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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 1)*
THE MEXICO FUND, INC.
--------------------------------------------------------------------------------
(Name of Issuer)
Common Stock, $1.00 Par Value
--------------------------------------------------------------------------------
(Title of Class of Securities)
592835102
--------------------------------------------------------------------------------
(CUSIP Number)
Andrew Pegge Jeffry S. Hoffman
Laxey Partners Limited Swidler Berlin Shereff Friedman, LLP
Stanley House The Chrysler Building
7-9 Market Hill 405 Lexington Avenue
Douglas New York, NY 10174
Isle of Man IM1 2BF (212) 891-9260
011 44 1624 629365
--------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices
and Communications)
October 22, 2001
--------------------------------------------------------------------------------
(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 ss. 240.13d-7(b) for other
parties to whom copies are to be sent.
* 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 (the "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).
2
SCHEDULE 13D
----------------------------------------------------------------------------------------------------------------------
CUSIP No. 592835102
----------------------------------------------------------------------------------------------------------------------
1) Name of Reporting Persons
I.R.S. Identification No. of Above Persons (entities only)
THE VALUE CATALYST FUND LIMITED
NO I.R.S. IDENTIFICATION NO
----------------------------------------------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions) (a) [X]
(b) [ ]
----------------------------------------------------------------------------------------------------------------------
3) SEC Use Only
----------------------------------------------------------------------------------------------------------------------
4) Source of Funds (See Instructions)
OO
----------------------------------------------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ]
----------------------------------------------------------------------------------------------------------------------
6) Citizenship or Place of Organization
CAYMAN ISLANDS
----------------------------------------------------------------------------------------------------------------------
7) Sole Voting Power
0
Number of
Shares 8) Shared Voting Power
Beneficially 1,250,900 SHARES
Owned by
Each 9) Sole Dispositive Power
Reporting 0
Person
with 10) Shared Dispositive Power
1,250,900 SHARES
----------------------------------------------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
1,250,900 SHARES
----------------------------------------------------------------------------------------------------------------------
12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]
----------------------------------------------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11)
2.8%
----------------------------------------------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions)
IV*
----------------------------------------------------------------------------------------------------------------------
*Not registered under the Investment Company Act of 1940.
3
----------------------------------------------------------------------------------------------------------------------
CUSIP No. 592835102
----------------------------------------------------------------------------------------------------------------------
1) Name of Reporting Persons
I.R.S. Identification No. of Above Persons (entities only)
LAXEY INVESTORS LIMITED
NO I.R.S. IDENTIFICATION NO.
----------------------------------------------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions) (a) [X]
(b) [ ]
----------------------------------------------------------------------------------------------------------------------
3) SEC Use Only
----------------------------------------------------------------------------------------------------------------------
4) Source of Funds (See Instructions)
OO
----------------------------------------------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ]
----------------------------------------------------------------------------------------------------------------------
6) Citizenship or Place of Organization
BRITISH VIRGIN ISLANDS
----------------------------------------------------------------------------------------------------------------------
7) Sole Voting Power
Number of 0
Shares
Beneficially 8) Shared Voting Power
Owned by 1,191,100 SHARES
Each
Reporting 9) Sole Dispositive Power
Person 0
With
10) Shared Dispositive Power
1,191,100 shares
----------------------------------------------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
1,191,100 SHARES
----------------------------------------------------------------------------------------------------------------------
12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]
----------------------------------------------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11)
2.6%
----------------------------------------------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions)
IV*
----------------------------------------------------------------------------------------------------------------------
*Not registered under the Investment Company Act of 1940.
4
---------------------------------------------------------------------------------------------------------------------
CUSIP No. 592835102
---------------------------------------------------------------------------------------------------------------------
1) Name of Reporting Persons
I.R.S. Identification No. of Above Persons (entities only)
LAXEY PARTNERS LIMITED
NO I.R.S. IDENTIFICATION NO.
