UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13G
Under the Securities Exchange Act of 1934
Top Image Systems Ltd.
(Name of Issuer)
Ordinary Shares, nominal value NIS 0.04 per share
(Title of Class of Securities)
M87896102
(CUSIP Number)
February 8, 2006
(Date of event which requires filing of this statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule 13G is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
----------------
*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 the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for 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).
Page 1 of 19 Pages
CUSIP No. M87896102 13G Page 2 of 19 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Smithfield Fiduciary LLC
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES ________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
158,227 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
OWNED BY ________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
158,227 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
158,227 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
2.68%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
OO
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. M87896102 13G Page 3 of 19 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Highbridge International LLC
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES ________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
OWNED BY ________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
8.21%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
OO
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. M87896102 13G Page 4 of 19 Pages
-----------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Highbridge Capital Corporation
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES ________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
OWNED BY ________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
8.21%
_______________________________________________________________________
(12) TYPE OF REPORTING PERSON **
OO
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. M87896102 13G Page 5 of 19 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Highbridge Capital L.P.
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES ________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
OWNED BY ________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
8.21%
_______________________________________________________________________
(12) TYPE OF REPORTING PERSON **
PN
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. M87896102 13G Page 6 of 19 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Highbridge Master L.P.
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES ________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
OWNED BY ________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
8.21%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
PN
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. M87896102 13G Page 7 of 19 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Highbridge GP, Ltd.
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES ________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
OWNED BY ________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
8.21%
_______________________________________________________________________
(12) TYPE OF REPORTING PERSON **
OO
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. M87896102 13G Page 8 of 19 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Highbridge GP, LLC
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES ________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
OWNED BY ________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
8.21%
_______________________________________________________________________
(12) TYPE OF REPORTING PERSON **
OO
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. M87896102 13G Page 9 of 19 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Highbridge Capital Management, LLC 20-1901985
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES ________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
OWNED BY ________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
8.21%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
OO - Limited Liability Company
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. M87896102 13G Page 10 of 19 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Glenn Dubin
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES ________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
OWNED BY ________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
8.21%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. M87896102 13G Page 11 of 19 Pages
-----------------------------------------------------------------------
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Henry Swieca
-----------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
-----------------------------------------------------------------------
(3) SEC USE ONLY
-----------------------------------------------------------------------
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-----------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES ________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
OWNED BY ________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
648,054 Ordinary Shares
Warrants to purchase 79,114 Ordinary Shares (See Item 4(a))
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
8.21%
_______________________________________________________________________
(12) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. M87896102 13G Page 12 of 19 Pages
Item 1.
(a) Name of Issuer
Top Image Systems Ltd. (the "Company").
(b) Address of Issuer's Principal Executive Offices
2 Habarzel Street
Ramat Hahayal
Tel Aviv 69710
Israel
Item 2(a). Name of Person Filing
Item 2(b). Address of Principal Business Office
Item 2(c). Citizenship
Smithfield Fiduciary LLC
The Cayman Corporate Center, 4th Floor
27 Hospital Road
George Town, Grand Cayman
Cayman Islands, British West Indies
Citizenship: Cayman Islands, British West Indies
Highbridge International LLC
The Cayman Corporate Centre, 4th Floor
27 Hospital Road
Grand Cayman, Cayman Islands, British West Indies
Citizenship: Cayman Islands, British West Indies
Highbridge Capital Corporation
The Cayman Corporate Centre, 4th Floor
27 Hospital Road
Grand Cayman, Cayman Islands, British West Indies
Citizenship: Cayman Islands, British West Indies
Highbridge Capital L.P.
c/o Highbridge Capital Management, LLC
9 West 57th Street, 27th Floor
New York, New York 10019
Citizenship: State of Delaware
Highbridge Master L.P.
c/o Harmonic Fund Services
Cayman Financial Centre
Tower C
36 Dr. Roy's Drive
George Town, Grand Cayman
Cayman Islands, British West Indies
Citizenship: Cayman Islands, British West Indies
CUSIP No. M87896102 13G Page 13 of 19 Pages
Highbridge GP, Ltd.
c/o Harmonic Fund Services
Cayman Financial Centre
Tower C
36 Dr. Roy's Drive
George Town, Grand Cayman
Cayman Islands, British West Indies
Citizenship: Cayman Islands, British West Indies
Highbridge GP, LLC
c/o Harmonic Fund Services
Cayman Financial Centre
Tower C
36 Dr. Roy's Drive
George Town, Grand Cayman
Cayman Islands, British West Indies
Citizenship: Cayman Islands, British West Indies
Highbridge Capital Management, LLC
9 West 57th Street, 27th Floor
New York, New York 10019
Citizenship: State of Delaware
Glenn Dubin
c/o Highbridge Capital Management, LLC
9 West 57th Street, 27th Floor
New York, New York 10019
Citizenship: United States
Henry Swieca
c/o Highbridge Capital Management, LLC
9 West 57th Street, 27th Floor
New York, New York 10019
Citizenship: United States
Item 2(d) Title of Class of Securities
Ordinary Shares, NIS 0.04 par value per share ("Ordinary Shares")
Item 2(e) CUSIP Number
M87896102
Item 3. If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b) or
(c), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o).
