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Living Cell Technologies Limited (PINKSHEETS: LVCLY)(January 28, 2008) announced recently that its convertible noteholders have agreed to convert all the convertible notes issued by LCT on June 29, 2006, into ordinary shares of LCT.
The noteholders are converting their repayment amount (principal and accrued interest) into ordinary shares at the 2006 stipulated price of A$0.175 per share. The notes have a face value of US$1.5 million. With accrued interest, the repayment amount is US$1,795,436. At an exchange rate of 0.865396, this equates to A$2,074,699 and will result in 11,855,422 shares being issued by LCT.
The conversion is subject to shareholder approval of the issuance of 24,150,408 shares at A$0.29 to Palmert Members Ltd, as announced on January 9, 2008 and the closing of that transaction. LCT intends to hold a shareholders meeting in early March 2008 to seek approval of this issue.
LCT and the noteholders have agreed that on satisfaction of the terms of the conversion conditions, all of the parties' past, current, and future claims directly or indirectly arising out of or relating to the convertible notes would be released and discharged.
Living Cell is developing cell-based products to treat life threatening human diseases. The Company owns a biocertified pig herd that it uses as a source of cells for treating diabetes and neurological disorders. For patients with Type 1 diabetes, the Company transplants microencapsulated islet cells so that near-normal blood glucose levels may be achieved without the need for administration of insulin or at significantly reduced levels. The company entered clinical trials for its diabetes product in 2007. For the treatment of Huntington's disease and other neurological disorders, the company transplants microencapsulated choroid plexus cells that deliver beneficial proteins and neurotrophic factors to the brain. Living Cell's technology enables healthy living cells to be injected into patients to replace or repair damaged tissue without requiring the use of immunosuppressive drugs to prevent rejection. Living Cell also offers medical-grade porcine-derived products for the repair and replacement of damaged tissues, as well as for research and other purposes.
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Yesterday Seaspan (NYSE: SSW) (January 25, 2008)declared a quarterly cash dividend of $0.475 per share on its common and subordinated shares for the three months ended December 31, 2007, representing a total cash distribution of $27.4 million. The cash dividend is payable on February 15, 2008 to all shareholders of record on February 1, 2008.
Gerry Wang, Chief Executive Officer of Seaspan, commented, "Our dividend for the fourth quarter of 2007 represents an increase of 6.4% from the previous regular quarterly dividend of $0.44625 per share and marks the second increase in our quarterly dividend since our IPO in August of 2005. Since going public, we have declared cumulative dividends of $4.19 per share during a time in which we have expanded our contracted fleet via accretive acquisitions by more than 243% on a TEU basis to more than 400,000 TEU."
Mr. Wang added, "Currently, Seaspan has locked-in revenues totalling more than $7.1 billion. We believe our disciplined approach to securing 100% of our vessels on long-term time charters with a portfolio of leading, high credit quality liner operators provides significant protection against challenging market conditions and serves as an important differentiator for our Company. In addition to our considerable time charter coverage, our strong financial position, including potential available debt capacity of approximately $1 billion, bodes well for Seaspan to take advantage of future growth opportunities that meet our comprehensive and strict acquisition criteria. As we continue to expand our distributable cash through the successful execution of our long term growth plan through a high-return, low-risk business strategy, we remain committed to our goal of providing sizeable and growing dividends to our shareholders in both the short term and long term."
Seaspan owns containerships and charters them pursuant to long-term fixed-rate charters. Seaspan's contracted fleet of 68 containerships consists of 29 containerships in operation and 39 containerships to be delivered over approximately the next 4 years. Seaspan's operating fleet of 29 vessels has an average age of approximately 4 years and an average remaining charter period of approximately 8 years. All of the 39 vessels that Seaspan has contracted to purchase are already committed to long-term time charters averaging approximately 11 years in duration from delivery. Seaspan's customer base consists of seven of the world's largest, publicly traded liner companies, including China Shipping Container Lines, A.P. Moller-Maersk, Mitsui O.S.K. Lines, Hapag-Lloyd, COSCO Container Lines, K-Line and CSAV.
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Zoran Corporation (NASDAQ: ZRAN)(January 25, 2008) announced recently that it plans to release its fourth quarter and year-end 2007 financial results after market close on Monday, January 28, 2008. The earnings release will be available on the company's website at www.zoran.com and Marketwire. On January 28, at 2:00 p.m. PT (5:00 p.m. ET), Zoran management will host a conference call to discuss fourth quarter and year-end 2007 financial results.
To listen to the call, please dial 617-847-8707 approximately five minutes prior to the start of the call. For those who cannot listen to the live conference call, a replay will be available from approximately 4:30 p.m. PT on January 28, 2008, until 4:30 p.m. PT on February 4, 2008. The access number for the replay is 617-801-6888, confirmation number 38174990.
Additionally, the conference call will be broadcast live over the Internet and can be accessed by all interested parties through the investor relations section of Zoran's website at www.zoran.com. Please access the website at least fifteen minutes prior to the start of the call to register and to download or install any necessary audio software.
Zoran Corporation, based in Sunnyvale, California, is a leading provider of digital solutions for applications in the growing digital entertainment and digital imaging markets. With two decades of expertise developing and delivering digital signal processing technologies, Zoran has pioneered high-performance digital audio and video, imaging applications, and Connect and Share technologies for the digital home. Zoran's proficiency in integration delivers major benefits for OEM customers, including greater capabilities within each product generation, reduced system costs, and shorter time to market. Zoran-based DVD, digital camera, DTV, multimedia mobile phone, and multifunction peripheral printer products have received recognition for excellence and are now in millions of homes and offices worldwide. With headquarters in the U.S. and operations in Canada, China, England, Germany, Israel, Japan, Korea, and Taiwan, Zoran may be contacted on the World Wide Web at www.zoran.com or at 408-523-6500.
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