November 23, 2011 / 10:40 PM / 7 years ago

UPDATE 1-Mosaid posts Q2 loss, suspends dividend

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Nov 23 (Reuters) - Canada’s Mosaid Technologies Inc , which last month agreed to be acquired by Sterling Partners for C$590 million, posted a second-quarter loss and suspended its dividend payment for the quarter.

Mosaid, a patent-licensing firm, said it incurred one-time expenses of C$4.2 million ($4.01 million) in the quarter related to a special committee for the sale review.

The company said it suspended the dividend payment as per an agreement with Sterling.

Mosaid posted a net loss of C$4.9 million, or 40 Canadian cents a share, compared with a net income of C$6.1 million, or 53 Canadian cents a share, last year.

Revenue rose 1 percent to C$20.2 million.

On Oct. 27, Mosaid said it agreed to be bought by U.S.-based private equity firm Sterling, whose offer trumped a hostile bid from rival Wi-Lan Inc.

Mosaid shares closed at C$45.84 on Wednesday on the Toronto Stock Exchange. ($1 = 1.0467 Canadian dollars) (Reporting by Ankur Banerjee in Bangalore; Editing by Maju Samuel)

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