----------------------------------------------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions) (a) [X]
(b) [ ]
----------------------------------------------------------------------------------------------------------------------
3) SEC Use Only
----------------------------------------------------------------------------------------------------------------------
4) Source of Funds (See Instructions)
N/A
----------------------------------------------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ]
----------------------------------------------------------------------------------------------------------------------
6) Citizenship or Place of Organization
ISLE OF MAN
----------------------------------------------------------------------------------------------------------------------
7) Sole Voting Power
Number of 0
Shares
Beneficially 8) Shared Voting Power
Owned by 2,543,400 SHARES
Each
Reporting 9) Sole Dispositive Power
Person 0
With
10) Shared Dispositive Power
2,543,400 SHARES
----------------------------------------------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
2,543,400 SHARES
----------------------------------------------------------------------------------------------------------------------
12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]
----------------------------------------------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11)
5.6%
----------------------------------------------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions)
IV*
----------------------------------------------------------------------------------------------------------------------
*Not registered under the Investment Company Act of 1940.
5
---------------------------------------------------------------------------------------------------------------------
CUSIP No. 592835102
---------------------------------------------------------------------------------------------------------------------
1) Name of Reporting Persons
I.R.S. Identification No. of Above Persons (entities only)
COLIN KINGSNORTH
----------------------------------------------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions) (a) [X]
(b) [ ]
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3) SEC Use Only
----------------------------------------------------------------------------------------------------------------------
4) Source of Funds (See Instructions)
N/A
----------------------------------------------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ]
----------------------------------------------------------------------------------------------------------------------
6) Citizenship or Place of Organization
BRITISH
----------------------------------------------------------------------------------------------------------------------
7) Sole Voting Power
Number of 0
Shares
Beneficially 8) Shared Voting Power
Owned by 2,543,400 SHARES
Each
Reporting 9) Sole Dispositive Power
Person 0
With
10) Shared Dispositive Power
2,543,400 SHARES
----------------------------------------------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
2,543,400 SHARES
----------------------------------------------------------------------------------------------------------------------
12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]
----------------------------------------------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11)
5.6%
----------------------------------------------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions)
IN
----------------------------------------------------------------------------------------------------------------------
6
---------------------------------------------------------------------------------------------------------------------
CUSIP No. 592835102
---------------------------------------------------------------------------------------------------------------------
1) Name of Reporting Persons
I.R.S. Identification No. of Above Persons (entities only)
ANDREW PEGGE
---------------------------------------------------------------------------------------------------------------------
2) Check the Appropriate Box if a Member of a Group (See Instructions) (a) [X]
(b) [ ]
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3) SEC Use Only
---------------------------------------------------------------------------------------------------------------------
4) Source of Funds (See Instructions)
N/A
---------------------------------------------------------------------------------------------------------------------
5) Check if Disclosure of Legal Proceedings is Required Pursuant to Items 2(d) or 2(e) [ ]
---------------------------------------------------------------------------------------------------------------------
6) Citizenship or Place of Organization
BRITISH
---------------------------------------------------------------------------------------------------------------------
7) Sole Voting Power
Number of 0
Shares
Beneficially 8) Shared Voting Power
Owned by 2,543,400 SHARES
Each
Reporting 9) Sole Dispositive Power
Person 0
With
10) Shared Dispositive Power
2,543,400 SHARES
---------------------------------------------------------------------------------------------------------------------
11) Aggregate Amount Beneficially Owned by Each Reporting Person
2,543,400 SHARES
---------------------------------------------------------------------------------------------------------------------
12) Check Box if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) [ ]
---------------------------------------------------------------------------------------------------------------------
13) Percent of Class Represented by Amount in Row (11)
5.6%
---------------------------------------------------------------------------------------------------------------------
14) Type of Reporting Person (See Instructions)
IN
---------------------------------------------------------------------------------------------------------------------
7
This Amendment No. 1 to the Statement on Schedule 13D amends and supplements
Items 3, 4, 5(a-c), 6 and 7 of the Statement on Schedule 13D originally filed
with the Securities and Exchange Commission on August 1, 2001 (the "Schedule
13D") by Laxey Partners Limited ("Laxey"), The Value Catalyst Fund Limited
("Catalyst"), Laxey Investors Limited ("LIL"), Colin Kingsnorth ("Kingsnorth")
and Andrew Pegge ("Pegge", collectively with Laxey, Catalyst, LIL and
Kingsnorth, the "Reporting Persons"), with respect to the shares of Common
Stock, par value $1.00 per share (the "Common Stock"), of The Mexico Fund, Inc.
(the "Fund").
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
-------------------------------------------------
Item 3 is hereby amended and restated in its entirety to read as follows:
The funds used to purchase the shares of Common Stock described in this
statement were acquired through open market purchases and were derived from
Catalyst's and LIL's investment capital and funds provided by a discretionary
account managed for an unaffiliated third party (the "Account"). The aggregate
amount of the funds used to purchase all of the shares purchased by Catalyst,
LIL and the Account is $21,250,980, $21,348,752 and $1,871,107, respectively.
