Jun 21, 2005 : Via to Vote on Claranet Sale

📅 June 21, 2005 - Communications services provider VIA NET.WORKS (vianetworks.com) said on Tuesday that the proxy advisory firms, Institutional Shareholder Services and Glass, Lewis & Co., have recommended a vote for the approval of all of VIA NET.WORKS' proposals to be considered at the company's June 29th annual and special meeting of shareholders.


The proposals include the decision to approve and adopt the Sale and Purchase Agreement, and the sale of substantially all the assets of the Company to Claranet Group Limited; and to approve and adopt the dissolution and Plan of Complete Liquidation and Dissolution of VIA.

ISS stated in its analysis that "based on the exploration of strategic alternatives, the full auction process, the company's liquidity issues, and limited prospects for the company to succeed as a stand-alone entity, we believe the asset sale warrants shareholder support."

"If shareholders fail to approve both proposals," says Michael McTighe, VIA NET.WORKS' chairman, "the company will not have the funds to continue as a going concern and will be left with few alternatives, none of which, in the Board's view, will be more beneficial to shareholders then the asset sale and dissolution."