Vivendi Shareholders’ Meeting: Three New Proposed Resolutions
March 24 2015 - 1:32PM
Business Wire
Regulatory News :
Vivendi (Paris:VIV) announced today that it has received three
requests from shareholders to include proposed resolutions on the
agenda of its April 17 Shareholders’ Meeting.
One proposal concerns the non-application of the French
“Florange” law regarding double voting rights. The two other
proposals seek an increase in the amount of the distribution
proposed to shareholders with respect to fiscal year 2014 and the
payment of an exceptional dividend.
During its meeting held this March 24, 2014, the Management
Board examined these requests. It has decided against approving
these proposed resolutions and will recommend that shareholders
vote against or abstain from voting on them.
Regarding the proposed resolution opposing the adoption of the
Florange law, the Management Board considers that such a vote would
contravene rules designed by the public authorities for groups such
as Vivendi, whose operations are regulated, to stabilize their
capital and encourage long term share ownership.
Regarding the second proposed resolution, the Management Board
considers that its existing proposal to distribute over the next
three years an annual dividend of one euro per share ensures
shareholder loyalty, whilst maintaining the Group's ability to
carry out important internal and external growth projects.
On the third proposed resolution concerning the payment of an
exceptional dividend, the Management Board considers that such a
distribution of amounts which, as a matter of fact, have yet to be
received, would exceed the Group’s distributable reserves. Such a
distribution level would significantly reduce Vivendi’s financial
flexibility and jeopardize its development strategy. Moreover, the
Management Board believes that this proposed resolution would not
be in the public interest and could be construed as an act of
mismanagement that, if in the unlikely event it were approved,
could lead to lengthy litigation, notably in terms of abuse of
power.
The proposed resolutions will be published in the Bulletin des
Annonces Obligatoires on Friday, March 27, and will be available on
the Vivendi website (www.vivendi.com) along with an addendum to the
Management Board’s report.
About VivendiVivendi groups together leaders in content
and media. Canal+ Group is the French leader in pay-TV, also
operating in French-speaking Africa, Poland and Vietnam; its
subsidiary Studiocanal is a leading European player in production,
acquisition, distribution and international film and TV series
sales. Universal Music Group is the world leader in music. Vivendi
Village brings together Vivendi Ticketing, Wengo (expert
counseling), Watchever (subscription video-on-demand) and the
Paris-based concert hall L’Olympia. In addition, Vivendi currently
owns GVT a fixed very high-speed broadband, fixed-line telephony
and pay-TV services operator in Brazil. www.vivendi.com
Vivendi
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