<SUBMISSION>
<ACCESSION-NUMBER>0001062993-14-005667
<TYPE>SC 13G
<PUBLIC-DOCUMENT-COUNT>1
<FILING-DATE>20140926
<DATE-OF-FILING-DATE-CHANGE>20140926
<GROUP-MEMBERS>ACCRETIVE CAPITAL MANAGEMENT, LLC
<GROUP-MEMBERS>RICHARD E. FEARON, JR.
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>Actions Semiconductor Co., Ltd.
<CIK>0001342068
<ASSIGNED-SIC>3674
<IRS-NUMBER>000000000
<STATE-OF-INCORPORATION>E9
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC 13G
<ACT>34
<FILE-NUMBER>005-81375
<FILM-NUMBER>141123892
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>15-1, NO.1, HIT ROAD,
<CITY>TANGJIA, ZHUHAI, GUANGDONG
<STATE>F4
<ZIP>519085
<PHONE>(87-756) 339-2353
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>15-1, NO.1, HIT ROAD,
<CITY>TANGJIA, ZHUHAI, GUANGDONG
<STATE>F4
<ZIP>519085
</MAIL-ADDRESS>
</SUBJECT-COMPANY>
<FILED-BY>
<COMPANY-DATA>
<CONFORMED-NAME>ACCRETIVE CAPITAL PARTNERS, LLC
<CIK>0001118118
<IRS-NUMBER>364361768
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>SC 13G
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>C/O ACCRETIVE CAPITAL MANAGEMENT, LLC
<STREET2>16A WALL STREET, 2ND FLOOR
<CITY>MADISON
<STATE>CT
<ZIP>06443
<PHONE>203-482-5805
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>C/O ACCRETIVE CAPITAL MANAGEMENT, LLC
<STREET2>16A WALL STREET, 2ND FLOOR
<CITY>MADISON
<STATE>CT
<ZIP>06443
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>ACCRETIVE CAPITAL PARTNERS LLC
<DATE-CHANGED>20000705
</FORMER-COMPANY>
</FILED-BY>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<FILENAME>sc13g.htm
<DESCRIPTION>SCHEDULE 13G
<TEXT>
<HTML>
<HEAD>
   <TITLE>Accretive Capital Partners, LLC: Schedule 13-G - Filed by newsfilecorp.com</TITLE>
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B><FONT size=5>UNITED STATES</FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION</FONT></B><BR><B>Washington, D.C.
20549 </B><BR></P>
<P align=center><B><FONT size=5>SCHEDULE 13G </FONT></B></P>
<P align=center><B>Under the Securities Exchange Act of
1934</B><BR><B>(Amendment No. ________)* </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center><FONT
      size=5><B>Actions Semiconductor Co., Ltd. </B></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center>(Name of Issuer) </TD></TR>
  <TR>
    <TD noWrap align=center>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>American
      Depositary Shares </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center>(Title of Class of Securities) </TD></TR>
  <TR>
    <TD noWrap align=center>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>00507E107
    </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=center>(CUSIP Number) </TD></TR>
  <TR>
    <TD noWrap align=center>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center>December
      31, 2011 </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center>(Date of Event which Requires Filing of this
      Statement) </TD></TR></TABLE>
<P align=justify>Check the appropriate box to designate the rule pursuant to
which this Schedule is filed:&nbsp;<BR>[&nbsp;&nbsp; ]&nbsp;Rule
13d-1(b)&nbsp;<BR>[&nbsp;&nbsp; ]&nbsp;Rule 13d-1(c) <BR>[X] Rule 13d-1(d)
<BR></P>
<P align=justify><SUP>*&nbsp;</SUP>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. </P>
<P align=justify>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). </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>CUSIP No. 00507E107 </TD>
    <TD noWrap align=center width="33%">13G </TD>
    <TD noWrap align=right width="33%">Page 2 of 8 Pages
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>1. </TD>
    <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left width="95%"
    colSpan=3>NAMES OF REPORTING PERSONS </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%" colSpan=3>I.R.S. IDENTIFICATION NOS. OF
      ABOVE PERSONS (ENTITIES ONLY) </TD></TR>
  <TR>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="95%"
    colSpan=3>Accretive Capital Partners, LLC <br>
    EIN: 36-4361768 </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>2. </TD>
    <TD noWrap align=left width="95%" colSpan=3>CHECK THE APPROPRIATE BOX IF A
      MEMBER OF A GROUP </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%" colSpan=3>(see instructions) </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%" colSpan=3>(a) [&nbsp; &nbsp;] </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="95%"
    colSpan=3>(b) [&nbsp;&nbsp; ] </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>3. </TD>
    <TD noWrap align=left width="95%" colSpan=3>SEC USE ONLY </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>4. </TD>
