Last week, the controlling shareholder of British Virgin Islands-registered OpenTV and some of its affiliates notified the company of their intent to give written instructions directing it to redeem all of the Class A ordinary shares that are not owned by Kudelski SA and its affiliates. This is permitted under the laws of the British Virgin Islands, where OpenTV is incorporated.
The BVI corporation has already filed the preliminary redemption notice/transaction statement with the Securities and Exchange Commission relating to the proposed sale of shares. Kudelski SA, which together with its affiliates is the owner of more than 90 per cent of OpenTV, anticipates giving definitive written as the SEC has completed its review of the statements. Upon receipt of definitive written instructions, the board of directors of OpenTV will distribute a definitive redemption notice/transaction statement to its shareholders setting forth the redemption date and the redemption price, as required by the laws of the British Virgin Islands.
BVI company’s shareholder also said that it expects that the definitive written instructions will include a recommendation that OpenTV redeem the class A ordinary shares for $1.55 per share.
Currently, Kudelski is the owner of 13.4 per cent of OpenTV’s Class A shares.