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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.____)*
----------
FLAMEL TECHNOLOGIES S.A.
(Name of Issuer)
ORDINARY SHARES, NOMINAL VALUE (EURO)0.122 PER SHARE
(Title of Class of Securities)
338488109
(CUSIP Number)
----------
OSCAR S. SCHAFER
O.S.S. CAPITAL MANAGEMENT LP
598 MADISON AVENUE
NEW YORK, NY 10022
(212) 756-8700
(Name, Address and Telephone Number of Person
Authorized to Receive Notices of Communication)
----------
APRIL 18, 2005
(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 which 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. [X]
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- -------------------------- --------------------------
CUSIP No. 338488109 13D (PAGE 2 OF 16 PAGES)
- -------------------------- --------------------------
- -------- -----------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
O.S.S. Capital Management LP
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
- -------- -----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(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
Delaware, USA
- -------- -----------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
0
------ ------------------------------------------------
BENEFICIALLY OWNED BY 8 SHARED VOTING POWER
2,065,947
------ ------------------------------------------------
EACH REPORTING 9 SOLE DISPOSITIVE POWER
0
------ ------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
2,065,947
- -------- -----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,065,947
- -------- -----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -------- -----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.7%
- -------- -----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -------- -----------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- -------------------------- --------------------------
CUSIP No. 338488109 13D (PAGE 3 OF 16 PAGES)
- -------------------------- --------------------------
- -------- -----------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
Oscar S. Schafer & Partners I LP
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
- -------- -----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(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
Delaware, USA
- -------- -----------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
0
------ ------------------------------------------------
BENEFICIALLY OWNED BY 8 SHARED VOTING POWER
100,190
------ ------------------------------------------------
EACH REPORTING 9 SOLE DISPOSITIVE POWER
0
------ ------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
100,190
- -------- -----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
100,190
- -------- -----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -------- -----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.5%
- -------- -----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -------- -----------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- -------------------------- --------------------------
CUSIP No. 338488109 13D (PAGE 4 OF 16 PAGES)
- -------------------------- --------------------------
- -------- -----------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
Oscar S. Schafer & Partners II LP
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
- -------- -----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(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
Delaware, USA
- -------- -----------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
0
------ ------------------------------------------------
BENEFICIALLY OWNED BY 8 SHARED VOTING POWER
963,387
------ ------------------------------------------------
EACH REPORTING 9 SOLE DISPOSITIVE POWER
0
------ ------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
963,387
- -------- -----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
963,387
- -------- -----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -------- -----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.5%
- -------- -----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- -------- -----------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- -------------------------- --------------------------
CUSIP No. 338488109 13D (PAGE 5 OF 16 PAGES)
- -------------------------- --------------------------
- -------- -----------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
O.S.S. Overseas Fund Ltd
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
- -------- -----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(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
Cayman Islands
- -------- -----------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
0
------ ------------------------------------------------
BENEFICIALLY OWNED BY 8 SHARED VOTING POWER
1,002,370
------ ------------------------------------------------
EACH REPORTING 9 SOLE DISPOSITIVE POWER
0
------ ------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
1,002,370
- -------- -----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,002,370
- -------- -----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -------- -----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.7%
- -------- -----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
CO
- -------- -----------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- -------------------------- --------------------------
CUSIP No. 338488109 13D (PAGE 6 OF 16 PAGES)
- -------------------------- --------------------------
- -------- -----------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
O.S.S. Advisors LLC
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
- -------- -----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(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
Delaware, USA
- -------- -----------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
0
------ ------------------------------------------------
BENEFICIALLY OWNED BY 8 SHARED VOTING POWER
1,063,577
------ ------------------------------------------------
EACH REPORTING 9 SOLE DISPOSITIVE POWER
0
------ ------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
1,063,577
- -------- -----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,063,577
- -------- -----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -------- -----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.0%
- -------- -----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- -------- -----------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- -------------------------- --------------------------
CUSIP No. 338488109 13D (PAGE 7 OF 16 PAGES)
- -------------------------- --------------------------
- -------- -----------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
Schafer Brothers LLC
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
- -------- -----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(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
Delaware, USA
- -------- -----------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
0
------ ------------------------------------------------
BENEFICIALLY OWNED BY 8 SHARED VOTING POWER
2,065,947
------ ------------------------------------------------
EACH REPORTING 9 SOLE DISPOSITIVE POWER
0
------ ------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
2,065,947
- -------- -----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,065,947
- -------- -----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -------- -----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.7%
- -------- -----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- -------- -----------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
- -------------------------- --------------------------
CUSIP No. 338488109 13D (PAGE 8 OF 16 PAGES)
- -------------------------- --------------------------
- -------- -----------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
Oscar S. Schafer
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
- -------- -----------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X]
(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
Delaware, USA
- -------- -----------------------------------------------------------------------
NUMBER OF SHARES 7 SOLE VOTING POWER
0
------ ------------------------------------------------
BENEFICIALLY OWNED BY 8 SHARED VOTING POWER
2,065,947
------ ------------------------------------------------
EACH REPORTING 9 SOLE DISPOSITIVE POWER
0
------ ------------------------------------------------
PERSON WITH 10 SHARED DISPOSITIVE POWER
2,065,947
- -------- -----------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,065,947
- -------- -----------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
- -------- -----------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
9.7%
- -------- -----------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- -------- -----------------------------------------------------------------------
*SEE INSTRUCTIONS BEFORE FILLING OUT!
