SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 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. 8)*

Ampal-American Israel Corporation

(Name of Issuer)

Common Stock, par value $1.00 per share

(Title of Class of Securities)

032015 10 9

(CUSIP Number)

Yosef A. Maiman

Ohad Maiman

Noa Maiman

Yoav Maiman

Y.M. Noy Investments Ltd.

Di-Rapallo Holdings Ltd.

Merhav (M.N.F.) Ltd.

De Majorca Holdings Ltd.

33 Havazelet Hasharon St.

Herzliya, Israel 46105

972-9-9501735

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

 

July 22, 2008

(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: o.

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 (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 (however, see the Notes).

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 2 of 31

 

 

 

1

NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)

Yosef A. Maiman

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a)

x

 

 

(b)

o

3

SEC USE ONLY

4

SOURCE OF FUNDS

BK, PF, AF, OO

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

 

 

 

o

6

CITIZENSHIP OR PLACE OF ORGANIZATION

Israel and Peru

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY
EACH

REPORTING

PERSON WITH

7

SOLE VOTING POWER

5,497,281

8

SHARED VOTING POWER

28,500,285

9

SOLE DISPOSITIVE POWER

5,497,281

10

SHARED DISPOSITIVE POWER

28,500,285

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

33,997,566 (See Items 4 and 5 below)

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

 

 

o

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

58.2%

14

TYPE OF REPORTING PERSON

IN

 

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 3 of 31

 

 

1

NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)

Ohad Maiman

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a)

x

 

 

(b)

o

3

SEC USE ONLY

4

SOURCE OF FUNDS

BK, PF, AF, OO

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

 

 

 

o

6

CITIZENSHIP OR PLACE OF ORGANIZATION

Israel

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY
EACH

REPORTING

PERSON WITH

7

SOLE VOTING POWER

None.

8

SHARED VOTING POWER

28,500,285

9

SOLE DISPOSITIVE POWER

None.

10

SHARED DISPOSITIVE POWER

28,500,285

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

28,500,285 (See Items 4 and 5 below)

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

 

 

o

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

49.1%

14

TYPE OF REPORTING PERSON

IN

 

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 4 of 31

 

 

1

NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)

Noa Maiman

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a)

x

 

 

(b)

o

3

SEC USE ONLY

4

SOURCE OF FUNDS

BK, PF, AF, OO

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

 

 

 

o

6

CITIZENSHIP OR PLACE OF ORGANIZATION

Israel

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY
EACH

REPORTING

PERSON WITH

7

SOLE VOTING POWER

None.

8

SHARED VOTING POWER

28,500,285

9

SOLE DISPOSITIVE POWER

None.

10

SHARED DISPOSITIVE POWER

28,500,285

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

28,500,285 (See Items 4 and 5 below)

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

 

 

o

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

49.1%

14

TYPE OF REPORTING PERSON

IN

 

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 5 of 31

 

 

1

NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)

Yoav Maiman

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a)

x

 

 

(b)

o

3

SEC USE ONLY

4

SOURCE OF FUNDS

BK, PF, AF, OO

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

 

 

 

o

6

CITIZENSHIP OR PLACE OF ORGANIZATION

Israel

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY
EACH

REPORTING

PERSON WITH

7

SOLE VOTING POWER

None.

8

SHARED VOTING POWER

28,500,285

9

SOLE DISPOSITIVE POWER

None.

10

SHARED DISPOSITIVE POWER

28,500,285

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

28,500,285 (See Items 4 and 5 below)

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

 

 

o

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

49.1%

14

TYPE OF REPORTING PERSON

CO

 

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 6 of 31

 

 

1

NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)

Di-Rapallo Holdings Ltd.

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a)

x

 

 

(b)

o

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)

 

 

 

o

6

CITIZENSHIP OR PLACE OF ORGANIZATION

Israel

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY
EACH

REPORTING

PERSON WITH

7

SOLE VOTING POWER

None.

8

SHARED VOTING POWER

9,650,132

9

SOLE DISPOSITIVE POWER

None.

10

SHARED DISPOSITIVE POWER

9,650,132

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

9,650,132 (See Items 4 and 5 below)

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

 

 

o

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

16.6%

14

TYPE OF REPORTING PERSON

CO

 

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 7 of 31

 

 

1

NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)

Merhav (M.N.F.) Ltd.

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a)

x

 

 

(b)

o

3

SEC USE ONLY

4

SOURCE OF FUNDS

BK, PF, AF, OO

5

CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e)

 

 

 

o

6

CITIZENSHIP OR PLACE OF ORGANIZATION

Israel

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY
EACH

REPORTING

PERSON WITH

7

SOLE VOTING POWER

5,137,906

8

SHARED VOTING POWER

None.

9

SOLE DISPOSITIVE POWER

5,137,906

10

SHARED DISPOSITIVE POWER

None.

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

5,137,906 (See Items 4 and 5 below)

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

 

 

o

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

8.8%

14

TYPE OF REPORTING PERSON

CO

 

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 8 of 31

 

 

1

NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (Entities Only)

De Majorca Holdings Ltd.

2

CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP

 

 

(a)

x

 

 

(b)

o

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)

 

 

 

o

6

CITIZENSHIP OR PLACE OF ORGANIZATION

Israel

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY
EACH

REPORTING

PERSON WITH

7

SOLE VOTING POWER

None.

8

SHARED VOTING POWER

18,850,153

9

SOLE DISPOSITIVE POWER

None.

10

SHARED DISPOSITIVE POWER

18,850,153

11

AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

18,850,153 (See Items 4 and 5 below)

12

CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES

 

 

 

o

13

PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

32.5%

14

TYPE OF REPORTING PERSON

CO

 

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 9 of 31

 

 

This statement constitutes Amendment No. 8 to the Statement on Schedule 13D (the “Schedule 13D”) filed with the Securities and Exchange Commission by the Reporting Persons in connection with the ownership of the Class A stock, $1.00 par value (the “Class A Stock”), of Ampal-American Israel Corporation, a New York corporation (the “Issuer”). Unless otherwise stated, the information set forth in the Schedule 13D remains accurate in all material respects. Unless otherwise defined herein, capitalized terms used herein shall have the meanings set forth in the Schedule 13D.

 

Item 2.

Identity and Background.

 

Item 2 of the Schedule 13D is hereby amended and restated as follows:

 

(a), (b), (c), (f) This Schedule 13D is being filed by or on the behalf of Mr. Yosef A. Maiman, a citizen of the State of Israel and the Republic of Peru (“Mr. Maiman”), Ohad Maiman, a citizen of the State of Israel, Noa Maiman, a citizen of the State of Israel, Yoav Maiman, a citizen of the State of Israel, Di-Rapallo Holdings Ltd., an Israeli corporation (“Di-Rapallo”), Merhav (M.N.F.) Ltd., an Israeli corporation (“Merhav”) and De Majorca Holdings Ltd., an Israeli corporation (“De Majorca”). Mr. Maiman, Ohad Maiman, Noa Maiman, Di-Rapallo, Merhav and De Majorca are hereinafter collectively referred to as the “Reporting Persons.”

 

The business address of each Reporting Person is 33 Havazelet Hasharon St., Herzliya, Israel.

 

Mr. Maiman is currently the President of Merhav and Chairman, President and Chief Executive Officer of the Issuer.

 

Ohad Maiman is currently a resident of New York, New York and is involved in the entertainment and media industries.

 

Noa Maiman is currently a student in London, England.

 

Yoav Maiman is currently a student in Israel.

