SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(AMENDMENT NO. 1)
Under the Securities Exchange Act of 1934
PEAK INTERNATIONAL LIMITED
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
G69586108
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(CUSIP NUMBER)
SKIRITAI CAPITAL LLC
388 MARKET STREET, SUITE 700
SAN FRANCISCO, CA 94111
(415) 391-5929
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 10, 2006
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(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), 13d-1(f) or 13d-1(g) check the following box
[X]
The information required in 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, as amended (the "Act"), or otherwise subject to the liabilities of that
section of the Act but shall be subject to all other provisions of the Act.
CUSIP No. G69586108 13D
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
SKIRITAI Capital LLC I.R.S. Identification No.:47-0861757
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
STATE OF DELAWARE
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 2,472,132
OWNED BY --------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 0
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9 SOLE DISPOSITIVE POWER
2,472,132
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10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
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14 TYPE OF REPORTING PERSON*
IA
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*SEE INSTRUCTIONS BEFORE FILLING OUT
CUSIP No. G69586108 13D
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
LEONIDAS OPPORTUNITY FUND L.P. IRS Identification No:74-3056978
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
STATE OF CALIFORNIA
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY --------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 0
--------------------------------------------------
9 SOLE DISPOSITIVE POWER
0
--------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,402,912
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
19.35%
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14 TYPE OF REPORTING PERSON*
PN
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*SEE INSTRUCTIONS BEFORE FILLING OUT
CUSIP No. G69586108 13D
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
LEONIDAS OPPORTUNITY OFFSHORE FUND LTD.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
CAYMAN ISLANDS
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 0
OWNED BY -------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 0
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9 SOLE DISPOSITIVE POWER
0
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10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
69,220
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.56%
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14 TYPE OF REPORTING PERSON*
IC
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*SEE INSTRUCTIONS BEFORE FILLING OUT
CUSIP No. G69586108 13D
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
RUSSELL SILVESTRI
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
UNITED STATES
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 2,472,132
OWNED BY ------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 0
------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,472,132
------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
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14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT
CUSIP No. G69586108 13D
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
LYRON BENTOVIM
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [X]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
ISREAL
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 2,472,132
OWNED BY ------------------------------------------------
EACH 8 SHARED VOTING POWER
REPORTING
PERSON WITH 0
------------------------------------------------
9 SOLE DISPOSITIVE POWER
2,472,132
------------------------------------------------
10 SHARED DISPOSITIVE POWER
0
--------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
0
--------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES* [ ]
--------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0%
--------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT
SCHEDULE 13D
This schedule 13D ("the Original Schedule 13D") is being filed on behalf of
SKIRITAI Capital LLC, a Delaware limited liability company, the Leonidas
Opportunity Fund L.P., a California limited partnership, the Leonidas
Opportunity Offshore Fund Ltd., a Cayman Island exempted company with
limited liability, Russell Silvestri, an individual, and Lyron Bentovim, an
individual ("Mr. Silvestri, Mr. Bentovim together with SKIRITAI Capital,
the Leonidas Opportunity Fund L.P. and the Leonidas Opportunity Offshore
Fund Ltd., the "Reporting Persons"). Russell Silvestri and Lyron Bentovim
are both Managing Directors of SKIRITAI Capital LLC and hold the sole voting
and dispositive power of shares owned by the Leonidas Opportunity Fund L.P.
and the Leonidas Opportunity Offshore Fund Ltd. as granted to them by SKIRITAI
Capital LLC the general partner of the Leonidas Opportunity Fund L.P. and the
investment manager of the Leonidas Opportunity Offshore Fund Ltd.
The original Schedule 13D relates to the common stock of Peak International
Limited, a Bermuda exempted company with limited liability ("the issuer" or
"The Company"). Unless the context otherwise requires, references herein to
the "Common Stock" are to such common stock of The Company.
SKIRITAI Capital is the investment adviser and manager to, and general partner
of the Leonidas Opportunity Fund L.P., and the advisor and investment manager
of the Leonidas Opportunity Offshore Fund Ltd. The Leonidas Opportunity Fund
L.P. and the Leonidas Opportunity Offshore Fund Ltd. directly own the common
stock beneficially owned by the Reporting Persons and to which the original
schedule 13D relates, and the Reporting Persons may be deemed to have
beneficial ownership over such Common Stock by virtue of the authority
granted to them by the Leonidas Opportunity Fund L.P. and the Leonidas
Opportunity Offshore Fund Ltd. to vote and dispose of the securities held by
the Leonidas Opportunity Fund L.P. and the Leonidas Opportunity Offshore Fund
Ltd., including the Common Stock.
ITEM 1. SECURITY AND ISSUER.
This statement on Schedule 13D (this "Statement") relates to
the common stock of Peak International Limited, a Bermuda
exempted company with limited liability ("PEAK").
The principal executive offices of Peak International Limited
are located at 38507 Cherry Street, Unit G, Newark, CA 94560.
ITEM 2 IDENTITY AND BACKGROUND.
This statement is being filed by by SKIRITAI Capital, LLC a
Delaware limited liability company (the "Reporting Person"),
SKIRITAI Capital LLC is the investment adviser and manager
to, and general partner of the Leonidas Opportunity Fund L.P.
and the advisor and investment manager of the Leonidas
Opportunity Offshore Fund Ltd.
