-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NhgOD8HDzTHRqnrsLkDHFFkvZpN9q0n8b9xL4iIEHXS7USI0unUzFdKhRn0kW8Bk +RU58ZLDJDVTwssrPen6TA== 0000950152-05-008849.txt : 20051107 0000950152-05-008849.hdr.sgml : 20051107 20051107170539 ACCESSION NUMBER: 0000950152-05-008849 CONFORMED SUBMISSION TYPE: SC 13D/A PUBLIC DOCUMENT COUNT: 2 FILED AS OF DATE: 20051107 DATE AS OF CHANGE: 20051107 GROUP MEMBERS: BRUNO SANGLE-FERRIERE GROUP MEMBERS: CARROUSEL CAPITAL LTD. GROUP MEMBERS: THE CARROUSEL FUND II LIMITED SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: BRAZIL FUND INC CENTRAL INDEX KEY: 0000820028 IRS NUMBER: 046576929 STATE OF INCORPORATION: MD FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: SC 13D/A SEC ACT: 1934 Act SEC FILE NUMBER: 005-39510 FILM NUMBER: 051184028 BUSINESS ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154 BUSINESS PHONE: 1-800-349-4281 MAIL ADDRESS: STREET 1: 345 PARK AVENUE CITY: NEW YORK STATE: NY ZIP: 10154 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: CARROUSEL FUND LTD CENTRAL INDEX KEY: 0001227893 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: SC 13D/A BUSINESS ADDRESS: STREET 1: WALKER HOUSE PO BOX 265GT MARY ST STREET 2: GEORGETOWN GRAND CAYMAN CITY: CAYMAN ISLANDS STATE: E9 ZIP: 00000 BUSINESS PHONE: 442078237044 MAIL ADDRESS: STREET 1: WALKER HOUSE PO BOX 265GT MARY ST STREET 2: GEORGETOWN GRAND CAYMAN CITY: CAYMAN ISLANDS STATE: E9 ZIP: 00000 SC 13D/A 1 l16880asc13dza.txt THE CARROUSEL FUND LTD. FORM SC 13D/A SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 SCHEDULE 13D (RULE 13D-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13D-1(A) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13D-2(A) (Amendment No. 2)* The Brazil Fund, Inc. - ------------------------------------------------------------------------------- (Name of Issuer) Common Stock, $0.01 par value per share - ------------------------------------------------------------------------------- (Title and Class of Securities) 105759104 - ------------------------------------------------------------------------------- (CUSIP Number) Bruno Sangle-Ferriere Carrousel Capital Ltd. 203-205 Brampton Road London SW3 1LA +44 20 7823 7044 - ------------------------------------------------------------------------------- (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications) November 3, 2005 - ------------------------------------------------------------------------------- (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 that 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 [ ]. Note. Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7 for other parties to whom copies are to be sent. *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 disclosures provided in a prior cover page. The information required on 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 ("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). (Continued on following pages) (Page 1 of 7 Pages) - ----------------------- -------------------- CUSIP No. 105759104 SCHEDULE 13D PAGE 2 OF 7 PAGES - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) The Carrousel Fund Ltd. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 -------------------------------------------------------- NUMBER OF SHARES 8 SHARED VOTING POWER BENEFICIALLY 478,900 OWNED BY -------------------------------------------------------- EACH REPORTING 9 SOLE DISPOSITIVE POWER PERSON WITH 0 -------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 478,900 - -------------------------------------------------------------------------------- 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) 2.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO; IV(1) - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! - ------------------------ (1) Not registered under the Investment Company Act of 1940. - ---------------------- ---------------------- CUSIP No. 105759104 SCHEDULE 13D PAGE 3 OF 7 PAGES - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) The Carrousel Fund II Limited - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* OO - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION Cayman Islands - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 -------------------------------------------------------- NUMBER OF SHARES 8 SHARED VOTING POWER BENEFICIALLY 470,400 OWNED BY -------------------------------------------------------- EACH REPORTING 9 SOLE DISPOSITIVE POWER PERSON WITH 0 -------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 470,400 - -------------------------------------------------------------------------------- 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) 2.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO; IV(1) - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! - ------------------------ (1) Not registered under the Investment Company Act of 1940. - ---------------------- ------------------------ CUSIP No. 105759104 SCHEDULE 13D PAGE 4 OF 7 PAGES - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Carrousel Capital Ltd. