SECURITIES AND EXCHANGE COMMISSION
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Washington, D.C. 20549
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SCHEDULE 13G
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(Rule 13d-102)
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INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
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TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
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PURSUANT TO 13d-2 UNDER THE
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SECURITIES EXCHANGE ACT OF 1934 | |
Universal Business Payment Solutions Acquisition Corporation
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(Name of Issuer)
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Common Stock, $0.001 Par Value
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(Title of Class of Securities)
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913384202
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(CUSIP Number)
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May 10, 2011
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(Date of Event Which Requires Filing of this Statement)
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Check the appropriate box to designate the rule pursuant to which this Schedule 13G is filed:
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¨
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Rule 13d-1(b)
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x
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Rule 13d-1(c)
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¨
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Rule 13d-1(d)
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(Page 1 of 9 Pages)
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CUSIP No. 913384202
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13G
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Page 2 of 9 Pages
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1
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NAMES OF REPORTING PERSONS
Polar Securities Inc.
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) x
(b) ¨
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3
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SEC USE ONLY
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
Canada
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NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
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5
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SOLE VOTING POWER
0
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6
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SHARED VOTING POWER
800,000
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7
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SOLE DISPOSITIVE POWER
0
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8
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SHARED DISPOSITIVE POWER
800,000
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
800,000
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10
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
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¨
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.3%
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12
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TYPE OF REPORTING PERSON
IA
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CUSIP No. 913384202
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13G
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Page 3 of 9 Pages
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1
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NAMES OF REPORTING PERSONS
North Pole Capital Master Fund
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
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(a) x
(b) ¨
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3
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SEC USE ONLY
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
Cayman Islands
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NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
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5
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SOLE VOTING POWER
0
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6
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SHARED VOTING POWER
800,000
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7
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SOLE DISPOSITIVE POWER
0
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8
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SHARED DISPOSITIVE POWER
800,000
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
800,000
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10
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
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¨
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.3%
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12
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TYPE OF REPORTING PERSON
CO
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CUSIP No. 913384202
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13G
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Page 4 of 9 Pages
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Item 1 (a).
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NAME OF ISSUER.
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Universal Business Payment Solutions Acquisition Corporation (the "Company")
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Item 1(b).
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ADDRESS OF ISSUER’S PRINCIPAL EXECUTIVE OFFICES:
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150 North Radnor-Chester Road
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Suite F-200
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Radnor, PA 19087
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Item 2 (a), 2(b). and 2(c).
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NAME OF PERSON FILING, ADDRESS OF PRINCIPAL BUSINESS OFFICE AND CITIZENSHIP
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This statement is filed by the entities and persons listed below, all of whom together are referred to herein as the "Reporting Persons":
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(i)
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North Pole Capital Master Fund ("North Pole"), a Cayman Islands exempted company, with respect to the Shares (defined in item 2(d) below) reported in this Schedule 13G directly held by it.
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(ii)
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Polar Securities Inc. (“Polar Securities”), a company incorporated under the laws on Ontario, Canada, with respect to the Shares reported in this Schedule 13G directly held by North Pole.
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The citizenship of each of the Reporting Persons is set forth above.
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The address of the principal business office of each of the Reporting Persons is 372 Bay Street, 21st floor, Toronto, Ontario M5H 2W9, Canada.
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Item 2(d).
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TITLE OF CLASS OF SECURITIES:
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Common Stock, $0.001 Par Value (the "Shares")
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Item 2(e).
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CUSIP NUMBER:
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913384202
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CUSIP No. 913384202
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13G
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Page 5 of 9 Pages
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Item 3.
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IF THIS STATEMENT IS FILED PURSUANT TO §§ 240.13d-1(b) OR 240.13d-2(b) OR (c), CHECK WHETHER THE PERSON FILING IS A:
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(a)
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Broker or dealer registered under Section 15 of the Act (15 U.S.C. 78o);
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(b)
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Bank as defined in Section 3(a)(6) of the Act (15 U.S.C. 78c);
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(c)
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Insurance Company as defined in Section 3(a)(19) of the Act (15 U.S.C. 78c)
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(d)
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Investment Company registered under Section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
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(e)
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Investment Adviser in accordance with Rule 13d-1(b)(1)(ii)(E);
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(f)
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Employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);
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(g)
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Parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);
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(h)
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Savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
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(i)
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Church plan that is excluded from the definition of an investment company under Section 3(c)(14) of the Investment Company Act (15 U.S.C. 80a-3);
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(j) |
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Non-U.S. institution in accordance with Rule 13d-1(b)(ii)(J); | ||
(j)
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Group, in accordance with Rule 13d-1(b)(1)(ii)(K).
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If filing as a non-U.S. institution in accordance with Rule 13D-1(b)(1)(ii)(J), please specify the type of institution: ___________________________ |
CUSIP No. 913384202
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13G
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Page 6 of 9 Pages
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Item 4.
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OWNERSHIP.
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Polar Securities Inc. serves as the investment manager to North Pole and a number of discretionary accounts with respect to which it has voting and dispositive authority over the Shares reported in this Schedule 13G.
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Each of the Reporting Persons hereby disclaims any beneficial ownership of any such Shares.
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A.
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Polar Securities
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(a)
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Amount beneficially owned: 800,000
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(b)
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Percent of class: 5.3%. (all percentages used in this Item and the rest of this Schedule 13G are based on 15,000,000 Shares reported to be outstanding as reflected in the Form 424(b)(4) filed by the Company on May 10, 2011).
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(c)
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(i)
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Sole power to vote or direct the vote: 0 Shares
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(ii)
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Shared power to vote or direct the vote: 800,000 Shares
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(iii)
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Sole power to dispose or direct the disposition: 0 Shares
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(iv)
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Shared power to dispose or direct the disposition of: 800,000 Shares
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B.
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North Pole
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(a)
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Amount beneficially owned: 800,000
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(b)
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Percent of class: 5.3%
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(c)
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(i)
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Sole power to vote or direct the vote: 0 Shares
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(ii)
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Shared power to vote or direct the vote: 800,000 Shares
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(iii)
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Sole power to dispose or direct the disposition: 0 Shares
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(iv)
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Shared power to dispose or direct the disposition of: 800,000 Shares
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CUSIP No. 913384202
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13G
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Page 7 of 9 Pages
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Item 5.
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OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
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Not applicable.
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Item 6.
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OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
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Not applicable
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Item 7.
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IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
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Not applicable.
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Item 8.
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IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
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See Exhibit 1.
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Item 9.
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NOTICE OF DISSOLUTION OF GROUP.
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Not applicable.
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Item 10.
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CERTIFICATION
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Each of the Reporting Persons hereby makes the following certification:
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By signing below each Reporting Person 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.
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CUSIP No. 913384202
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13G
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Page 8 of 9 Pages
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DATED:
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May 19, 2011
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Polar Securities Inc.
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/s/ Paul Sabourin
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Paul Sabourin
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Chief Investment Officer
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North Pole Capital Master Fund
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By: Polar Securities Inc.
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/s/ Paul Sabourin
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Paul Sabourin
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Chief Investment Officer
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CUSIP No. 913384202
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13G
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Page 9 of 9 Pages
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DATED:
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May 19, 2011
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Polar Securities Inc.
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/s/ Paul Sabourin
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Paul Sabourin
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Chief Investment Officer
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North Pole Capital Master Fund
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By: Polar Securities Inc.
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/s/ Paul Sabourin
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Paul Sabourin
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Chief Investment Officer
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