TSXV:KUR.H - Post by User
Post by
gijane_on Jun 06, 2011 10:06am
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Post# 18674956
Alex offers a takeover bid
Alex offers a takeover bid
| June 6, 2011 |
| Unique Broadband Systems, Inc. Receives Notice of Intention RE Partial Take-Over Bid |
TORONTO, ONTARIO--(Marketwire - June 6, 2011) - Unique Broadband Systems, Inc. ("UBS" or the "Company") (TSX VENTURE:UBS) has been advised that a corporation (or corporations) controlled by Alex Dolgonos intends to make a partial take-over bid for the shares of UBS on or after July 6, 2011. The terms of the proposed offer have not yet been disclosed. The board of directors of UBS will evaluate the offer upon its receipt and will provide feedback to shareholders in due course. UBS may also consider other alternatives.
Alex Dolgonos, through his company DOL Technologies Inc., sued UBS in July, 2010 seeking that UBS pay $6.015 million allegedly arising from the terms of DOL's consulting agreement with UBS and the change in the board after shareholders elected a new board on July 5, 2010 as well as $1.530 million in respect of share appreciation rights cancellation and deferred bonus payments approved in 2009, collectively referred to as "contingent restructuring awards". UBS denies those monies are owing and has defended that action and has brought a counterclaim. At the recent annual meeting held February 25, 2011, Mr. Dolgonos through another company sought to change the board of directors of UBS by proposing a dissident slate at the meeting.
About Unique Broadband Systems, Inc.
UBS's shares are listed on the TSX Venture Exchange under the symbols "UBS". More information on UBS can be found at www.sedar.com.
The corporate information contained in this release includes forward-looking statements regarding future events and costs that involve risks and uncertainties that could cause actual results to differ materially. Assumptions used in the preparation of such information, although considered reasonable by UBS at the time of preparation, may prove to be incorrect. The actual results achieved may vary from the information provided herein and the variations may be material. Consequently, there is no representation by UBS that actual results achieved will be the same in whole or in part as those forecast.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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He must be scared.
How much will he offer to make the lawsuits go away?
6 cents?
10?
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