested by EMLIP or AEMDF including, if so instructed, remitting the
proceeds resulting from an exercise of the Warrants and a sale of the
underlying Common Stock. However, the Warrants are by their terms not
exercisable nor transferable prior to January 1, 2004 and accordingly
Postabank may not transfer or exercise such Warrants prior to such
time. In addition, the
Page 12 of 18 pagese
transfer by Postabank of the Warrants after January 1, 2004 is subject
to the consent of the Company which consent may not be unreasonably
withheld or delayed.
The Warrants are subject to cancellation by the Company in whole or in
part prior to January 1, 2004 upon (i) repayment of a proportionate
amount of the US$25 million of the Unsecured Notes and (ii) the
payment to the holders of such cancelled Warrants an amount equal to
7.5 percent of the principal amount of the Unsecured Notes repaid. The
Warrants expire on March 31, 2007. The exercise price of the Warrants
is US$10 per share of Common Stock.
The Warrants contain anti-dilution provisions and a prohibition
against issuing warrants, options, rights or other obligations or
securities convertible into or exchangeable for Common Stock with an
exercise price, conversion price or exchange price per share less than
the current exercise price of the Warrants, subject to certain
exemptions.
The description of the Warrants is qualified in its entirety by
reference to the complete copy of the form of the Warrants which was
filed with the Original Schedule 13D and incorporated by reference
into this Item 6 in all respects.
The information set forth in Item 3 with respect to the Warrants is
incorporated by reference into this Item 6 in all respects.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
Exhibit 7.1: Directors and Executive Officers of EMLIP and AEMDF.
Exhibit 7.2 Amendment Agreement to Joint Filing Agreement dated
November 3, 2003.
Page 13 of 18 pagese
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 3, 2003
/s/ Tim Davis
----------------------------------------
Name: Tim Davis
Title: General Counsel
On behalf of:
Ashmore Investment Management Limited
/s/ Mark Coombs
----------------------------------------
Name: Mark Coombs
Title: Director
On behalf of:
Ashmore Group Limited
Ashmore Investments (UK) Limited
/s/ Nigel Carey
----------------------------------------
Name: Nigel Carey
Title: Director
On behalf of:
Ashmore Management Company Limited
Ashmore Global Special Situations
Fund Limited
Asset Holder PCC No. 2
re: Ashmore Emerging Economy Portfolio
Asset Holder PCC Limited
re: Ashmore Emerging Markets Liquid
Investment Portfolio
/s/ Martin Byrne
----------------------------------------
Name: Martin Byrne
Title: Director
On behalf of:
Ashmore Emerging Markets Debt Fund
Page 14 of 18 pages
EXHIBIT INDEX
Exhibit No. Description
7.1 Directors and Executive Officers of EMLIP and AEMDF.
7.2 Amendment to Agreement to Joint Filing Agreement dated
November 3, 2003.
Page 15 of 18 pages
EXHIBIT 7.1
Directors and Executive Officers of EMLIP and AEMDF as of November 3, 2003
The name, business address and present principal occupation or employment, and
the name and address of any corporation or other organization in which such
employment is conducted, of each director and executive officer of EMLIP and
AEMDF is set forth below.
1. ASSETT HOLDER PCC LIMITED RE: ASHMORE EMERGING MARKETS LIQUID INVESTMENT
PORTFOLIO
Name Present Principal Occupation or Employment
Directors
Mark Coombs Managing Director and Chairman of the Investment
Committee, Ashmore Investment Management Limited,
20 Bedfordbury, London WC2N 4BL, United Kingdom
Nigel Carey Partner, Carey Olsen, PO Box 98, 7 New Street, St.
Peter Port, Guernsey G1Y 4B2, Channel Islands
John Roper Retired Director General, Guernsey Financial Services
Commission, c/o Ashmore Management Company Limited,
Arnold House, St. Julian's Avenue, St. Peter Port,
Guernsey GY1 3NF, Channel Islands
Executive Officers
------------------
None
2. ASHMORE EMERGING MARKETS DEBT FUND
Name Present Principal Occupation or Employment
Directors
---------
Mark Coombs Managing Director and Chairman of the Investment
Committee, Ashmore Investment Management Limited,
20 Bedfordbury, London WC2N 4BL, United Kingdom
Martin Byrne Senior Trust and Company Manager, International
Management Services Ltd., PO Box 61GT, Harbour
Center, 4th Floor, Georgetown, Grand Cayman, Cayman
Islands
Martin Lang Senior Company Manager, International Management
Services Ltd., PO Box 61GT, Harbour Center, 4th
Floor, Georgetown, Grand Cayman, Cayman Islands
Executive Officers
------------------
None
Page 16 of 18 pages
EXHIBIT 7.2
Amendment to Joint Filing Agreement, dated October 20, 2003
In accordance with Rule 13d-1(k)(1) under the Securities Exchange Act of 1934,
as amended, the Ashmore Parties (as such term is defined in the Original
Schedule 13D) agreed to a joint filling (the "Joint Filing Agreement") with all
the Ashmore Parties on behalf of each of them of a statement on Schedule 13D
(including amendments thereto) with respect to the shares of common stock of
Hungarian Telephone and Cable Corp., par value $0.001 per share, and this Joint
Filing Agreement was included as an Exhibit to the Original Schedule 13D.
The Ashmore Parties hereby wish to amend the Joint Filing Agreement to provide
for the [EMLIP] and [AEMDF] to be joined as additional parties to the Joint
Filing Agreement and EMLIP and AEMDF agree to be joined as additional parties to
the Joint Filing Agreement.
This Amendment Agreement may be executed in any number of counterparts all of
which taken together shall constitute one and the same instrument.
In witness whereof, the undersigned hereby execute this Agreement this 3rd day
of November, 2003.
/s/ Tim Davis
---------------------------------------
Name: Tim Davis
Title: General Counsel
On behalf of:
Ashmore Investment Management Limited
/s/ Mark Coombs
----------------------------------------
Name: Mark Coombs
Title: Director
On behalf of:
Ashmore Group Limited
Ashmore Investments (UK) Limited
/s/ Nigel Carey
----------------------------------------
Name: Nigel Carey
Title: Director
On behalf of:
Ashmore Management Company Limited
Ashmore Global Special Situations Fund
Asset Holder PCC No. 2 Limited
re: Ashmore Emerging Economy Portfolio
Page 17 of 18 pages
/s/ Nigel Carey
----------------------------------------
Name: Nigel Carey
Title: Director
Asset Holder PCC Limited
re: Ashmore Emerging Markets Liquid
Investment Portfolio
/s/ Martin Byrne
----------------------------------------
Name: Martin Byrne
Title: Director
On behalf of:
Ashmore Emerging Markets Debt Fund
Page 18 of 18 pages