    <TD noWrap align=left width="95%" colSpan=3>CITIZENSHIP OR PLACE OF
      ORGANIZATION </TD></TR>
  <TR>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="95%"
    colSpan=3>Illinois </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="5%">5. </TD>
    <TD noWrap align=left width="85%">SOLE VOTING POWER </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="85%">0 </TD></TR>
  <TR>
    <TD noWrap align=center colSpan=2 width="10%">NUMBER OF </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center colSpan=2 width="10%">SHARES </TD>
    <TD noWrap align=left width="5%">6. </TD>
    <TD noWrap align=left width="85%">SHARED VOTING POWER </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center colSpan=2 width="10%">BENEFICIALLY </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="85%">3,323,940 American Depositary Shares
      <SUP>(1) </SUP></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center colSpan=2 width="10%">OWNED BY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center colSpan=2 width="10%">EACH </TD>
    <TD noWrap align=left width="5%">7. </TD>
    <TD noWrap align=left width="85%">SOLE DISPOSITIVE POWER </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center colSpan=2 width="10%">REPORTING </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="85%">0 </TD></TR>
  <TR>
    <TD noWrap align=center colSpan=2 width="10%">PERSON WITH </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="85%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center colSpan=2></TD>
    <TD noWrap align=left width="5%">8. </TD>
    <TD noWrap align=left width="85%">SHARED DISPOSITIVE POWER </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=left width="85%">3,323,940 American Depositary Shares
      <SUP>(1) </SUP></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>9. </TD>
    <TD noWrap align=left width="95%" colSpan=3>AGGREGATE AMOUNT BENEFICIALLY
      OWNED BY EACH REPORTING PERSON </TD></TR>
  <TR>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="95%"
    colSpan=3>3,323,940 American Depositary Shares <SUP>(1) </SUP></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>10. </TD>
    <TD noWrap align=left width="95%" colSpan=3>CHECK IF THE AGGREGATE AMOUNT
      IN ROW (9) EXCLUDES CERTAIN SHARES </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%" colSpan=3>(see instructions)
      [&nbsp;&nbsp; ]</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>11. </TD>
    <TD noWrap align=left width="95%" colSpan=3>PERCENT OF CLASS REPRESENTED
      BY AMOUNT IN ROW (9) </TD></TR>
  <TR>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="95%"
    colSpan=3>5.20% <SUP>(1) </SUP><SUP>(2) </SUP></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>12. </TD>
    <TD noWrap align=left width="95%" colSpan=3>TYPE OF REPORTING PERSON (see
      instructions) </TD></TR>
  <TR>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="95%"
    colSpan=3>CO </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>(1) Includes 3,323,940 American
Depositary Shares held directly by Accretive Capital Partners, LLC, of which
Accretive Capital Management, LLC is the manager and Mr. Fearon is the managing
partner of Accretive Capital Management, LLC. <BR>(2) All percentages set forth
in this Schedule 13G are based upon 63,861,960 American Depositary Shares
outstanding as of December 31, 2013. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>CUSIP No. 00507E107 </TD>
    <TD noWrap align=center width="33%">13G </TD>
    <TD noWrap align=right width="33%">Page 3 of 8 Pages
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>1. </TD>
    <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left width="95%"
    colSpan=3>NAMES OF REPORTING PERSONS </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%" colSpan=3>I.R.S. IDENTIFICATION NOS. OF
      ABOVE PERSONS (ENTITIES ONLY) </TD></TR>
  <TR>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="95%"
    colSpan=3>Accretive Capital Management, LLC <br>
    EIN: 27-1893151 </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>2. </TD>
    <TD noWrap align=left width="95%" colSpan=3>CHECK THE APPROPRIATE BOX IF A
      MEMBER OF A GROUP </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%" colSpan=3>(see instructions) </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%" colSpan=3>(a) [&nbsp;&nbsp; ]</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="95%"
    colSpan=3>(b) [&nbsp;&nbsp; ]</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>3. </TD>
    <TD noWrap align=left width="95%" colSpan=3>SEC USE ONLY </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="95%"
