UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13G/A
Under the Securities Exchange Act of 1934
(Amendment No. 2)*
Top Image Systems Ltd.
(Name of Issuer)
Ordinary Shares, nominal value NIS 0.04 per share
(Title of Class of Securities)
M87896102
(CUSIP Number)
December 31, 2007
(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 11 Pages
CUSIP No. M87896102 13G/A Page 2 of 11 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Smithfield Fiduciary LLC
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
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NUMBER OF (5) SOLE VOTING POWER
158,227 Ordinary Shares
SHARES ________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
0
OWNED BY ________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING _________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
158,227 Ordinary Shares
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
0
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
1.79%
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(12) TYPE OF REPORTING PERSON **
OO
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. M87896102 13G/A Page 3 of 11 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Highbridge International LLC
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands, British West Indies
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES ________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
538,001 Ordinary Shares
OWNED BY ________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
538,001 Ordinary Shares
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
538,001 Ordinary Shares
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(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
6.08%
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(12) TYPE OF REPORTING PERSON **
OO
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. M87896102 13G/A Page 4 of 11 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Highbridge Capital Management, LLC 20-1901985
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES ________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
538,001 Ordinary Shares
OWNED BY ________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
538,001 Ordinary Shares
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
538,001 Ordinary Shares
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
6.08%
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(12) TYPE OF REPORTING PERSON **
OO - Limited Liability Company
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. M87896102 13G/A Page 5 of 11 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Glenn Dubin
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES ________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
538,001 Ordinary Shares
OWNED BY ________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
538,001 Ordinary Shares
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(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
538,001 Ordinary Shares
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
6.08%
-----------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON **
IN
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** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. M87896102 13G/A Page 6 of 11 Pages
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(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Henry Swieca
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP **
(a) [X]
(b) [ ]
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(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF (5) SOLE VOTING POWER
0
SHARES ________________________________________________________
BENEFICIALLY (6) SHARED VOTING POWER
538,001 Ordinary Shares
OWNED BY ________________________________________________________
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ________________________________________________________
PERSON WITH (8) SHARED DISPOSITIVE POWER
538,001 Ordinary Shares
-----------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
538,001 Ordinary Shares
-----------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES **
[ ]
-----------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
6.08%
_______________________________________________________________________
(12) TYPE OF REPORTING PERSON **
IN
-----------------------------------------------------------------------
** SEE INSTRUCTIONS BEFORE FILLING OUT!
CUSIP No. M87896102 13G/A Page 7 of 11 Pages
This Amendment No. 2 (this "Amendment") amends the statement on Schedule 13G
filed on March 13, 2006, as amended by Amendment No. 1 filed on February 13,
2007 (as amended, the "Schedule 13G") with respect to the ordinary shares,
nominal value NIS 0.04 per share (the "Ordinary Shares") of Top Image Systems
Inc., an Israeli corporation (the "Company"). Capitalized terms used herein and
not otherwise defined in this Amendment have the meanings set forth in the
Schedule 13G. This Amendment amends and restates Items 2(a), 2(b), 2(c) and 4 in
their entirety as set forth below.
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 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
Due to a change in the reporting structure of Highbridge Capital Management,
LLC, Highbridge Master L.P., Highbridge Capital Corporation, Highbridge Capital
L.P., Highbridge GP, Ltd. and Highbridge GP, LLC, are no longer Reporting
Persons.
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:
CUSIP No. M87896102 13G/A Page 8 of 11 Pages
As of the date of this filing, (i) Smithfield Fiduciary LLC owns 158,227
Ordinary Shares (ii) Highbridge International LLC owns 379,774 Ordinary Shares
and may be deemed to beneficially own the 158,227 Ordinary Shares owned by
Smithfield Fiduciary LLC and (iii) each of Highbridge Capital Management, LLC,
Glenn Dubin and Henry Swieca may be deemed the beneficial owner of the 538,001
Ordinary Shares owned by Smithfield Fiduciary LLC and Highbridge International
LLC.
Smithfield Fiduciary LLC is a wholly-owned subsidiary of Highbridge
International LLC. Highbridge Capital Management, LLC is the trading manager of
Smithfield Fiduciary LLC and Highbridge International LLC. Glenn Dubin is the
Chief Executive Officer of Highbridge Capital Management, LLC. Henry Swieca is a
the Chief Investment 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, Glenn
Dubin and Henry Swieca disclaims beneficial ownership of Ordinary Shares owned
by Highbridge International LLC.
(b) Percent of class:
Based upon the Company's Annual Report on Form 20-F/A for the fiscal
year ended December 31, 2006, the Company had 8,845,241 Ordinary Shares
outstanding as of December 31, 2006. Therefore, based on the Company's
outstanding Ordinary Shares, (i) Smithfield Fiduciary LLC owns 1.79% of the
outstanding Ordinary Shares of the Company and (ii) each of Highbridge
International LLC, Highbridge Capital Management, LLC, Glenn Dubin and Henry
Swieca may be deemed to beneficially own 6.08% 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 10. Certification
CUSIP No. M87896102 13G/A Page 9 of 11 Pages
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
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 January 24, 2008, by and among
Smithfield Fiduciary LLC, Highbridge International LLC, Highbridge Capital
Management, LLC, Glenn Dubin and Henry Swieca.
CUSIP No. M87896102 13G/A Page 10 of 11 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: January 24, 2008
SMITHFIELD FIDUCIARY LLC HIGHBRIDGE INTERNATIONAL LLC
By: Highbridge Capital Management, LLC By: Highbridge Capital Management, LLC
Its Trading Manager Its Trading Manager
By: /s/ Noah Greenhill By: /s/ Noah Greenhill
-------------------------------- --------------------------------
Name: Noah Greenhill Name: Noah Greenhill
Title: Managing Director Title: Managing Director
HIGHBRIDGE CAPITAL MANAGEMENT, LLC
/s/ Henry Swieca
By: /s/ Noah Greenhill -----------------------------------
-------------------------------- HENRY SWIECA
Name: Noah Greenhill
Title: Managing Director
/s/ Glenn Dubin
-----------------------------------
GLENN DUBIN
CUSIP No. M87896102 13G/A Page 11 of 11 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, nominal value NIS 0.04 per share, 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 January 24, 2008
SMITHFIELD FIDUCIARY LLC HIGHBRIDGE INTERNATIONAL LLC
By: Highbridge Capital Management, LLC By: Highbridge Capital Management, LLC
Its Trading Manager Its Trading Manager
By: /s/ Noah Greenhill By: /s/ Noah Greenhill
----------------------------- --------------------------------
Name: Noah Greenhill Name: Noah Greenhill
Title: Managing Director Title: Managing Director
HIGHBRIDGE CAPITAL MANAGEMENT, LLC
/s/ Henry Swieca
-------------------------------------
By: /s/ Noah Greenhill HENRY SWIECA
--------------------------------
Name: Noah Greenhill
Title: Managing Director
/s/ Glenn Dubin
---------------------------------
GLENN DUBIN