ITEM 4. PURPOSE OF TRANSACTION
----------------------
Item 4 is hereby amended to add the following information:
The Reporting Persons have previously disclosed that one or more of them may
submit a stockholder proposal for consideration by the Fund's stockholders at
the 2002 Annual Meeting of Stockholders and for inclusion in the Fund's proxy
statement relating thereto. On October 22, 2001, Laxey sent a letter to the
Fund, a copy of which is attached hereto as an exhibit and incorporated herein
by reference, in which Laxey requested that the Fund include in its proxy
statement relating to the 2002 Annual Meeting of the Stockholders, a proposal to
terminate the Investment Advisory and Management Agreement between the Fund and
Impulsora del Fondo Mexico, S.A. de C.V. within sixty (60) days after the 2002
Annual Meeting of the Stockholders. As indicated in Laxey's letter to the Fund,
the request was made in accordance with provisions in the Fund's Bylaws which
allow stockholders to make such requests.
Other than as set forth above, none of the Reporting Persons or, in the case of
non-individual Reporting Persons, any of their directors or executive officers
identified in Item 2, have any present plans or proposals which relate to or
could result in, any of the matters referred to in paragraphs (a) through (j),
inclusive, of Item 4 of Schedule 13D (although they reserve the right to develop
any such plans or proposals).
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
------------------------------------
Items 5(a) and 5(b) below are hereby amended and restated in their entirety and
Item 5(c) is hereby amended to supplement the original Item 5(c) as follows:
(a) As of the date hereof, Catalyst, together with Laxey, Kingsnorth and
Pegge are the beneficial owners of 1,250,900 shares of Common Stock,
which represent approximately 2.8% of the issued and outstanding Common
Stock of the Fund. As of the date hereof,
LIL, together with Laxey, Kingsnorth and Pegge are the beneficial
owners of 1,191,100 shares of Common Stock, which represents
approximately 2.6% of the issued and outstanding shares of the Common
Stock. In addition, as of the date hereof, Laxey, Kingsnorth and Pegge
are the beneficial owners, through Laxey's discretionary authority over
the Account, of the 101,400 shares of Common Stock held in the Account,
which represents approximately 0.2% of the issued and outstanding
shares of the Common Stock. The Account is terminable at any time by
the third party, for which the account is held, upon providing written
notice to Laxey. Accordingly, Laxey, Kingsnorth and Pegge are, as of
the date hereof, beneficial owners of an aggregate of 2,543,400 shares
of Common Stock, constituting approximately 5.6% of the shares of
Common Stock outstanding. No other person identified in Item 2
beneficially owns any shares of Common Stock.
(b) As of the date hereof, Laxey, Kingsnorth and Pegge share with Catalyst
the power to vote and dispose of 1,250,900 shares of Common Stock. As
of the date hereof, Laxey, Kingsnorth and Pegge share with LIL the
power to vote and dispose of 1,191,100 shares of Common Stock. In
addition, as of the date hereof, Laxey, Kingsnorth and Pegge have sole
voting and dispository power with respect to the 101,400 shares of
Common Stock held in the Account. Accordingly, Laxey, Kingsnorth and
Pegge, as of the date hereof, have voting power and dispositive power
over an aggregate of 2,543,400 shares of Common Stock, constituting
approximately 5.6% of the shares of Common Stock outstanding. No other
person identified in Item 2 shares the power to vote or dispose of any
shares of Common Stock. The information contained in Item 2 relating to
the persons identified in this Item 5(b) is incorporated by reference.
(c) During the past sixty (60) days, Laxey Partners Limited, using funds
provided by and held in the Account, engaged in the following open
market purchases of Common Stock.
-----------------------------------------------------------------------------------------------------------------
DATE OF PURCHASE NUMBER OF SHARES OF COMMON STOCK BOUGHT PRICE PAID/SHARE
-----------------------------------------------------------------------------------------------------------------
08/23/01 3,700 $18.44
-----------------------------------------------------------------------------------------------------------------
08/28/01 18,800 18.49
-----------------------------------------------------------------------------------------------------------------
08/29/01 14,700 18.53
-----------------------------------------------------------------------------------------------------------------
08/31/01 20,000 18.52
-----------------------------------------------------------------------------------------------------------------
09/04/01 8,800 18.24
-----------------------------------------------------------------------------------------------------------------
09/20/01 2,800 14.81
-----------------------------------------------------------------------------------------------------------------
09/24/01 2,100 14.56
-------------------------------- -------------------------------------------- ----------------------------------
No separate transactions were undertaken by Catalyst, LIL, Kingsnorth or Pegge
during the above time period.