    colSpan=3>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>4. </TD>
    <TD noWrap align=left width="95%" colSpan=3>CITIZENSHIP OR PLACE OF
      ORGANIZATION </TD></TR>
  <TR>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="95%"
    colSpan=3>Illinois </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="5%">5. </TD>
    <TD noWrap align=left width="85%">SOLE VOTING POWER </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="85%">0 </TD></TR>
  <TR>
    <TD noWrap align=center colSpan=2 width="10%">NUMBER OF </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center colSpan=2 width="10%">SHARES </TD>
    <TD noWrap align=left width="5%">6. </TD>
    <TD noWrap align=left width="85%">SHARED VOTING POWER </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center colSpan=2 width="10%">BENEFICIALLY </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="85%">3,323,940 American Depositary Shares
      <SUP>(1) </SUP></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center colSpan=2 width="10%">OWNED BY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center colSpan=2 width="10%">EACH </TD>
    <TD noWrap align=left width="5%">7. </TD>
    <TD noWrap align=left width="85%">SOLE DISPOSITIVE POWER </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center colSpan=2 width="10%">REPORTING </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="85%">0 </TD></TR>
  <TR>
    <TD noWrap align=center colSpan=2 width="10%">PERSON WITH</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="85%">&nbsp;&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center colSpan=2 width="10%">&nbsp;</TD>
    <TD noWrap align=left width="5%">8. </TD>
    <TD noWrap align=left width="85%">SHARED DISPOSITIVE POWER </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left>&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=left width="5%">&nbsp;</TD>
    <TD noWrap align=left width="85%">3,323,940 American Depositary Shares
      <SUP>(1) </SUP></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>9. </TD>
    <TD noWrap align=left width="95%" colSpan=3>AGGREGATE AMOUNT BENEFICIALLY
      OWNED BY EACH REPORTING PERSON </TD></TR>
  <TR>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="95%"
    colSpan=3>3,323,940 American Depositary Shares <SUP>(1) </SUP></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>10. </TD>
    <TD noWrap align=left width="95%" colSpan=3>CHECK IF THE AGGREGATE AMOUNT
      IN ROW (9) EXCLUDES CERTAIN SHARES </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%" colSpan=3>(see instructions)
      [&nbsp;&nbsp; ]</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>11. </TD>
    <TD noWrap align=left width="95%" colSpan=3>PERCENT OF CLASS REPRESENTED
      BY AMOUNT IN ROW (9) </TD></TR>
  <TR>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="95%"
    colSpan=3>5.20% <SUP>(1) </SUP><SUP>(2) </SUP></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>12. </TD>
    <TD noWrap align=left width="95%" colSpan=3>TYPE OF REPORTING PERSON (see
      instructions) </TD></TR>
  <TR>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="95%"
    colSpan=3>CO </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>(1) Includes 3,323,940 American
Depositary Shares held directly by Accretive Capital Partners, LLC, of which
Accretive Capital Management, LLC is the manager and Mr. Fearon is the managing
partner of Accretive Capital Management, LLC. <BR>(2) All percentages set forth
in this Schedule 13G are based upon 63,861,960 American Depositary Shares
outstanding as of December 31, 2013. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>CUSIP No. 00507E107 </TD>
    <TD noWrap align=center width="33%">13G </TD>
    <TD noWrap align=right width="33%">Page 4 of 8 Pages
</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left>1. </TD>
    <TD style="BORDER-TOP: #000000 1px solid" noWrap align=left width="95%"
    colSpan=3>NAMES OF REPORTING PERSONS </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%" colSpan=3>I.R.S. IDENTIFICATION NOS. OF
      ABOVE PERSONS (ENTITIES ONLY) </TD></TR>
  <TR>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="95%"
    colSpan=3>Richard E. Fearon, Jr. </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>2. </TD>
    <TD noWrap align=left width="95%" colSpan=3>CHECK THE APPROPRIATE BOX IF A
      MEMBER OF A GROUP </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%" colSpan=3>(see instructions) </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%" colSpan=3>(a) [&nbsp;&nbsp; ]</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="95%"
    colSpan=3>(b) [&nbsp;&nbsp; ]</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>3. </TD>
