JCDA News: Tenders 18% of shares at $4.00. No insiders sell shares in tender. Company believes stock is undervalued and is buying back shares with cash.
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Jacada Announces Preliminary Results of Tender Offer
Tuesday September 16, 4:30 pm ET
ATLANTA--(BUSINESS WIRE)--Jacada Ltd. (Nasdaq: JCDA - News) a leading provider of unified desktop and process optimization solutions for customer service operations, announced today the preliminary results of its previously announced modified Dutch Auction tender offer, which expired at 5:00 p.m. Eastern time, on Monday, September 15, 2008.
In accordance with the terms and conditions of the tender offer, and based on the preliminary count by American Stock Transfer & Trust Company and Clal Finance Batucha Investment Management Ltd., the depositaries for the tender offer, the Company expects to purchase approximately 3,797,929 of its ordinary shares at a price of $4.00 per share, for a total cost of approximately $15,191,716 (excluding fees and expenses relating to the tender offer).
Shareholders who tendered their shares by delivering a notice of guaranteed delivery prior to the expiration of the tender offer must deliver the related shares and required documents to the depositary within three business days of their execution of the notice of guaranteed delivery.
The number of shares the Company expects to purchase in the tender offer represents approximately 18.20% of its outstanding ordinary shares as of August 13, 2008, the last full trading day prior to the commencement of the tender offer. As a result of the consummation of the tender offer, the Company expects that approximately 17,060,169 ordinary shares will be outstanding immediately following payment for the shares purchased in the tender offer.
The number of shares to be purchased under the tender offer is preliminary. Final results will be determined following the expiration of the guaranteed delivery period subject to confirmation by the U.S. depositary of the proper delivery of the shares validly tendered and not validly withdrawn. The actual number of shares to be purchased and the total purchase price will be announced following the completion of the confirmation process. Payment for the shares accepted for purchase will commence promptly thereafter.
MacKenzie Partners, Inc. is acting as the information agent for the tender offer. Questions and requests for information about the tender offer should be directed to MacKenzie Partners, Inc., at (212) 929-5500 (Call Collect) or Toll-Free (800) 322-2885. |
