Outcome of CETIN General Meeting to resolve the squeeze-out of minority shareholders
The general meeting of Česká telekomunikační infrastruktura a.s. was held in Prague on 3 December 2015 to resolve the squeeze-out of minority shareholders. It was attended by shareholders holding 97.41 % of the shares.
The general meeting was called upon by request of the main shareholder, PPF A4 B.V., which holds 95% of the shares in the company. Under the Business Corporations Act, the general meeting decided on the compulsory transfer of ownership title of all shares in the company held by shareholders of the company other than the main shareholder over to PPF A4 B.V., the main shareholder.
The general meeting resolved that cash compensation of CZK 172.40 per share will be paid for this compulsory transfer. PPF A4 B.V. as the main shareholder will provide this compensation determined by an independent expert at its own cost through PPF banka a.s., with which it has already deposited the required amount of funds.
PPF banka a.s. will pay the cash compensation to eligible persons, primarily into their bank accounts or by way of a postal money order, no later than within 30 days of the day of effect of the transfer of shares to the main shareholder.
The date of the transfer of the shares to the main shareholder and other details of the payment of the compensation (including the identification of the telephone information line set up for this purpose) will be posted on the company’s website following the publication of the general meeting’s above-described resolution on the compulsory transfer in the Commercial Register.