    <TD noWrap align=left width="95%" colSpan=3>SEC USE ONLY </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>4. </TD>
    <TD noWrap align=left width="95%" colSpan=3>CITIZENSHIP OR PLACE OF
      ORGANIZATION </TD></TR>
  <TR>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="95%"
    colSpan=3>United States </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="5%">5. </TD>
    <TD noWrap align=left width="85%">SOLE VOTING POWER </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="85%">4,500,095 <SUP>(1) </SUP></TD></TR>
  <TR>
    <TD noWrap align=center colSpan=2 width="10%">NUMBER OF </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center colSpan=2 width="10%">SHARES </TD>
    <TD noWrap align=left width="5%">6. </TD>
    <TD noWrap align=left width="85%">SHARED VOTING POWER </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center colSpan=2 width="10%">BENEFICIALLY </TD>
    <TD noWrap align=left width="5%"></TD>
    <TD noWrap align=left width="85%">0</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center colSpan=2 width="10%">OWNED BY </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center colSpan=2 width="10%">EACH </TD>
    <TD noWrap align=left width="5%">7. </TD>
    <TD noWrap align=left width="85%">SOLE DISPOSITIVE POWER </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=center colSpan=2 width="10%">REPORTING </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="85%">4,500,095 <SUP>(1) </SUP> </TD></TR>
  <TR>
    <TD noWrap align=center colSpan=2 width="10%">PERSON WITH </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
    width="85%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left colSpan=2 width="10%"></TD>
    <TD noWrap align=left width="5%">8. </TD>
    <TD noWrap align=left width="85%">SHARED DISPOSITIVE POWER </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="85%">0 </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>9. </TD>
    <TD noWrap align=left width="95%" colSpan=3>AGGREGATE AMOUNT BENEFICIALLY
      OWNED BY EACH REPORTING PERSON </TD></TR>
  <TR>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="95%"
    colSpan=3>4,500,095 <SUP>(1) </SUP></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>10. </TD>
    <TD noWrap align=left width="95%" colSpan=3>CHECK IF THE AGGREGATE AMOUNT
      IN ROW (9) EXCLUDES CERTAIN SHARES </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="95%" colSpan=3>(see instructions)
      [&nbsp;&nbsp; ]</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="5%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left
      width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>11. </TD>
    <TD noWrap align=left width="95%" colSpan=3>PERCENT OF CLASS REPRESENTED
      BY AMOUNT IN ROW (9) </TD></TR>
  <TR>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="95%"
    colSpan=3>7.05% <SUP>(1) </SUP><SUP>(2) </SUP></TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left>12. </TD>
    <TD noWrap align=left width="95%" colSpan=3>TYPE OF REPORTING PERSON (see
      instructions) </TD></TR>
  <TR>
    <TD noWrap align=left>&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="5%">&nbsp; </TD>
    <TD noWrap align=left width="85%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=left width="95%"
    colSpan=3>IN </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>(1) Includes 4,500,095 American
Depositary Shares held directly by Accretive Capital Partners, LLC, of which
Accretive Capital Management, LLC is the manager and Mr. Fearon is the managing
partner of Accretive Capital Management, LLC. <BR>(2) All percentages set forth
in this Schedule 13G are based upon 63,861,960 American Depositary Shares
outstanding as of December 31, 2013. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left width="33%" nowrap>CUSIP No. 00507E107 </TD>
    <TD align=left width="33%" nowrap>
    <p align="center">13G </TD>
    <TD align=left width="33%" nowrap>
    <p align="right">Page 5 of 8 Pages </TD></TR></TABLE>
<P align=justify><B>Item 1. </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Name of Issuer</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Actions Semiconductor Co., Ltd.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Address of Issuer&#146;s Principal Executive Offices</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>15-1 , No.1, HIT Road, Tangjia, Zhuhai, Guangdong, 519085
      <br>
      The People&#146;s Republic of China</P></TD></TR></TABLE>
<P align=justify><B>Item 2. </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Name of Person Filing</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>This Schedule 13G is being filed on behalf of Accretive