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* N/A - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION United Kingdom - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 -------------------------------------------------------- NUMBER OF SHARES 8 SHARED VOTING POWER BENEFICIALLY 949,485 OWNED BY -------------------------------------------------------- EACH REPORTING 9 SOLE DISPOSITIVE POWER PERSON WITH 0 -------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 949,485 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 949,485 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* CO; IA(1) - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! - ------------------------ (1) Not registered under the Investment Advisers Act of 1940. - ------------------------ ----------------------- CUSIP No. 105759104 SCHEDULE 13D PAGE 5 OF 7 PAGES - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY) Bruno Sangle-Ferriere - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [X] (b) [ ] - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 SOURCE OF FUNDS* N/A - -------------------------------------------------------------------------------- 5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [ ] - -------------------------------------------------------------------------------- 6 CITIZENSHIP OR PLACE OF ORGANIZATION France - -------------------------------------------------------------------------------- 7 SOLE VOTING POWER 0 -------------------------------------------------------- NUMBER OF SHARES 8 SHARED VOTING POWER BENEFICIALLY 949,485 OWNED BY -------------------------------------------------------- EACH REPORTING 9 SOLE DISPOSITIVE POWER PERSON WITH 0 -------------------------------------------------------- 10 SHARED DISPOSITIVE POWER 949,485 - -------------------------------------------------------------------------------- 11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 949,485 - -------------------------------------------------------------------------------- 12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES* [ ] - -------------------------------------------------------------------------------- 13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) 5.9% - -------------------------------------------------------------------------------- 14 TYPE OF REPORTING PERSON* IN - -------------------------------------------------------------------------------- *SEE INSTRUCTIONS BEFORE FILLING OUT! - -------------------------------------------------------------------------------- CUSIP No. 105759104 SCHEDULE 13D PAGE 6 OF 7 PAGES - -------------------------------------------------------------------------------- ITEM 1. SECURITY AND ISSUER. This Amendment No. 2 to the statement on Schedule 13D amends Items 4 and 7 of the statement on Schedule 13D originally filed by: (a) The Carrousel Fund Ltd. ("Carrousel Fund I"), (b) The Carrousel Fund II Limited ("Carrousel Fund II"), (c) Carrousel Capital Ltd. ("Carrousel"), and (d) Bruno Sangle-Ferriere ("Sangle-Ferriere" and, collectively with Carrousel Fund I, Carrousel Fund II and Carrousel Capital, the "Reporting Persons") with the Securities and Exchange Commission on September 16, 2005 and amended by Amendment No. 1 filed on October 21, 2005, which relates to the shares of common stock, $0.01 par value per share, of The Brazil Fund, Inc., a Maryland corporation (the "Fund"). The principal executive offices of the Fund are located at 345 Park Avenue, New York, New York 10154. ITEM 4. PURPOSE OF TRANSACTION. Item 4 is hereby amended by adding the following: On October 28, 2005, the Fund announced that it would defer the 2005 Annual Meeting until June 2006. In response, on November 3, 2005, Carrousel sent a letter to the Board of Directors of the Fund (the "Annual Meeting Letter"), which stated that Carrousel believed this action by the Board to be in violation of Maryland law and NYSE regulations. Accordingly, the Annual Meeting Letter requested that the Board reinstate the 2005 Annual Meeting on December 13, 2005. The foregoing description of the Annual Meeting Letter is not intended to be complete and is qualified in its entirety by the complete text of the Annual Meeting Letter, which is filed as Exhibit G hereto and is incorporated herein by reference. Other than as set forth above, none of the Reporting Persons or, in the case of non-individual Reporting Persons, any of their directors or executive officers identified in Item 2, have any present plans or proposals which relate to or could result in, any of the matters referred to in paragraphs (a) through (j), inclusive, of Item 4 of Schedule 13D (although they reserve the right to develop any such plans or proposals). ITEM 7. MATERIAL TO BE FILED AS EXHIBITS. Item 7 is hereby amended by adding the following: Exhibit G. Letter, dated November 3, 2005, from Carrousel Capital Ltd. to The Brazil Fund, Inc., Board of