Statement on Schedule 13D/A
This Amendment No. 12, being filed by (i) Philips Pension Trustees Limited (“Philips Pension Trustees”), a private limited company organized under the laws of England and Wales, (ii) PPTL Investment LP, a limited partnership organized under the laws of Scotland (“PPTL LP”) and (iii) PPTL Investment Limited, a Scottish company limited by guarantee (“GP” and together with Philips Pension Trustees and PPTL LP, the “Reporting Persons”), amends the Schedule 13D initially filed on September 17, 2010 (“Original 13D”), as amended by Amendment No. 1 filed on November 2, 2010 (“First Amendment”), Amendment No. 2 filed on April 6, 2011 (“Second Amendment”), Amendment No. 3 filed on July 6, 2011 (“Third Amendment”) Amendment No. 4 filed on July 19, 2011 (“Fourth Amendment”), Amendment No. 5 filed on November 1, 2011 (“Fifth Amendment”), Amendment No. 6 filed on November 8, 2011 (“Sixth Amendment”), Amendment No. 7 filed on February 17, 2012 (“Seventh Amendment”), Amendment No. 8 filed on March 5, 2012 (“Eighth Amendment”), Amendment No. 9 filed on March 12, 2012 (“Ninth Amendment”), Amendment No. 10 filed on July 30, 2012 (“Tenth Amendment”) and Amendment No. 11 filed on August 9, 2012 (“Eleventh Amendment” and together with the First Amendment, Second Amendment, Third Amendment, Fourth Amendment, Fifth Amendment, Sixth Amendment, Seventh Amendment, Eighth Amendment, Ninth Amendment and Tenth Amendment, the “Prior Amendments”) relating to the beneficial ownership of common stock, nominal value €.20 per share (“Common Stock”), of NXP Semiconductors N.V. (the “Issuer”), a public company with limited liability incorporated under the laws of The Netherlands. The principal executive office of the Issuer is located at High Tech Campus 60, 5656 AG Eindhoven, The Netherlands. Information reported in the Original 13D, as amended or superseded by information contained in the Prior Amendments remains in effect except to the extent that it is amended or superseded by information contained in this Amendment. Capitalized terms used herein and not otherwise defined have the meanings ascribed to them in the Original 13D, as amended by the Prior Amendments.
Item 4. Purpose of Transaction
Item 4 of the Original 13D is hereby amended and supplemented by inserting the following paragraph before the final paragraph thereof:
On November 28, 2012 (the "Fifth Sales Plan Effective Date"), PPTL LP entered into a Sales Plan (the "Fifth Sales Plan") with JPMS as broker in order to enable the disposition of up to 2,597,026 shares of Common Stock pursuant to Rule 144 under the Securities Act of 1933 within the three-month period beginning on the Fifth Sales Plan Effective Date (the "Fifth Intended Disposition") and transmitted for filing with the Securities and Exchange Commission a Form 144 covering such Fifth Intended Disposition. The Fifth Sales Plan is attached as Exhibit 14 hereto and its terms are hereby incorporated by reference in this Item 4.
Item 5. Interest in Securities of the Issuer
Item 5 of the Original 13D is hereby amended and restated as follows:
(a) PPTL LP directly owns 23,171,459 shares of Common Stock representing approximately 9.20% of the outstanding Common Stock, based on 251,751,500 shares of Common Stock outstanding (as reported in the Form 6-K Report of Foreign Private Issuer, filed on November 1, 2012, File No. 001-34841).
GP does not directly own any shares of Common Stock but, as the general partner of PPTL LP, has the power to direct the voting and disposition of all of the 23,171,459 shares of Common Stock held by PPTL LP. Philips Pension Trustees is the sole member of GP (and may therefore elect GP’s board of directors) and is the sole limited partner of PPTL LP. As such, the Reporting Persons may be deemed to have formed a group within the meaning of Section 13 of the Securities Exchange Act of 1934, as amended, and each of GP and Philips Pension Trustees may be deemed to possess shared beneficial ownership of the 23,171,459 shares of Common Stock held by PPTL LP.
KPENV may appoint the majority of the board of directors of Philips Pension Trustees. In addition, the Amended Transfer Agreement limits the ability of PPTL LP as the holder of the Transfer Shares to dispose of the Transfer Shares without the consent of KPENV. Furthermore, the Shareholders’ Agreement grants KPENV the right to nominate one non-executive member of the Issuer’s board of directors and requires PPTL LP to vote the Transfer Shares in favor of such nominee.