      Capital Partners, LLC (&#147;ACP&#148;); Accretive Capital Management, LLC (&#147;ACM&#148;);
      and Mr. Richard E. Fearon, Jr. (each, a &#147;Reporting Person&#148;).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Address of the Principal Office or, if none,
    residence</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>For each Reporting Person,</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>c/o Accretive Capital Management, LLC <br>
      16 Wall Street, 2nd
      Floor <br>
      Madison, Connecticut 06443</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Citizenship</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>ACP is an Illinois limited liability company <br>
      ACM is an
      Illinois limited liability company <br>
      Mr. Fearon is a United States
      citizen</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Title of Class of Securities</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>American Depositary Shares</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>CUSIP Number <br>
      00507E107</P></TD></TR></TABLE>
<P align=justify><B>Item 3. If this statement is filed pursuant to &#167;&#167;240.13d
-1(b) or 240.13d -2(b) or (c), check whether the person filing is a: </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">(a) </TD>
    <TD align=left width="5%">[&nbsp;&nbsp; ]</TD>
    <TD align=left width="85%">Broker or dealer registered under section 15 of
      the Act (15 U.S.C. 78o). </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">(b) </TD>
    <TD align=left width="5%">[&nbsp;&nbsp; ]</TD>
    <TD align=left width="85%">Bank as defined in section 3(a)(6) of the Act
      (15 U.S.C. 78c). </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">(c) </TD>
    <TD align=left width="5%">[&nbsp;&nbsp; ]</TD>
    <TD align=left width="85%">Insurance company as defined in section
      3(a)(19) of the Act (15 U.S.C. 78c). </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">(d) </TD>
    <TD align=left width="5%">[&nbsp;&nbsp; ]</TD>
    <TD align=left width="85%">Investment company registered under section 8
      of the Investment Company Act of 1940 (15 U.S.C. 80a-8). </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">(e) </TD>
    <TD align=left width="5%">[&nbsp;&nbsp; ]</TD>
    <TD align=left width="85%">An investment adviser in accordance with
      &#167;240.13d-1(b)(1)(ii)(E); </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">(f) </TD>
    <TD align=left width="5%">[&nbsp;&nbsp; ]</TD>
    <TD align=left width="85%">An employee benefit plan or endowment fund in
      accordance with &#167;240.13d-1(b)(1)(ii)(F); </TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp; </TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="85%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="5%">(g) </TD>
    <TD align=left width="5%">[&nbsp;&nbsp; ]</TD>
    <TD align=left width="85%">A parent holding company or control person in
      accordance with &#167;240.13d-1(b)(1)(ii)(G); </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>


<!--$$/page=-->
<A name="page_6"></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>CUSIP No. 00507E107 </TD>
    <TD noWrap align=center width="33%">13G </TD>
    <TD noWrap align=right width="33%">Page 6 of 8 Pages
</TD></TR></TABLE><BR>
<TABLE style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0"><TR valign="top">
	<TD align=left width="5%">
&nbsp;</TD>
	<TD align=left width="5%">
(h)
	</TD>
	<TD width="5%" align=left>
[&nbsp;&nbsp; ]</TD>
	<TD width="85%" align=left>
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
	</TD>
</TR>
<TR valign="top">
	<TD align=left width="5%">
&nbsp;</TD>
	<TD align=left width="5%">
&nbsp;
	</TD>
	<TD width="5%" align=left>
&nbsp;</TD>
	<TD width="85%" align=left>
&nbsp;</TD>
</TR>
<TR valign="top">
	<TD align=left width="5%">
&nbsp;</TD>
	<TD align=left width="5%">
(i)
	</TD>
	<TD width="5%" align=left>
[&nbsp;&nbsp; ]</TD>
	<TD width="85%" align=left>
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the
Investment Company Act of 1940 (15 U.S.C. 80a-3);
	</TD>
</TR>
<TR valign="top">
	<TD align=left width="5%">
&nbsp;</TD>
	<TD align=left width="5%">
&nbsp;
	</TD>
	<TD width="5%" align=left>
&nbsp;</TD>
	<TD width="85%" align=left>
&nbsp;</TD>
</TR>
<TR valign="top">
	<TD align=left width="5%">
&nbsp;</TD>
	<TD align=left width="5%">
(j)
	</TD>
	<TD width="5%" align=left>
[&nbsp;&nbsp; ]</TD>
	<TD width="85%" align=left>
Group, in accordance with &sect;240.13d-1(b)(1)(ii)(J).
