SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
(Amendment No. 1)
Under the Securities Exchange Act of 1934
DELTA GALIL INDUSTRIES LTD.
-------------------------------------------------------------------------------
(Name of Issuer)
ORDINARY SHARES, PAR VALUE NIS 1 PER SHARE
-------------------------------------------------------------------------------
(Title of Class of Securities)
None
-------------------------------------------------------------------------------
(CUSIP Number)
Isaac Dabah
GMM Capital, LLC
689 Fifth Avenue, 14th Floor
New York, NY 10022
(212) 688-8288
-------------------------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
With a copy to:
Thomas W. Greenberg, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP
Four Times Square
New York, New York 10036
(212) 735-3000
August 16, 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 sections 240.13d-1(e), 240.13d-1(f) or
240.13d-1(g), check the following box. [ ]
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, as amended (the "Exchange Act") or otherwise subject to
the liabilities of that section of the Exchange Act but shall be subject to all
other provisions of the Exchange Act (however, see the Notes).
-------------------------------------------------------------------------------
1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons
(entities only)
GMM Capital, LLC
I.R.S. Identification No.: 72-6232404
-------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3. SEC USE ONLY
-------------------------------------------------------------------------------
4. Source of Funds (See Instructions)
AF, BK
-------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items
2(d) or 2(e)
[ ]
-------------------------------------------------------------------------------
6. Citizenship or Place of Organization
Delaware
-------------------------------------------------------------------------------
| 7. Sole Voting Power
|
| 0
|-------------------------------------------------------------
Number of | 8. Shared Voting Power
Shares |
Beneficially | 4,946,209
Owned by |-------------------------------------------------------------
Each | 9. Sole Dispositive Power
Reporting |
Person with | 0
|-------------------------------------------------------------
| 10. Shared Dispositive Power
|
| 4,946,209
-------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
4,946,209
-------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
[ ]
-------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
26.4%*
-------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
OO
-------------------------------------------------------------------------------
* Based on 18,695,165 ordinary shares outstanding, excluding 1,206,802 ordinary
shares held by the Company and excluding 45,882 ordinary shares held by a
trustee in connection with Delta Galil's stock option plans.
-------------------------------------------------------------------------------
1. Names of Reporting Persons. I.R.S. Identification Nos. of above persons
(entities only)
GMM Trust
I.R.S. Identification No.: 72-6232404
-------------------------------------------------------------------------------
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) [ ]
(b) [ ]
-------------------------------------------------------------------------------
3. SEC USE ONLY
-------------------------------------------------------------------------------
4. Source of Funds (See Instructions)
OO
-------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant to Items
2(d) or 2(e)
[ ]
-------------------------------------------------------------------------------
6. Citizenship or Place of Organization
New Jersey
-------------------------------------------------------------------------------
| 7. Sole Voting Power
|
| 0
|-------------------------------------------------------------
Number of | 8. Shared Voting Power
Shares |
Beneficially | 4,946,209
Owned by |-------------------------------------------------------------
Each | 9. Sole Dispositive Power
Reporting |
Person with | 0
|-------------------------------------------------------------
| 10. Shared Dispositive Power
|
| 4,946,209
-------------------------------------------------------------------------------
11. Aggregate Amount Beneficially Owned by Each Reporting Person
4,946,209
-------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions)
[ ]
-------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11)
26.4%**
-------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions)
OO
-------------------------------------------------------------------------------
** Based on 18,695,165 ordinary shares outstanding, excluding 1,206,802
ordinary shares held by the Company and excluding 45,882 ordinary shares held
by a trustee in connection with Delta Galil's stock option plans.
This Amendment No. 1 to Schedule 13D (this "Amendment") relates to the
ordinary shares, par value 1 NIS per share ("Ordinary Shares"), of Delta Galil
Industries Ltd., an Israeli corporation (the "Company"). This Amendment amends
the initial statement on Schedule 13D, filed on August 17, 2005 (the "Initial
Statement") jointly on behalf of GMM Capital, LLC ("GMM Capital"), a Delaware
limited liability company and GMM Trust, a trust formed under the laws of the
State of New Jersey ("GMM Trust", and together with GMM Capital, the "Reporting
Persons"). This Amendment is being filed by the Reporting Persons to report
that the Reporting Persons have purchased additional Ordinary Shares.
Capitalized terms used but not defined herein have the meanings ascribed to
them in the Initial Statement. The Initial Statement is hereby amended as
follows:
Item 3. Source and Amount of Funds or Other Consideration.
Item 3 is supplementally amended as follows:
GMM Capital acquired 195,621 Ordinary Shares in the open market for
cash in the aggregate amount of $1,514,885.55 in a series of transactions more
fully described in Item 5.
Item 5. Interest in Securities of the Issuer.
Item 5 is amended and restated in its entirety as follows:
(a) Based upon information set forth in the Company's Report on
Form 20-F for the period ending December 31, 2004, there were 19,947,849
Ordinary Shares outstanding as of December 31, 2004, 1,206,802 of which were
held by the Company as treasury shares and 45,882 of which were held by a
trustee in connection with the Company's stock option plans. The Reporting
Persons may be deemed to beneficially own 4,946,209 Ordinary Shares, or 26.4%
of the outstanding Ordinary Shares. The persons set forth on Schedule I do not
beneficially own any Ordinary Shares and expressly disclaim beneficial
ownership of the Ordinary Shares deemed beneficially owned by the Reporting
Persons.
(b) The Reporting Persons share the power to vote or to direct to
vote and the share the power to dispose or to direct the disposition of all
4,946,209 Ordinary Shares that may be deemed beneficially owned by them. As a
result of its ownership of GMM Capital, GMM Trust may be deemed to control the
power to vote or direct the disposition of such Ordinary Shares. The persons
set forth on Schedule I do not have the power to vote or to direct to vote or
the power to dispose or to direct the disposition of any other Ordinary Shares
and expressly disclaim beneficial ownership of the Ordinary Shares deemed
beneficially owned by the Reporting Persons.
(c) Other than as set forth on Schedule II hereto, during the past
sixty days, there were no purchases of the shares of Common Stock, or
securities convertible into or exchangeable for Ordinary Shares, by the
Reporting Persons or any person or entity controlled by the Reporting Persons
or any person or entity for which the Reporting Persons possess voting control
over the securities thereof or, to the knowledge of the Reporting Persons, any
person set forth on Schedule I. During such sixty day period, there were no
sales of the shares of Common Stock, or securities convertible into or
exchangeable for shares of Common Stock, by the Reporting Persons or any person
or entity controlled by the Reporting Persons or any person or entity for which
the Reporting Persons possess voting control over the securities thereof or, to
the knowledge of the Reporting Persons, any person set forth on Schedule I.
(d) No person (other than the Reporting Persons) is known by the
Reporting Persons to have the right to receive or the power to direct the
receipt of dividends from, or the proceeds from the sale of, the Ordinary
Shares referenced in this Statement.
(e) Not applicable.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth herein is true, complete and correct.
GMM CAPITAL LLC
By: /s/ Isaac Dabah
------------------------------
Name: Isaac Dabah
Title: Executive Director
GMM TRUST
By: /s/ Isaac Dabah
------------------------------
Name: Isaac Dabah
Title: Trustee
Dated: August 18, 2005
SCHEDULE II
Purchases by GMM Capital:
Date of Acquisition Number of Shares Purchased Price Per Share ($)
8/16/05 74,000 7.395
8/16/05 2,500 7.53
8/17/05 105,154 7.955
8/17/05 3,000 8.03
8/18/05 10,967 8.046