Harbinger in equity swap agreement for Openwave Systems shares

By Lisa Kerner

Charlotte, N.C., March 16 - Openwave Systems, Inc. investor Harbinger Capital Partners Master Fund I, Ltd. entered into equity swap agreements on March 5, March 6, March 7, March 8, March 12 and March 15 with a securities broker.

The agreement calls for the Master Fund to pay to the broker the equity notional amount of the 580,000 shares, the 500,000 shares, the 500,000 shares, the 250,000 shares, the 500,000 shares and the 420,000 shares subject to the agreements, respectively, according to an amended schedule 13D filing with the Securities and Exchange Commission.

Payments are due at the beginning of each calculation period, plus interest at a rate equal to Libor plus 90 basis points.

The broker will pay to the Master Fund the market value of the reference shares as of the end of each calculation period, as well as any dividends.

Harbinger beneficially owns 7,684,950 shares, or 8.1%, of the Redwood City, Calif., software company's shares.

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