The Leonidas Opportunity Fund L.P. and Leonidas Opportunity
Offshore Fund Ltd. were both formed to engage in the business
of acquiring, holding and disposing of investments in various
companies.
The present principal business of SKIRITAI Capital LLC is
serving as the General Partner of the Leonidas Opportunity
Fund L.P. and the Investment Manager of the Leonidas
Opportunity Offshore Fund Ltd. Russell R. Silvestri and
Lyron L. Bentovim are Managing Directors of SKIRITAI Capital
LLC.
The address of SKIRITAI Capital LLC's principal office
is 388 Market Street, Suite 700, San Francisco, CA 94111.
The address of SKIRITAI Capital LLC executive office is the
same as the address of its principal office.
None of the Reporting Persons is required to disclose legal
proceedings pursuant to Items 2(d) or 2(e).
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
All purchases of the common stock, of PEAK ("Common Stock")
by the Reporting Persons were made in the open market and
were funded by working capital, which may have, at any given
time, included margin loans made by the prime broker (UBS
Securities LLC) or other brokerage firms in the ordinary
course of business.
The amount of funds expended by the Reporting Persons for such
purchases were as follows:
- $6,427,727 by the Leonidas Opportunity Fund L.P.;
- $2,038,730 by the Leonidas Opportunity Offshore Fund Ltd.
ITEM 4. PURPOSE OF TRANSACTION.
The Reporting Persons acquired beneficial ownership of
the shares of Common Stock to which this statement relates for
the purpose of investment and to gain an equity interest in
Peak International Limited. The Reporting Persons are engaged
in the investment business.
SKIRITAI Capital LLC's personnel analyze in the ordinary course
the operations, financial structure, and markets of companies,
including Peak International Limited. SKIRITAI Capital LLC
seeks to invest in companies with a foundation of assets
creating a platform for growth.
Each of the Reporting Persons may acquire additional shares or
other securities of Peak International Limited or sell or
otherwise dispose of any or all of the shares or other
securities of Peak International Limited they beneficially own.
On July 22, 2005 SKIRITAI Capital LLC held a meeting with Mr.
Calvin Reed, Chairman and Chief Executive Officer of Peak
International Limited, requesting a board seat for Peak
International Limited. On July 30, 2005 SKIRITAI Capital LLC
received notice nominating Russ Silvestri of SKIRITAI Capital
LLC for the board of Peak International Limited at the
upcoming annual meeting. On September 7, SKIRITAI Capital
LLC held a phone conversation with Calvin Reed regarding its
potential board seat and future meetings. On September 8, 2005
SKIRITAI Capital LLC requested to withdraw its consideration
as a potential board member. SKIRITAI Capital LLC has had
subsequent conversations regarding the possibility of
board membership after the annual meeting.
The Reporting Persons are evaluating and considering plans or
proposals that relate to or could result in actions required
to be described in Item 4 of Schedule 13D. These include but
are not limited to share repurchases, corporate transactions
such as a merger, reorganization, or liquidation, sale or
transfer of a material amount of assets, change in present
board of directors or management, a change in the present
capitalization or dividend policy, or changes in the issuers
charter or by-laws. Each of the Reporting Persons may, at
any time, review or reconsider its position with respect
to The Company and may discuss any or all of the foregoing
with other shareholders of the Subject Company.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER.
On July 5, 2005, SKIRITAI Capital LLC filed form 13g evidencing
ownership of 2,480,712 shares.
As of the date hereof, the Reporting Persons own an aggregate of
2,482,832 shares of Common Stock (representing a net increase of
2,120 shares from the afore-mentioned filing at an average price
of $2.54) which, based upon the 12,420,000 shares of Common Stock
outstanding as of September 20,2005 (as disclosed by PEAK in its
most recent filing with the Securities and Exchange Commission),
represents 19.99 percent of the outstanding shares of Common
Stock.
The above transactions were effected by the Reporting Persons
on the NASDAQ Market.
The Reporting Persons have the sole power to vote or direct the
vote of, and to dispose of direct the disposition of, the shares
of Common Stock beneficially owned by them.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER.
Except as may be set forth in this statement, to the knowledge
of the Reporting Persons, there are no other contracts,
arrangements, understandings or relationships (legal or
otherwise) among the persons named in Item 2 and between such
persons and any person with respect to any securities of
PEAK, including but not limited to transfer or voting of
any of the securities, finder's fees, joint ventures, loan or
option arrangements, puts or calls, guarantees of profits,
division of profits or loss, or the giving or withholding of
proxies.
ITEM 7. MATERIALS TO BE FILED AS EXHIBITS.
There are no exhibits to be submitted with this filing
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: February 10, 2006
SKIRITAI Capital LLC
By: /s/ Russell R. Silvestri
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Managing Director
Leonidas Opportunity Fund L.P.
By: /s/ Russell R. Silvestri
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Managing Director of
SKIRITAI Capital LLC, its
General Partner
Leonidas Opportunity Offshore Fund Ltd.
By: /s/ Lyron L. Bentovim
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Managing Director of
SKIRITAI Capital LLC, its
Investment Manager
By: /s/ Russell R. Silvestri
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Managing Director
By: /s/ Lyron L. Bentovim
--------------------------
Managing Director