Orckit Announces Extraordinary General Meeting to Approve Arrangement With Note Holders
March 07 2012 - 8:00AM
Orckit Communications Ltd. (Nasdaq:ORCT) (the "Company") today
announced that an Extraordinary General Meeting of Shareholders
will be held on Sunday, April 15, 2012 at 3:00 p.m. (Israel time),
at the offices of the Company, 126 Yigal Allon Street, Tel Aviv,
Israel. The record date for the meeting is March 12, 2012. Proxy
statements describing the matter on the agenda and proxy cards for
use by shareholders that cannot attend the meeting in person will
be sent by mail to the Company's shareholders that hold shares
registered with American Stock Transfer & Trust Company,
including shares held via DTC members. The Company will also
furnish the proxy statement to the Securities and Exchange
Commission on Form 6-K.
The agenda of the meeting is to approve an arrangement among the
Company and its Series A note holders and Series B note holders and
a related increase in authorized share capital.
The item on the agenda requires the affirmative approval of a
majority by number of the shareholders voting their shares, in
person or by proxy, and holding at least 75% of the ordinary shares
voting on the matter. The approval of the holders of 66-2/3% of the
ordinary shares voting on the matter, in person or by proxy, is
required in order to amend the Company's Memorandum and Articles of
Association in connection with the proposed increase in authorized
share capital.
The agreement with respect to the proposed arrangement was
announced by the Company on February 15, 2012. Following that date,
the Company filed an application with the District Court of Tel
Aviv-Jaffa to call meetings of its Series A note holders, its
Series B note holders and its shareholders to approve the
arrangement. The Court authorized such meetings on March 2, 2012.
The arrangement is also subject to the approval of meetings of the
Company's Series A note holders and Series B note holders, the Tel
Aviv Stock Exchange and the approval of the Court.
About Orckit Communications Ltd.
Orckit facilitates telecommunication providers' delivery of high
capacity broadband residential, business and mobile services over
wireline or wireless networks with its Orckit-Corrigent family of
products. With 20 years of field experience with Tier-1 customers
located around the world and sound leadership, Orckit has a firm
foothold in the ever-developing world of telecommunication.
Orckit-Corrigent's product portfolio includes Packet Transport
Network (PTN) switches - an MPLS and MPLS-TP dual stack based
portfolio enabling advanced packet as well as legacy services over
packet networks with a wide set of transport features.
Orckit-Corrigent markets its products directly and indirectly
through strategic alliances, as well as distribution and reseller
partners worldwide. Orckit was founded in 1990 and went public in
1996. The company is active in APAC, Western and Eastern Europe,
and America.
For more information, please visit http://www.orckit.com. Follow
Orckit on Twitter @ORCT
CONTACT: Ruder Finn Israel for Orckit-Corrigent
Matthew Krieger
+972-544-676-950
matthew@ruderfinn.co.il
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