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

Published 2020-06-26, 03:53 p/m
© Reuters.
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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

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