May 10, 2017 / 6:15 AM / 3 months ago

BRIEF-Zenitel updates on reverse stock split

May 10 (Reuters) - Zenitel NV

* REVERSE STOCK SPLIT WILL BE IMPLEMENTED ON MAY 10, 2017 WITH A RATIO OF ONE NEW SHARE FOR TEN EXISTING SHARES

* EXCESS SHARES WILL BE CONSOLIDATED BY BANK DEGROOF PETERCAM

* NEW SHARES RESULTING FROM THIS CONSOLIDATION WILL BE BOUGHT BACK BY ZENITEL NV

* THE NET PROCEEDS OF THE SALE OF THOSE NEW SHARES WILL THEN BE ALLOCATED PROPORTIONALLY BETWEEN THE HOLDERS OF FRACTIONAL SHARES

* THIS VOLUME WEIGHTED AVERAGE PRICE PER SHARE AMOUNTS TO 1.52683 EUR ($1.66)

* PERIOD TO DETERMINE THIS VOLUME-WEIGHTED AVERAGE PRICE, TO WHICH ZENITEL NV WILL REPURCHASE, ENDED ON 5 MAY 2017

* THE HOLDERS OF FRACTIONS OF EXISTING SHARES WILL THEREFORE BE ALLOCATED A CASH AMOUNT OF 1.52683 EUR FOR EACH EXISTING SHARE THAT DO NOT CORRESPOND TO A MULTIPLE OF TEN

* FOR REGISTERED SHAREHOLDERS, PAYMENT TO BE MADE AS FROM 24 MAY 2017, PROVIDED THAT BANK DEGROOF PETERCAM HAS COMPREHENSIVE BANKING DETAILS OF REGISTERED SHAREHOLDERS Further company coverage: ($1 = 0.9181 euros) (Gdynia Newsroom)

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