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Redknee Solutions Inc (RKN.TO)

RKN.TO on Toronto Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Terago names David Charron chief financial officer
Monday, 10 Jul 2017 08:15am EDT 

July 10 (Reuters) - Terago Inc :Terago announces David Charron as incoming chief financial officer.Terago says Charron's appointment as CFO to be effective on or about September 5, 2017.Terago - Charron's pending departure from Redknee and start at Terago will occur after completion of Redknee's previously announced rights offering.  Full Article

Redknee announces standby purchase agreement in furtherance of its strategic plan
Friday, 9 Jun 2017 07:00am EDT 

June 9 (Reuters) - Redknee Solutions Inc -:Redknee announces standby purchase agreement in furtherance of its strategic plan.Says is also announcing certain leadership changes in connection with restructuring.Redknee Solutions - has entered into a standby purchase agreement with wave systems and esw in connection with launching of an about us$54 million rights offering.Redknee Solutions Inc - net proceeds of rights offering will be used to fund a restructuring of business in furtherance of previously announced strategic plan.Says plans to reduce headcount worldwide by approximately 500 employees.Redknee Solutions - expects that majority of net proceeds from rights offering will be used to fund associated employee severance payments.Says david charron, chief financial officer, will be departing from redknee.Redknee Solutions - in consideration solely for standby commitment, will issue to wave a subordinate voting share purchase warrant.Says David Charron will remain in his role as cfo until rights offering is closed.Says Anin Basu will assume role of CFO on an interim basis.Says following charron's departure, board will undertake a formal search process for a permanent cfo.  Full Article

Redknee reports proposed transaction in furtherance of its strategic plan
Tuesday, 16 May 2017 07:53am EDT 

May 16 (Reuters) - Redknee Solutions Inc ::Redknee announces proposed transaction in furtherance of its strategic plan.Redknee Solutions -entered non-binding letter of intent in respect of proposed transaction that will accelerate co's previously announced strategic plan.Redknee Solutions -deal will be comprised of rights offering by co for subscription price per right of up to canadian dollar equivalent of US$0.50.Redknee Solutions -contemporaneously with closing of rights offering, will enter into a services agreement with Crossover Markets Inc.Redknee Solutions Inc says will also enter a technology services agreement with Devfactory FZ-Llc.Redknee Solutions -rights offering to be backstopped by wave systems, an affiliate of esw capital, for amount of rights of up to 100 pct of rights offering.Redknee Solutions -in connection with proposed transaction, wave will be granted warrant to acquire 2.5 million subordinate voting shares at US$0.50/share as fee.  Full Article

Redknee Solutions Q1 loss per share $0.14
Wednesday, 10 May 2017 05:46pm EDT 

May 10 (Reuters) - Redknee Solutions Inc ::Redknee Solutions reports first quarter fiscal 2017 results.Qtrly revenue was $34.4 million compared to $39.8 million.Q1 loss per share $0.14.Order backlog of $161.4 million at march 31, 2017.Q2 earnings per share view $-0.04, revenue view $35.0 million -- Thomson Reuters I/B/E/S.Says expects that this restructuring will generate annualized savings of $50 to $60 million over next 18 to 24 months.Says intends to reinvest cost savings into customer success and to execute on its $100 million product revitalization plan.Redknee solutions - independent directors have engaged independent advisors to assist in consideration of financing options to fund this restructuring.Says has begun its restructuring activities and announces departure of cto, ralf guckert.Redknee Solutions inc says "as company continues implementing further restructuring activities, it anticipates additional executive departures".  Full Article

Redknee announces new strategic plan
Thursday, 23 Feb 2017 07:00am EST 

Redknee Solutions Inc : Redknee announces new strategic plan for long-term growth and sustained profitability . Company intends to create two major operating units: . "strategic global accounts" and "packaged and cloud solutions" . Intends to wind down non-telecom operations outside scope of these two operating units . Strategic plan includes a corporate restructuring scale of which is based on a go-forward revenue base of $120 million . Estimates restructuring will require $60 million in capital that is expected to be financed through an equity raise . Restructuring is expected to be completed in 2018 . Company also announced its intention to eliminating reporting on non-IFRS measures .Redknee Solutions - management will review company's other financial and operational policies to align with new goals of simplification and focus.  Full Article

Redknee Solutions reports Q1 fiscal 2017 results
Wednesday, 8 Feb 2017 06:26pm EST 

Redknee Solutions Inc : Redknee Solutions reports first quarter fiscal 2017 results . Redknee Solutions Inc qtrly revenue was $37.2 million compared to $50.1 million . Board of directors concluded that there are opportunities to further restructure business . Redknee Solutions Inc qtrly loss per share $0.06 . Redknee Solutions Inc - Order backlog of $162.1 million at December 31, 2016 . Redknee Solutions Inc- Withdrawing financial guidance it had previously provided for fiscal 2017 for revenues of between $170 million and $180 million . Redknee Solutions - Board directed management to develop various restructuring proposals with specific focus on realizing additional cost savings .Redknee Solutions Inc- Withdrawing financial guidance it had previously provided for fiscal 2017 for adjusted EBITDA of between $15 million and $20 million.  Full Article

ESW Capital says enters into agreement to acquire preferred shares, warrant of Redknee Solutions
Wednesday, 21 Dec 2016 06:26pm EST 

ESW Capital LLC - : ESW Capital, LLC enters into agreement to acquire preferred shares and warrant of Redknee Solutions Inc. .ESW Capital LLC says ESW Capital to subscribe for 800,000 series a preferred shares and common share purchase warrant for proceeds of US$83.2 million.  Full Article

Redknee Solutions announces US$80 mln private placement
Friday, 9 Dec 2016 08:42am EST 

Redknee Solutions Inc : Redknee Solutions Inc - net proceeds of transaction will also be used to fund previously announced restructuring costs . Redknee Solutions Inc - entered into an agreement with a subsidiary of Constellation Software Inc providing for an investment of US$80 million in Redknee . Redknee Solutions- net proceeds of transaction to be used to repay indebtedness of about US$53 million under company's senior secured credit facility . Redknee Solutions- pursuant to constellation agreement, Constellation's unit will be entitled to elect number of directors to be a majority of board .Redknee Solutions Inc announces US$80 million private placement.  Full Article

Redknee Solutions enters into waiver and amendment with lenders
Friday, 30 Sep 2016 05:00pm EDT 

Redknee Solutions Inc : Lenders have waived certain financial covenant requirements under credit agreement for twelve-month period ended September 30 .As at September 30, 2016, $52.8 million was outstanding under facilities established by credit agreement..  Full Article

Redknee forms committee to review strategic alternatives
Monday, 22 Aug 2016 07:00am EDT 

Redknee Solutions Inc : Redknee solutions announces formation of special committee to review strategic alternatives . Has not set definitive schedule to complete evaluation and no decision on any particular transaction ,alternative has been reached .Says does not intend to disclose ongoing developments with respect to this process.  Full Article

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