[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