Top Image calls meeting for series A convertible debentures holders

By Jennifer Chiou

New York, Dec. 28 - Top Image Systems Ltd. announced a Dec. 31 meeting for holders of its series A convertible debentures, according to a 6-K filing with the Securities and Exchange Commission.

In May 2009, the company said that its board of directors approved plans to pay up to $2.5 million to repurchase and cancel some of the outstanding securities.

At the meeting, Top Image plans to discuss repayment of the debentures as well as approval to hire legal counsel and advisers for the trustee of the notes.

Those who consent to resolutions will be considered to have agreed to pay for their own pro rata portion of activity funding; to indemnify the trustee for any imposed payment; and to fund indemnification obligations through the offset of interest and/or principal payments.

The quorum necessary to pass an ordinary resolution for the debentures is made up of holders of at least 10% of the securities. Holders of a majority of the debentures are needed to pass a special resolution.

The company pointed out that if it repays in full the principal and interest due on the debentures on Dec. 31 that a meeting will not take place.

The debentures were originally issued on Dec. 18, 2006.

Top Image is a Tel Aviv-based producer of content management software.

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