Reliance has got the beneficial ownership of an additional 4.8 percent shares of Flag Telecom after it entered into an agreement with a third shareholder, Jackson National Life Insurance Company. According to the terms of the agreement, Reliance will pay Jackson shareholders about $125,103.69 in exchange for a vote in its favor at the shareholders meeting scheduled for January 12, 2004. With this agreement, Reliance is now deemed to beneficially own 50.5 percent shares of Flag. This is the third agreement Reliance has entered into with Flag shareholders. Earlier it had entered into a tie up with two sets of shareholders - Harbert, which owned 37.1 percent of shares and Triage, which owned 8.6 percent of shares. These two agreements ensured Reliance a beneficial vote of 45.7 percent of Flag's shares. According to the terms of the amalgamation agreement between Reliance Gateway Net and Flag, if 30 percent or more shareholders vote against the agreement, the deal would stand cancelled.
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