(b) [ ] Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c).
(c) [ ] Insurance company as defined in Section 3(a)(19) of the Act
(15 U.S.C. 78c).
(d) [ ] Investment company registered under Section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(e) [ ] An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
CUSIP No. M87896102 13G Page 14 of 19 Pages
(f) [ ] An employee benefit plan or endowment fund in accordance with
Rule 13d-1(b)(1)(ii)(F);
(g) [ ] A parent holding company or control person in accordance with
Rule 13d-1(b)(1)(ii)(G);
(h) [ ] A savings association as defined in Section 3(b) of the Federal
Deposit Insurance Act (12 U.S.C. 1813);
(i) [ ] A church plan that is excluded from the definition of an investment
company under Section 3(c)(14) of the Investment Company Act of 1940
(15 U.S.C. 80a-3);
(j) [ ] Group, in accordance with Rule 13d-1(b)(1)(ii)(J).
If this statement is filed pursuant to Rule 13d-1(c), check this box. [X]
Item 4. Ownership
Provide the following information regarding the aggregate number and
percentage of the class of securities of the issuer identified in Item 1.
(a) Amount beneficially owned:
As of the date of this filing, (i) Smithfield Fiduciary LLC
may be deemed the beneficial owner of 158,227 Ordinary Shares and 79,114
warrants to purchase Ordinary Shares owned by it and (ii) each of Highbridge
International LLC, Highbridge Master L.P., Highbridge Capital Corporation,
Highbridge Capital L.P., Highbridge GP, Ltd., Highbridge GP, LLC, Highbridge
Capital Management, LLC, Glenn Dubin and Harry Swieca may be deemed the
beneficial owner of the Ordinary Shares and warrants to purchase Ordinary Shares
owned by Smithfield Fiduciary LLC and the 489,827 Ordinary Shares owned by
Highbridge International LLC.
Smithfield Fiduciary LLC is a wholly-owned subsidiary of
Highbridge International LLC. Highbridge International LLC is a subsidiary of
Highbridge Master L.P. Highbridge Capital Corporation and Highbridge Capital
L.P. are limited partners of Highbridge Master L.P. Highbridge GP, Ltd. is the
General Partner of Highbridge Master L.P. Highbridge GP, LLC is the General
Partner of Highbridge Capital L.P. Highbridge Capital Management, LLC is the
trading manager of Smithfield Fiduciary LLC, Highbridge International LLC,
Highbridge Capital Corporation, Highbridge Capital L.P. and Highbridge Master
L.P. Glenn Dubin is a Co-Chief Executive Officer of Highbridge Capital
Management, LLC. Henry Swieca is a Co-Chief Executive Officer of Highbridge
Capital Management, LLC. The foregoing should not be construed in and of itself
as an admission by any Reporting Person as to beneficial ownership of Ordinary
Shares owned by another Reporting Person. In addition, each of Highbridge
Capital Management, LLC, Highbridge GP, Ltd., Highbridge GP, LLC, Glenn Dubin
and Henry Swieca disclaims beneficial ownership of Ordinary Shares owned by
Smithfield Fiduciary LLC.
(b) Percent of class:
The Company's Form 6-K for the month of November 2005
indicates that the Company has 8,777,366 Ordinary Shares outstanding. Therefore,
based on the Company's outstanding Ordinary Shares, (i) Smithfield Fiduciary LLC
may be
CUSIP No. M87896102 13G Page 15 of 19 Pages
deemed to beneficially own 2.68% of the outstanding Ordinary Shares of
the Company and (ii) each of Highbridge International LLC, Highbridge Master
L.P., Highbridge Capital Corporation, Highbridge Capital L.P., Highbridge GP,
Ltd., Highbridge GP, LLC, Highbridge Capital Management, LLC, Glenn Dubin and
Harry Swieca may be deemed to beneficially own 8.21% of the outstanding Ordinary
Shares of the Company. The foregoing should not be construed in and of itself as
an admission by any Reporting Person as to beneficial ownership of Ordinary
Shares owned by another Reporting Person.
(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote
0
(ii) Shared power to vote or to direct the vote
See Item 4(a)
(iii) Sole power to dispose or to direct the disposition of
0
(iv) Shared power to dispose or to direct the
disposition of
See Item 4(a)
Item 5. Ownership of Five Percent or Less of a Class
Not applicable.
