UPDATE 2-DragonWave amends deal with Nokia Siemens

Wed Apr 10, 2013 10:10am EDT
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* Says Nokia Siemens to make cash payment of 10.6 mln euros

* Expects operating costs to fall by about 3 mln euros per qtr

* To pay termination fee of about 7 mln euros through FY14

* Shares rise 9 pct in Toronto, 10 pct on the Nasdaq (Adds DragonWave CFO comments, updates share movement)

April 10 (Reuters) - Telecom network equipment maker DragonWave Inc said it amended its deal with Nokia Siemens Networks to reduce operating costs and cut three senior management positions.

Shares of DragonWave rose 9 percent to C$1.74 on the Toronto Stock Exchange. They rose 10 percent on the Nasdaq.

Cash-strapped DragonWave, which has been trying to reduce costs since it acquired Nokia Siemens's microwave technology business last June, said in March that it would cut costs further but did not specify what the measures were.

The company cut 116 jobs in Ottawa and Israel in 2012.

According to the renewed deal, Nokia Siemens will make an immediate cash payment of 10.6 million euros ($13.8 million) to DragonWave, clearing the contingent receivable on the Ottawa-based company's balance sheet.   Continued...