 

Di-Rapallo was formed solely for the purpose of acquiring the shares of Class A Stock. Mr. Maiman owns 100% of the economic shares and one-fourth of the voting shares of Di-Rapallo. In addition, Mr. Maiman holds an option to acquire the remaining three-fourths of the voting shares of Di-Rapallo (which are owned by Ohad Maiman, son of Mr. Maiman, Noa Maiman, daughter of Mr. Maiman and Yoav Maiman, son of Mr. Maiman). Mr. Maiman, Ohad Maiman, Noa Maiman and Yoav Maiman are the sole directors of Di-Rapallo.

 

Merhav is an international project development company based in Israel, which is wholly-owned by Mr. Maiman.

 

De Majorca was formed solely for the purpose of acquiring the shares of Class A Stock. Mr. Maiman owns 100% of the economic shares and one-fourth of the voting shares of De Majorca. In addition, Mr. Maiman holds an option to acquire the remaining three-fourths of the voting shares of De Majorca (which are owned by Ohad Maiman, Noa Maiman and Yoav Maiman). Mr. Maiman, Ohad Maiman, Noa Maiman and Yoav Maiman are the sole directors of De Majorca.

 

(d), (e) During the last five years, none of the Reporting Persons has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors) or been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of such proceeding was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 10 of 31

 

 

Item 3.

Source and Amount of Funds or Other Consideration.

Item 3 of the Schedule 13D is hereby amended and supplemented by adding the following:

 

As described below in Item 4 of this Schedule 13D, the Issuer, through Merhav Ampal Energy, Ltd., a wholly-owned subsidiary of the Issuer (“MAE”), completed a transaction with Merhav for the purchase from Merhav of an additional portion of Merhav’s interest in East Mediterranean Gas Co. S.A.E., an Egyptian joint stock company (“EMG”). In consideration for the interest in EMG, the Issuer paid to Merhav $68.3 million in cash, issued a convertible promissory note to Merhav in the principal amount of $20 million (the “Convertible Promissory Note”) and agreed to issue to Merhav, subject to the approval of the Issuer’s shareholders, 8,602,151 shares of Class A Stock (the “New Merhav Shares”).

 

As described below in Item 4 of this Schedule 13D, Merhav assigned to De Majorca, subject to obtaining shareholder approval of the issuance of the 8,602,151 New Merhav Shares, (i) its right to receive the 8,602,151 New Merhav Shares and (ii) the 10,248,002 shares of Class A Stock then owned by Merhav (the “Existing Merhav Shares”). The assignment was made by Merhav to De Majorca in consideration of De Majorca's obligation to pay to Merhav $87,653,211.45 (based on a price per share of $4.65).

 

As described below in Item 4 of this Schedule 13D, Merhav entered into a trading plan meeting the requirements of Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, (the “Trading Plan”) with Citigroup Global Markets, Inc. on June 13, 2008 for the purchase of shares of Class A Stock. As of August 14, 2008, Merhav has purchased 648,887 shares of Class A Stock through the Trading Plan for an approximate aggregate purchase price of $3,294,948. In addition to purchases made through the Trading Plan, Merhav has purchased 12,630 shares of Class A Stock for an approximate aggregate purchase price of $61,473 on the Tel Aviv Stock Exchange (the “TASE”), as of August 14, 2008. All such purchases made by Merhav through the Trading Plan and outside of the Trading Plan on the TASE were for cash, and the funds for these purchases were obtained through short term loans from Union Bank of Israel Ltd. (“UBI”). The loans have a term of one year and carry an interest rate of LIBOR plus 2.00% per annum.

 

Item 4.

Purpose of Transaction.

Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following:

 

EMG Transaction

 

On November 28, 2006, the Issuer, through MAE, entered into a Stock Purchase Agreement with Merhav for the purchase from Merhav of an additional portion of Merhav’s interest in EMG pursuant to an option granted to the Issuer by Merhav in August 2006. The transaction closed on December 21, 2006.

 

Under the terms of this transaction, the Issuer acquired from Merhav the beneficial ownership of an additional 5.9% of the outstanding shares of EMG's capital stock. The purchase price for the EMG shares was approximately $128.3 million, of which approximately $68.3 million was paid to Merhav in cash, $40 million was paid in the form of the 8,602,151 New Merhav Shares (based on a price of $4.65 per share) and the balance was paid in the form of the Convertible Promissory Note, which, at the option of Merhav, was payable in cash, additional shares of Class A Stock (based on a price per share of $4.65 per share), or a combination thereof. The Convertible Promissory Note bore interest at 6 months LIBOR (5.375%) and matured on September 20, 2007. The number of shares that could be acquired upon conversion of the Convertible Promissory Note in full (including 175,314 shares representing the accrued interest payable through the maturity date on the Convertible Promissory Note) was 4,476,389 shares of

 

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 11 of 31

 

 

Class A Stock. The Issuer had the option to pre-pay the Convertible Promissory Note at any time in

whole or in part and Merhav was not able to exercise the Convertible Promissory Note until after shareholder approval was obtained. The issuance of the shares in the EMG transaction was approved at a special meeting of the shareholders of the Issuer on February 7, 2007. On September 20, 2007, Merhav exercised its option to convert the outstanding balance of $20,815,208 (which included accrued interest) on the Convertible Promissory Note into 4,476,389 shares of Class A Stock of the Issuer and was issued such shares in exchange for the Convertible Promissory Note. As permitted under the Stock Purchase Agreement, Merhav assigned its right to the 8,602,151 New Merhav Shares to De Majorca as part of its restructuring (which is discussed below in greater detail). Merhav continues to own the 4,476,389 shares of Class A Stock issued upon conversion of the Convertible Promissory Note.

 

A copy of each of the Stock Purchase Agreement and the Convertible Promissory Note were previously filed as Exhibits 1 and 2 to Amendment No. 6 to this Schedule 13D. The description of the Stock Purchase Agreement and the Convertible Promissory Note set forth in this Schedule 13D are qualified in their entirety by reference to the full text of the respective transaction documents.

 

Merhav Restructuring and Transfer of Merhav Shares to De Majorca

 

In connection with a restructuring of Merhav’s holdings, Merhav assigned to De Majorca, subject to obtaining shareholder approval of the issuance of the 8,602,151 New Merhav Shares, (i) its right to receive the 8,602,151 New Merhav Shares and (ii) the 10,248,002 Existing Merhav Shares (collectively, the “Merhav Assignment”). The Merhav Assignment was made in consideration of De Majorca's obligation to pay Merhav $87,653,211.45 (based on a price per share of $4.65).

 

As stated above, the Issuer’s shareholders approved the issuance of the 8,602,151 New Merhav Shares on February 7, 2007. The transfer by Merhav to De Majorca of the legal title to the 10,248,002 Existing Merhav Shares and the issuance by the Issuer to De Majorca of the 8,602,151 New Merhav Shares were consummated simultaneously on March 27, 2007.

 

A copy of the assignment agreement relating to the Merhav Assignment was previously filed as Exhibit 1 to Amendment 7 to this Schedule 13D. The description of the Merhav Assignment set forth in this Schedule 13D is qualified in its entirety by reference to the full text of the assignment agreement.