Directors. - -------------------------------------------------------------------------------- CUSIP No. 105759104 SCHEDULE 13D PAGE 7 OF 7 PAGES - -------------------------------------------------------------------------------- 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: November 7, 2005 THE CARROUSEL FUND LTD. By: /s/ Bruno Sangle-Ferriere ----------------------------- Name: Bruno Sangle-Ferriere Title: Attorney-in-fact THE CARROUSEL FUND II LIMITED By: /s/ Bruno Sangle-Ferriere ----------------------------- Name: Bruno Sangle-Ferriere Title: Attorney-in-fact CARROUSEL CAPITAL LTD. By: /s/ Bruno Sangle-Ferriere ----------------------------- Name: Bruno Sangle-Ferriere Title: Director /s/ Bruno Sangle-Ferriere ------------------------------ Bruno Sangle-Ferriere EX-99.A 2 l16880aexv99wa.txt EX-99(A) EXHIBIT G logo Carrousel Capital Ltd Carrousel Capital Ltd, 203-205 Brompton Road, London SW3 lLA o Tel: +44 20 7823 7070 o Fax: *44 20 7823 7062 info@carrouselcapital.com o www.carrouselcapital.com The Brazil Fund, Inc 345 Park Avenue New York New York, 10154 Attention : The Board of Directors London, November 3rd 2005 Dear Sirs, We have read the announcement by The Brazil Fund of October 28th and would advise other shareholders to do the same. In our opinion, the action that has been taken by the board to defer the 2005 Annual Meeting until June 2006 is, at best, a cynical attempt to deprive shareholders of the right to vote on the composition of the board. At worst, the board has a hidden agenda. In either case, shareholders should not accept the continuing erosion of their rights by the board. The By-laws of the Fund, as restated as of May 10, 2004, provide that the Annual Meeting of the Fund should take place in July. On April 15, 2005, the Fund announced that the board had determined to hold the Annual Meeting in October, rather than July, to enable the Fund time to complete, prior to the Annual Meeting, its previously announced in-kind repurchase offer. On July 26,2005, the board announced that the Annual Meeting would be further deferred to December 13, 2005 so that the results of the repurchase offer would be known before the board nominations were made. However, in an extraordinary development, the repurchase offer was withdrawn on the day that it was due to close in August. Consequently, the stated reason for the deferral of the Annual Meeting was now null, and at this point, a responsible board should have rescheduled the Annual Meeting for an earlier date to explain the wasted costs that had been incurred by the board for the canceled repurchase offer and to involve the shareholders in debate on the future direction of the Fund. The board did not take this action. Instead, it waited until September 20th when it approved the conversion of the Fund into an open-end fund as the most effective way of eliminating the discount and offering more liquidity to shareholders in their investments in Brazilian securities. We believe that the further deferral of the 2005 Annual Meeting until June 2006 violates Maryland law and the regulations of the NYSE, both of which require the Fund to Registered in England No. 4046934 o Carrousel Capital is authorised and regulated by the Financial Services Authority The Brazil Fund, Inc Continued 2 hold an annual meeting for the purpose of electing directors. The continuing ------ deferrals also frustrate the SEC's goal of fostering shareholder access. We further believe that the complete disregard of the Fund's shareholders has to be seen against a background of poor corporate governance by the board, which has already resulted in the withdrawal of shareholder support, including the following examples: o the board amended the Funds' By-laws to increase the percentage of outstanding shares necessary for shareholders to call a special meeting from 25% to 50%, thereby reducing shareholder democracy, and has ignored calls to reduce the percentage to its previous level; o according to the Semi-Annual Report to Stockholders, dated December 31, 2004, the Chairman of the Board has exempted himself from the board's stated retirement policy and intends to continue as a director indefinitely and, at least, until the end of his term; o the board has been reduced from seven to five members and its composition changed without reference to shareholders even though the director who resigned and has been replaced was holding over and had not been reappointed by shareholders; In our view these are breaches of corporate governance that shareholders should not accept. We believe that the 2005 Annual Meeting should be held in 2005 to give shareholders the opportunity to express themselves. We would invite the board to reinstate the 2005 Annual Meeting on December l3th. If the board does not take this action voluntarily by November 10th, then we reserve our rights to pursue other remedies. Sincerely yours, Bruno Sangle-Ferriere, CEO /s/ Bruno Sangle-Ferriere -----END PRIVACY-ENHANCED MESSAGE-----