Couple of TSX/TSIX releases after the bell. Shares bid up 35-45% after hours, fwiw.
360networks reduces workforce by 800 positions worldwide
VANCOUVER, June 27 /CNW/ - As part of its efforts to reduce operating expenses and conserve capital, 360networks today announced it is reducing its global workforce by approximately 800 positions.
"This was an extremely difficult decision, but necessary in light of the very challenging telecom environment and our need to operate as cost- efficiently as possible," said Greg Maffei, president and chief executive officer of 360networks. "I want to thank our employees for their dedication to the company and their many achievements in both the development of our network and the provision of services to our customers."
The workforce reduction includes a range of positions in North America, Europe, South America and Asia. The company will continue to employ about 1,000 people globally.
biz.yahoo.com
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Worldwide Fiber Holdings Ltd.
VANCOUVER, June 27 /CNW/ - Worldwide Fiber Holdings Ltd. ("WFH") has assumed the obligations of 360networks inc. ("360") to repurchase shares of 360 owned by Mr. Greg Maffei, the Chief Executive Officer of 360, should Mr. Maffei choose to exercise his rights to sell such shares.
The shares of 360 subject to the purchase of obligation of WFH consist of 9,840,000 multiple voting shares and 52,160,000 subordinate voting shares.
Excluding the shares of 360 owned by Mr. Maffei, WFH and its affiliates beneficially own or control, directly or indirectly, through subsidiaries and partnerships that they control, 72,000,000 multiple voting shares and 284,580,677 subordinate voting shares. These shares represent approximately 43% of the aggregate outstanding multiple and subordinate voting shares of 360 and carry approximately 64% of the votes attached to all 360 shares.
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