 

Noy Liquidation; Repayment of Loans and Transfer of Noy Shares to Di-Rapallo

 

On December 26, 2006, Yosef A. Maiman made a loan to Y.M. Noy Investments Ltd., an Israeli corporation (“Noy”) in the amount of $45,452,238 (the “YM Loan”) to permit Noy to repay its existing indebtedness to Bank Leumi Israel B.M. (the “Bank”) relating to the acquisition of Noy’s 11,750,132 shares of Class A Stock (the “Noy Shares”) in the amount of $45,451,987. Noy used the proceeds to pay off its loan from the Bank in full. As a result, the 11,750,132 Noy Shares were held by Noy free and clear of the Bank’s lien and all related guaranties and pledges made by Mr. Maiman and Merhav with respect to this Bank loan were terminated.

 

On December 29, 2006, Noy initiated liquidation proceedings pursuant to Israeli law. In connection with such liquidation, Mr. Maiman requested, in partial satisfaction of the property Mr. Maiman is entitled to receive in connection with such liquidation as lender under the YM Loan and as sole economic owner of Noy, that Noy deliver the 11,750,132 Noy Shares to Di-Rapallo, which had a value of US$55,989,379 (based on a price of $4.765 per share). The assignment of the 11,750,132 Noy Shares to Di-Rapallo occurred on January 10, 2007, pursuant to the terms of an assignment agreement between the parties.

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 12 of 31

 

 

A copy of the assignment agreement was previously filed as Exhibit 2 to Amendment 7 to this Schedule 13D. The description of this assignment set forth in this Schedule 13D is qualified in its entirety by reference to the full text of the assignment agreement.

 

Sale of Class A Stock by Di-Rapallo

 

On February 28, 2007, the Issuer filed with the Securities and Exchange Commission a registration statement on Form S-3 (the “Registration Statement”) registering 7,000,000 shares of Class A Stock held by Di-Rapallo (the “Registered Shares”). The Registration Statement became effective on June 5, 2007. On June 10, 2007, Di-Rapallo disposed of 2,100,000 of the Registered Shares on the TASE for total consideration of $11,758,388, or approximately $5.60 per share. After the transaction, Di-Rapallo paid to the buyer of the 2,100,000 Registered Shares a distribution fee of $924,660, which includes any value added tax.

 

Merhav’s Trading Plan and Purchases on the TASE

 

On June 13, 2008, Merhav entered into the Trading Plan with Citigroup Global Markets, Inc. for the purchase of shares of Class A Stock, pursuant to which Merhav has purchased 648,887 shares of Class A Stock for an approximate aggregate purchase price of $3,294,948, as of August 14, 2008. In addition to shares purchased through the Trading Plan, Merhav has purchased 12,630 shares of Class A Stock for an approximate aggregate purchase price of $61,473 on the TASE, as of August 14, 2008. Annex A annexed hereto sets forth all such purchases made by Merhav through the Trading Plan on the NASDAQ Global Market (the “NASDAQ”) and outside of the Trading Plan on the TASE.

 

Except as set forth in this Schedule 13D, none of the Reporting Persons has any plan or proposals that relate to or would result in any of the transactions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

 

Item 5.

Interest in Securities of the Issuer.

 

Item 5 of the Schedule 13D is hereby amended and supplemented by adding the following:

 

(a)       Based on 58,086,165 shares of Class A Stock outstanding as of July 28, 2008 (as set forth in the Issuer’s quarterly report on Form 10-Q for the three months ended June 30, 2008, filed on August 5, 2008), and after taking into account the potential issuance of an additional 359,375 shares of Class A Stock underlying the Options which are deemed to be beneficially owned by Mr. Maiman as of the date hereof (as described in Item 5(b) below), the group comprised of the Reporting Persons is the beneficial owner of 33,997,566 shares of Class A Stock, representing approximately 58.2% of the issued and outstanding Class A Stock. As described in Item 5(b) below, (i) Mr. Maiman may be deemed to be the beneficial owner of 33,997,566 shares of Class A Stock, representing approximately 58.2% of the issued and outstanding Class A Stock, (ii) each of Ohad Maiman, Noa Maiman and Yoav Maiman may be deemed to be the beneficial owner of 28,500,285 shares of Class A Stock, representing approximately 49.1% of the issued and outstanding Class A Stock, (iii) Di-Rapallo may be deemed the beneficial owner of 9,650,132 shares of Class A Stock, representing approximately 16.6% of the issued and outstanding Class A Stock, (iv) Merhav may be deemed to be the beneficial owner of 5,137,906 shares of Class A Stock, representing approximately 8.8% of the issued and outstanding Class A Stock and (v) De Majorca may be deemed to be the beneficial owner of 18,850,153 shares of Class A Stock, representing approximately 32.5% of the issued and outstanding Class A Stock.

 

(b) Merhav and Mr. Maiman (by virtue of his 100% ownership interest in Merhav) each have the sole power to vote or direct the vote or to dispose or to direct the disposition of the 5,137,906 shares of Class A Stock beneficially owned by Merhav (the “Merhav Shares”). By virtue of the formation of the group, each of Ohad Maiman, Noa Maiman, Yoav Maiman, Di-Rapallo and De Majorca may be deemed

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 13 of 31

 

 

to share the power to vote the Merhav Shares but have no rights with respect to the disposition of the Merhav Shares. Each of Ohad Maiman, Noa Maiman, Yoav Maiman, De Majorca and Di-Rapallo expressly disclaims beneficial ownership of the Merhav Shares and the filing of this Schedule 13D shall not be construed as an admission that such Reporting Persons beneficially own the Merhav Shares.

 

De Majorca has the sole power to vote or direct the vote or to dispose or to direct the disposition of 18,850,153 shares of Class A Stock (the “De Majorca Shares”). Mr. Maiman owns 100% of the economic shares and one-fourth of the voting shares of De Majorca. In addition, Mr. Maiman holds an option to acquire the remaining three-fourths of the voting shares of De Majorca (which are owned by Ohad Maiman, Noa Maiman and Yoav Maiman). Mr. Maiman by virtue of his ownership of one-fourth of the voting shares of De Majorca and the option to acquire the remaining voting shares of De Majorca may be deemed to share with De Majorca and the other individuals the power to vote or direct the vote and to dispose of or to direct the disposition of all of the De Majorca Shares. Ohad Maiman, Noa Maiman and Yoav Maiman, each by virtue of their respective ownership of one-fourth of the voting shares of De Majorca, may be deemed to share with De Majorca and the other individuals the power to vote or direct the vote and to dispose or direct the disposition of all of the De Majorca Shares. Additionally, by virtue of the formation of the group, Merhav and Di-Rapallo may be deemed to share the power to vote the De Majorca Shares but have no rights with respect to the disposition of the De Majorca Shares. Each of Merhav and Di-Rapallo expressly disclaim beneficial ownership of the De Majorca Shares and the filing of this Schedule 13D shall not be construed as an admission that Merhav or Di-Rapallo beneficially own the De Majorca Shares.

 

Di-Rapallo has the sole power to vote or direct the vote or to dispose or to direct the disposition of 9,650,132 shares of Class A Stock (the “Di-Rapallo Shares”). Mr. Maiman owns 100% of the economic shares and one-fourth of the voting shares of Di-Rapallo. In addition, Mr. Maiman holds an option to acquire the remaining three-fourths of the voting shares of Di-Rapallo (which are owned by Ohad Maiman, Noa Maiman and Yoav Maiman). Mr. Maiman by virtue of his ownership of one-fourth of the voting shares of Di-Rapallo and the option to acquire the remaining voting shares of Di-Rapallo may be deemed to share with Di-Rapallo and the other individuals the power to vote or direct the vote and to dispose of or to direct the disposition of all of the Di-Rapallo Shares. Ohad Maiman, Noa Maiman and Yoav Maiman, each by virtue of their respective ownership of one-fourth of the voting shares of Di-Rapallo, may be deemed to share with Di-Rapallo and the other individuals the power to vote or direct the vote and to dispose or direct the disposition of all of the Di-Rapallo Shares. Additionally, by virtue of the formation of the group, Merhav and De Majorca may be deemed to share the power to vote the Di-Rapallo Shares but have no rights with respect to the disposition of the Di-Rapallo Shares. Each of Merhav and De Majorca expressly disclaim beneficial ownership of the Di-Rapallo Shares and the filing of this Schedule 13D shall not be construed as an admission that Merhav or De Majorca beneficially owns the Di-Rapallo Shares.