	</TD>
</TR>
</TABLE>
<P align="justify">
<B>Item 4. Ownership. </B></P>
<P align="justify">
For each ACP and ACM: </P>
<TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>
&nbsp;</TD>
	<TD width=5% valign=top>
(a) 	</TD>
	<TD colspan=2>
<P align="justify">Amount beneficially owned: 3,323,940</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
&nbsp;</TD>
	<TD width=5% valign=top>
(b) 	</TD>
	<TD colspan=2>
<P align="justify">Percent of class: 5.20%</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
&nbsp;</TD>
	<TD width=5% valign=top>
(c) 	</TD>
	<TD colspan=2>
<P align="justify">Number of shares as to which ACP and ACM have:</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%>&nbsp;</TD>
<TD width=5%></TD>	<TD width=5% valign=top>
(i) 	</TD>
	<TD>
<P align="justify">Sole power to vote or to direct the vote: 0</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%>&nbsp;</TD>
<TD width=5%></TD>	<TD width=5% valign=top>
(ii) 	</TD>
	<TD>
<P align="justify">Shared power to vote or to direct the vote: 3,323,940</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%>&nbsp;</TD>
<TD width=5%></TD>	<TD width=5% valign=top>
(iii) 	</TD>
	<TD>
<P align="justify">Sole power to dispose or to direct the disposition of: 0</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%>&nbsp;</TD>
<TD width=5%></TD>	<TD width=5% valign=top>
(iv) 	</TD>
	<TD>
<P align="justify">Shared power to dispose or to direct the disposition of: 3,323,940</P>
	</TD>
</TR>
</TABLE>
<P align="justify">
For Mr. Fearon: </P>
<TABLE BCLLIST style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>
&nbsp;</TD>
	<TD width=5% valign=top>
(a) 	</TD>
	<TD colspan=2>
<P align="justify">Amount beneficially owned: 4,500,095</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
&nbsp;</TD>
	<TD width=5% valign=top>
(b) 	</TD>
	<TD colspan=2>
<P align="justify">Percent of class: 7.05%</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
&nbsp;</TD>
	<TD width=5% valign=top>
(c) 	</TD>
	<TD colspan=2>
<P align="justify">Number of shares as to which Mr. Fearon has:</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%>&nbsp;</TD>
<TD width=5%></TD>	<TD width=5% valign=top>
(i) 	</TD>
	<TD>
<P align="justify">Sole power to vote or to direct the vote: 4,500,095</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%>&nbsp;</TD>
<TD width=5%></TD>	<TD width=5% valign=top>
(ii) 	</TD>
	<TD>
<P align="justify">Shared power to vote or to direct the vote: 0</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%>&nbsp;</TD>
<TD width=5%></TD>	<TD width=5% valign=top>
(iii) 	</TD>
	<TD>
<P align="justify">Sole power to dispose or to direct the disposition of: 4,500,095</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%>&nbsp;</TD>
<TD width=5%></TD>	<TD width=5% valign=top>
(iv) 	</TD>
	<TD>
<P align="justify">Shared power to dispose or to direct the disposition of: 0</P>
	</TD>
</TR>
</TABLE>
<P align="justify">
<I>Instruction</I>. For computations regarding securities which represent a right to acquire an underlying security <I>see</I> &sect;240.13d -3(d)(1). </P>
<P align="justify">
<B>Item 5. Ownership of Five Percent or Less of a Class. </B></P>
<P align="justify">
If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following. </P>
<P align="justify">
<B>Item 6. Ownership of More than Five Percent on Behalf of Another Person. </B></P>
