Vestel reported total revenues of US$520.7mn and net loss of US$65.5mn in 1Q09.
Click here for 1Q09CMB financials.
Vestel reported total revenues of US$520.7mn and net loss of US$65.5mn in 1Q09.
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With regards to our Company's capital increase to TL 335,456,275 from TL 175,456,275 new shares were issued through restricting the Company's existing shareholders' pre-emptive rights and the new shares (with a nominal value of KR 1 per share) were allocated to Collar Holding B.V. in the ISE wholesale market at a value of KR 1 per share with the intermediation of Deniz Yatırım Menkul Kıymetler A.S. on 20 April.2009. Accordingly our Company's paid in capital increased by YTL160mn (approximately US$100mn).
After the capital increase our shareholder structure changed as below:
| Name of the Shareholder | Share % | Amount TL |
|---|---|---|
| Collar Holding B.V. | 74,69 | 250.566.143 |
| Zorlu Holding | 2,73 | 9.148.547 |
| Other | 22,58 | 75.741.585 |
| Total | 100 | 335.456.275 |
Vestel reported total revenues of US$3,632mn and net loss of US$315.7mn in FY08.
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ISS, the world's leading provider of corporate governance and proxy voting solutions, affirmed Vestel Elektronik's corporate governance rating score at 8.5. ISS Corporate Services stated in its report that the rating reflected the very good overall performance of the company regarding its current corporate governance structures as measured against the Principles of the Turkish Capital Markets Board (CMB).
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The Board of Directors of Vestel Elektronik Sanayi ve Ticaret Anonim Sirketi met under the presidency of Mr. Ahmet Nazif Zorlu on 4 February 2009 and took the below-mentioned decisions.
1. In a period of ongoing global crisis, in order to further strengthen our Company's financial structure, and hence to minimize the negative effects of the crisis, to reflect our Group's trust to our Company and to further add value to our shares, within the limits of our authorized capital, our Company's issued capital is to be raised by TL 160,000,000 through allocation of new shares to Collar Holding B.V. and the raised TL 160,000,000.00 capital is to be paid in cash.
With regards to the new shares to be issued, our existent shareholders' pre-emptive rights are to be restricted (in line with Article 6 of AoA) and the new shares (with a nominal value of KR 1 per share) are to be allocated to Collar Holding B.V. in the ISE wholesale market at a value of KR 1 per share with the intermediation of Deniz Yatırım Menkul Kıymetler A.S.
2. The application to Capital Markets Board related to the capital increase and other legal procedures are to be initialized.
Meanwhile,
With regards to our disclosure dated 21 November 2008 on planned restricted rights issue, it has been decided that the new shares are to be allocated to our Company's major shareholder, Collar Holding B.V., instead of Zorlu Holding A.S.
Due to the restructuring in Zorlu Group of Companies Ms. Şule Zorlu resigned from her duty in Vestel Elektronik Sanayi ve Ticaret A.Ş.'s Board of Directors and with respect to Turkish Commercial Code's 315 act in order to be submitted for approval in the first general meeting, Mr. Mehmet Emre Zorlu was appointed to Ms. Şule Zorlu's place.
On 18 December 2008, the Capital Markets Board (CMB) approved Vestel Elektronik's application with regards to the increase in the Company's issued capital to YTL 175,456,275 from YTL 159,099,886.96 within the Company's registered capital ceiling of YTL 440,000,000. The increase of YTL 16,356,388.04 is to be met through the gains from participation share sales. Accordingly, existing shareholders are to exercise their bonus issue rights.
The Company's capital increase through 10.281% bonus issue will start on 30 December 2008.
Standard & Poor's downgraded the ratings of Vestel Elektronik to "B-" from "B". The outlook remains negative.
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