 

On August 16, 2002, Mr. Maiman was granted options to purchase 250,000 shares of Class A Stock at $3.12 per share, which options vested in equal installments of 15,625 shares of Class A Stock beginning on November 16, 2002 and each three month anniversary thereafter, with the last installment vesting on August 16, 2006. On December 12, 2006, Mr. Maiman was granted additional options to purchase 250,000 shares of Class A Stock at $5.06 per share, which options vested in equal installments of 15,625 shares of Class A Stock beginning on March 12, 2007 and each three month anniversary thereafter, with the last installment vesting on December 12, 2010. As of the date hereof, Mr. Maiman has not exercised any of the foregoing 500,000 options (collectively, the “Options”), of which 359,375 are beneficially owned by Mr. Maiman as of the date hereof. By virtue of the formation of the group, each of Merhav, Di-Rapallo, De Majorca, Ohad Maiman, Noa Maiman and Yoav Maiman may be deemed to share the power to vote the Options but have no rights with respect to the disposition of the Options. Each of Merhav, Di-Rapallo, De Majorca, Ohad Maiman, Noa Maiman and Yoav Maiman expressly disclaims beneficial ownership of the Options and the filing of this Schedule 13D shall not be construed as an admission that such Reporting Persons beneficially own the Options.

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 14 of 31

 

 

(c) Other than as described in this Schedule 13D and in Annex A annexed hereto, none of the Reporting Persons has effected any transactions in the shares of Class A Stock during the past 60 days.

 

Item 6.

Contracts, Arrangements, Understandings or Relationships With Respect to Securities of the Issuer.

 

Item 6 of the Schedule 13D is hereby amended and supplemented by adding the

following:

 

As described in Item 3 above, Merhav is financing its open market purchases made on the NASDAQ through its Trading Plan and its open market purchases made on the TASE outside of the Trading Plan with short term loans from UBI. As stated above, the loans have a term of one year and carry an interest rate of LIBOR plus 2.00% per annum.

 

As previously disclosed, in recognition of the Maiman family’s strong connection with the Issuer and the Reporting Persons’ common goals and objectives as shareholders, the Reporting Persons have agreed, in order to ensure the orderly management and operation of the Issuer, that they shall vote together in the same manner at any meeting of the shareholders of the Issuer, however called, and in any action by consent of the shareholders of the Issuer. In light of their agreement to vote together, the Reporting Persons hereby acknowledge that they have formed a “group” within the meaning of Rule 13d-5(b)(1) of the Act.

 

Item 7.

Materials to be Filed as Exhibits.

 

 

1.

Joint Filing Agreement, dated as of August 15, 2008, among Yosef A. Maiman, Di-Rapallo Holdings Ltd., Merhav (m.n.f.) Ltd., De Majorca Holdings Ltd., Ohad Maiman, Noa Maiman and Yoav Maiman.

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 15 of 31

 

 

Signatures

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: August 15, 2008

 

 

 

/s/ Yosef A. Maiman

 

Yosef A. Maiman

 

 

 

 

 

/s/ Ohad Maiman

 

Ohad Maiman

 

 

 

 

 

/s/ Noa Maiman

 

Noa Maiman

 

 

 

 

 

/s/ Yoav Maiman

 

Yoav Maiman

 

 

 

 

 

 

 

DI-RAPALLO HOLDINGS LTD.

 

 

 

 

 

By:

/s/ Yosef A. Maiman

 

 

Name:

Yosef A. Maiman

 

 

Title:

Director

 

 

 

 

 

MERHAV (M.N.F.) LTD.

 

 

 

 

 

By:

/s/ Yosef A. Maiman

 

 

Name:

Yosef A. Maiman

 

 

Title:

Chariman of the Board of Directors

 

 

 

 

 

 

 

 

 

DE MAJORCA HOLDINGS LTD.

 

 

 

 

 

By:

/s/ Yosef A. Maiman

 

 

Name:

Yosef A. Maiman

 

 

Title:

Director

 

 

 

 

 

 

 

 

 

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 16 of 31

 

 

ANNEX A

The following is a list of open market purchases of shares of Class A stock, $1.00 par value (the “Class A Stock”), of Ampal-American Israel Corporation, a New York corporation (the “Issuer”), effected by Merhav (M.N.F.) Ltd., an Israeli corporation (“Merhav”), during the 60 days prior to the date hereof. Purchases made on the NASDAQ Global Market (the “NASDAQ”) (as indicated in the table below) were effected pursuant to a trading plan meeting the requirements of Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, (the “Trading Plan”) entered into with Citigroup Global Markets, Inc. on June 13, 2008. In addition to purchases made on the NASDAQ through the Trading Plan, Merhav also made open market purchases of shares of Class A Stock on the Tel Aviv Stock Exchange (the “TASE”), as indicated in the table below.

No.

Shares Purchased

Price Per Share

Date

Exchange

1

300

$4.36

6/13/2008

NASDAQ

2

107

$4.39

6/13/2008

NASDAQ

3

200

$4.40

6/13/2008

NASDAQ

4

659

$4.41

6/13/2008

NASDAQ

5

910

$4.42

6/13/2008

NASDAQ

6

1,764

$4.43

6/13/2008

NASDAQ

7

2,361

$4.44

6/13/2008

NASDAQ

8

1,269

$4.45

6/13/2008

NASDAQ

9

83

$4.47

6/13/2008

NASDAQ

10

400

$4.69

6/16/2008

NASDAQ

11

900

$4.71

6/16/2008

NASDAQ

12

1,800

$4.72

6/16/2008

NASDAQ

13

1,800

$4.73

6/16/2008

NASDAQ

14

1,728

$4.74

6/16/2008

NASDAQ

15

100

$4.75

6/16/2008

NASDAQ

16

1,674

$4.76

6/16/2008

NASDAQ

17

1,098

$4.77

6/16/2008

NASDAQ

18

700

$4.78

6/16/2008

NASDAQ

19

1,120

$4.79

6/16/2008

NASDAQ

20

410

$4.74

6/17/2008

NASDAQ

21

300

$4.75

6/17/2008

NASDAQ

22

547

$4.76

6/17/2008

NASDAQ

23

1,400

$4.77

6/17/2008

NASDAQ

24

900

$4.78

6/17/2008

NASDAQ

25

5,066

$4.79

6/17/2008

NASDAQ

26

100

$4.80

6/17/2008

NASDAQ

27

923

$4.81

6/17/2008

NASDAQ

28

500

$4.82

6/17/2008

NASDAQ

29

158

$4.70

6/18/2008

NASDAQ

30

900

$4.71

6/18/2008

NASDAQ

31

923

$4.72

6/18/2008

NASDAQ

32

4,259

$4.73

6/18/2008

NASDAQ

33

3,194

$4.74

6/18/2008

NASDAQ

34

173

$4.75

6/18/2008

NASDAQ

35

1,300

$4.76

6/18/2008

NASDAQ

36

200

$4.77

6/18/2008

NASDAQ

37

184

$4.69

6/19/2008

NASDAQ

38

200

$4.72

6/19/2008

NASDAQ

 

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 17 of 31

 

 

No.

