UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

SCHEDULE 13D

 

Under the Securities Exchange Act of 1934

(Amendment No. 4)*

 

Norsat International Inc.

 

(Name of Issuer)

 

Common Stock, no par value

 

(Title of Class of Securities)

 

656512209

(CUSIP Number)

 

Privet Fund LP

Attn: Ryan Levenson

79 West Paces Ferry Road, Suite 200B

Atlanta, GA 30305

 

With a copy to:

 

Rick Miller

Bryan Cave LLP

1201 W. Peachtree St., 14th Floor

Atlanta, GA 30309

Tel: (404) 572-6600

 

 

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)

 

April 13, 2017

(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 Rule 13d-1(e), (f) or (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 § 240.13d-7 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 (“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 ).

 

 
     

 

 

SCHEDULE 13D

 

CUSIP No.  656512209   Page  2 of 6 Pages    

 

1

NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

  Privet Fund LP

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP 

 

(a)  þ
(b)  ¨
3

SEC USE ONLY

 

4

SOURCE OF FUNDS

WC

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)             ¨

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION     Delaware

 

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

 EACH
REPORTING

 PERSON WITH:

7

SOLE VOTING POWER

0

8

SHARED VOTING POWER

1,015,320

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

1,015,320

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,015,320

12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES þ
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

17.4%

14

TYPE OF REPORTING PERSON

PN

 

     

 

 

SCHEDULE 13D

 

CUSIP No.  656512209   Page 3 of 6 Pages    

 

1

NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

  Privet Fund Management LLC

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP 

 

(a)  þ
(b)  ¨
3

SEC USE ONLY

 

4

SOURCE OF FUNDS

WC, AF

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)             ¨

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION      Delaware

 

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

 EACH
REPORTING

 PERSON WITH:

7

SOLE VOTING POWER

0  

8

SHARED VOTING POWER

1,027,170

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

1,027,170

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,027,170

12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

17.6%

14

TYPE OF REPORTING PERSON

OO

 

     

 

 

SCHEDULE 13D

 

CUSIP No.  656512209   Page 4 of 6 Pages    

 

1

NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

  Ryan Levenson

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP 

 

(a)  þ
(b)  ¨
3

SEC USE ONLY

 

4

SOURCE OF FUNDS

AF

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)             ¨

 

6

CITIZENSHIP OR PLACE OF ORGANIZATION      United States

 

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

 EACH
REPORTING

 PERSON WITH:

7

SOLE VOTING POWER

0  

8

SHARED VOTING POWER

1,027,170

9

SOLE DISPOSITIVE POWER

0

10

SHARED DISPOSITIVE POWER

1,027,170

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

1,027,170

12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES ¨
13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

17.6%

14

TYPE OF REPORTING PERSON

IN

 

     

 

 

SCHEDULE 13D

 

CUSIP No.  656512209   Page 5 of 6 Pages    

 

Reference is hereby made to the statement on Schedule 13D filed with the Securities and Exchange Commission on February 11, 2015, as amended on March 31, 2015, September 19, 2016, and March 17, 2017 (the “ Schedule 13D ”), with respect to the common stock, no par value (the “ Common Stock ”), of Norsat International Inc., a company incorporated under the laws of British Columbia (the “ Corporation ”). Capitalized terms not otherwise defined herein are used as defined in the Schedule 13D. The Reporting Persons hereby amend and supplement the Schedule 13D as follows.

 

Item 4. Purpose of Transaction.

 

Item 4 is hereby amended to add the following:

 

On April 13, 2017, Privet Fund Management LLC (“ Privet Management ”) sent a letter to the board of directors of the Corporation (the “ Letter ”) indicating its interest in acquiring 100% of the Common Stock not already owned by the Reporting Persons at a price of US$11.00 per share in cash pursuant to a plan of arrangement. This follows the Corporation’s announcement on March 27, 2017 that it entered into an arrangement agreement (the “ Arrangement Agreement ”) to be acquired by Hytera Communications Co., Ltd. for US$10.25 per share in cash. Privet Management has requested access to updated financial and legal diligence so that it can deliver a proposal to the Corporation that is deemed to be a "Superior Proposal" as defined in the Arrangement Agreement.

 

The Letter is non-binding and is subject to satisfactory completion of Privet Management’s due diligence review of the Corporation, the receipt of financing by Privet Management and the negotiation and execution of a mutually acceptable definitive acquisition agreement between Privet Management and the Corporation.

 

The foregoing summary of certain provisions of the Letter is not intended to be complete. References to the Letter in this Schedule 13D are qualified in their entirety by reference to the Letter itself, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference as if set forth in its entirety.

 

Item 7. Materials to be Filed as Exhibits.

 

Item 7 is hereby amended to add the following:

 

Exhibit 99.1     Indication of Interest Letter from Privet Fund Management LLC to the Board of Directors of the Corporation dated April 13, 2017

 

Exhibit 99.2     Cover E-mail to Dr. Amiee Chan, President and CEO of the Corporation, dated April 13, 2017, transmitting the Indication of Interest Letter

 

     

 

 

SCHEDULE 13D

 

CUSIP No.  656512209   Page 6 of 6 Pages    

 

Signature

 

After reasonable inquiry and to the best of my knowledge and belief, each of the undersigned certifies that the information set forth in this statement is true, complete and correct.

   

Date:  April 17, 2017 PRIVET FUND LP
   
  By: Privet Fund Management LLC,
  its General Partner
   
  By: /s/ Ryan Levenson
  Name: Ryan Levenson
  Its: Managing Member
   
  PRIVET FUND MANAGEMENT LLC
   
  By:  /s/ Ryan Levenson
  Name: Ryan Levenson
  Its: Managing Member
   
  /s/ Ryan Levenson
  Ryan Levenson

  

     

 

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