UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
SPORT-HALEY, INC.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
848925103
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(CUSIP Number)
Tommie R. Wilson, Esq.
Covington & Burling
One Front Street, 35th Floor
San Francisco, CA 94111
Telephone: (415) 591-7087
Facsimile: (415) 955-6551
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
February 21, 2007
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(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. [X]
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).
CUSIP No. 848925103
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1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Daniel Zeff
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(a) [X]
(b) [ ]
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3. SEC Use Only
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4. Source of Funds (See Instructions) N/A
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5. Check if Disclosure of Legal Proceedings Is Required Pursuant
to Items 2(d) or 2(e) [ ].
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6. Citizenship or Place of Organization United States
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
7. Sole Voting Power 415,736
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8. Shared Voting Power None
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9. Sole Dispositive Power 415,736
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10. Shared Dispositive Power None
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11. Aggregate Amount Beneficially Owned by
Each Reporting Person 415,736
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12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) [ ]
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13. Percent of Class Represented by Amount in Row (11) 18.2%
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14. Type of Reporting Person (See Instructions)
IN
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CUSIP No. 848925103
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1. Names of Reporting Persons. I.R.S. Identification Nos. of
above persons (entities only).
Spectrum Galaxy Fund Ltd.
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(a) [X]
(b) [ ]
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3. SEC Use Only
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4. Source of Funds (See Instructions) WC
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5. Check if Disclosure of Legal Proceedings Is Required Pursuant
to Items 2(d) or 2(e) [ ].
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6. Citizenship or Place of Organization British Virgin Islands
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
7. Sole Voting Power 159,509
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8. Shared Voting Power None
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9. Sole Dispositive Power 159,509
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10. Shared Dispositive Power None
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11. Aggregate Amount Beneficially Owned by Each
Reporting Person 159,509
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12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) [ ]
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 7.0%
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14. Type of Reporting Person (See Instructions) CO
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CUSIP No. 848925103
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1. Names of Reporting Persons. I.R.S. Identification Nos. of
above persons (entities only).
Zeff Capital Partners I, L.P.
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(a) [X]
(b) [ ]
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3. SEC Use Only
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4. Source of Funds (See Instructions) WC
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5. Check if Disclosure of Legal Proceedings Is Required Pursuant
to Items 2(d) or 2(e) [ ].
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6. Citizenship or Place of Organization Delaware
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Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
7. Sole Voting Power 256,227
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8. Shared Voting Power None
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9. Sole Dispositive Power 256,227
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10. Shared Dispositive Power None
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11. Aggregate Amount Beneficially Owned by Each
Reporting Person 256,227
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) [ ]
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 11.2%
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14. Type of Reporting Person (See Instructions) PN
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CUSIP No. 848925103
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1. Names of Reporting Persons. I.R.S. Identification Nos. of
above persons (entities only).
Zeff Holding Company, LLC
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2. Check the Appropriate Box if a Member of a Group (See
Instructions)
(a) [X]
(b) [ ]
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3. SEC Use Only
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4. Source of Funds (See Instructions) N/A
--------------------------------------------------------------------------------
5. Check if Disclosure of Legal Proceedings Is Required Pursuant
to Items 2(d) or 2(e) [ ].
--------------------------------------------------------------------------------
6. Citizenship or Place of Organization Delaware
--------------------------------------------------------------------------------
Number of
Shares
Beneficially
Owned by
Each
Reporting
Person With
7. Sole Voting Power 256,227
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8. Shared Voting Power None
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9. Sole Dispositive Power 256,227
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10.
Shared Dispositive Power None
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11. Aggregate Amount Beneficially Owned by Each Reporting
Person 256,227
--------------------------------------------------------------------------------
12. Check if the Aggregate Amount in Row (11) Excludes Certain
Shares (See Instructions) [ ]
--------------------------------------------------------------------------------
13. Percent of Class Represented by Amount in Row (11) 11.2%
--------------------------------------------------------------------------------
14. Type of Reporting Person (See Instructions) OO
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SCHEDULE 13D
Item 1. Security and Issuer
This statement on Schedule 13D relates to the common stock,
par value $.001 ("Common Stock") of Sport-Haley, Inc., a
Colorado corporation (the "Company"). The address of the
Company's principal executive offices is 4600 E. 48th Avenue,
Denver, Colorado, 80216.
Item 2. Identity and Background
(a) This statement is filed as a joint statement pursuant to Rule
13d-1(k) promulgated under the Securities Exchange Act of
1934 (the "Exchange Act") by Zeff Capital Partners, I, L.P.,
a Delaware limited partnership ("Capital"), Zeff Holding
Company, LLC, a Delaware limited liability company
("Holding"), Spectrum Galaxy Fund Ltd., a company
incorporated in the British Virgin Islands ("Spectrum") and
Daniel Zeff, an individual ("Zeff") (Capital, Holding,
Spectrum and Zeff are hereinafter collectively referred to as
the "Reporting Persons"). Zeff provides discretionary
investment management services to Zeff Capital Offshore Fund,
a class of shares of Spectrum. Zeff is the sole manager and
member of Holding, which in turn serves as the general
partner for Capital. Accordingly, the Reporting Persons are
making a group filing because, due to the relationship
between them, the Reporting Persons may be deemed to
constitute a "group" for the purposes of Section 13(d)(3) of
the Exchange Act.
(b) The address of the principal place of business and principal
office of each of the Reporting Persons is:
50 California Street, Suite 1500
San Francisco, CA 94111
(c) Mr. Zeff manages and owns all of the outstanding membership
interests of Zeff Holding Company, LLC ("Holding"). Holding
is the general partner of Zeff Capital Partners I, L.P.
("Capital"). Mr. Zeff also provides discretionary investment
management services to Zeff Capital Offshore Fund, a class of
shares of Spectrum Galaxy Fund Ltd. ("Spectrum"). Mr. Zeff,
Holding, Capital and Spectrum are located at the address
specified in (b) above.
(d) N/A
(e) N/A
(f) Daniel Zeff is a United States citizen. Spectrum is organized
under the laws of the British Virgin Islands. Capital and
Holding are organized under the laws of the State of
Delaware.
Item 3. Source or Amount of Funds or Other Consideration
Capital's purchases were made with Capital partnership funds.
Spectrum's purchases were made with Spectrum company funds.
Item 4. Purpose of the Transaction
The Reporting Persons collectively are the beneficial owners of
415,736 shares of Common Stock. The Reporting Persons acquired Issuers
securities reported on this Schedule 13D because they believed such securities
represented an attractive investment.
The Reporting Persons originally filed a Schedule 13G and subsequent
amendments as passive investors. On February 21, 2007, Daniel Zeff met with the
Sport-Haley Inc.'s Board of Directors to discuss the potential nomination of
Andrew Dailey to the Company's Board of Directors. On March 2, Capital sent a
letter to the Company providing additional background information regarding
Andrew Dailey to facilitate his nomination and election. The letter is attached
hereto as Exhibit 2.
Except as set forth above, the Reporting Persons do not have any
present plans or proposals which relate to or would result in any of the action
described in paragraphs (a) through (j) of Item 4 of Schedule 13D.
Item 5. Interest in Securities of the Issuer
(a) The aggregate percentage of the outstanding shares of Common
Stock reported owned by each Reporting Person is based upon
2,284,490 shares of Common Stock outstanding as reported in
Exhibit (a)(5)(c) to the Company's Schedule TO, which the
Company filed on February 9, 2007.
As of the close of business on February 14, 2007:
(i) Spectrum beneficially owns 159,509 shares of Common
Stock constituting approximately 7.0% of the shares
of Common Stock outstanding;
(ii) Capital beneficially owns 256,227 shares of Common
Stock constituting approximately 11.2% of the shares
of Common Stock outstanding;
(iii) Holding beneficially owns 256,227 shares of Common
Stock held by Capital, of which Holding is the
general partner, constituting approximately 11.2% of
the shares of Common Stock outstanding; and
(iv) Mr. Zeff beneficially owns 415,736 shares of Common
Stock comprised of 159,509 shares of Common Stock
held by Spectrum (Mr. Zeff provides discretionary
investment management services to Zeff Capital
Offshore Fund, a class of shares of Spectrum) and
256,227 shares of Common Stock held by Capital (Mr.
Zeff is the sole manger of Capital's general
partner), in total constituting approximately 18.2%
of the shares of Common Stock outstanding;
(b) Spectrum has the sole power to vote or to direct the vote and
to dispose or to direct the disposition of the 159,509 shares
of Common Stock reported herein as being beneficially owned by
it, which power is exercisable by Mr. Zeff as investment
manager. Capital has the sole power to vote or to direct the
vote and to dispose or to direct the disposition of the
256,227 shares of Common Stock reported herein as being
beneficially owned by it, which power is exercisable by Mr.
Zeff as the sole manager of Holding, Capital's general
partner.
(c) Set forth below is a description of all reportable
transactions in shares of Common Stock that have been effected
by the Reporting Person during the past 60 days.
The following purchases were made by Capital:
Date Price Per Share Number of Shares
2/14/2007 4.36 70
2/14/2007 4.37 4192
2/14/2007 4.44 210
2/14/2007 4.45 6790
2/14/2007 4.55 7280
2/14/2007 4.57 208
2/14/2007 4.58 350
2/14/2007 4.62 700
2/14/2007 4.36 70
2/14/2007 4.37 4192
2/14/2007 4.44 210
2/14/2007 4.45 6790
2/14/2007 4.55 7280
2/14/2007 4.57 208
2/14/2007 4.58 350
2/14/2007 4.62 700
2/14/2007 4.22 350
2/14/2007 4.23 210
2/14/2007 4.24 70
2/14/2007 4.25 140
2/14/2007 4.27 1871
2/14/2007 4.30 1680
2/14/2007 4.34 1260
2/14/2007 4.35 1820
The following purchases were made by Spectrum:
Date Price Per Share Number of Shares
2/14/2007 4.22 150
2/14/2007 4.23 90
2/14/2007 4.24 30
2/14/2007 4.25 60
2/14/2007 4.27 801
2/14/2007 4.30 720
2/14/2007 4.34 540
2/14/2007 4.35 780
2/14/2007 4.36 30
2/14/2007 4.37 1796
2/14/2007 4.44 90
2/14/2007 4.45 2910
2/14/2007 4.55 3120
2/14/2007 4.57 90
2/14/2007 4.58 150
2/14/2007 4.62 300
(d) No other person has the right to receive or the power to
direct the receipt of dividends from, or the proceeds from the
sale of, the Common Stock.
(e) N/A
Item 6. Contracts, Arrangements, Understandings or Relationships with
respect to Securities of the Issuer
None.
Item 7. Material to be Filed as Exhibits
Exhibit 1: Joint Filing Agreement, dated as of March 2, 2007, by and
among the Reporting Persons.
Exhibit 2: Letter dated March 2, 2007, from Capital to the Company.
SIGNATURES
After reasonable inquiry and to the best of their knowledge and behalf, the
undersigned certify that the information set forth in this statement is true,
complete and correct.
Dated: March 2, 2007
/s/ Daniel Zeff
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Daniel Zeff
ZEFF HOLDING COMPANY, LLC
By: /s/ Daniel Zeff
-------------------------
Name: Daniel Zeff
Title: Manager
ZEFF CAPITAL PARTNERS I, L.P.
By: Zeff Holding Company, LLC,
as general partner
By: /s/ Daniel Zeff
-------------------------
Name: Daniel Zeff
Title: Manager
SPECTRUM GALAXY FUND LTD.
By: /s/ Dion R. Friedland
-------------------------
Name: Dion R. Friedland
Title: Director
Exhibit 1
Joint Filing Agreement
In accordance with Rule 13d-1(k) under the Securities Exchange Act of
1934, as amended, the undersigned hereby agree to the joint filing on
behalf of each of them of a statement on Schedule 13D with respect to
the Common Stock of Sport-Haley, Inc., and that this Agreement be
included as an Exhibit to such joint filing. This Agreement may be
executed in any number of counterparts all of which taken together
shall constitute one and the same instrument.
In witness hereof, the undersigned hereby executed this Agreement this
_2_ day of March, 2007.
/s/ Daniel Zeff
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Daniel Zeff
ZEFF HOLDING COMPANY, LLC
By: /s/ Daniel Zeff
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Name: Daniel Zeff
Title: Manager
ZEFF CAPITAL PARTNERS I, L.P.
