Brief: Optiva Inc Says 3 Independent Directors On Board Have Over Past Several Weeks Been Negotiating A Proposed Financing Transaction

Optiva

26/06/2020 20:53

June 26 (Reuters) - Optiva Inc  OPT.TO :
    * OPTIVA INC - 3 INDEPENDENT DIRECTORS ON BOARD HAVE OVER
PAST
SEVERAL WEEKS BEEN NEGOTIATING A PROPOSED FINANCING TRANSACTION
    * OPTIVA INC - PROPOSED FINANCING TRANSACTION WOULD FUND
REDEMPTION OF ALL CO'S OUTSTANDING PREFERRED SHARES
    * OPTIVA - DURING NEGOTIATIONS, HOLDER OF PREFERRED SHARES
OF CO,
ESW CAPITAL, SOUGHT TO REMOVE 2 OF ITS NOMINEES & REPLACE THEM
WITH OTHER NOMINEES
    * OPTIVA INC - INDEPENDENT DIRECTORS REJECTED 2 SUCH
NOMINEES
BECAUSE OF NOMINEE'S RELATIONSHIP WITH ESW'S AFFILIATE,
ZEPHYRTEL
    * OPTIVA INC - GOT A LETTER FROM ESW REQUESTING CO
IMMEDIATELY
ENGAGE IN RENEGOTIATION OF ALL RELATED PARTY AGREEMENTS BETWEEN
CO & ESW'S AFFILIATES
    * OPTIVA - ESW'S LETTER CONTAINS PRELIMINARY,NON-BINDING
INDICATION OF WILLINGNESS TO EXPLORE POSSIBLE ACQUISITION OF ALL
SUBORDINATE VOTING SHARES OF CO

Source text for Eikon:  urn:newsml:reuters.com:*:nCNWg08Swa
Further company coverage:  OPT.TO 

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