SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION STATEMENT PURSUANT TO RULES 13d-1 AND 13d-2
Under the Securities Exchange Act of 1934
(Amendment No. )
SR TELECOM INC
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
78464P208
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(CUSIP Number)
SEPTEMBER 30, 2005
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(Date Of Event which Requires Filing of this Statement)
Check the following box if a fee is being paid with this statement [].
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*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 the
disclosures provided in a prior cover page.
The information required in 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. 78464P208 13G Page 2 of 8 Pages
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1. NAME OF REPORTING PERSON(S)
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON(S)
Morgan Stanley
IRS # 39-314-5972
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
The state of organization is Delaware.
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NUMBER OF 5. SOLE VOTING POWER
SHARES 40,198,670
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 0
REPORTING --------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 40,198,670
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8. SHARED DISPOSITIVE POWER
0
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
40,198,670
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
69.5%
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12. TYPE OF REPORTING PERSON*
IA, CO, HC
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
This Schedule 13G dated December 12, 2005 is filed with the Securities and
Exchange Commission by the Reporting Persons (as defined below) to report
beneficial ownership of common shares, no par value (the Shares) of SR Telecom
Inc. (the Issuer) issuable upon conversion of the Issuer's 10% Secured
Convertible Debentures due October 15, 2011 (the New Debentures). Calculation
of percentage ownership assumes conversion of New Debentures beneficially owned
only by the Reporting Persons, and no conversion of New Debentures by other
holders of New Debentures. Assuming all holders of New Debentures (including
the Reporting Persons) converted their New Debentures, the Reporting Persons
would be deemed to be the beneficial owners of 11.0% of the Issuer's Shares as
of September 30, 2005. As of December 12, 2005, due to events subsequent to
September 30, 2005, including the mandatory conversion of CDN $10,000,000 of the
aggregate CDN $75,500,000 principal amount of New Debentures, the Reporting
Persons beneficially own 39.6% assuming conversion only of the New Debentures
beneficially owned by the Reporting Persons. Assuming all holders of New
Debentures (including the Reporting Persons) converted their New Debentures, the
Reporting Persons would be deemed to be the beneficial owners of 11.6% of the
Issuer's Shares as of December 12, 2005.
CUSIP No. 78464P208 13G Page 3 of 8 Pages
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1. NAME OF REPORTING PERSON(S)
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON(S)
Morgan Stanley & Co. Incorporated
IRS # 13-265-5996
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
The state of organization is Delaware.
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NUMBER OF 5. SOLE VOTING POWER
SHARES 40,198,670
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 0
REPORTING --------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 40,198,670
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8. SHARED DISPOSITIVE POWER
0
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
40,198,670
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
69.5%
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12. TYPE OF REPORTING PERSON*
BD, CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
**Calculation of percentage ownership assumes conversion of New Debentures
(as defined herein) beneficially owned only by the Reporting Persons, and no
conversion of New Debentures by other holders of New Debentures. Assuming all
holders of New Debentures (including the Reporting Persons) converted their
New Debentures, the Reporting Persons would be deemed to be the beneficial
owners of 11.0% of the Issuer's Shares as of September 30, 2005.
CUSIP No. 78464P208 13G Page 4 of 8 Pages
Item 1. (a) Name of Issuer:
SR TELECOM INC
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(b) Address of Issuer's Principal Executive Offices:
8150 TRANS CANADA HIGHWAY
ST LAURENT, A1, H4C 1M5
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Item 2. (a) Name of Person Filing:
(a) Morgan Stanley
(b) Morgan Stanley & Co. Incorporated
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(b) Address of Principal Business Office, or if None, Residence:
(a) 1585 Broadway
New York, New York 10036
(b) 1585 Broadway
New York, New York 10036
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(c) Citizenship:
Incorporated by reference to Item 4 of the
cover page pertaining to each reporting person.
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(d) Title of Class of Securities:
Common Stock
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(e) CUSIP Number:
78464P208
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Item 3. (a) Morgan Stanley is a parent holding company.
(b) Morgan Stanley & Co. Incorporated is a Broker
Dealer registered under section 15 of the Securities
Exchange Act of 1934.
CUSIP No. 78464P208 13-G Page 5 of 8 Pages
Item 4. Ownership.
Incorporated by reference to Items (5) - (9) and (11) of the
cover page.