9
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
Item 6 is hereby amended and restated in its entirety to read as follows:
Pursuant to certain agreements dated June 26, 2000, November 3, 2000 and July 5,
2001, respectively, Laxey is the exclusive investment manager to Catalyst, LIL
and the Account.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit A. Letter, dated October 22, 2001, from Laxey Partners Limited to The
Mexico Fund, Inc.
10
SIGNATURES
After reasonable inquiry and to the best of the knowledge and belief of
the undersigned, the undersigned hereby certifies that the information set forth
in this Amendment No. 1 to Schedule 13D is true, complete and correct.
Dated: October 23, 2001
THE VALUE CATALYST FUND LIMITED
By: /s/ Elizabeth Tansell
--------------------------------------
Name: Elizabeth Tansell
Title: Director
LAXEY INVESTORS LIMITED
By: /s/ Andrew Pegge
--------------------------------------
Name: Andrew Pegge
Title: Director
LAXEY PARTNERS LIMITED
By: /s/ Andrew Pegge
--------------------------------------
Name: Andrew Pegge
Title: Director
/s/ Colin Kingsnorth
-----------------------------------------
Colin Kingsnorth
/s/ Andrew Pegge
-----------------------------------------
Andrew Pegge
11
EXHIBIT A
LETTER TO THE MEXICO FUND
12
LAXEY PARTNERS LTD.
Stanley House, 7-9 Market Hill
Douglas, Isle of Man, IM1 2BF
Tel: 01624 690900 Fax: 01624 623819
www.laxeypartners.com
---------------------
October 22, 2001
VIA HAND DELIVERY
-----------------
Mr. Samuel Garcia-Cuellar,
Secretary,
The Mexico Fund, Inc.
1775 Eye Street, N.W.
Washington, D.C. 20006-2401
RE: THE MEXICO FUND, INC.: STOCKHOLDER PROPOSAL NOTICE
-----------------------------------------------------------
Dear Mr. Cuellar,
In accordance with the notice provisions set forth in Section 10(c) of the
bylaws of The Mexico Fund, Inc. (the "Fund") and pursuant to Rule 14a-8 of the
Securities Exchange Act of 1934, as amended, we hereby request that a proposal
to terminate the Investment Advisory and Management Agreement dated December 1,
1990, as amended and restated June 16, 1998, by and between the Fund and
Impulsora del Fondo Mexico, S.A. de C.V. (the "Investment Advisory Agreement")
be submitted to the Fund's shareholders at the next annual meeting of
shareholders. We also request that our proposal and supporting statement be
included in the Company's proxy statement that is to be filed with the
Securities and Exchange Commission, in connection therewith. We are managers of
The Value Catalyst Fund Limited and Laxey Investors Limited and a discretionary
managed account for an unaffiliated third party, the holders of an aggregate of
2,543,400 shares of the Fund's Common Stock as of October 22, 2001. We have
continuously held the required number of shares for the one-year period ending
on the date hereof, and we intend to continue ownership of our shares through
the date of the Fund's next annual meeting.
Our proposal and supporting statement to be presented to shareholders at the
2002 Annual Meeting is as follows:
"RESOLVED: The Investment Advisory and Management Agreement between
Impulsora del Fondo Mexico, S.A de C.V. and the Fund shall be
terminated in accordance with its terms, effective within 60 days
after the 2002 Annual Meeting."
SUPPORTING STATEMENT: As significant Fund shareholders, we have a vested
interest in the Fund's performance and management decisions relating to
shareholder value.
