Business
Result of Meeting
Result of Meeting.
About this update from Corero Network Security Plc
[{"type":"text","content":"\n \n 29 June 2009\n\n Corero PLC \n\n (\"Corero\" or the \"Company\") \n\n Results of AGM, EGM and meeting of the holders of the existing 8 per cent \n convertible unsecured redeemable loan stock 2011 (\"CULS\") \n\nAt the annual general meeting, extraordinary general meeting and the meeting of\nthe holders of the CULS, all held earlier today, all resolutions were duly\npassed. The resolutions included the amendment to the terms of the CULS to\nextend the redemption date, enhance the conversion rights and reschedule the\nannual coupon payable by the Company (the \"Amendments\") and a capital\nreorganisation.\n\nAmendments to CULS\n\nThe principal amendments to the terms of the CULS are as follows:\n\n1. The deferment of the redemption date of the CULS from 31 October 2011 to 30\nJune 2015.\n\n2. The rescheduling, with effect from and including 1 January 2009, of the\nannual 8 per cent. interest payable on the CULS. For the three year period from\n1 January 2009 to 31 December 2011 (the \"First Interest Period\"), the CULS will\ncontinue to bear interest on the principal outstanding sum at the rate of 8 per\ncent. per annum but only 50 per cent. of such interest will be paid (the \"Paid\nInterest\"). Payment of the remaining 50 per cent. of such interest (the \n\"Deferred Interest\") will be deferred and paid on the third anniversary of the\ndate on which such Deferred Interest accrued (each date on which such Deferred\nInterest accrued being an \"Accrual Date\"). During the three and a half year\nperiod from 1 January 2012 to 30 June 2015 (the \"Second Interest period\") the\nCULS will continue to bear interest on the principal outstanding sum at the\nrate of 8 per cent. per annum and such interest payments will be made on the\nrelevant interest payment date in the Second Interest Period (i.e. not\ndeferred). As a result, notwithstanding that the CULS continue to bear interest\non the principal outstanding sum at the rate of 8 per cent. per annum, a CULS\nholder who holds CULS for the entire remaining life of the CULS will receive\nsuch payments by the Company as if the CULS bore interest at 4 per cent. per\nannum during the First Interest Period and 12 per cent. per annum during the\nSecond Interest Period (save that the final payment of Deferred Interest shall\nbe made on 31 December 2014, such that the final payment on 30 Ju...