ITEM 1. SECURITY AND ISSUER
This statement on Schedule 13D relates to the ordinary shares, nominal
value (euro)0.122 per share ("Ordinary Shares"), of Flamel Technologies S.A., a
SOCIETE ANONYME organized under the laws of the Republic of France (the
"Issuer"). The address of the principal executive offices of the Issuer is:
Parc Club du Moulin a Vent
33 avenue du Dr. Georges Levy
69693 Venissieux cedex France
At present, the Reporting Persons (as defined below) beneficially own the
Ordinary Shares in the form of American Depositary Shares, each representing one
Ordinary Share ("ADSs"). Pursuant to the Deposit Agreement, dated as of June 6,
1996, as amended and restated as of August 10, 2001, among Flamel, the Bank of
New York, as depositary, and the holders of the ADSs issued thereunder, each ADS
may be surrendered and the underlying Ordinary Shares withdrawn at any time. The
CUSIP number set forth herein relates to Flamel ADSs.
ITEM 2. IDENTITY AND BACKGROUND
(a), (b), (c) and (f). This statement on Schedule 13D is filed on behalf of
the following persons (each a "Reporting Person"), in each case with respect to
the Ordinary Shares indicated:
(i) Oscar S. Schafer & Partners I LP, a Delaware limited partnership
("OSS I LP"), with respect to the Ordinary Shares beneficially owned
by it.
The sole general partner of OSS I LP is O.S.S. Advisors LLC (see
below at (iii)).
The principal business of OSS I LP is to invest in securities. The
address of its principal office is: 598 Madison Avenue, New York, NY
10022.
(ii) Oscar S. Schafer & Partners II LP, a Delaware limited partnership
("OSS II LP" and together with OSS I LP, the "Limited
Partnerships"), with respect to the Ordinary Shares beneficially
owned by it.
The sole general partner of OSS II LP is O.S.S. Advisors LLC (see
below at (iii)).
The principal business of OSS II LP is to invest in securities. The
address of its principal office is: 598 Madison Avenue, New York, NY
10022.
(iii) O.S.S. Advisors LLC, a Delaware limited liability company (the
"General Partner"), which is the general partner of each of the
Limited Partnerships, with respect to the Ordinary Shares
beneficially owned by each of the Limited Partnerships.
The members of the General Partner are: Mr. Oscar S. Schafer (see
below at (vii)) and Andrew J. Goffe.
- 9 -
Andrew J. Goffe is a citizen of the United States of America and his
principal business address is: 598 Madison Avenue, New York, NY
10022. His principal occupation is providing investment management.
The principal business of the General Partner is providing
investment management. The address of its principal office is: 598
Madison Avenue, New York, NY 10022.
(iv) O.S.S. Overseas Fund Ltd., a Cayman Islands exempted company ("OSS
Overseas"), with respect to the Ordinary Shares beneficially owned
by it.
The directors of OSS Overseas are:
(1) Mr. Oscar S. Schafer (see below at (vii)).
(2) Jane Fleming. Ms. Fleming is an assistant client accountant at
Queensgate Bank & Trust Company Ltd., 5th Floor, Harbour
Place, 103 South Church Street, P.O. Box 30464 SMB, Grand
Cayman, Cayman Islands. Ms. Fleming is a British citizen.
(3) J.D. Hunter. Mr. Hunter is the Managing Director of Queensgate
Bank & Trust Company Ltd., 5th Floor, Harbour Place, 103 South
Church Street, P.O. Box 30464 SMB, Grand Cayman, Cayman
Islands. Mr. Hunter is a British citizen.
The principal business of OSS Overseas is to invest in securities.