By: Zeff Holding Company, LLC,
as general partner
By: /s/ Daniel Zeff
-----------------------------
Name: Daniel Zeff
Title: Manager
SPECTRUM GALAXY FUND LTD.
By: /s/ Dion R. Friedland
-----------------------------
Name: Dion R. Friedland
Title: Director
Exhibit 2
Zeff Capital Partners I, L.P.
50 California Street, Suite 1500
San Francisco, CA 94941
March 2, 2007
Patrick W. Hurley
Chief Financial Officer, Corporate Secretary
Sport-Haley, Inc.
4600 E. 48th Ave.
Denver, CO 80216-3215
Dear Mr. Hurley,
I want to thank the Board of Directors of Sport-Haley, Inc. ("SPOR" or
the "Company") for speaking with me on February 21, 2007, regarding the
potential nomination of Andrew Dailey to the Company's Board. As a follow up to
that discussion, I would like to provide additional information regarding Andrew
Dailey's qualifications. Mr. Dailey is a former industry analyst, executive and
advisor to technology companies and Fortune 500 CIO's. He would therefore add
valuable industry insights and relationships to SPOR's Board of Directors.
The following additional information regarding Mr. Dailey would be required
to be included in a proxy statement filed in accordance with the proxy rules of
the SEC had the nominee been nominated by the Board of Directors of SPOR:
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Legal Proceedings Mr. Dailey is not a party adverse to SPOR or its subsidiaries in
any material proceedings, nor does Mr. Dailey have a material
interest adverse to SPOR or its subsidiaries.
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Identification Mr. Dailey is 37 years old. He does not hold any positions or
offices with SPOR. His address is 14 Vista Real, Mill Valley,
California 94941.
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Family Relationships Mr. Dailey does not have any family relationships with any
directors or executive officers of SPOR.
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Business Experience From 2001-2002, Mr. Dailey was head of US research for Hagstromer &
Qviberg, a Scandinavian investment bank. In 2002, he joined
Jetstream Group, a technology management consulting firm assisting
Fortune 500 companies with sourcing software, services and
offshoring. In 2004, Mr. Dailey became a partner at Headlands
Advisors, a strategic investment and advisory firm focused on the
technology sector. He was a Founder of Arborex, a supply chain
management software company, and served as a director of
ezlogin.com (sold to 724 Solutions). Mr. Dailey is currently
self-employed. None of Mr. Dailey's listed former employers is a
parent, affiliate or subsidiary of SPOR.
Mr. Dailey was recently appointed to the Board of Directors
of General Employment Enterprises, Inc. (JOB). Mr. Dailey
does not currently hold any other directorships with
registered companies or registered investment companies.
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Involvement in Legal Proceedings Mr. Dailey has not
been involved in any legal proceedings
within the past five years that are
material to an evaluation of the
ability or integrity of Mr. Dailey to
become a director of SPOR.
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Transactions with Management and Mr. Dailey was a party to no transactions involving SPOR since the
Others beginning of SPOR's last fiscal year, in which the amount involved
exceeded $60,000.
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Indebtedness of Management Mr. Dailey has not been indebted to SPOR at any time since the
beginning of SPOR's last fiscal year, in an amount in excess of
$60,000.
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Certain Business Relationships Mr. Dailey has not been involved in certain business relationships
involving SPOR (as described in Item 404(b) of Regulation S-K).
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Mr. Dailey's consent to serve as a director of Sport-Haley, Inc. is attached
to this notice letter as Exhibit A.
Sincerely,
/s/ Daniel Zeff
------------------------------
Daniel Zeff
ZEFF CAPITAL PARTNERS I, L.P.
By: Zeff Holding Company, LLC,
as general partner
By: /s/ Daniel Zeff
------------------------------
Name: Daniel Zeff
Exhibit A
Consent to Serve as Director
I, Andrew Dailey, do hereby confirm that if I am elected as a director
of Sport-Haley, Inc., a Colorado corporation, I will serve as a director to said
corporation.
It witness hereof, the undersigned hereby executed this consent this
_2_ day of March, 2007.
-----------------------------
Andrew Dailey
14 Vista Real
Mill Valley, California 94941