Shares Purchased

Price Per Share

Date

Exchange

39

1,500

$4.73

6/19/2008

NASDAQ

40

3,100

$4.74

6/19/2008

NASDAQ

41

1,101

$4.75

6/19/2008

NASDAQ

42

4,500

$4.76

6/19/2008

NASDAQ

43

56

$4.49

6/20/2008

NASDAQ

44

1,202

$4.50

6/20/2008

NASDAQ

45

224

$4.51

6/20/2008

NASDAQ

46

200

$4.52

6/20/2008

NASDAQ

47

230

$4.53

6/20/2008

NASDAQ

48

400

$4.54

6/20/2008

NASDAQ

49

600

$4.55

6/20/2008

NASDAQ

50

300

$4.56

6/20/2008

NASDAQ

51

292

$4.57

6/20/2008

NASDAQ

52

698

$4.58

6/20/2008

NASDAQ

53

1,100

$4.59

6/20/2008

NASDAQ

54

700

$4.60

6/20/2008

NASDAQ

55

500

$4.61

6/20/2008

NASDAQ

56

800

$4.62

6/20/2008

NASDAQ

57

995

$4.63

6/20/2008

NASDAQ

58

400

$4.74

6/20/2008

NASDAQ

59

300

$4.76

6/20/2008

NASDAQ

60

300

$4.84

6/20/2008

NASDAQ

61

100

$4.88

6/20/2008

NASDAQ

62

100

$4.65

6/23/2008

NASDAQ

63

200

$4.67

6/23/2008

NASDAQ

64

200

$4.69

6/23/2008

NASDAQ

65

620

$4.75

6/23/2008

NASDAQ

66

256

$4.76

6/23/2008

NASDAQ

67

980

$4.77

6/23/2008

NASDAQ

68

300

$4.79

6/23/2008

NASDAQ

69

3,498

$4.80

6/23/2008

NASDAQ

70

1,516

$4.81

6/23/2008

NASDAQ

71

850

$4.82

6/23/2008

NASDAQ

72

2,897

$4.83

6/23/2008

NASDAQ

73

600

$4.84

6/23/2008

NASDAQ

74

200

$4.86

6/23/2008

NASDAQ

75

100

$4.78

6/24/2008

NASDAQ

76

1,144

$4.79

6/24/2008

NASDAQ

77

3,400

$4.80

6/24/2008

NASDAQ

78

900

$4.81

6/24/2008

NASDAQ

79

100

$4.83

6/24/2008

NASDAQ

80

400

$4.85

6/24/2008

NASDAQ

81

30

$4.83

6/24/2008

TASE

82

1,287

$4.81

6/24/2008

TASE

83

765

$4.82

6/24/2008

TASE

84

100

$4.75

6/25/2008

NASDAQ

85

100

$4.77

6/25/2008

NASDAQ

86

1,200

$4.80

6/25/2008

NASDAQ

87

300

$4.81

6/25/2008

NASDAQ

88

517

$4.82

6/25/2008

NASDAQ

89

400

$4.83

6/25/2008

NASDAQ

 

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 18 of 31

 

 

No.

Shares Purchased

Price Per Share

Date

Exchange

90

400

$4.83

6/25/2008

NASDAQ

91

4,100

$4.84

6/25/2008

NASDAQ

92

260

$4.84

6/25/2008

NASDAQ

93

200

$4.85

6/25/2008

NASDAQ

94

100

$4.86

6/25/2008

NASDAQ

95

965

$4.87

6/25/2008

NASDAQ

96

640

$4.88

6/25/2008

NASDAQ

97

2,835

$4.89

6/25/2008

NASDAQ

98

100

$4.90

6/25/2008

NASDAQ

99

1,470

$4.82

6/25/2008

TASE

100

400

$4.82

6/25/2008

TASE

101

1,078

$4.87

6/25/2008

TASE

102

397

$4.84

6/26/2008

NASDAQ

103

100

$4.855

6/26/2008

NASDAQ

104

400

$4.86

6/26/2008

NASDAQ

105

400

$4.8625

6/26/2008

NASDAQ

106

500

$4.87

6/26/2008

NASDAQ

107

100

$4.89

6/26/2008

NASDAQ

108

320

$4.90

6/26/2008

NASDAQ

109

1,100

$4.91

6/26/2008

NASDAQ

110

1,000

$4.9175

6/26/2008

NASDAQ

111

1,100

$4.92

6/26/2008

NASDAQ

112

1,096

$4.93

6/26/2008

NASDAQ

113

770

$4.94

6/26/2008

NASDAQ

114

700

$4.95

6/26/2008

NASDAQ

115

300

$4.96

6/26/2008

NASDAQ

116

100

$4.9625

6/26/2008

NASDAQ

117

1,604

$4.97

6/26/2008

NASDAQ

118

300

$4.9725

6/26/2008

NASDAQ

119

200

$4.975

6/26/2008

NASDAQ

120

1,730

$4.98

6/26/2008

NASDAQ

121

2,270

$4.90

6/26/2008

TASE

122

2,500

$4.89

6/26/2008

TASE

123

2,000

$4.89

6/26/2008

TASE

124

830

$4.89

6/26/2008

TASE

125

300

$4.55

6/27/2008

NASDAQ

126

700

$4.58

6/27/2008

NASDAQ

127

500

$4.59

6/27/2008

NASDAQ

128

100

$4.61

6/27/2008

NASDAQ

129

101

$4.62

6/27/2008

NASDAQ

130

100

$4.63

6/27/2008

NASDAQ

131

703

$4.64

6/27/2008

NASDAQ

132

1,600

$4.65

6/27/2008

NASDAQ

133

1,358

$4.66

6/27/2008

NASDAQ

134

1,000

$4.67

6/27/2008

NASDAQ

135

100

$4.68

6/27/2008

NASDAQ

136

958

$4.69

6/27/2008

NASDAQ

137

997

$4.70

6/27/2008

NASDAQ

138

1,768

$4.71

6/27/2008

NASDAQ

139

332

$4.75

6/27/2008

NASDAQ

140

200

$4.76

6/27/2008

NASDAQ

 

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 19 of 31

 

 

No.

