SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
May 29, 2003
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LORAL SPACE & COMMUNICATIONS LTD.
(Exact name of registrant as specified in its charter)
Islands of Bermuda 1-14180 13-3867424
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) Number)
c/o Loral SpaceCom Corporation
600 Third Avenue, New York, New York 10016
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(212) 697-1105
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Item 5. Other Events.
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At the Annual Meeting of Shareholders of Loral Space & Communications Ltd.
("Loral"), held on May 29, 2003, the Shareholders approved a proposal to amend
Loral's bye-laws to grant Loral's Board of Directors discretionary authority to
effect a reverse stock split at a ratio from one-for-five to one-for-twenty. On
June 4, 2003, the Board of Directors set a ratio of one-for-ten, resulting in a
new par value of $0.10 per share for Loral's common stock. The reverse stock
split will be effective after the close of business on Friday, June 13, 2003.
Loral's common stock will begin to trade on the New York Stock Exchange adjusted
for the reverse stock split on Monday, June 16, 2003.
Shareholders also approved a proposal to increase the number of authorized
shares of common stock of Loral effective immediately from 750 million shares to
1.25 billion shares, before adjusting for the reverse stock split. After the
effect of the reverse stock split, authorized common stock outstanding will
total 125 million shares.
As of May 30, 2003, there were 439.6 million shares of Loral common shares
outstanding. After the effect of the reverse stock split, Loral will have 43.96
million shares outstanding and 81.04 million shares available for future
issuance.
Item 7. Financial Statements, Pro Forma Financial
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Information and Exhibits.
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(c) Exhibits.
Exhibit 99.1 Amended Bye-law 4(c) of the Bye-laws of Loral Space &
Communications Ltd.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Loral Space & Communications Ltd.
By: /s/ Avi Katz
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Name: Avi Katz
Title: Vice President and Secretary
Date: June 5, 2003
EXHIBIT INDEX
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Exhibit Description
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Exhibit 99.1 Amended Bye-law 4(c) of the Bye-laws of Loral Space &
Communications Ltd.