By virtue of (A) the Shareholders’ Agreement, which contains (i) certain restrictions on the transfer of shares of Common Stock held by the parties thereto, (ii) certain agreements as to the voting of such shares, (iii) drag-along provisions requiring the sale of such shares in certain circumstances and (iv) tag-along provisions permitting the parties thereto to participate in the sale of Common Stock by another party, and (B) with respect to KPENV, the Amended Transfer Agreement, which contains the provisions described above, the Reporting Persons may be deemed to have formed a group, within the meaning of Section 13 of the Securities Exchange Act of 1934, as amended, and Rule 13d-5 promulgated thereunder, with KPENV and the other parties to the Shareholders’ Agreement, including the consortium of funds advised by Kohlberg Kravis Roberts & Co. L.P., Bain Capital Partners, LLC, Silver Lake Management Company, L.L.C., Apax Partners LLP and AlpInvest Partners N.V. and NXP Co-Investment Partners L.P. (collectively, the “Private Equity Consortium”). As a result, beneficial ownership of the 132,762,570 shares of Common Stock held directly or indirectly by the Private Equity Consortium (as reported in the aggregate in the relevant parties’ respective Schedules 13G/A filed on February 14, 2012 and in the Issuer’s Form 20-F Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, filed on March 13, 2012, File No. 001-34841), may be attributed to the Reporting Persons, which would result in the beneficial ownership by the Reporting Persons of 155,934,029 shares of Common Stock, representing approximately 61.94% of the outstanding Common Stock, based on 251,751,500 shares of Common Stock outstanding (as reported in the Form 6-K Report of Foreign Private Issuer, filed on November 1, 2012, File No. 001-34841). Notwithstanding the foregoing, the Reporting Persons disclaim membership in such group and disclaim beneficial ownership of all shares of Common Stock held directly or indirectly by the Private Equity Consortium.
The aggregate beneficial ownership that may be attributed to KPENV and the other parties to the Shareholders’ Agreement (each, an “Other Party” and collectively, the “Other Parties”) by virtue of any group that may be deemed to have been formed, as described above, is set forth in Schedule II attached hereto.
(b) The responses of the Reporting Persons to (i) Rows (7) through (10) of Schedule 13D and (ii) Item 5(a) hereof are incorporated herein by reference. By virtue of the rights and obligations of Philips Pension Trustees and PPTL LP under the Shareholders’ Agreement including those described in Item 5(a) hereof, the Reporting Persons may be deemed to share voting and dispositive power with respect to the 132,762,570 shares of Common Stock held directly or indirectly by the Private Equity Consortium but disclaim beneficial ownership of such shares. The number of shares of Common Stock as to which KPENV and each Other Party may be deemed to share voting or dispositive power, as well as the information required by Item 2 with respect to each such party, is set forth in Schedule II attached hereto.
(c) During the sixty days immediately preceding November 28, 2012, the Reporting Persons have not effectuated any transactions in Common Stock. The Reporting Persons are not aware of any transactions in Common Stock that were effected during such sixty day period by KPENV or any Other Party.
(d) The Reporting Persons have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the 23,171,459 shares of Common Stock held directly by PPTL LP. Pursuant to the Amended Transfer Agreement, PPTL LP and/or Philips Pension Trustees may be required under certain circumstances to make an additional payment to KPENV in respect of such Common Stock, as described in Item 3. The description of the Purchase Price Adjustment set forth in Item 3, the terms of the Amended Transfer Agreement (attached as Exhibit 1) and the terms of the Restated LP Agreement (attached as Exhibit 5) are incorporated herein by reference.
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer
Item 6 of the Original 13D is hereby amended and supplemented by adding the following statement after the final paragraph thereof:
In connection with the Fifth Intended Disposition, PPTL LP entered into the Fifth Sales Plan with JPMS on November 28, 2012. The Fifth Sales Plan is attached as Exhibit 14 hereto and its terms are hereby incorporated by reference in this Item 6.
Item 7. Material to be Filed as Exhibits
Item 7 of the Original 13D is hereby amended to add the following:
Exhibit 14: Sales Plan, dated November 28, 2012, between PPTL LP and JPMS.*
* Filed herewith
SIGNATURE
After reasonable inquiry and to the best of the undersigned’s knowledge and belief, the undersigned certify that the information set forth in this statement is true, complete and correct.
Dated: November 28, 2012