Item 6. Ownership of More than Five Percent on Behalf of Another Person
Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on by the Parent Holding Company or
Control Person
Not applicable.
Item 8. Identification and Classification of Members of the Group
See Exhibit I.
Item 9. Notice of Dissolution of Group
Not applicable.
Item 10. Certification
By signing below each of the undersigned certifies that, to the best of
its knowledge and belief, the securities referred to above were not acquired and
are not held for the purpose of or with the effect of changing or influencing
the control of the issuer of the securities and were not acquired and are not
CUSIP No. M87896102 13G Page 16 of 19 Pages
held in connection with or as a participant in any transaction having that
purpose or effect.
Exhibits:
Exhibit I: Joint Filing Agreement, dated as of March 13, 2006, by and among
Smithfield Fiduciary LLC, Highbridge International LLC, Highbridge Capital
Corporation, Highbridge Capital L.P., Highbridge Master L.P., Highbridge GP,
Ltd., Highbridge GP, LLC, Highbridge Capital Management, LLC, Glenn Dubin and
Henry Swieca.
CUSIP No. M87896102 13G Page 17 of 19 Pages
SIGNATURES
After reasonable inquiry and to the best of its knowledge and belief,
each of the undersigned certifies that the information with respect to it set
forth in this statement is true, complete, and correct.
Dated: March 13, 2006
SMITHFIELD FIDUCIARY LLC HIGHBRIDGE INTERNATIONAL LLC
By: /s/ Howard Feitelberg By: /s/ Howard Feitelberg
---------------------------- -----------------------------
Name: Howard Feitelberg Name: Howard Feitelberg
Title: Director Title: Director
HIGHBRIDGE CAPITAL CORPORATION HIGHBRIDGE CAPITAL L.P.
By: Highbridge GP, LLC
By: /s/ Howard Feitelberg its General Partner
----------------------------
Name: Howard Feitelberg
Title: Controller
By: /s/ Clive Harris
-----------------------------
Name: Clive Harris
Title: Director
HIGHBRIDGE MASTER L.P. HIGHBRIDGE GP, LTD.
By: Highbridge GP, Ltd.
its General Partner
By: /s/ Clive Harris
-----------------------------
Name: Clive Harris
Title: Director
By: /s/ Clive Harris
----------------------------
Name: Clive Harris
Title: Director
HIGHBRIDGE GP, LLC HIGHBRIDGE CAPITAL MANAGEMENT, LLC
By: /s/ Clive Harris
----------------------------
Name: Clive Harris
Title: Director By: /s/ Carolyn Rubin
-----------------------------
Name: Carolyn Rubin
Title: Deputy General Counsel
/s/ Glenn Dubin /s/ Henry Swieca
-------------------------------- ---------------------------------
GLENN DUBIN HENRY SWIECA
CUSIP No. M87896102 13G Page 18 of 19 Pages
EXHIBIT I
JOINT FILING AGREEMENT
This will confirm the agreement by and among the undersigned that the Schedule
13G filed with the Securities and Exchange Commission on or about the date
hereof with respect to the beneficial ownership by the undersigned of the
Ordinary Shares, NIS 0.04 par value, of Top Image Systems Ltd., is being filed,
and all amendments thereto will be filed, on behalf of each of the persons and
entities named below in accordance with Rule 13d-1(k) under the Securities
Exchange Act of 1934, as amended. This Agreement may be executed in two or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same instrument.
Dated as of March 13, 2006
SMITHFIELD FIDUCIARY LLC HIGHBRIDGE INTERNATIONAL LLC
By: /s/ Howard Feitelberg By: /s/ Howard Feitelberg
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Name: Howard Feitelberg Name: Howard Feitelberg
Title: Director Title: Director
HIGHBRIDGE CAPITAL CORPORATION HIGHBRIDGE CAPITAL L.P.
By: Highbridge GP, LLC
By: /s/ Howard Feitelberg its General Partner
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Name: Howard Feitelberg
Title: Controller
By: /s/ Clive Harris
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Name: Clive Harris
Title: Director
HIGHBRIDGE MASTER L.P. HIGHBRIDGE GP, LTD.
By: Highbridge GP, Ltd.
its General Partner
By: /s/ Clive Harris
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Name: Clive Harris
Title: Director
By: /s/ Clive Harris
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Name: Clive Harris
Title: Director
HIGHBRIDGE GP, LLC HIGHBRIDGE CAPITAL MANAGEMENT, LLC
By: /s/ Clive Harris
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Name: Clive Harris
Title: Director By: /s/ Carolyn Rubin
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Name: Carolyn Rubin
Title: Deputy General Counsel
CUSIP No. M87896102 13G Page 19 of 19 Pages
/s/ Glenn Dubin /s/ Henry Swieca
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GLENN DUBIN HENRY SWIECA