OTTAWA-Nortel Networks Ltd. has won an order from the Ontario Superior Court of Justice to extend the convening of its 2004 annual general meeting to no later than May 31, 2005.
The meeting was scheduled to be held March 31. However, the company said the review of its financial records would not be ready on that date.
The U.S. Securities and Exchange Commission rules require the company to provide shareholders with its 2004 audited statements before or during the mailing of the proxy materials for the meeting.
The company said it would not have completed that task if the meeting were to be held March 31. The financial review has taken a toll on some of the company’s executives, such as former chief executive officer Frank Dunn and others, who were fired earlier this year.
Nortel said the new May 13 deadline will not have any material impact on its results.