Shares Purchased

Price Per Share

Date

Exchange

141

1,226

$4.77

6/27/2008

NASDAQ

142

174

$4.78

6/27/2008

NASDAQ

143

25

$4.50

6/30/2008

NASDAQ

144

1,409

$4.51

6/30/2008

NASDAQ

145

3,500

$4.52

6/30/2008

NASDAQ

146

4,566

$4.53

6/30/2008

NASDAQ

147

500

$4.54

6/30/2008

NASDAQ

148

98

$4.55

6/30/2008

NASDAQ

149

574

$4.59

6/30/2008

NASDAQ

150

1,200

$4.60

6/30/2008

NASDAQ

151

700

$4.61

6/30/2008

NASDAQ

152

2,900

$4.62

6/30/2008

NASDAQ

153

400

$4.64

6/30/2008

NASDAQ

154

300

$4.77

6/30/2008

NASDAQ

155

100

$4.37

7/1/2008

NASDAQ

156

470

$4.38

7/1/2008

NASDAQ

157

800

$4.39

7/1/2008

NASDAQ

158

1,500

$4.40

7/1/2008

NASDAQ

159

2,561

$4.41

7/1/2008

NASDAQ

160

3,000

$4.42

7/1/2008

NASDAQ

161

1,305

$4.43

7/1/2008

NASDAQ

162

100

$4.435

7/1/2008

NASDAQ

163

1,851

$4.44

7/1/2008

NASDAQ

164

3,706

$4.45

7/1/2008

NASDAQ

165

479

$4.47

7/1/2008

NASDAQ

166

100

$4.32

7/2/2008

NASDAQ

167

400

$4.33

7/2/2008

NASDAQ

168

300

$4.34

7/2/2008

NASDAQ

169

400

$4.37

7/2/2008

NASDAQ

170

200

$4.39

7/2/2008

NASDAQ

171

600

$4.41

7/2/2008

NASDAQ

172

1,966

$4.42

7/2/2008

NASDAQ

173

208

$4.43

7/2/2008

NASDAQ

174

200

$4.44

7/2/2008

NASDAQ

175

407

$4.45

7/2/2008

NASDAQ

176

300

$4.46

7/2/2008

NASDAQ

177

300

$4.49

7/2/2008

NASDAQ

178

900

$4.50

7/2/2008

NASDAQ

179

500

$4.53

7/2/2008

NASDAQ

180

100

$4.55

7/2/2008

NASDAQ

181

500

$4.56

7/2/2008

NASDAQ

182

800

$4.57

7/2/2008

NASDAQ

183

100

$4.58

7/2/2008

NASDAQ

184

500

$4.59

7/2/2008

NASDAQ

185

100

$4.61

7/2/2008

NASDAQ

186

700

$4.62

7/2/2008

NASDAQ

187

100

$4.46

7/3/2008

NASDAQ

188

600

$4.48

7/3/2008

NASDAQ

189

1,482

$4.49

7/3/2008

NASDAQ

190

600

$4.51

7/3/2008

NASDAQ

191

2,721

$4.52

7/3/2008

NASDAQ

 

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 20 of 31

 

 

No.

Shares Purchased

Price Per Share

Date

Exchange

192

100

$4.535

7/3/2008

NASDAQ

193

1,213

$4.54

7/3/2008

NASDAQ

194

600

$4.55

7/3/2008

NASDAQ

195

4,000

$4.56

7/3/2008

NASDAQ

196

700

$4.57

7/3/2008

NASDAQ

197

2,600

$4.58

7/3/2008

NASDAQ

198

556

$4.59

7/3/2008

NASDAQ

199

500

$4.60

7/3/2008

NASDAQ

200

100

$4.61

7/3/2008

NASDAQ

201

300

$4.65

7/3/2008

NASDAQ

202

202

$4.33

7/7/2008

NASDAQ

203

100

$4.34

7/7/2008

NASDAQ

204

901

$4.35

7/7/2008

NASDAQ

205

2,260

$4.36

7/7/2008

NASDAQ

206

3,300

$4.37

7/7/2008

NASDAQ

207

2,300

$4.38

7/7/2008

NASDAQ

208

376

$4.39

7/7/2008

NASDAQ

209

3,000

$4.40

7/7/2008

NASDAQ

210

100

$4.43

7/7/2008

NASDAQ

211

2,100

$4.44

7/7/2008

NASDAQ

212

200

$4.47

7/7/2008

NASDAQ

213

700

$4.46

7/8/2008

NASDAQ

214

100

$4.47

7/8/2008

NASDAQ

215

589

$4.48

7/8/2008

NASDAQ

216

2,100

$4.49

7/8/2008

NASDAQ

217

15,205

$4.50

7/8/2008

NASDAQ

218

14

$4.55

7/9/2008

NASDAQ

219

300

$4.57

7/9/2008

NASDAQ

220

536

$4.58

7/9/2008

NASDAQ

221

314

$4.59

7/9/2008

NASDAQ

222

1,886

$4.60

7/9/2008

NASDAQ

223

586

$4.61

7/9/2008

NASDAQ

224

500

$4.62

7/9/2008

NASDAQ

225

1,100

$4.78

7/9/2008

NASDAQ

226

100

$4.79

7/9/2008

NASDAQ

227

1,358

$4.82

7/9/2008

NASDAQ

228

100

$4.83

7/9/2008

NASDAQ

229

600

$4.85

7/9/2008

NASDAQ

230

800

$4.86

7/9/2008

NASDAQ

231

700

$4.87

7/9/2008

NASDAQ

232

300

$4.90

7/9/2008

NASDAQ

233

600

$4.91

7/9/2008

NASDAQ

234

2,400

$4.92

7/9/2008

NASDAQ

235

1,800

$4.93

7/9/2008

NASDAQ

236

4,700

$4.95

7/9/2008

NASDAQ

237

100

$4.49

7/10/2008

NASDAQ

238

309

$4.50

7/10/2008

NASDAQ

239

600

$4.51

7/10/2008

NASDAQ

240

5,254

$4.52

7/10/2008

NASDAQ

241

700

$4.54

7/10/2008

NASDAQ

242

4,500

$4.55

7/10/2008

NASDAQ

 

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 21 of 31

 

 

No.

Shares Purchased

Price Per Share

Date

Exchange

243

500

$4.56

7/10/2008

NASDAQ

244

631

$4.57

7/10/2008

NASDAQ

245

1,200

$4.59

7/10/2008

NASDAQ

246

3,001

$4.60

7/10/2008

NASDAQ

247

600

$4.62

7/10/2008

NASDAQ

248

900

$4.68

7/10/2008

NASDAQ

249

100

$4.69

7/10/2008

NASDAQ

250

100

$4.76

7/10/2008

NASDAQ

251

99

$4.79

7/10/2008

NASDAQ

252

100

$4.86

7/10/2008

NASDAQ

253

400

$4.43

7/11/2008

NASDAQ

254

500

$4.44

7/11/2008

NASDAQ

255

1,037

$4.45

7/11/2008

NASDAQ

256

1,400

$4.49

7/11/2008

NASDAQ

257

13,163

$4.50

7/11/2008

NASDAQ

258

17

$4.52

7/11/2008

NASDAQ

259

1

$4.53

7/11/2008

NASDAQ

260

400

$4.54

7/11/2008

NASDAQ

261

776

$4.59

7/11/2008

NASDAQ

262

1,000

$4.63

7/11/2008

NASDAQ

263

200

$4.47

7/14/2008

NASDAQ

264

603

$4.49

7/14/2008

NASDAQ

265

1,840

$4.50

7/14/2008

NASDAQ

266

6,297

$4.51

7/14/2008

NASDAQ

267

600

$4.52

7/14/2008

NASDAQ

268

3,600

$4.53

7/14/2008

NASDAQ

269

1,400

$4.55

7/14/2008

NASDAQ

270

201

$4.56

7/14/2008

NASDAQ

271

2,299

$4.57

7/14/2008

NASDAQ

272

400

$4.58

7/14/2008

NASDAQ

273

400

$4.60

7/14/2008

NASDAQ

274

300

$4.66

7/14/2008

NASDAQ

275

89

$4.69

7/14/2008

NASDAQ

276

511

$4.70

7/14/2008

NASDAQ

277

100

$4.72

7/14/2008

NASDAQ

278

700

$4.43

7/15/2008

NASDAQ

279

1,308

$4.47

7/15/2008

NASDAQ

280

800

$4.48

7/15/2008

NASDAQ

281

730

$4.49

7/15/2008

NASDAQ

282

3,462

$4.50

7/15/2008

NASDAQ

283

20

$4.53

7/15/2008

NASDAQ

284

100

$4.56

7/15/2008

NASDAQ

285

900

$4.57

7/15/2008

NASDAQ

286

400

$4.60

7/15/2008

NASDAQ

287

380

$4.64

7/15/2008

NASDAQ

288

500

$4.70

7/15/2008

NASDAQ

289

200

$4.74

7/15/2008

NASDAQ

290

94

$4.76

7/15/2008

NASDAQ

291

500

$4.77

7/15/2008

NASDAQ

292

100

$4.80

7/15/2008

NASDAQ

293

1,100

$4.81

7/15/2008

NASDAQ

 

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 22 of 31

 

 

No.

