Registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934


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Table of Contents

 

 

UNITED STATES

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 30, 2006

OR

 

 

 

o

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

 

 

 

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: 117,302,322 Common Shares, 20,000,000 Class A Convertible Preferred Shares, Series 1, and 67,789,300 Class B Convertible Preferred Shares, Series 1.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No  þ

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes  o No  þ

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 whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o     Accelerated filer o     Non-accelerated filer þ

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”, “we,” “us,” “our,” or “the Company”) contained in this Form 20-F are reported in United States 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

     Some of the statements in this annual report are forward-looking statements that reflect our current views with respect to future events and financial performance. Statements that include the words “may,” “will,” “should,” “could,” “estimate,” “continue,” “expect,” “intend,” “plan,” “predict,” “potential,” “believe,” “project,” “anticipate” and similar statements of a forward-looking nature, or the negatives of those statements, identify forward-looking statements. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by the forward-looking statements, including, without limitation:

 



 

our ability to achieve profitability in the future;

 

 

 

 

 



 

the development of the market opportunity for IP-based communications solutions and related services;

 

 

 

 

 



 

technological developments and evolving industry standards;

 

 

 

 

 



 

our dependence primarily upon one outside contract manufacturer to manufacture our products;

 

 

 

 

 



 

our dependence on sole source and limited source suppliers for key components;

 

 

 

 

 



 

delay in the delivery of, or lack of access to, software or other intellectual property licensed from our suppliers;

 

 

 

 

 



 

our ability to protect our intellectual property and our possible infringement of the intellectual property rights of third parties;

 

 

 

 

 



 

our reliance on our channel partners for the majority of our sales;

 

 

 

 

 



 

our solutions may contain design defects, errors, failures or “bugs”;

 

 

 

 

 



 

intense competition from our competitors;

 

 

 

 

 



 

our reliance on strategic alliances;

 

 

 

 

 



 

uncertainties arising from our foreign operations; and

 

 

 

 

 



 

the fluctuations in our quarterly and annual revenues and operating results.

     This list is not exhaustive of the factors that may affect any of our forward-looking statements. In evaluating these statements, you should carefully consider the risks outlined under Item 3.D. “Key Information — Risk Factors”. The forward-looking statements contained in this annual report are based on the beliefs, expectations and opinions of management as of the date of this annual report. We do not assume any obligation to update forward-looking statements to reflect actual results or assumptions if circumstances or management’s beliefs, expectations or opinions should change, unless otherwise required by law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

-i-
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

 

 

18

 

 

 

 

 

 

A. History and Development of Mitel

 

 

18

 

B. Business Overview

 

 

19

 

C. Organizational Structure

 

 

31

 

D. Property, Plant and Equipment

 

 

31

 

 

 

 

 

 

Item 5. Operating and Financial Review and Prospects

 

 

33

 

 

 

 

 

 

A. Operating Results

 

 

39

 

B. Liquidity and Capital Resources

 

 

65

 

C. Research and Development, Patents and Licenses, etc.

 

 

69

 

D. Trend Information

 

 

69

 

E. Off-balance Sheet Arrangements

 

 

72

 

F. Tabular Disclosure of Contractual Obligations

 

 

73

 

G. Safe Harbor

 

 

74

 

 

 

 

 

 

Item 6. Directors, Senior Management and Employees

 

 

74

 

 

 

 

 

 

A. Directors and Senior Management

 

 

74

 

B. Compensation

 

 

79

 

C. Board Practices

 

 

84

 

D. Employees

 

 

86

 

E. Share Ownership

 

 

87

 

 

 

 

 

 

Item 7. Major Shareholders and Related Party Transactions

 

 

89

 

 

 

 

 

 

A. Major Shareholders

 

 

89

 

B. Related Party Transactions

 

 

90

 

C. Interests of Experts and Counsel

 

 

97

 

 

 

 

 

 

Item 8. Financial Information

 

 

97

 

 

 

 

 

 

A. Consolidated Statements and Other Financial Information

 

 

97

 

B. Significant Changes

 

 

99

 

 

 

 

 

 

Item 9. The Offer and Listing

 

 

99

 

-ii-
Table of Contents

 

 

 

 

 

 

 

 

 

A. Offer and Listing Details

 

 

99

 

 

 

 

 

B. Plan of Distribution

 

 

99

 

 

 

 

 

C. Markets

 

 

99

 

 

 

 

 

D. Selling Shareholders

 

 

99

 

 

 

 

 

E. Dilution

 

 

100

 

 

 

 

 

F. Expenses of the Issue

 

 

100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item 10. Additional Information

 

 

100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A. Share Capital

 

 

100

 

 

 

 

 

B. Memorandum and Articles of Incorporation

 

 

100

 

 

 

 

 

C. Material Contracts

 

 

106

 

 

 

 

 

D. Exchange Controls

 

 

114

 

 

 

 

 

E. Taxation

 

 

115

 

 

 

 

 

F. Dividends and Paying Agents

 

 

120

 

 

 

 

 

G. Statement by Experts

 

 

121

 

 

 

 

 

H. Documents on Display

 

 

121

 

 

 

 

 

I. Subsidiary Information

 

 

121

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item 11. Quantitative and Qualitative Disclosures About Market Risk

 

 

121

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item 12. Description of Securities Other than Equity Securities

 

 

122

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PART II

 

 

123

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item 13. Defaults, Dividend Arrearages and Delinquencies

 

 

123

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

123

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item 15. Controls and Procedures

 

 

123

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item 16. [Reserved]

 

 

123

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A. Audit Committee Financial Expert

 

 

123

 

 

 

 

 

B. Code of Ethics

 

 

123

 

 

 

 

 

C. Principal Accountant Fees and Services

 

 

124

 

 

 

 

 

D. Exemptions from the Listing Standards for Audit Committees

 

 

124

 

 

 

 

 

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

 

 

125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PART III

 

 

126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item 17. Financial Statements

 

 

126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item 18. Financial Statements

 

 

126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Item 19. Exhibits

 

 

126

 

 

 

 

 

 EX-1.4

 EX-1.5

 EX-2.5

 EX-2.8

 EX-2.10

 EX-2.17

 EX-2.19

 EX-4.18

 EX-4.20

 EX-4.38

 EX-4.39

 EX-4.43

 EX-4.51

 EX-4.52

 EX-8.1

 EX-12.1

 EX-12.2

 EX-13.1

 EX-13.2

-iii-
Table of Contents

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