SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* LAXEY PARTNERS LTD (Last) (First) (Middle) THE OLD CHAPEL (Street) ISLE OF MAN X0 IM3 1NA (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol TAIWAN GREATER CHINA FUND [ TFC ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner Officer (give title below) X Other (specify below) See Explanation of Responses
	3. Date of Earliest Transaction (Month/Day/Year) 09/09/2004
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.01	09/09/2004		S		275,040	D	$4.67	418,160	D(1)
Common Stock, par value $0.01	09/09/2004		S		378,120	D	$4.67	574,880	D(2)
Common Stock, par value $0.01	09/09/2004		S		384,310	D	$4.67	584,290	D(3)
Common Stock, par value $0.01	09/09/2004		S		309,168	D	$4.67	470,048	D(4)
Common Stock, par value $0.01	09/09/2004		S		382,881	D	$4.67	582,119	D(5)
Common Stock, par value $0.01	09/09/2004		S		386,786	D	$4.67	588,054	D(6)
Common Stock, par value $0.01								1,000	D(7)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

1. Name and Address of Reporting Person* LAXEY PARTNERS LTD (Last) (First) (Middle) THE OLD CHAPEL (Street) ISLE OF MAN X0 IM3 1NA (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See Explanation of Responses

1. Name and Address of Reporting Person* LAXEY INVESTORS LTD (Last) (First) (Middle) (Street) X1 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See explanation of responses

1. Name and Address of Reporting Person* PEGGE ANDREW (Last) (First) (Middle) (Street) X1 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See explanation of responses

1. Name and Address of Reporting Person* KINGSNORTH COLIN (Last) (First) (Middle) (Street) X1 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See explanation of responses

1. Name and Address of Reporting Person* LAXEY UNIVERSAL VALUE LP (Last) (First) (Middle) (Street) X1 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See explanation of responses

1. Name and Address of Reporting Person* LAXEY INVESTORS LP (Last) (First) (Middle) (Street) X1 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See explanation of responses

1. Name and Address of Reporting Person* LP VALUE LTD (Last) (First) (Middle) (Street) X1 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See explanation of responses

1. Name and Address of Reporting Person* VALUE CATALYST FUND LTD (Last) (First) (Middle) (Street) X1 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) See explanation of responses

Explanation of Responses:

1. These shares are beneficially owned by LIL.

2. These shares are beneficially owned by various unaffiliated third parties within various third party discretionary accounts managed by Laxey.

3. These shares are beneficially owned by LPV.

4. These shares are beneficially owned by LILP.

5. These shares are beneficially owned by LUV.

6. These shares are beneficially owned by Catalyst.

7. These shares are owned directly by Laxey and indirectly by Kingsnorth and Pegge by virtue of their ownership of the outstanding equity of Laxey.

Remarks:

This statement is being filed jointly by (i) Laxey Partners Limited, an Isle of Man company ("Laxey"), (ii) The Value Catalyst Fund Limited, a Cayman Islands company ("Catalyst"), (iii) Laxey Investors Limited, a British Virgin Islands company ("LIL"), (iv) LP Value Limited, a British Virgin Islands company ("LPV"), (v) Laxey Investors L.P., a Delaware limited partnership ("LILP"), (vi) Laxey Universal Value, LP, a Delaware limited partnership ("LUV"), (vii) Colin Kingsnorth, a British citizen ("Kingsnorth") and (viii) Andrew Pegge, a British citizen ("Pegge"). Laxey serves as the investment manager of Catalyst, LIL, LPV, LILP, LUV, and various third party discretionary accounts for the benefit of various unaffiliated third parties. Kingsnorth owns one-half of the outstanding equity of Laxey. Pegge owns one-half of the outstanding equity of Laxey. The shares owned by the various entities listed above, in the aggregate, exceed 10% of the outstanding shares of the TFC. Laxey, an investment adviser registered under ?203 of the Investment Advisers Act of 1940 (15 U.S.C. 80b-3), holds all of the TFC shares listed in the table above for the benefit of its clients, Catalyst, LIL, LPV, LILP, LUV, and various third party discretionary accounts in the ordinary course of business, except for 1,000 shares of TFC owned directly by Laxey and indirectly by Kingsnorth and Pegge by virtue of their ownership of the outstanding equity of Laxey. None of such shares were acquired with the purpose or effect of changing or influencing control of the issuer or engaging in any arrangement subject to Rule 13d-3(b). Laxey, Kingsnorth or Pegge are not the beneficial owners of any such TFC shares (except for the 1,000 shares owned directly by Laxey) as the term ?beneficial owner? is defined in Rule 16a-1(a)(1)(v). This filing shall not be an admission by any of the listed parties that they are subject to reporting under Section 16(a), and the filers disclaim any such obligation.

	Chris Bruce, Laxey Partners	09/28/2004
	Andrew Pegge, Laxey Investors Limited	09/28/2004
	Andrew Pegge	09/28/2004
	Colin Kingsnorth	09/28/2004
	Chris Bruce, Laxey Universal Value, LP	09/28/2004
	Chris Bruce, Laxey Investors L.P.	09/28/2004
	Chris Bruce, LP Value Limited	09/28/2004
	Elizabeth Tansell, The Value Catalyst Fund Ltd	09/28/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.