From the Wires
Nortel Inversora S.A. Announces Consolidated Nine Month Period And Third Quarter Results For Fiscal Year 2017
By: PR Newswire
Nov. 10, 2017 06:06 PM
BUENOS AIRES, Argentina, Nov. 10, 2017 /PRNewswire/ -- Nortel Inversora S.A. ("Nortel" or the "Company")(NYSE: NTL) announces consolidated income of AR$ 5,675 million for the nine- month period ending September 30 of fiscal year 2017, of which AR$ 3,117 million correspond to Nortel as parent company of Telecom Argentina S.A. ("Telecom").
The sole material activity of Nortel is holding 54.74% of the capital stock of Telecom, representing a holding of 55.60% of the voting and economic rights of Telecom as a result of Telecom's holding of 15,221,373 shares of treasury stock. The holding of such shares of treasury stock has been extended for up to three additional years pursuant to the resolution of the Ordinary and Extraordinary Stockholders Meeting of Telecom held on April 29, 2016.
Call for the Ordinary General Stockholders' Meeting of Telecom
Telecom's Board of Directors, in a meeting held on November 2, 2017, resolved to summon for an Ordinary General Stockholders' Meeting to be held on November 30, 2017, for the purpose of considering the delegation of powers to the Board of Directors to decided upon the partial or total withdrawn of the "Reserve for Future Cash Dividends" and the distribution of the withdrawn funds as cash dividends, in the amounts and dates determined by the Board of Directors.
Resolutions of the Company's Common Shares Special Stockholders' Meeting
The Common Shares Special Stockholders' Meeting held on November 10, 2017 resolved to approve the exchange ratio offered to the common shares within the context of the merger of Nortel with and into Telecom , and the subsequent dilution of its voting rights as a result of such exchange ratio.
Resolutions of the Class B Preferred Shares Stockholders' Meeting
The Class B Preferred Shares Stockholders' Meeting held on November 10, 2017, resolved as follows:
a) To approve the Merger of Nortel with and into Telecom as surviving company;
María de los Angeles Blanco Salgado
Maria Blanco Salgado
SOURCE Nortel Inversora S.A.
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