The address of its principal office is: SEI Investments Global
(Cayman) Limited, Harbor Place, 5th Floor, South Church Street, PO
Box 30464 SMB, Grand Cayman, Cayman Islands, British West Indies.
(v) O.S.S. Capital Management LP, a Delaware limited partnership, (the
"Investment Manager"), which serves as investment manager and
management company, to OSS Overseas and the Partnerships,
respectively, and has investment discretion with respect to the
Ordinary Shares beneficially owned by OSS Overseas and the
Partnerships.
The sole general partner of Investment Manager is Schafer Brothers
LLC (see below at (vi)).
The principal business of Investment Manager is investment
management. The address of its principal office is: 598 Madison
Avenue, New York, NY 10022.
(vi) Schafer Brothers LLC, a Delaware limited liability company ("SB
LLC"), which is the general partner of the Investment Manager, with
respect to the Ordinary Shares beneficially owned by OSS Overseas
and the Partnerships.
The sole member of SB LLC is: Mr. Oscar S. Schafer (see below at
(vii)).
The principal business of SB LLC is to serve as the general partner
of the
- 10 -
Investment Manager. The address of its principal office is: 598
Madison Avenue, New York, NY 10022.
(vii) Mr. Oscar S. Schafer ("Mr. Schafer"), who serves as the senior
managing member of the General Partner and SB LLC, with respect to
the Ordinary Shares beneficially owned by OSS Overseas and the
Partnerships.
Mr. Schafer is a citizen of the United States of America and his
principal business address is: 598 Madison Avenue, New York, NY
10022.
(d) None of the Reporting Persons, nor, to the best of their knowledge, any
of their respective directors, executive officers, control persons, general
partners or members has, during the last five years, been convicted in a
criminal proceeding (excluding traffic violations or similar misdemeanors).
(e) None of the Reporting Persons, nor, to the best of their knowledge, any
of their respective directors, executive officers, control persons, general
partners or members has, during the last five years, been a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and,
as a result of such proceeding, was or is 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 violation with
respect to such laws.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
The total amount of funds used by each of the Partnerships and OSS Overseas
to purchase the securities of the Issuer as described herein was furnished from
the investment capital of the Partnerships and OSS Overseas, as applicable.
The aggregate purchase price of the 100,190 Ordinary Shares beneficially
owned by OSS I was $1,450,095, inclusive of brokerage commissions.
The aggregate purchase price of the 963,387 Ordinary Shares beneficially
owned by OSS II was $13,999,545, inclusive of brokerage commissions.
The aggregate purchase price of the 1,002,370 Ordinary Shares beneficially
owned by OSS Overseas was $16,922,953, inclusive of brokerage commissions.
ITEM 4. PURPOSE OF TRANSACTION
This statement on Schedule 13D is being filed pursuant to Rule 13d-1(e)
under the United States Securities Exchange Act of 1934, as amended (the
"Exchange Act"). Each of the Reporting Persons originally acquired and hitherto
held their respective interests in the Ordinary Shares for investment purposes
in the ordinary course of their business. Until the date hereof, none of the
Reporting Persons has acquired or has beneficially held the Ordinary Shares with
any purpose, or with the effect of, changing or influencing the control of the
Issuer, or in connection with or as a participant in any transaction having that
purpose or effect, including any transaction subject to Rule 13d-3(b) under the
Exchange Act.
- 11 -
The Reporting Persons believe that the Issuer is underperforming. The
Reporting Persons are considering the actions that they might take in advance of
and at the upcoming annual meeting of shareholders of the Issuer in June (the
"2005 AGM"), in order, if the Reporting Persons conclude that it is desirable,
to replace one or more of the current members of the board of directors.
Such actions may include, without limitation: the acquisition of additional
ADSs representing Ordinary Shares; communications with other shareholders; the
taking of any steps necessary or desirable (including, without limitation, the
surrender of ADSs and the withdrawal of underlying Ordinary Shares from the
depositary) for the Reporting Persons to exercise their right under French law
as holders of more than 5% of the Ordinary Shares to propose one or more draft
resolutions (including, without limitation, any resolution with respect to the
removal of members of the existing board of directors of the Issuer and the
election of replacement directors) to be included on the agenda of the 2005 AGM;
and the solicitation of proxies from other beneficial holders of Ordinary Shares
(including from other holders who may decide to surrender their ADSs and
withdraw their underlying Ordinary Shares from the depositary) in favor of any
resolution proposed by the Reporting Persons and against one or more resolutions
proposed by management.
