Israeli Orckit Communications’ Board of Directors has approved the repurchase from Clal Electronics Industries (Clal) of 616,590 of Orckit's ordinary shares and $12.5 million principal amount of Orckit's Subordinated Convertible Notes for a total consideration of approximately $14.7 million in cash.
Pursuant to the terms of the repurchase, Clal will be entitled to receive any cash dividend paid by Orckit on or prior to March 31, 2003 with respect to Orckit's ordinary shares as if Clal still owned the repurchased shares. The Board of Directors of Orckit does not currently intend to pay a cash dividend on or prior to March 31.
Orckit Communications is a provider of advanced telecom equipment targeting high capacity broadband services. It is a majority shareholder of Corrigent Systems and Spediant Systems. Corrigent is developing metro transport telecom products designed to support SONET and Ethernet services utilizing Resilient Packet Ring (RPR) technology. Spediant is developing innovative access solutions that enable telecom carriers to deploy fiber-speed broadband services over copper wires. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
