Top Image collects tenders for 10.75% of series A convertibles

By Jennifer Chiou

New York, Aug. 2 - Top Image Systems, Ltd. will accept tenders for 2,044,529, or about 10.75%, of its 19,012,813 outstanding series A convertible debentures issued on Dec. 18, 2006, according to a 6-K filing with the Securities and Exchange Commission.

As already reported, the company offered NIS 0.93 for every NIS 1 par value in the offer that closed on Aug. 1.

The company said in a July news release that the convertibles are currently traded on the Tel Aviv Stock Exchange for the price of NIS 0.94 for every NIS 1 par value and during the last three months were traded at an average price of NIS 0.91 for every NIS 1 par value.

Top Image is a Tel Aviv-based producer of content management software. It announced the offer on July 18 and stated that the offer is part of its debt reduction efforts.

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