Shares Purchased

Price Per Share

Date

Exchange

294

113

$4.83

7/15/2008

NASDAQ

295

400

$4.84

7/15/2008

NASDAQ

296

1,127

$4.85

7/15/2008

NASDAQ

297

900

$4.86

7/15/2008

NASDAQ

298

1,306

$4.87

7/15/2008

NASDAQ

299

1,500

$4.88

7/15/2008

NASDAQ

300

100

$4.89

7/15/2008

NASDAQ

301

900

$4.90

7/15/2008

NASDAQ

302

100

$4.91

7/15/2008

NASDAQ

303

400

$4.92

7/15/2008

NASDAQ

304

600

$4.93

7/15/2008

NASDAQ

305

100

$4.95

7/15/2008

NASDAQ

306

123

$4.58

7/16/2008

NASDAQ

307

123

$4.61

7/16/2008

NASDAQ

308

100

$4.63

7/16/2008

NASDAQ

309

223

$4.64

7/16/2008

NASDAQ

310

400

$4.65

7/16/2008

NASDAQ

311

1,277

$4.66

7/16/2008

NASDAQ

312

500

$4.67

7/16/2008

NASDAQ

313

577

$4.68

7/16/2008

NASDAQ

314

100

$4.71

7/16/2008

NASDAQ

315

77

$4.73

7/16/2008

NASDAQ

316

740

$4.86

7/16/2008

NASDAQ

317

100

$4.87

7/16/2008

NASDAQ

318

1,900

$4.89

7/16/2008

NASDAQ

319

1,500

$4.91

7/16/2008

NASDAQ

320

2,200

$4.92

7/16/2008

NASDAQ

321

4,600

$4.93

7/16/2008

NASDAQ

322

4,300

$4.94

7/16/2008

NASDAQ

323

1,115

$4.78

7/17/2008

NASDAQ

324

700

$4.80

7/17/2008

NASDAQ

325

84

$4.82

7/17/2008

NASDAQ

326

271

$4.83

7/17/2008

NASDAQ

327

100

$4.84

7/17/2008

NASDAQ

328

400

$4.85

7/17/2008

NASDAQ

329

100

$4.86

7/17/2008

NASDAQ

330

1,230

$4.87

7/17/2008

NASDAQ

331

200

$4.88

7/17/2008

NASDAQ

332

300

$4.94

7/17/2008

NASDAQ

333

2,100

$4.97

7/17/2008

NASDAQ

334

400

$5.01

7/17/2008

NASDAQ

335

300

$5.05

7/17/2008

NASDAQ

336

100

$5.06

7/17/2008

NASDAQ

337

900

$5.07

7/17/2008

NASDAQ

338

300

$5.14

7/17/2008

NASDAQ

339

100

$5.19

7/17/2008

NASDAQ

340

500

$5.20

7/17/2008

NASDAQ

341

100

$5.24

7/17/2008

NASDAQ

342

200

$5.26

7/17/2008

NASDAQ

343

668

$5.27

7/17/2008

NASDAQ

344

600

$5.28

7/17/2008

NASDAQ

 

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 23 of 31

 

 

No.

Shares Purchased

Price Per Share

Date

Exchange

345

900

$5.30

7/17/2008

NASDAQ

346

172

$5.33

7/17/2008

NASDAQ

347

200

$5.34

7/17/2008

NASDAQ

348

49

$5.35

7/17/2008

NASDAQ

349

1,251

$5.36

7/17/2008

NASDAQ

350

1,400

$5.37

7/17/2008

NASDAQ

351

100

$5.40

7/17/2008

NASDAQ

352

300

$5.41

7/17/2008

NASDAQ

353

400

$5.42

7/17/2008

NASDAQ

354

200

$5.45

7/17/2008

NASDAQ

355

800

$5.46

7/17/2008

NASDAQ

356

400

$5.47

7/17/2008

NASDAQ

357

1,900

$5.48

7/17/2008

NASDAQ

358

3,200

$5.15

7/18/2008

NASDAQ

359

268

$5.16

7/18/2008

NASDAQ

360

432

$5.17

7/18/2008

NASDAQ

361

800

$5.18

7/18/2008

NASDAQ

362

300

$5.19

7/18/2008

NASDAQ

363

400

$5.20

7/18/2008

NASDAQ

364

400

$5.23

7/18/2008

NASDAQ

365

100

$5.24

7/18/2008

NASDAQ

366

400

$5.25

7/18/2008

NASDAQ

367

700

$5.26

7/18/2008

NASDAQ

368

2,137

$5.27

7/18/2008

NASDAQ

369

1,000

$5.28

7/18/2008

NASDAQ

370

600

$5.30

7/18/2008

NASDAQ

371

203

$5.31

7/18/2008

NASDAQ

372

5,100

$5.32

7/18/2008

NASDAQ

373

1,500

$5.33

7/18/2008

NASDAQ

374

800

$5.38

7/18/2008

NASDAQ

375

500

$5.41

7/18/2008

NASDAQ

376

654

$5.31

7/21/2008

NASDAQ

377

300

$5.33

7/21/2008

NASDAQ

378

1,600

$5.35

7/21/2008

NASDAQ

379

700

$5.38

7/21/2008

NASDAQ

380

1,240

$5.39

7/21/2008

NASDAQ

381

5,530

$5.40

7/21/2008

NASDAQ

382

500

$5.41

7/21/2008

NASDAQ

383

1,700

$5.42

7/21/2008

NASDAQ

384

5,400

$5.43

7/21/2008

NASDAQ

385

1,876

$5.44

7/21/2008

NASDAQ

386

800

$5.29

7/22/2008

NASDAQ

387

200

$5.30

7/22/2008

NASDAQ

388

800

$5.31

7/22/2008

NASDAQ

389

700

$5.33

7/22/2008

NASDAQ

390

235

$5.34

7/22/2008

NASDAQ

391

34

$5.39

7/22/2008

NASDAQ

392

366

$5.40

7/22/2008

NASDAQ

393

700

$5.42

7/22/2008

NASDAQ

394

100

$5.43

7/22/2008

NASDAQ

395

900

$5.47

7/22/2008

NASDAQ

 

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 24 of 31

 

 

No.

