Printer Friendly

SPINNAKER SETS RECORD DATE FOR PREVIOUSLY-ANNOUNCED RIGHTS OFFERING

 CAMBRIDGE, Mass., Dec. 3 /PRNewswire/ -- Spinnaker Software Corporation (NASDAQ: SPKR) today announced that its board of directors has set Dec. 17, 1993 as the record date for its previously announced rights offering.
 As previously announced in the rights offering, each Spinnaker common shareholder will receive one non-transferable right to buy one Spinnaker common share, at a price of $1.50 per share, for each 1.403 Spinnaker shares owned by the shareholder at the close of business on the record date. The proceeds of the rights offering will be used to redeem shares of Spinnaker's Series B Preferred Stock.
 The rights offering is being made in conjunction with the transactions contemplated by the previously announced Combination Agreement dated as of Aug. 17, 1993 among Spinnaker, SoftKey Software Products Inc. (NASDAQ: SKEYF, TSE: SSK) and WordStar International Incorporated (NASDAQ: WDST). Upon consummation of the business combination with SoftKey and WordStar, all Spinnaker common shares, including those issuable upon the exercise of rights, will be exchanged for WordStar common shares at the exchange ratio provided in the Agreement. Spinnaker shareholders will be mailed materials, including a prospectus and rights exercise form, relating to the rights offering.
 Spinnaker, a leader in software for home office and small business, enjoys significant distribution in specialty chains and superstores. It is known for its popular PFS:, Easy Working, and Power Up brands.
 This news release does not constitute an offer to sell or a solicitation of an offer to purchase any of the securities of Spinnaker mentioned herein, which offer and sale may be made only be means of a prospectus relating thereto.
 -0- 12/3/93
 /CONTACT: Paul Brauneis of Spinnaker, 617-494-1200, ext. 443/
 (SPKR SKEYF SSK WDST)


CO: Spinnaker Software Corp.; SoftKey Software Products; WordStar
 International Incorporated ST: Massachusetts IN: CPR SU: OFR


DJ-JL -- NE006 -- 0393 12/03/93 17:01 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Dec 3, 1993
Words:308
Previous Article:LINDA MCCARTNEY TO INTRODUCE LINE OF FROZEN MEATLESS ENTREES IN UNITED STATES
Next Article:FDA PANEL REQUESTS ADDITIONAL DATA ON RESPIGAM
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters