UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a)
AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
Aehr Test Systems
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(Name of Issuer)
Common Stock, $0.01 Par Value
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(Title of Class of Securities)
00760J108
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(CUSIP Number)
Robert G. Moses
RGM Capital, LLC
4501 Ninth Street North
Suite 222
Naples, FL 34103
(239)-261-0090
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
March 8, 2006
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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 240.13d-1(b)(e), 240.13d-1(f) or
240.13d-1(g) check the following box [ ].
CUSIP NO. 00760J108
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON (entities only)
RGM Capital, LLC
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
WC*
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5. CHECK BOX 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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7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 384,917**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
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10. SHARED DISPOSITIVE POWER
384,917**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
384,917**
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.13%
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14. TYPE OF REPORTING PERSON
00 (LLC)
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*See Item 3
**See Item 2 and 5
CUSIP NO. 00760J108
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1. NAME OF REPORTING PERSON/S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE
PERSON (entities only)
Robert G. Moses
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
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3. SEC USE ONLY
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4. SOURCE OF FUNDS*
00*
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5. CHECK BOX 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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7. SOLE VOTING POWER
0
NUMBER OF ----------------------------------------------------------
SHARES 8. SHARED VOTING POWER
BENEFICIALLY 408,217**
OWNED BY EACH ----------------------------------------------------------
PERSON WITH 9. SOLE DISPOSITIVE POWER
0
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10. SHARED DISPOSITIVE POWER
408,217**
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11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
408,217**
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12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.44%
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14. TYPE OF REPORTING PERSON
IN
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*See Item 3
**See Item 2 and 5
ITEM 1. SECURITY AND ISSUER.
This Schedule 13D relates to the common stock, $0.01 par
value per share (the "Common Stock"), of Aehr Test Systems,
a California corporation (the "Issuer"). The address of the principal
executive offices of the Issuer is 400 Kato Terrace, Fremont, CA
94539.
ITEM 2. IDENTITY AND BACKGROUND.
(a-c, f) This Statement is filed jointly by RGM Capital, LLC
("RGM Capital") and Robert G. Moses (together, the "Reporting Persons").
RGM Capital serves as the Investment Manager of RGM Value Opportunity
Fund, LP ("RGM Fund I") and RGM Value Opportunity Fund II, LP ("RGM Fund
II"). Mr. Moses is the managing member of RGM Capital, LLC. Robert G. Moses
also manages several accounts for the benefit of certain family members
(collectively the "Accounts"). The Reporting Persons' principal business
address is located at 4501 Ninth Street North, Suite 222, Naples, FL 34103.
(d-e) Neither RGM Capital, LLC nor Mr. Moses have during the past
five years been convicted of any criminal proceeding, nor 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.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.
The source of funds used to purchase the securities reported herein
was the working capital of RGM Fund I and RGM Fund II and the personal funds
of certain family members of Robert G. Moses. The aggregate funds used by
the Reporting Persons to make the purchases was $1,557,736, exclusive
of commissions.
ITEM 4. PURPOSE OF TRANSACTION.
The securities reported herein were acquired for, and are being held
for, investment purposes by the Reporting Persons on behalf of RGM Fund I and
RGM Fund II and the Accounts. The acquisitions of the securities reported
herein were made in the ordinary course of the Reporting Persons' business.
The Reporting Persons will take such future actions with respect
to the securities reported herein as the Reporting Persons may deem
appropriate in light of the circumstances existing, from time to time,
which may include further acquisitions of shares of Common Stock or
disposal of some or all of the shares of Common Stock currently owned by
the Reporting Persons or otherwise acquired by the Reporting Persons.
In addition, the Reporting Persons may engage in communications
with one or more shareholders, officers or directors of the Issuer,
including discussions regarding the Issuer's operations and strategic
direction that, if effected, could result in, among other things: (a)
the acquisition by the Reporting Persons of additional securities of
the Issuer, or the disposition of securities of the Issuer; (b) an
extraordinary corporate transaction, such as a merger, reorganization or
liquidation, involving the Issuer or any of its subsidiaries; (c) a sale
or transfer of a material amount of assets of the Issuer or any of its
subsidiaries; (d) any change in the present board of directors or
management of the Issuer, including any plans or proposals to change the
number or term of directors or to fill vacancies on the board; (e) any
material change in the present capitalization or dividend policy of the
Issuer; (f) any other material change in the Issuer's business or
corporate structure; (g) changes in the Issuer's charter, by-laws
or instruments corresponding thereto or other actions which may impede the
acquisition of control of the Issuer by any person; (h) causing a class of
securities of the Issuer to be delisted from a national securities exchange or
to cease to be authorized to be quoted in an interdealer quotation system of a
registered national securities association; (i) a class of equity securities of
the issuer becoming eligible for termination of registration pursuant to
Section 12(g)(4) of the Act; or (j) any action similar to any of those
enumerated above. Except to the extent that the foregoing may be deemed to
be a plan or proposal, the Reporting Persons does not currently have any
plans or proposals that relate to or would result in any of the actions
specified in clause (a) through (j) of Item 4 of Schedule 13D. The Reporting
Persons reserves the right, based on all relevant factors and subject to
applicable law, at any time and from time to time, to review or reconsider
their position, change their purpose, take other actions (including actions
that could involve one or more of the types of transactions or have one or
more of the results described in paragraphs (a) through (j) of Item 4 of the
Schedule 13D) or formulate and implement plans or proposal with respect to
any of the foregoing.
