UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
----------------------
SCHEDULE 13G/A
Under the Securities Exchange Act of 1934
(Amendment No. 3)*
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, 2008
(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 9 Pages
CUSIP No. M87896102 13G/A Page 2 of 9 Pages
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(1) NAMES OF REPORTING PERSONS
Smithfield Fiduciary LLC
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(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
0
OWNED BY ----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
0
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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 (see instructions)
[ ]
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(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
0%
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(12) TYPE OF REPORTING PERSON (see instructions)
OO
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CUSIP No. M87896102 13G/A Page 3 of 9 Pages
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(1) NAMES OF REPORTING PERSONS
Highbridge International LLC
-------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a) [X]
(b) [ ]
-------------------------------------------------------------------------------
(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
243,274 Ordinary Shares
OWNED BY ----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
243,274 Ordinary Shares
-------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
243,274 Ordinary Shares
-------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (see instructions)
[ ]
-------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
2.73%
-------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (see instructions)
OO
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CUSIP No. M87896102 13G/A Page 4 of 9 Pages
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(1) NAMES OF REPORTING PERSONS
Highbridge Capital Management, LLC
-------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a) [X]
(b) [ ]
-------------------------------------------------------------------------------
(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
243,274 Ordinary Shares
OWNED BY ----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
243,274 Ordinary Shares
-------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
243,274 Ordinary Shares
-------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (see instructions)
[ ]
-------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
2.73%
-------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (see instructions)
OO - Limited Liability Company
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CUSIP No. M87896102 13G/A Page 5 of 9 Pages
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(1) NAMES OF REPORTING PERSONS
Glenn Dubin
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(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(a) [X]
(b) [ ]
-------------------------------------------------------------------------------
(3) SEC USE ONLY
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(4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States
-------------------------------------------------------------------------------
NUMBER OF (5) SOLE VOTING POWER
0
SHARES ----------------------------------------------------------------
BENEFICIALLY (6) SHARED VOTING POWER
243,274 Ordinary Shares
OWNED BY ----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
243,274 Ordinary Shares
-------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
243,274 Ordinary Shares
-------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (see instructions)
[ ]
-------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED
BY AMOUNT IN ROW (9)
2.73%
-------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (see instructions)
IN
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CUSIP No. M87896102 13G/A Page 6 of 9 Pages
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(1) NAMES OF REPORTING PERSONS
Henry Swieca
-------------------------------------------------------------------------------
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
(see instructions)
(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
243,274 Ordinary Shares
OWNED BY ----------------------------------------------------------------
EACH (7) SOLE DISPOSITIVE POWER
0
REPORTING ----------------------------------------------------------------
PERSON WITH (8) SHARED DISPOSITIVE POWER
243,274 Ordinary Shares
-------------------------------------------------------------------------------
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED
BY EACH REPORTING PERSON
243,274 Ordinary Shares
-------------------------------------------------------------------------------
(10) CHECK BOX IF THE AGGREGATE AMOUNT
IN ROW (9) EXCLUDES CERTAIN SHARES (see instructions)
[ ]
-------------------------------------------------------------------------------
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
2.73%
-------------------------------------------------------------------------------
(12) TYPE OF REPORTING PERSON (see instructions)
IN
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CUSIP No. M87896102 13G/A Page 7 of 9 Pages
This Amendment No. 3 (this "Amendment") amends the statement on Schedule 13G
filed on March 13, 2006, as amended by Amendment No. 1 filed on February 13,
2007 and as further amended by Amendment No. 2 filed on January 24, 2008(the
"Original Schedule 13G" and the Original Schedule 13G 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 4 and 5 in their entirety as set forth below.
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 no longer
beneficially owns any Ordinary Shares (ii) Highbridge International LLC
beneficially owns 243,274 Ordinary Shares and (iii) each of Highbridge Capital
Management, LLC, Glenn Dubin and Henry Swieca may be deemed the beneficial owner
of the 243,274 Ordinary Shares owned by 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, 2007, the Company had 8,909,138 Ordinary Shares
outstanding as of December 31, 2007. Therefore, based on the Company's
outstanding Ordinary Shares, (i) Smithfield Fiduciary LLC does not own any
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 2.73% 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
CUSIP No. M87896102 13G/A Page 8 of 9 Pages
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
If this statement is being filed to report the fact that as of the date
hereof the reporting person has ceased to be the beneficial owner of more than
five percent of the class of securities, check the following: [X]
CUSIP No. M87896102 13G/A Page 9 of 9 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 22, 2009
SMITHFIELD FIDUCIARY LLC HIGHBRIDGE INTERNATIONAL LLC
By: Highbridge Capital Management, LLC By: Highbridge Capital Management, LLC
Its Trading Manager Its Trading Manager
By: /s/ John Oliva By: /s/ John Oliva
----------------------- ------------------------
Name: John Oliva Name: John Oliva
Title: Managing Director Title: Managing Director
HIGHBRIDGE CAPITAL MANAGEMENT, LLC
/s/ Henry Swieca
By: /s/ John Oliva -------------------------
---------------------- HENRY SWIECA
Name: John Oliva
Title: Managing Director
/s/ Glenn Dubin
---------------------
GLENN DUBIN