UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
------------------------------
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 2)
HUNGARIAN TELEPHONE AND CABLE CORP.
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(Name of Issuer)
COMMON STOCK, $0.001 PAR VALUE
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(Title of Class of Securities)
4455421030
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(CUSIP Number)
ASHMORE INVESTMENT MANAGEMENT WITH A COPY TO:
LIMITED DEWEY BALLANTINE
20 BEDFORDBURY ST. HELEN'S, 1 UNDERSHAFT
LONDON WC2N 4BL LONDON EC3A 8LP
UNITED KINGDOM UNITED KINGDOM
ATTN: MARK GRIMWOOD ATTN: DOUGLAS L. GETTER, ESQ.
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(Name, Address and Telephone Number of Person Authorized to
Receive Notices and Communications)
MAY 26, 2004
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(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
[ ].
Page 1 of 12 pages
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) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS: AF
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5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) OR 2(e): [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION: England and Wales
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NUMBER OF 7. SOLE VOTING POWER
SHARES
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER: 4,328,572
EACH
REPORTING -------------------------------------------------------------
PERSON 9. SOLE DISPOSITIVE POWER
WITH:
-------------------------------------------------------------
10. SHARED DISPOSITIVE POWER: 4,328,572
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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: 29.2 percent
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14. TYPE OF REPORTING PERSON: IA
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Page 2 of 12 pages
CUSIP No. 4455421030
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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 8. SHARED VOTING POWER: 4,328,572
EACH
REPORTING -------------------------------------------------------------
PERSON 9. SOLE DISPOSITIVE POWER
WITH:
-------------------------------------------------------------
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: 29.2 percent
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON: CO
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Page 3 of 12 pages
CUSIP No. 4455421030
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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 8. SHARED VOTING POWER: 4,328,572
EACH
REPORTING -------------------------------------------------------------
PERSON 9. SOLE DISPOSITIVE POWER
WITH:
-------------------------------------------------------------
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: 29.2 percent
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON: CO
--------------------------------------------------------------------------------
Page 4 of 12 pages
CUSIP No. 4455421030
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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): [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION: Guernsey, Channel Islands
--------------------------------------------------------------------------------
NUMBER OF 7. SOLE VOTING POWER
SHARES
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER: 4,328,572
EACH
REPORTING -------------------------------------------------------------
PERSON 9. SOLE DISPOSITIVE POWER
WITH:
-------------------------------------------------------------
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: 29.2 percent
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON: IA
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Page 5 of 12 pages
CUSIP No. 4455421030
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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 8. SHARED VOTING POWER: 1,548,572
EACH
REPORTING -------------------------------------------------------------
PERSON 9. SOLE DISPOSITIVE POWER
WITH:
-------------------------------------------------------------
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: 12.6 percent
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON: CO
--------------------------------------------------------------------------------
Page 6 of 12 pages
CUSIP No. 4455421030
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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
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NUMBER OF 7. SOLE VOTING POWER
SHARES
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER: 280,000
EACH
REPORTING -------------------------------------------------------------
PERSON 9. SOLE DISPOSITIVE POWER
WITH:
-------------------------------------------------------------
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 [ ]
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13. PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW 11: 2.3 percent
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14. TYPE OF REPORTING PERSON: CO
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Page 7 of 12 pages
CUSIP No. 4455421030
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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
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NUMBER OF 7. SOLE VOTING POWER
SHARES
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER: 2,100,000
EACH
REPORTING -------------------------------------------------------------
PERSON 9. SOLE DISPOSITIVE POWER
WITH:
-------------------------------------------------------------
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: 14.6 percent
--------------------------------------------------------------------------------
14. TYPE OF REPORTING PERSON: CO
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Page 8 of 12 pages
CUSIP No. 4455421030
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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): [ ]
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6. CITIZENSHIP OR PLACE OF ORGANIZATION: Grand Cayman, Cayman Islands
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NUMBER OF 7. SOLE VOTING POWER
SHARES
BENEFICIALLY -------------------------------------------------------------
OWNED BY 8. SHARED VOTING POWER: 400,000
EACH
REPORTING -------------------------------------------------------------
PERSON 9. SOLE DISPOSITIVE POWER
WITH:
-------------------------------------------------------------
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: 3.1 percent
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14. TYPE OF REPORTING PERSON: CO
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Page 9 of 12 pages
ITEM 1. SECURITY AND ISSUER
This Amendment No. 2 to the Schedule 13D filed by AIML relates to the
ownership of certain warrants to acquire shares of common stock, par
value $0.001 per share of Hungarian Telephone and Cable Corp. This
Amendment No. 2 amends and supplements the Schedule 13D filed by AIML
on October 20, 2003, as amended by Amendment No. 1 to the Schedule 13D
filed by AIML on November 2, 2003 (the "Original Schedule 13D"). Except
as set forth below, the information in the Original Schedule 13D
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): Effective as of April 30, 2004, Jules Green resigned
as a director of AGL. AMCL is a corporate director of EMLIP.
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.
If EMLIP and/or AEMDF choose to exercise the Warrants and purchase the
Common Stock underlying such 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, is incorporated by reference
into this Item 3 in all respects.
ITEM 4. PURPOSE OF TRANSACTION.
The Warrants were acquired from Postabank (now known as Erste Bank
Hungary) 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.
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
12,320,170 shares of Common Stock issued and outstanding.
If EMLIP and AEMDF were to exercise the Warrants and purchase the
underlying Common Stock, then:
(i) EMLIP may be deemed to directly beneficially own 2,100,000 shares
of Common Stock, representing 14.6 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 3.1 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;
Page 10 of 12 pages
(iii) GSSF directly beneficially owns 1,548,572 shares of Common Stock
representing 12.6 percent of the Common Stock. GSSF has shared voting
and investment power with respect to such shares of Common Stock.
(iv) AEEP directly beneficially owns 280,000 shares of Common Stock
representing 2.2 percent of the Common Stock. AEEP has shared voting
and investment power with respect to such shares of Common Stock.
(v) AGL indirectly beneficially owns 4,328,572 shares of Common Stock
representing 29.2 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.
(vi) AI(UK)L indirectly beneficially owns 4,328,572 shares of Common
Stock representing 29.2 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.
(vii) AMCL indirectly beneficially owns 4,328,572 shares of Common
Stock representing 29.2 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.
(viii) AIML indirectly beneficially owns 4,328,572 shares of Common
Stock representing 29.2 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.
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. Following
the acquisition of the Warrants, Postabank held the Warrants for the
benefit of EMLIP and AEMDF until May 26, 2004. On May 26, 2004, the
Warrants were transferred by Postabank to EMLIP and AEMDF and the
Company consented to such transfer.
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.
Page 11 of 12 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.
Date: June 1, 2004
/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 12 of 12 pages