[Federal Register Volume 59, Number 104 (Wednesday, June 1, 1994)]
[Unknown Section]
[Page 0]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 94-13241]
[[Page Unknown]]
[Federal Register: June 1, 1994]
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SMALL BUSINESS ADMINISTRATION
Fundex Capital Corporation, Inc.; License No. 02/02-0340 Filing
of an Application for Transfer of Ownership and Control and Capital
Reorganization
Notice is hereby given of the filing of an application with the
Small Business Administration (SBA) pursuant to section 107.601 of the
Regulations governing small business investment companies (13 CFR
107.102 (1994)) by Fundex Capital Corporation, 525 Northern Boulevard
Great Neck, New York 11021, for transfer of ownership and control and
capital reorganization, under the Small Business Investment Act of
1958, as amended, (the Act) (15 U.S.C. et seq.). The transfer of
ownership and control of Fundex Capital Corporation (Fundex) which was
licensed May 18, 1978, is subject to prior written approval of SBA.
If approved, Anglo-African Holdings Limited (Anglo) will invest
$1.0 million in capital into Fundex Capital Corporation (Fundex).
Concomitant with this new investment, Fundex's existing capital will be
restructured resulting in the conversion of certain shareholders common
stock to nonvoting 3% Cumulative Class B preferred stock. This
conversion, subject to adjustment based upon realization of Fundex's
assets existing as of June 30, 1994, will result in Anglo holding a
direct controlling interest in the voting common stock of Fundex of
approximately 58% and control of three of the five Board of Director
positions. Furthermore, Anglo may indirectly own an additional 16.3% to
19.5% of the voting common stock of Fundex through an investment made
in Liberty Finance Corporation (Liberty) which holds an option to
acquire an existing shareholder's interest.
The proposed officers and directors of the Applicant are:
Name and Title
Howard F. Sommer, President and Director, 1852 Muttontown Road,
Muttontown, New York 11791
Ivor J. Jacobson, Secretary and Chairman, 200 North Street,
Harrison, New York 10528
Gregg Sommer, Assistant Vice President and Treasurer, 124 W. 60th
Street, Apt. 33N New York, New York 10023
Lawrence I. Linksman, Assistant Vice President, 54 Richfield Street,
Plainview, New York 11803
Peter C. Woodthorpe, Director, 21D Highgate Close, Highgate, London,
England N64SD
Timothy P. Bucke, Director, P.O. Box 438, Tropic Isle Building, Road
Town, Tortola, British Virgin Islands
The Officers and Directors of Anglo African Holdings Ltd., which is
acquiring the controlling interest in Fundex are as follows:
Name and Title
Peter C. Woodthorpe, Managing Director and Director
Timothy P. Bucke, Director
Amanda Chorn, Director, 41 Knox Street, Waverly 2090, Johannesburg,
South Africa
Integro Trust (BVI) Limited, Registered Agent, P.O. Box 438, Tropic
Isle Building, Road Town, Tortola, British Virgin Island
Ivor J. Jacobson, CEO, North American Operations, 200 North Street,
Harrison, New York 10528
The applicant's day to day operations will continue to be overseen
by the above listed officers and a subsidiary of Liberty, a proposed
affiliate of Fundex, through an assumption of an advisory/management
agreement previously approved by SBA. Anglo is also a shareholder in
Liberty. As proposed, the applicant will continue operations with
private capital of approximately $3.2 million.
Matters involved in SBA's consideration of the application include
the general business reputation and character of the proposed owners
and management, and the probability of successful operations of the new
company under their management, including profitability and financial
soundness in accordance with the Act and Regulations.
Notice is hereby given that any person may, not later than 30 days
from the date of publication of this Notice, submit written comments on
the proposed SBIC to the Associate Administrator for Investment, Small
Business Administration, 409 3d Street, SW., Washington, DC 20416.
A copy of this Notice will be published in a newspaper of general
circulation in New York, New York.
(Catalog of Federal Domestic Assistance Programs No. 59.011, Small
Business Investment Companies).
Dated: May 25, 1994.
Robert D. Stillman,
Associate Administrator for Investment.
[FR Doc. 94-13241 Filed 5-31-94; 8:45 am]
BILLING CODE 8025-01-M
