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GIGM - Press ReleaseSource: GigaMedia Limited
GigaMedia Files For Form 20-F Filing Extension; Board Receives Further Extension of Time From Management Team
Monday June 30, 7:49 am ET
TAIPEI, Taiwan, June 30 /PRNewswire-FirstCall/ -- GigaMedia Limited ("GigaMedia" or the "Company") (Nasdaq: GIGM, www.giga.net.tw), a diversified provider of online and offline entertainment services in Taiwan, announced today that the Company has filed Form 12b-25, which extends by up to fifteen days the filing deadline of its annual report for fiscal year 2002.
The Company has not been able to compile the requisite information necessary to enable it to have sufficient time to complete the Company's Annual Report on Form 20-F for the year ended December 31, 2002 within the prescribed time period without unreasonable effort and expense. Management believes that the Form 20-F will be filed by July 15, 2003.
With respect to previous announcements released on March 21, 2003, June 13, 2003, and June 20, 2003, GigaMedia announced today that the board of directors of the Company have received an extension of time from the senior management team (the "Management Group") of GigaMedia to decide on whether they are agreeable to continue discussions with the Management Group to privatize the Company.
Under the terms of the extension provided by the Management Group, the directors must respond by the end of the business day, Taipei, Taiwan time, July 14, 2003 whether they are agreeable to continue discussions with the Management Group. In the event that they do not revert by that date, the Management Group is entitled to treat all discussions as having been terminated.
The directors of GigaMedia wish to highlight that there is no assurance that the proposed privatization will actually proceed. The Company will make an appropriate announcement in the event that it enters into any definitive agreement with the Management Group. In the meantime, the Company advises that shareholders exercise caution when dealing with GigaMedia shares and that they should not take any action which may be prejudicial to their interests.