OpenTV Corporation, British Virgin Islands-registered software and technology provider of advanced digital television solutions, made an announcement on February 24, 2010 about redeeming of all of its outstanding Class A ordinary shares, other than any such shares held by Kudelski SA and two of its affiliates, collectively holding more than 90 per cent of the company.
The BVI corporation is redeeming its Class A ordinary shares for $1.55 per share, without interest and less applicable withholding taxes. The redemption was completed on March 26, 2010.
In connection with the redemption, shareholders of OpenTV will be entitled to statutory dissent rights in accordance with the British Virgin Islands law.
A month ago, OpenTV was notified by the major shareholder and its subsidiaries of the intent to give written instructions directing the BVI company to redeem all of the Class A ordinary shares not owned by Kudelski SA. On February 19, 2010, the written instructions were delivered.
Also, in connection with the redemption, OpenTV has submitted a notice to the Nasdaq Stock Market informing of its intent to voluntarily delist its Class A ordinary shares from NASDAQ upon completion of the redemption.