Below are the details of: 1) CNSI Spin-Off, 2) VRNT Merger, 3) Sale of Starhome, and 4) Brief Company history. Spin-Off Details: (a) Record and Distribution Date: The record date for the spin-off is October 22, 2012, with the distribution date being October 31, 2012.(b) Spin-Off Ratio: The spin-off ratio for CNSI is , i.e.Comverse Inc will trade regular way on the NASDAQ under the symbol ‘CNSI’, while Comverse Technology will continue to trade regular-way on the NASDAQ under the ticker ‘CMVT’ till the consummation of its merger with VRNT.Deal Overview On January 11, 2012, CMVT announced its plans to spin-off Comverse Inc., which will be a provider of software and systems to communication service carriers comprising of three operating segments namely Business Support System (BSS), Value-Added Services (VAS) and the Mobile Internet.A look at highlights of last week in the high tech legal world: courts, regulation, and lawsuits. [Source: Engadget]GPL suit targets 14 electronics companies -- The Software Freedom Law Center has brought suit against electronics-related companies -- including Best Buy, Samsung, Westinghouse, JVC, and Western Digital -- for selling products containing the application Busy Box in violation of the GNU Public License version 2 that governs its use. price fixing fines reach 0 million -- Taiwanese manufacturer Chi Mei was set to pay 0 million to the U. for its part in the LCD panel price-fixing case brought against a number of vendors by the Department of Justice.If the Starhome sale transaction does not occur by October 19, 2012, either the Starhome shareholders or Fortissimo may terminate the transaction.
represents the spin-off of CMVT and will be a provider of software and systems to communication service carriers comprising of three operating segments namely Business Support System (BSS), Value-Added Services (VAS) and the Mobile Internet.
CMVT is expected to receive .4 million for its 66.5% stake.
CMVT expects to close the Starhome sale in October 2012.
(c) Financial Terms: VRNT will issue to CMVT’s shareholders ~27.5 million new VRNT common shares (16.3 million common shares currently held by CMVT and ~ 11.2 million common shares underlying the convertible preferred shares at the expected time of transaction closing) plus up to an additional million in Verint common shares.
The actual number of additional shares will be determined post the Comverse Inc. CMVT’s shareholders are expected to receive ~0.13 shares of VRNT common stock for each share of CMVT owned. Sale of Starhome On August 1, 2012, CMVT announced that it has sold Starhome to Fortissimo Capital for .3 million.