Any future decision of the Reporting Persons to take any such
actions with respect to the Issuer or its securities will take into account
various factors, including the prospects of the Issuer, general market and
economic conditions and other deemed relevant.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER
(a-b). As of the date hereof, RGM Capital, LLC may be deemed the
beneficial owner of 384,917 shares of Issuer Common Stock, representing
approximately 5.13% of the Issuer's outstanding Common Stock based upon
the 7,507,134 outstanding shares of Common Stock as reported in the
Issuer's Form 10-Q for the quarter period ended November 30, 2005.
RGM Capital shares the power to vote or direct the vote of 384,917
Shares to which this filing relates.
RGM Capital has the sole power to vote or direct the vote of 0 Shares
to which this filing relates.
RGM Capital shares the power to dispose or direct the disposition of
384,917 shares to which this filing relates.
RGM Capital has the sole power to dispose or direct the disposition of
0 shares to which this filing relates.
The 384,917 shares over which RGM Capital has shared power to vote,
direct the vote, dispose or direct the disposition of are held separately by
RGM Fund I and RGM Fund II.
As of the date hereof, Robert G. Moses may be deemed the beneficial
owner of 408,217 shares of Issuer Common Stock, representing approximately
5.44% of the Issuer's outstanding Common Stock based upon 7,507,134
outstanding shares of Common Stock as reported in the Issuer's Form 10-Q
for the quarter period ended November 30, 2005.
Robert G. Moses shares the power to vote or direct the vote of
408,217 Shares to which this filing relates.
Robert G. Moses has the sole power to vote or direct the vote of 0
Shares to which this filing relates.
Robert G. Moses shares the power to dispose or direct the disposition
of 408,217 shares to which this filing relates.
Robert G. Moses has the sole power to dispose or direct the
disposition of 0 shares to which this filing relates.
The 408,217 shares over which Robert G. Moses has shared power
to vote, direct the vote, dispose or direct the disposition of are held
separately by RGM Fund I, RGM Fund II and the Accounts.
(c) The following transactions in the Issuer's Common Stock were
effected by the Reporting Person during the sixty (60) days preceding the
date of this report. All of such transactions represent open market
transactions.
Account Name Trade Date Shares Price/Share
---------- --------- ------- -----------
RGM FUND I
1/9/2006 2,384 3.9518
1/10/2006 1,471 3.9663
1/19/2006 706 3.6549
1/20/2006 991 3.6957
2/6/2006 184 3.6634
2/10/2006 40 3.6500
2/14/2006 1,206 3.7719
2/16/2006 163 3.9500
2/22/2006 173 3.9734
2/23/2006 408 3.9029
2/23/2006 1,926 3.7950
2/24/2006 2,405 3.6730
2/27/2006 173 3.5617
2/28/2006 2,575 3.6625
3/1/2006 2,038 3.9217
3/8/2006 736 3.6923
3/13/2006 635 3.6967
3/14/2006 1,292 3.8496
3/15/2006 1,060 3.9756
RGM FUND II
1/9/2006 21,616 3.9518
1/10/2006 13,529 3.9663
1/19/2006 7,994 3.6549
1/20/2006 9,009 3.6957
2/6/2006 8,116 3.6634
2/10/2006 360 3.6500
2/14/2006 11,294 3.7719
2/16/2006 1,516 3.9500
2/22/2006 1,691 3.9734
2/23/2006 3,792 3.9029
2/23/2006 18,074 3.7950
2/24/2006 22,595 3.6730
2/27/2006 1,626 3.5617
3/1/2006 8,662 3.9217
3/8/2006 5,764 3.6923
3/13/2006 5,365 3.6967
3/14/2006 10,908 3.8496
3/15/2006 8,940 3.9756
(d-e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH
RESPECT TO SECURITIES OF THE ISSUER
Neither of the Reporting Persons have any contract, arrangement,
understanding or relationship with any person with respect to the Common
Stock.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS
Exhibit A - Joint Filing Agreement
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.
March 16, 2006
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(Date)
RGM Capital, LLC
By: /s/ Robert G. Moses
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Robert G. Moses, Managing Member
/s/ Robert G. Moses
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Robert G. Moses
Exhibit A
AGREEMENT
The undersigned agree that this Schedule 13D dated March 16, 2006, relating to
the Common Stock, $.01 par value, of Aehr Test Systems shall
be filed on behalf of the undersigned.
March 16, 2006
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(Date)
RGM Capital, LLC
By: /s/ Robert G. Moses
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Robert G. Moses, Managing Member
/s/ Robert G. Moses
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Robert G. Moses