<P align="justify" style="margin-left: 5%">
 N/A </P>
<P align="justify">
<B>Item 7. Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company. </B></P>
<P align="justify" style="margin-left: 5%">
 N/A </P>
<P align="justify">
&nbsp;</P>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">



<!--$$/page=-->
<A name="page_7"></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>CUSIP No. 00507E107 </TD>
    <TD noWrap align=center width="33%">13G </TD>
    <TD noWrap align=right width="33%">Page 7 of 8 Pages
</TD></TR></TABLE><BR>
<B>Item 8. Identification and Classification of Members of the Group. </B>

<P align="justify" style="margin-left: 5%">
 N/A </P>
<P align="justify">
<B>Item 9. Notice of Dissolution of Group. </B></P>
<P align="justify" style="margin-left: 5%">
 N/A </P>
<P align="justify">
<B>Item 10. Certification. </B></P>
<P align="justify" style="margin-left: 5%">
 N/A </P>

<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<!--$$/page=--><A name=page_8></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left>CUSIP No. 00507E107 </TD>
    <TD noWrap align=center width="33%">13G </TD>
    <TD noWrap align=center width="33%" >
    <p align="right">&nbsp;&nbsp; Page 8 of 8 Pages
  </TD></TR></TABLE>
<P align=center><B>SIGNATURE </B></P>
<P align=justify style="text-indent: 5%">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. </P>
<P align=justify style="text-indent: 5%">Date: September 26, 2014 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD noWrap align=left >&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="50%"><B>Accretive Capital Management, LLC</B>
    </TD></TR>
  <TR vAlign=top>
    <TD noWrap align=left >&nbsp;</TD>
    <TD noWrap align=left width="50%"><B>on behalf of itself and Accretive
      Capital</B> <B>Partners, LLC</B> </TD></TR>
  <tr>
    <TD noWrap align=center >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: medium none #000000; " noWrap align=center
      width="50%">&nbsp;&nbsp; </TD>
  </tr>
  <tr>
    <TD noWrap align=center >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: 1px solid #000000; ; border-top-style:none; border-top-width:medium" noWrap align=center
      width="50%">/s/ Richard E. Fearon, Jr. </TD>
  </tr>
  <tr>
    <TD noWrap align=center >&nbsp;</TD>
    <TD noWrap align=center width="50%">By: Richard E. Fearon, Jr., as the
      managing partner </TD>
  </tr>
  <tr>
    <TD noWrap align=center >&nbsp;</TD>
    <TD noWrap align=center width="50%">of Accretive Capital Management, LLC,
      the </TD>
  </tr>
  <tr>
    <TD noWrap align=center >&nbsp;</TD>
    <TD noWrap align=center width="50%">manager of Accretive Capital Partners,
      LLC </TD>
  </tr>
  <tr>
    <TD noWrap >&nbsp;&nbsp; </TD>
    <TD noWrap width="50%">&nbsp; </TD>
  </tr>
  <tr>
    <TD noWrap >&nbsp;</TD>
    <TD noWrap width="50%">&nbsp; </TD>
  </tr>
  <tr>
    <TD noWrap align=left >&nbsp;</TD>
    <TD noWrap align=left width="50%"><B>Richard E. Fearon, Jr.</B> </TD>
  </tr>
  <tr>
    <TD noWrap >&nbsp;</TD>
    <TD noWrap width="50%">&nbsp; </TD>
  </tr>
  <tr>
    <TD noWrap align=center >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" noWrap align=center
      width="50%">/s/ Richard E. Fearon, Jr. </TD>
  </tr>
</TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>

</BODY>

</HTML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