The Fund filed an application with the U.S. Securities and Exchange Commission
("SEC") in March 2001 and is seeking approval for conducting periodic in-kind
repurchases of the Fund's outstanding shares each year at 98% of Net Asset Value
("NAV"). The Fund has outlined a proposal to offer a very limited facility to
shareholders of approximately 5% annually and we do not believe that the Fund's
proposed program, as outlined in the application, provides an adequate facility
for the Fund's shareholders. We concur that Fund shareholders desire the
opportunity to receive 98% of NAV for their shares. However, the Fund's attempt
to limit the required repurchases to approximately 5% annually does not provide
meaningful liquidity to the Fund's shareholders and we believe does not address
the current wish of shareholders. We believe that a mechanism which would
provide liquidity with respect to at least 50% of the Fund's outstanding shares
would be supported by the majority of shareholders. Moreover, approval by the
SEC of the Fund's application may take a substantial period of time, may require
significant changes in the application as submitted by the Fund or may be
rejected altogether after an extended review period. We believe it is imperative
that the Fund develop a program which can be implemented in a significantly
shorter time frame. Since the announcement by the Fund we believe that it is
likely there has been a significant change in the shareholder base of the Fund
towards shareholders who have reacted to the statements made by the Fund with
regard to a repurchase facility at 98% of NAV. Any further delay in
implementation of a facility to create substantially greater liquidity for
shareholders than the Fund's current 5% proposal is likely to lead to ever more
radical restructurings of the Fund. We believe that Impulsora del Fondo Mexico,
S.A. de C.V., the current investment advisor ("Impulsora"), has not acted in a
manner which would expediently and effectively allow the shareholders of the
Fund to maximize their investment. Thus, we seek to terminate the current
Investment Advisory Agreement with Impulsora.
Information regarding our addresses, telephone number and ownership of
beneficial shares of the Fund is attached hereto as Annex A. A copy of a
statement of beneficial ownership on Schedule 13D with an event date of July 31,
2001 is also attached hereto.
If you would like to discuss this matter further, please do not hesitate to call
me.
Sincerely,
/s/ Andrew Pegge
LAXEY INVESTORS LIMITED
------------------------------------
Name: Andrew Pegge
Title: Director
ANNEX A
STOCKHOLDER INFORMATION
The name, address, telephone number and the number of shares of common stock
beneficially owned for each stockholder is as follows:
The Value Catalyst Fund Limited, a Cayman Islands company ("Catalyst"):
-----------------------------------------------------------------------
Catalyst is a private investment company formed in May 2000 and created to allow
investors to take advantage of investment opportunities in closed-end funds and
similar investment entities. The address of Catalyst's principal business and
principal office is P.O. Box 309, Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands, British West Indies. As of October 22, 2001,
Catalyst is the beneficial owner of 1,250,900 shares of the Fund.
Laxey Investors Limited, a British Virgin Islands company ("LIL"):
------------------------------------------------------------------
LIL is a private investment company formed in March 1999 and created to allow
investors to take advantage of investment opportunities in closed-end funds and
similar investment entities. The address of LIL's principal business and
principal office is Akara Building, 24 De Castro Street, Wickams Cay I, Road
Town, Tortola, British Virgin Islands. As of October 22, 2001, LIL is the
beneficial owner of 1,191,100 shares of the Fund.
Laxey Partners Limited, an Isle of Man company ("Laxey"):
---------------------------------------------------------
Laxey is the investment manager for each of Catalyst and LIL, subject to the
overall control of the directors of each of these entities. Formed in November
1998, Laxey is a global active value fund manager specializing in arbitrage-led
investment. The address of Laxey's principal business and principal office is
Stanley House, 7-9 Market Hill, Douglas, Isle of Man 1M1 2BF. Their telephone
number is 01624-690-900. As of October 22, 2001, Laxey is the beneficial owner
of 2,543,400 shares of the Fund.
Colin Kingsnorth, a British citizen ("Kingsnorth"); and Andrew Pegge, a British
--------------------------------------------------------------------------------
citizen ("Pegge" and, collectively with Catalyst, LIL, Laxey, and Kingsnorth,
--------------------------------------------------------------------------------
the "Stockholders"):
--------------------------------------------------------------------------------
Each of Messrs. Kingsnorth and Pegge own one half of the outstanding equity of
Laxey. Kingsnorth's principal occupation is that of portfolio manager and
director of Laxey. His business address is 28 Chelsea Wharf, Lots Road, London,
SW10 0QJ, United Kingdom. Pegge's principal occupation is also that of portfolio
manager and director of Laxey and his business address is Stanley House, 7-9
Market Hill, Douglas, Isle of Man, IM1 2BF, United Kingdom. Their telephone
numbers are 0207-349-5566 and 01624-69-0900, respectively. As of October 22,
2001, each of Messrs. Kingsnorth and Pegge is the beneficial owner of 2,543,400
shares of the Fund.