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Corel Acquisition Receives Court Approval

Monday, August 25, 2003

Press release from the issuing company

OTTAWA--Aug. 22, 2003-- Corel Corporation today announced that it has received approval from the Ontario Superior Court of Justice to complete the acquisition by Vector Capital. The court approval was granted today by Justice James Chadwick following a hearing in Ottawa, Canada on August 21, 2003. "I am satisfied that the applicants have complied with all of the terms of the interim order and also the provision of the Canada Business Corp. Act and the Ontario Business Corporations Act," stated Justice Chadwick in today's ruling. "I am satisfied that the arrangement is fair and reasonable and in the best interest of (Corel's) shareholders." "We are very pleased to complete this last significant step required to close the acquisition by Vector," said James Baillie, Chairman of Corel's Board of Directors. "Once the final paperwork is complete, the transaction will officially close and Corel will move forward as a private company. We believe that, with Vector's involvement, Corel can reach its full potential as it continues to provide exceptional products to its customers and partners around the globe." "Vector Capital welcomes the Court's decision today and is gratified by the support this transaction received from the great majority of other Corel shareholders," said Alex Slusky, Managing Partner of Vector Capital. "We were particularly impressed with the level of support for Vector among the employees of Corel and see that as an important basis for working together with management to help Corel fully capitalize on the opportunities ahead." The acquisition was approved by Corel shareholders on August 20, 2003. A total of 81.1 per cent of the votes cast by holders of Corel common shares and voting convertible securities voted in favor of the Arrangement Resolution, which approves the Plan of Arrangement giving effect to the Vector acquisition. Excluding the shares owned by Vector, 72.7 per cent of the votes cast by common shareholders voted in favor. The acquisition is expected to close during the week of August 25, 2003 or shortly thereafter.

 

 

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