Except as set forth herein or such as would occur upon completion of any of
the actions discussed above, none of the Reporting Persons has any present plan
or proposal that relates to or would result in:
(a) The acquisition by any person of additional securities of the Issuer,
or the disposition of securities of the Issuer;
(b) An extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Issuer or any of its
subsidiaries;
(c) A sale or transfer of a material amount of assets of the Issuer or of
any of its subsidiaries;
(d) Any change in the present board of directors or management of the
Issuer, including any plans or proposals to change the number or term of
directors or to fill any existing vacancies on the board;
(e) Any material change in the present capitalization or dividend policy of
the Issuer;
(f) Any other material change in the Issuer's business or corporate
structure, including but not limited to, if the issuer is a registered
closed-end investment company, any plans or proposals to make any changes in
its investment policy for which a vote is required by Section 13 of the
Investment Company Act of 1940;
(g) Changes in the Issuer's charter, bylaws or instruments corresponding
thereto or other actions which may impede the acquisition of control of the
Issuer by any person;
(h) Causing a class of securities of the Issuer to be delisted from a
national securities exchange or to cease to be authorized to be quoted in an
inter-dealer quotation system of a
- 12 -
registered national securities association;
(i) A class of equity securities of the Issuer becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the Act; or
(j) Any action similar to any of those enumerated above.
The Reporting Persons intend to review their investments in the Issuer on a
continuing basis and reserve the right to take such actions in the future
with respect to their investments in the Issuer as they deem appropriate,
including changing their intention with respect to any or all matters
referred to above.
ITEM 5. INTERESTS IN SECURITIES OF THE ISSUER
(a),(b) The following table sets forth the aggregate number and percentage
of the outstanding Ordinary Shares beneficially owned by each of the Reporting
Persons named in Item 2, as of the date hereof. The percentage of the
outstanding Ordinary Shares beneficially owned is based on the 21,391,590
Ordinary Shares outstanding as December 31, 2003, as reported by the Issuer on
its Form 20-F filed with the United States Securities and Exchange Commission
for the year then ended. The table also sets forth the number of Ordinary Shares
with respect to which each Reporting Person has the sole power to vote or to
direct the vote, shared power to vote or direct the vote, sole power to dispose
or to direct the disposition, or shared power to dispose or direct the
disposition, in each case as of the date hereof.
AGGREGATE NUMBER OF NUMBER OF ORDINARY NUMBER OF ORDINARY
ORDINARY SHARES APPROXIMATE SHARES: SOLE POWER SHARES: SHARED POWER
REPORTING PERSON BENEFICIALLY OWNED PERCENTAGE TO VOTE OR TO DISPOSE TO VOTE OR TO DISPOSE
- ---------------- ------------------ ---------- --------------------- ---------------------
Investment Manager 2,065,947 9.7% 0 2,065,947
OSS I LP 100,190 0.5% 0 100,190
OSS II LP 963,387 4.5% 0 963,387
OSS Overseas 1,002,370 4.7% 0 1,002,370
General Partner 1,063,577 5.0% 0 1,063,577
SB LLC 2,065,947 9.7% 0 2,065,947
Mr. Schafer 2,065,947 9.7% 0 2,065,947
(c) Except for the transactions set forth below, during the last sixty days
the Reporting Persons have effected no transactions with respect to the Ordinary
Shares or ADSs.
NUMBER OF ORDINARY PRICE PER SHARE/
REPORTING PERSON DATE BUY OR SELL SHARES/ ADSs ADS
- ---------------- ---- ----------- ------------ ---
OSS I 2/14/2005 Buy 1,944 $15.77
OSS I 3/7/2005 Buy 1,722 $15.26
OSS I 3/8/2005 Buy 1,456 $15.22
OSS I 3/9/2005 Buy 982 $15.22
OSS I 3/14/2005 Buy 4,160 $14.50
- 13 -
NUMBER OF ORDINARY PRICE PER SHARE/
REPORTING PERSON DATE BUY OR SELL SHARES/ ADSs ADS
- ---------------- ---- ----------- ------------ ---
OSS II 2/14/2005 Buy 21,258 $15.77
OSS II 3/7/2005 Buy 19,260 $15.26
OSS II 3/8/2005 Buy 16,282 $15.22
OSS II 3/9/2005 Buy 10,978 $15.22
OSS II 3/14/2005 Buy 46,520 $14.50
OSS Overseas 2/14/2005 Buy 21,798 $15.77
OSS Overseas 3/7/2005 Buy 20,418 $15.26
OSS Overseas 3/8/2005 Buy 17,262 $15.22
OSS Overseas 3/9/2005 Buy 11,640 $15.22
OSS Overseas 3/14/2005 Buy 49,320 $14.50
All of the transactions listed above were effected in the open market.
(d) The (i) limited partners and the General Partner of the Partnerships
and (ii) the shareholders and the advisor of OSS Overseas have the right to
participate in the receipt of dividends from, and the proceeds from the sale of,
the securities held for the Partnerships and OSS Overseas, respectively.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO THE SECURITIES OF THE ISSUER
Except as otherwise set forth in this Statement on Schedule 13D, including
the Deposit Agreement, none of the Reporting Persons has any contract,
arrangement, understanding or relationship (legal or otherwise) with any person
with respect to the Ordinary Shares, including but not limited to transfer or
voting of any of the securities, finder's fees, joint ventures, loan or option
arrangements, puts or calls, guarantees of profits, division of profits or loss,
or the giving or withholding of proxies.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
The following is filed as an exhibit to this statement on Schedule 13D:
Exhibit 1 Joint Filing Agreement.
- 14 -
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.
Dated: April 18, 2005
/s/ Oscar S. Schafer
------------------------------
Oscar S. Schafer, individually
O.S.S. CAPITAL MANAGEMENT LP
By: Schafer Brothers LLC
as General Partner
By: /s/ Oscar S. Schafer
------------------------------
Name: Oscar S. Schafer
Title: Senior Managing Member
OSCAR S. SCHAFER & PARTNERS I LLP
By: O.S.S. Advisors LLC
as General Partner
By: /s/ Oscar S. Schafer
------------------------------
Name: Oscar S. Schafer
Title: Senior Managing Member
OSCAR S. SCHAFER & PARTNERS II LLP
By: O.S.S. Advisors LLC
as General Partner
By: /s/ Oscar S. Schafer
------------------------------
Name: Oscar S. Schafer
Title: Senior Managing Member
- 15 -
O.S.S. OVERSEAS FUND LTD
By: /s/ Oscar S. Schafer
------------------------------
Name: Oscar S. Schafer
Title: Director
O.S.S. ADVISORS LLC
By: /s/ Oscar S. Schafer
------------------------------
Name: Oscar S. Schafer
Title: Senior Managing Member
SCHAFER BROTHERS LLC
By: /s/ Oscar S. Schafer
------------------------------
Name: Oscar S. Schafer
Title: Senior Managing Member
- 16 -
EXHIBIT 1
JOINT FILING AGREEMENT
Pursuant to and in accordance with Rule 13d-1(k)(1) under the United States
Securities Exchange Act of 1934, as amended, the undersigned acknowledge and
agree to the joint filing of a statement on Schedule 13D (including any
amendments thereto) on behalf of each of them with respect to the ordinary
shares, nominal value (euro)0.122 per share, of Flamel Technologies S.A. The
undersigned acknowledge that each shall be responsible for the completeness and
accuracy of the information concerning him or it contained in such statement on
Schedule 13D (including any amendments thereto); PROVIDED that each of the
undersigned shall not be responsible for the completeness or accuracy of any of
the information concerning any other person making the filing, except to the
extent that such undersigned knows or has reason to believe that such
information is inaccurate. The undersigned further agree to the filing of this
Joint Filing Agreement as an exhibit to such statement on Schedule 13D
(including any amendments thereto).
Dated: April 18, 2005
/s/ Oscar S. Schafer
------------------------------
Oscar S. Schafer, individually
O.S.S. CAPITAL MANAGEMENT LP
By: Schafer Brothers LLC
as General Partner
By: /s/ Oscar S. Schafer
------------------------------
Name: Oscar S. Schafer
Title: Senior Managing Member
OSCAR S. SCHAFER & PARTNERS I LLP
By: O.S.S. Advisors LLC
as General Partner
By: /s/ Oscar S. Schafer
------------------------------
Name: Oscar S. Schafer
Title: Senior Managing Member
Page 1 of Signature Pages to Joint Filing Agreement
OSCAR S. SCHAFER & PARTNERS II LLP
By: O.S.S. Advisors LLC
as General Partner
By: /s/ Oscar S. Schafer
------------------------------
Name: Oscar S. Schafer
Title: Senior Managing Member
O.S.S. OVERSEAS FUND LTD
By: /s/ Oscar S. Schafer
------------------------------
Name: Oscar S. Schafer
Title: Director
O.S.S. ADVISORS LLC
By: /s/ Oscar S. Schafer
------------------------------
Name: Oscar S. Schafer
Title: Senior Managing Member
SCHAFER BROTHERS LLC
By: /s/ Oscar S. Schafer
------------------------------
Name: Oscar S. Schafer
Title: Senior Managing Member
Page 2 of Signature Pages to Joint Filing Agreement