Shares Purchased

Price Per Share

Date

Exchange

396

1,012

$5.48

7/22/2008

NASDAQ

397

300

$5.49

7/22/2008

NASDAQ

398

400

$5.50

7/22/2008

NASDAQ

399

400

$5.62

7/22/2008

NASDAQ

400

1,300

$5.65

7/22/2008

NASDAQ

401

300

$5.68

7/22/2008

NASDAQ

402

200

$5.72

7/22/2008

NASDAQ

403

700

$5.74

7/22/2008

NASDAQ

404

593

$5.76

7/22/2008

NASDAQ

405

1,900

$5.77

7/22/2008

NASDAQ

406

2,160

$5.78

7/22/2008

NASDAQ

407

400

$5.79

7/22/2008

NASDAQ

408

900

$5.80

7/22/2008

NASDAQ

409

300

$5.84

7/22/2008

NASDAQ

410

200

$5.85

7/22/2008

NASDAQ

411

300

$5.87

7/22/2008

NASDAQ

412

1,000

$5.88

7/22/2008

NASDAQ

413

2,300

$5.89

7/22/2008

NASDAQ

414

800

$5.45

7/23/2008

NASDAQ

415

580

$5.46

7/23/2008

NASDAQ

416

200

$5.47

7/23/2008

NASDAQ

417

100

$5.48

7/23/2008

NASDAQ

418

1,600

$5.49

7/23/2008

NASDAQ

419

6,220

$5.50

7/23/2008

NASDAQ

420

100

$5.53

7/23/2008

NASDAQ

421

400

$5.55

7/23/2008

NASDAQ

422

385

$5.57

7/23/2008

NASDAQ

423

1,200

$5.58

7/23/2008

NASDAQ

424

1,000

$5.59

7/23/2008

NASDAQ

425

3,400

$5.60

7/23/2008

NASDAQ

426

200

$5.61

7/23/2008

NASDAQ

427

700

$5.62

7/23/2008

NASDAQ

428

1,900

$5.63

7/23/2008

NASDAQ

429

500

$5.65

7/23/2008

NASDAQ

430

400

$5.50

7/24/2008

NASDAQ

431

1,316

$5.51

7/24/2008

NASDAQ

432

200

$5.52

7/24/2008

NASDAQ

433

5

$5.54

7/24/2008

NASDAQ

434

300

$5.55

7/24/2008

NASDAQ

435

4,200

$5.56

7/24/2008

NASDAQ

436

1,005

$5.57

7/24/2008

NASDAQ

437

11,974

$5.58

7/24/2008

NASDAQ

438

100

$5.61

7/24/2008

NASDAQ

439

100

$5.74

7/25/2008

NASDAQ

440

100

$5.77

7/25/2008

NASDAQ

441

1,102

$5.81

7/25/2008

NASDAQ

442

1,059

$5.82

7/25/2008

NASDAQ

443

131

$5.83

7/25/2008

NASDAQ

444

798

$5.84

7/25/2008

NASDAQ

445

426

$5.86

7/25/2008

NASDAQ

446

100

$5.87

7/25/2008

NASDAQ

 

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 25 of 31

 

 

No.

Shares Purchased

Price Per Share

Date

Exchange

447

1,600

$5.88

7/25/2008

NASDAQ

448

1,200

$5.89

7/25/2008

NASDAQ

449

3,369

$5.90

7/25/2008

NASDAQ

450

1,700

$5.91

7/25/2008

NASDAQ

451

1,367

$5.92

7/25/2008

NASDAQ

452

1,000

$5.93

7/25/2008

NASDAQ

453

2,733

$5.94

7/25/2008

NASDAQ

454

1,500

$5.95

7/25/2008

NASDAQ

455

200

$5.96

7/25/2008

NASDAQ

456

515

$5.97

7/25/2008

NASDAQ

457

100

$5.98

7/25/2008

NASDAQ

458

400

$5.99

7/25/2008

NASDAQ

459

50

$5.49

7/28/2008

NASDAQ

460

750

$5.50

7/28/2008

NASDAQ

461

2,397

$5.51

7/28/2008

NASDAQ

462

400

$5.52

7/28/2008

NASDAQ

463

296

$5.53

7/28/2008

NASDAQ

464

503

$5.54

7/28/2008

NASDAQ

465

1,900

$5.55

7/28/2008

NASDAQ

466

1,100

$5.56

7/28/2008

NASDAQ

467

1,500

$5.57

7/28/2008

NASDAQ

468

900

$5.58

7/28/2008

NASDAQ

469

1,167

$5.59

7/28/2008

NASDAQ

470

5,437

$5.60

7/28/2008

NASDAQ

471

70

$5.53

7/29/2008

NASDAQ

472

600

$5.54

7/29/2008

NASDAQ

473

530

$5.55

7/29/2008

NASDAQ

474

100

$5.56

7/29/2008

NASDAQ

475

500

$5.57

7/29/2008

NASDAQ

476

500

$5.58

7/29/2008

NASDAQ

477

2,198

$5.59

7/29/2008

NASDAQ

478

3,780

$5.60

7/29/2008

NASDAQ

479

500

$5.61

7/29/2008

NASDAQ

480

4,732

$5.62

7/29/2008

NASDAQ

481

1,600

$5.63

7/29/2008

NASDAQ

482

1,290

$5.64

7/29/2008

NASDAQ

483

1,895

$5.55

7/30/2008

NASDAQ

484

1,805

$5.56

7/30/2008

NASDAQ

485

900

$5.57

7/30/2008

NASDAQ

486

1,000

$5.58

7/30/2008

NASDAQ

487

400

$5.59

7/30/2008

NASDAQ

488

5,000

$5.60

7/30/2008

NASDAQ

489

700

$5.61

7/30/2008

NASDAQ

490

3,900

$5.62

7/30/2008

NASDAQ

491

400

$5.63

7/30/2008

NASDAQ

492

300

$5.64

7/30/2008

NASDAQ

493

100

$5.67

7/30/2008

NASDAQ

494

155

$5.47

7/31/2008

NASDAQ

495

200

$5.48

7/31/2008

NASDAQ

496

37

$5.50

7/31/2008

NASDAQ

497

100

$5.53

7/31/2008

NASDAQ

 

 

SCHEDULE 13D

 

CUSIP NO. 032015 10 9

 

Page 26 of 31

 

 

No.

Shares Purchased

Price Per Share

Date

Exchange

498

100

$5.54

7/31/2008

NASDAQ

499

3,743

$5.55

7/31/2008

NASDAQ

500

5,000

$5.60

7/31/2008

NASDAQ

501

100

$5.61

7/31/2008

NASDAQ

502

300

$5.62

7/31/2008

NASDAQ

503

600

$5.63

7/31/2008

NASDAQ

504

1,100

$5.64

7/31/2008

NASDAQ

505

2,056

$5.65

7/31/2008

NASDAQ

506

100

$5.66

7/31/2008

NASDAQ

507

300

$5.67

7/31/2008

NASDAQ

508

1,309

$5.68

7/31/2008

NASDAQ

509

900

$5.69

7/31/2008

NASDAQ

510

300

$5.70

7/31/2008

NASDAQ

511

9

$5.59

8/1/2008

NASDAQ

512

4,666

$5.60

8/1/2008

NASDAQ

513

4,422

$5.61

8/1/2008

NASDAQ

514

1,603

$5.62

8/1/2008

NASDAQ

515

2,200

$5.63

8/1/2008

NASDAQ

516

3,500

$5.64

8/1/2008

NASDAQ

517

400

$5.19

8/4/2008

NASDAQ

518

300

$5.20

8/4/2008

NASDAQ

519

454

$5.21

8/4/2008

NASDAQ

520

500

$5.23

8/4/2008

NASDAQ

521

300

$5.24

8/4/2008

NASDAQ

522

2,189

$5.25

8/4/2008

NASDAQ

523

100

$5.26

8/4/2008

NASDAQ

524

1,911

$5.27

8/4/2008

NASDAQ

525

100

$5.28

8/4/2008

NASDAQ

526

300

$5.29

8/4/2008

NASDAQ

527

600

$5.30

8/4/2008

NASDAQ

528

500

$5.31

8/4/2008

NASDAQ

529

1,100