29 Sep 2016 08:05
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PRESS RELEASE
Grupo Clar铆n, S.A. Announces Shareholder Approval of Split-up of Cable TV and Internet Segment
Buenos Aires, September 29, 2016.
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Grupo Clar铆n S.A. ("Grupo Clar铆n") (ARG: GCLA; LSE: GCLA) announced that its shareholders approved the split-up (escisi贸n) (the "Split-up") of Grupo Clar铆n's equity interest in Cablevisi贸n S.A ("Cablevisi贸n"), the subsidiary that operates Grupo Clar铆n's cable television, internet and data transmission businesses, into a new Argentine corporation under the name of Cablevisi贸n Holding S.A. ("Cablevisi贸n Holding" or "Newco") at a shareholders meeting held today. Grupo Clar铆n will retain all assets and liabilities, and continue with all the activities and operations of its remaining business segments, not specifically allocated to Cablevisi贸n Holding. A summary of the shareholders' resolution approving the Split-up will be filed with the Comisi贸n Nacional de Valores of the Republic of Argentina (Argentine Securities Commission, or the "CNV").
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Cablevisi贸n Holding will apply to have its shares listed on the Mercado de Valores de Buenos Aires S.A. (Buenos Aires Stock Market, or "Merval") through the Buenos Aires Stock Exchange. In addition, Cablevisi贸n Holding may apply to list its shares in one or more additional foreign stock exchanges. In each case, admission to listing and trading will be subject to approval by the relevant regulatory authorities.
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Consummation of the Split-up remains subject to obtaining certain regulatory authorizations, approvals or consents, as applicable, including from the CNV, Merval and Inspecci贸n General de Justicia de la Ciudad Aut贸noma de Buenos Aires (the City of Buenos Aires Registry of Public Commerce), among others. Grupo Clar铆n aims to complete the proposed transaction during the first quarter of 2017.
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About Grupo Clar铆n S.A.
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Grupo Clar铆n is the largest media company in Argentina and a leading company in the printing and publishing, and broadcasting and programming markets. Its newspaper - "Diario Clar铆n" - is one of the highest circulation newspapers in Latin America. Grupo Clar铆n is the largest producer of media content in Argentina, including news, sports and entertainment and reaches substantially all segments of the Argentine population in terms of wealth, geography and age.
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About Cablevisi贸n S.A.
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Cablevisi贸n is the largest operator of cable television services and data cable transmission systems in Argentina and one of the largest providers of cable services in Latin America in terms of number of subscribers. As of June 30, 2016, Cablevisi贸n had 3,89 million active customer relationships, of which 54% received broadband services, 90% received cable services and 44% received both services. Cablevisi贸n also offers wireless mobile services under the Nextel Argentina brand, having 0.9 million post paid subscribers and 0.5 million pre-paid subscribers.
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This press release is not an offer, solicitation or sale of securities in the United States or any other state or jurisdiction, and there shall not be any offer, solicitation or sale of securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. In particular, securities may not be sold in the United States absent registration with the United States Securities and Exchange Commission or an exemption from registration under the U.S. Securities Act of 1933, as amended.
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This press release contains certain forward-looking statements that reflect the current views and/or expectations of Grupo Clar铆n and its management with respect to future events. We use words such as "believe," "aim," "anticipate," "plan," "expect," "intend," "target," "estimate," "project," "predict," "forecast," "guideline," "should" and other similar expressions to identify forward-looking statements, but they are not the only way we identify such statements. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this release. Grupo Clar铆n is under no obligation and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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