(a) Morgan Stanley is filing solely in its
capacity as the parent company of, and indirect beneficial
owner of securities held by, one of its business units.
Item 5. Ownership of Five Percent or Less of a Class.
Inapplicable
Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
Accounts managed on a discretionary basis by Morgan Stanley
are known to have the right to receive or the power to direct the
receipt of dividends from, or the proceeds from, the sale of such
securities.
See item 4 (a)
Item 7. Identification and Classification of the Subsidiary which Acquired
the Security Being Reported on By the Parent Holding Company.
Item 8. Identification and Classification of Members of the Group.
Item 9. Notice of Dissolution of Group.
Item 10. Certification.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose
of and do not have the effect of changing or influencing the
control of the issuer of such securities and were not acquired in
connection with or as a participant in any transaction having
such purpose or effect.
**Calculation of percentage ownership assumes conversion of New Debentures
(as defined herein) beneficially owned only by the Reporting Persons, and no
conversion of New Debentures by other holders of New Debentures. Assuming all
holders of New Debentures (including the Reporting Persons) converted their
New Debentures, the Reporting Persons would be deemed to be the beneficial
owners of 11.0% of the Issuer's Shares as of September 30, 2005.
CUSIP No. 78464P208 13-G Page 6 of 8 Pages
Signature.
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
Date: December 12, 2005
Signature: /s/ Dennine Bullard
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Name/Title Dennine Bullard /Executive Director, Morgan Stanley & Co. Inc.
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MORGAN STANLEY
Date: December 12, 2005
Signature: /s/ Dennine Bullard
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Name/Title Dennine Bullard /Executive Director, Morgan Stanley & Co. Inc.
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MORGAN STANLEY & CO. INCORPORATED
INDEX TO EXHIBITS PAGE
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EXHIBIT 1 Agreement to make a joint filing 7
EXHIBIT 1 Secretary's Certificate Authorizing Dennine Bullard 8
to Sign on behalf of Morgan Stanley
* Attention. Intentional misstatements or omissions of fact constitute federal
criminal violations (see 18 U.S.C. 1001).
EX-99
JOINT FILING AGREEMENT
CUSIP No. 78464P208 13-G Page 7 of 8 Pages
EXHIBIT 1 TO SCHEDULE 13G
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DECEMBER 12, 2005
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MORGAN STANLEY and MORGAN STANLEY & CO. INCORPORATED,
hereby agree that, unless differentiated, this
Schedule 13G is filed on behalf of each of the parties.
MORGAN STANLEY
BY: /s/ Dennine Bullard
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Dennine Bullard/Executive Director, Morgan Stanley & Co. Incorporated
MORGAN STANLEY & CO. INCORPORATED
BY: /s/ Dennine Bullard
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Dennine Bullard/Executive Director, Morgan Stanley & Co. Incorporated
* Attention. Intentional misstatements or omissions of fact constitute federal
criminal violations (see 18 U.S.C. 1001).
EX-99.1
SECRETARY'S CERTIFICATE
CUSIP No. 78464P208 Page 8 of 8 Pages
EXHIBIT 2
MORGAN STANLEY
SECRETARY'S CERTIFICATE
I, Charlene R. Herzer,a duly elected and acting Assistant Secretary
of Morgan Stanley, a corporation organized and existing under the
laws of the State of Delaware (the "Corporation"),certify as
follows:
(1) Donald G. Kempf, Jr. is the duly elected Executive Vice
President, Chief Legal Officer and Secretary of the
Corporation;
(2) Pursuant to Section 7.01 of the Bylaws of the Corporation
and resolutions approved by the Board of Directors of the
Corporation on September 25,1998, the Chief Legal Officer
is authorized to enter into agreements and other instruments
on behalf of the Corporation and may delegate such powers
to others under his jurisdiction; and
(3) Donald G. Kempf signed a Delegation of Authority as of
February 23, 2000, which authorized Dennine Bullard to
sign reports to be filed under Section 13 and 16 of the
Securities Exchange Act of 1934 on behalf of the
Corporation. Such authorization is in full force and
efect as of this date.
IN WITNESS WHEREOF, I have hereunto set my name and affixed the seal
of the Corporation as of the 3rd day of February, 2005.
______________________________
Charlene R. Herzer
Assistant Secretary