Brief: Data Group retains Michael Sifton as CEO

Data Communications Management (Ontario)

01/06/2016 12:20

June 1 (Reuters) - Data Group Ltd  DGI.TO  : 
    * Data group ltd. Announces the retention of Michael G. 
Sifton as CEO; changes to its board of directors; and completion 
of a common share private placement 
    * Sifton has re-joined board 
    * Data group ltd says  has raised $2.35 million pursuant to 
its previously announced private placement of common shares 
    * Entered into a settlement, nomination and standstill 
agreement with kst and takhar 
    * Understands that kst currently owns approximately 15.54% 
of issued and outstanding common shares 
    * j.r kingsley ward has been appointed chair of board 
    * Harinder takhar has resigned as a director of data 
effective immediately 
    * Agreed to include an eligible designee of kst in its slate 
of nominees for election as directors of company 
    * Data group ltd says entered into subscription agreement 
with kst industries inc for purchase of 30.9 million common 
shares 
    * Co agreed it will not redeem any of outstanding 6% 
convertible unsecured subordinated debentures, other than for 
cash, prior to nov 30 
    * Data group ltd says upon completion of kst private 
placement, kst would own about 15.54% of issued and outstanding 
common shares 
 
Source text for Eikon:  urn:newsml:reuters.com:*:nCNWTLwyda 
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