Nasdaq wants to exclude ITS Media from the exchange for breaking the rules
The NASDAQ Stock Exchange Administration convicted CTC Media holding in violation of the rules of the exchange. From the message on the website of the American Securities Commission (SEC), it follows that the stock exchange intends to initiate the procedure for delisting the company.
Last year, STS did not hold a general meeting of shareholders. In the near future, the Nasdaq administration will decide whether to exclude the company's shares from the list of securities traded on the stock exchange or to “forgive” it for this violation. In the meantime, CTC shares are traded as usual.
The message was published after the end of yesterday's trading. Yesterday, Wednesday January 20, CTC Media's capitalization fell 0.53% to $ 290.4 million.
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The meeting of shareholders was not held in 2015, since the board of directors of the company and its top management were focused on the sale of the holding, Vedomosti reports with reference to the message.
If the deal had not been concluded in 2015, Roskomnadzor would have withdrawn the registration of the media from the holding channels and would have banned their distribution in Russia. In addition, the company recalls that it held an extraordinary shareholders meeting in December, where the issue of a deal with YUTV was considered.
Earlier in the disclosure at SEC TC Media reported that it plans to leave the NASDAQ in March of this year.
CTC Media is a Russian teleholding that manages the CTC, Domashny, Che and CTC Love channels.
According to the new amendments to the Law “On Mass Media”, since January 2016, foreigners are prohibited from directly or indirectly owning more than 20% of any Russian media.
Now the largest shareholder is CTC Media Inc. (registered in the US state of Delaware) is the Swedish company Modern Times Group ( MTG ) with a package of 38.53%. Approximately 36% are traded on the NASDAQ exchange. And the remaining 25.4% belong to the Telcrest company in Cyprus.
In this regard, the owners agreed with the co-owner of UTV holding Alisher Usmanov and Ivan Tavrin about the sale of 75% of the operating business of STS Media at an initial price of $ 200 million, wrote Megamind in September.
This spring, CTC Media Inc. will pay the foreign shareholders of the holding by adding funds to the buyer's money in their accounts, and in fact repay their shares. After this CTC Media Inc. should leave the stock exchange, and the Russian teleholding will only have Russian shareholders - UTV and Telcrest, controlled by Yuri Kovalchuk, his partners and the VTB group.
At the end of December, the meeting of the founders of CTC Investments LLC elected a new board of directors. It includes Ivan Tavrin, Chairman of the Board of Directors of Kommersant Publishing House Vladimir Zhelonkin, Director General of YUTV Andrey Dimitrov, Director General of CTC Media Juliana Slashcheva and member of the Board of Directors of CTC Media Inc. Jean-Pierre Morel.
Last year, STS did not hold a general meeting of shareholders. In the near future, the Nasdaq administration will decide whether to exclude the company's shares from the list of securities traded on the stock exchange or to “forgive” it for this violation. In the meantime, CTC shares are traded as usual.
The message was published after the end of yesterday's trading. Yesterday, Wednesday January 20, CTC Media's capitalization fell 0.53% to $ 290.4 million.
')
The meeting of shareholders was not held in 2015, since the board of directors of the company and its top management were focused on the sale of the holding, Vedomosti reports with reference to the message.
If the deal had not been concluded in 2015, Roskomnadzor would have withdrawn the registration of the media from the holding channels and would have banned their distribution in Russia. In addition, the company recalls that it held an extraordinary shareholders meeting in December, where the issue of a deal with YUTV was considered.
Earlier in the disclosure at SEC TC Media reported that it plans to leave the NASDAQ in March of this year.
CTC Media is a Russian teleholding that manages the CTC, Domashny, Che and CTC Love channels.
According to the new amendments to the Law “On Mass Media”, since January 2016, foreigners are prohibited from directly or indirectly owning more than 20% of any Russian media.
Now the largest shareholder is CTC Media Inc. (registered in the US state of Delaware) is the Swedish company Modern Times Group ( MTG ) with a package of 38.53%. Approximately 36% are traded on the NASDAQ exchange. And the remaining 25.4% belong to the Telcrest company in Cyprus.
In this regard, the owners agreed with the co-owner of UTV holding Alisher Usmanov and Ivan Tavrin about the sale of 75% of the operating business of STS Media at an initial price of $ 200 million, wrote Megamind in September.
This spring, CTC Media Inc. will pay the foreign shareholders of the holding by adding funds to the buyer's money in their accounts, and in fact repay their shares. After this CTC Media Inc. should leave the stock exchange, and the Russian teleholding will only have Russian shareholders - UTV and Telcrest, controlled by Yuri Kovalchuk, his partners and the VTB group.
At the end of December, the meeting of the founders of CTC Investments LLC elected a new board of directors. It includes Ivan Tavrin, Chairman of the Board of Directors of Kommersant Publishing House Vladimir Zhelonkin, Director General of YUTV Andrey Dimitrov, Director General of CTC Media Juliana Slashcheva and member of the Board of Directors of CTC Media Inc. Jean-Pierre Morel.
Source: https://habr.com/ru/post/298064/
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