14 Aug 2012 17:35
GRUPO CLARIN S.A.
GC Dominio S.A. - Authorities Registration
On 14 August 2012, Grupo Clarín S.A. (the "Company") informed the Argentine Securities Commission and the Buenos Aires Stock Exchange that one of the Company's shareholders, GC Dominio S.A. ("GC Dominio") had been served notice of a claim brought against it by the Argentine Inspección General de Justicia (the Argentine Superintendency of Legal Entities, or "IGJ", for its Spanish acronym). The claim seeks to nullify the registration with IGJ of the appointment of GC Dominio's authorities, approved at the Annual Ordinary General Shareholders' Meeting of GC Dominio held on 17 May 2011. The appointment was registered before IGJ on 23 April 2012 under No. 7147, Book No. 59 of Share Companies. The claim is pending before the National First Instance Court on Commercial Matters No. 25, Secretariat 49 (file name "Inspección General de Justicia c/ GC Dominio S.A. s/ ordinario", file No. 58652). The case file is said to show that GC Dominio has allegedly not complied with certain regulations applicable to foreign shareholders.
The legal advisors of GC Dominio have strong grounds to hold that the IGJ's Resolution has serious legal flaws, violates the guarantee of reasonableness and due process, a principle that derives from the constitutional guarantee to a defense in court, which includes the right of a defendant to be heard and to offer evidence.
The National Social Security Administration-a shareholder of the Company-upon requesting an injunction to suspend certain resolutions adopted at the Annual Ordinary General Shareholders' Meeting of the Company held in 2011, argued that there had been irregularities in the registration of certain shareholders in order to justify its request to have that Meeting nullified and its resolutions suspended. Therefore, if IGJ's claim were to be decided against GC Dominio, it could have adverse consequences for the Company.
Enquiries:
In Buenos Aires:
Alfredo Marín/Agustín Medina Manson
Grupo Clarín
Tel: +5411 4309 7215
Email: investors@grupoclarin.com
In London:
Alex Money/Helen Greenwood
Temple Bar Advisory
Tel: +44 20 7002 1080
Email: clarin@templebaradvisory.com
In New York:
Melanie Carpenter/Peter Majeski
I-advize Corporate Communications
Tel: +1 212 406 3692
Email: clarin@i-advize.com