Registration statement pursuant to section 12(b)


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Table of Contents

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 20-F

 

 

 

o

 

REGISTRATION STATEMENT PURSUANT TO SECTION 12(b)

OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

 

OR

 

þ

 

ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

For the fiscal year ended April 24, 2005

 

AND

 

þ

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

For the transition period from April 25, 2005 to April 30, 2005

o

 

SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

Date of event requiring this shell company report

Commission file number: 0-49984

MITEL NETWORKS CORPORATION/

CORPORATION MITEL NETWORKS

(Exact name of Registrant as specified in its charter)

MITEL NETWORKS CORPORATION

(Translation of Registrant’s name into English)

Canada

(Jurisdiction of incorporation or organization)

350 Legget Drive

Ottawa, Ontario, Canada K2K 2W7

(Address of principal executive offices)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

None

Securities registered or to be registered pursuant to Section 12(g) of the Act:

Common Shares, Without Par Value

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

      Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report: 117,241,350 common shares, 20,000,000 Class A Convertible Preferred Shares, Series 1, and 67,789,300 Class B Convertible Preferred Shares, Series 1, as of September 30, 2005.

      Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  þ           No  o

      Indicate by check mark which financial statement item the registrant has elected to follow.     Item 17 o          Item 18 þ

      If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes  o           No  þ

 

 
Table of Contents

 

 

 

Basis of Presentation

      The financial results of Mitel Networks Corporation (“Mitel” or “the Company”) contained in this Form 20-F are reported in United States (US) dollars and have been prepared in compliance with accounting principles generally accepted in the United States of America for the purposes of this annual report. In this annual report, all dollar amounts are expressed in United States dollars except where otherwise indicated.

 

 

 

Forward Looking Information

      Certain statements in this annual report constitute “forward-looking statements.” Mitel has based these forward-looking statements on its current expectations, which are subject to known and unknown risks, uncertainties and assumptions. They include statements relating to but not limited to:

 

 

 

 

• 

expectations for future performance, revenue, income, projected capital expenditures, cost benefits to end users, expenses and profitability;

 

 

 

 

• 

Mitel’s ability to successfully execute its business model and business strategy;

 

 

 

 

• 

the future development and expected growth of Mitel’s business and the communications industry;

 

 

 

 

• 

trends in government regulation; and

 

 

 

 

• 

the effects of operating in a competitive environment.

      Forward-looking statements can be identified by terminology such as “may,” “will”, “should”, “could”, “expects”, “intends”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential”, or “continue”, or the negative of these terms or other comparable terminology. These statements are only predictions. Many factors could cause actual events or results to differ materially from those suggested by these forward-looking statements, including:

 

 

 

 

• 

general economic conditions;

 

 

 

 

• 

interest rate levels;

 

 

 

 

• 

inflation and currency exchange rate developments;

 

 

 

 

• 

changes in laws and regulations; and

 

 

 

 

• 

general competitive factors.

      In evaluating these statements, carefully consider the risks outlined under Part I, Item 3.D “Risk Factors”.

      Although Mitel believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievements. Mitel does not promise to update forward-looking information to reflect actual results or changes in assumptions.
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Table of Contents

TABLE OF CONTENTS

 

 

 

 

 

 

 PART I

 

 

1

 

 Item 1. Identity of Directors, Senior Management and Advisors

 

 

1

 

 Item 2. Offer Statistics and Expected Timetable

 

 

1

 

 Item 3. Key Information

 

 

1

 

 

 A. Selected Financial Data

 

 

1

 

 

 B. Capitalization and Indebtedness

 

 

3

 

 

 C. Reasons for the Offer and Use of Proceeds

 

 

3

 

 

 D. Risk Factors

 

 

3

 

 Item 4. Information on Mitel

 

 

10

 

 

 A. History and Development of Mitel

 

 

10

 

 

 B. Business Overview

 

 

11

 

 

 C. Organizational Structure

 

 

17

 

 

 D. Property, Plant and Equipment

 

 

18

 

 Item 5. Operating and Financial Review and Prospects

 

 

19

 

 

 A. Operating Results

 

 

24

 

 

 B. Liquidity and Capital Resources

 

 

33

 

 

 C. Research and Development, Patents and Licenses, etc

 

 

37

 

 

 D. Trend Information

 

 

37

 

 

 E. Off-balance Sheet Arrangements

 

 

38

 

 

 F. Tabular Disclosure of Contractual Obligations

 

 

39

 

 

 G. Safe Harbor

 

 

40

 

 Item 6. Directors, Senior Management and Employees

 

 

40

 

 

 A. Directors and Senior Management

 

 

40

 

 

 B. Compensation

 

 

44

 

 

 C. Board Practices

 

 

47

 

 

 D. Employees

 

 

48

 

 

 E. Share Ownership

 

 

48

 

 Item 7. Major Shareholders and Related Party Transactions

 

 

51

 

 

 A. Major Shareholders

 

 

51

 

 

 B. Related Party Transactions

 

 

52

 

 

 C. Interests of Experts and Counsel

 

 

54

 

 Item 8. Financial Information

 

 

54

 

 

 A. Consolidated Statements and Other Financial Information

 

 

54

 

 

 B. Significant Changes

 

 

55

 

 Item 9. The Offer and Listing

 

 

55

 

 

 A. Offer and Listing Details

 

 

55

 

 

 B. Plan of Distribution

 

 

55

 

 

 C. Markets

 

 

55

 

 

 D. Selling Shareholders

 

 

55

 

 

 E. Dilution

 

 

55

 

 

 F. Expenses of the Issue

 

 

56

 

 Item 10. Additional Information

 

 

56

 

 

 A. Share Capital

 

 

56

 

 

 B. Memorandum and Articles of Incorporation

 

 

56

 

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Table of Contents

 

 

 

 

 

 

 

 

 

 

 C. Material Contracts

 

 

59

 

 

 

 

 

 D. Exchange Controls

 

 

68

 

 

 

 

 

 E. Taxation

 

 

68

 

 

 

 

 

 F. Dividends and Paying Agents

 

 

72

 

 

 

 

 

 G. Statement by Experts

 

 

72

 

 

 

 

 

 H. Documents on Display

 

 

72

 

 

 

 

 

 I. Subsidiary Information

 

 

72

 

 

 

 

 Item 11. Quantitative and Qualitative Disclosures About Market Risk

 

 

72

 

 

 

 

 Item 12. Description of Securities Other than Equity Securities

 

 

74

 

 

 

 

 PART II

 

 

74

 

 

 

 

 Item 13. Defaults, Dividend Arrearages and Delinquencies

 

 

74

 

 

 

 

 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds

 

 

74

 

 

 

 

 Item 15. Controls and Procedures

 

 

74

 

 

 

 

 Item 16. [Reserved]

 

 

74

 

 

 

 

 

 A. Audit Committee Financial Expert

 

 

74

 

 

 

 

 

 B. Code of Ethics

 

 

74

 

 

 

 

 

 C. Principal Accountant Fees and Services

 

 

75

 

 

 

 

 

 D. Exemptions from the Listing Standards for Audit Committees

 

 

75

 

 

 

 

 

 E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers

 

 

75

 

 

 

 

 PART III

 

 

76

 

 

 

 

 Item 17. Financial Statements

 

 

76

 

 

 

 

 Item 18. Financial Statements

 

 

76

 

 

 

 

 Item 19. Exhibits

 

 

77

 

 

 

 

 SECURITIES PURCHASE AGREEMENT

 GENERAL SECURITY AGREEMENT

 GUARANTY AND SECURITY AGREEMENT

 PLEDGE AGREEMENT

 CHARGE OVER BOOK DEBTS AND CASH AT BANK

 GUARANTEE AND INDEMNITY

 MORTGAGE DEBENTURE

 GUARANTEE AND SECURITY AGREEMENT

 DEED OF GUARANTEE AND SUBORDINATION

 DEED OF GUARANTEE AND SUBORDINATION

 INTELLECTUAL PROPERTY SECURITY AGREEMENT

 CAP/FLOOR COLLAR TRANSACTION

 ISDA MASTER AGREEMENT

 CONTRACT FOR THE SALE OF LAND AND BUILDING

 REGISTRATION RIGHTS AGREEMENT

 UNION AGREEMENT

 DEFERRED SHARE UNIT PLAN FOR EXECUTIVES

 AMENDED AND RESTATED CREDIT AGREEMENT

 STRATEGIC ALLIANCE AGREEMENT

 INTEGRATED COMMUNICATIONS SOLTUIONS

 SUBSIDIARIES

 CERTIFICATION

 CERTIFICATION

 CERTIFICATION

 CERTIFICATION

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Table of Contents

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