CTC Media stockholders have given their approval to the broadcaster’s sale to UTH Russia.
In a statement detailing the results of a special meeting held on December 17, the company says that they approved all the proposed resolutions. These were the sale of 75% of the participation interests in CTC investments; adoption of the agreement and plan of merger; and advisory vote on executive compensation.
The company now anticipates that the sale to UTH Russia will close on or around this coming Monday, December 21. It also says that assuming the receipt of a licence from Office of Foreign Assets Control (OFAC), the merger will close in Q1 2016.
Commenting on the results of the special meeting, Natasha Tsukanova, co-chairman of the board, said: “We are delighted that our stockholders have approved the sale of a 75% interest in our operating business in advance of the effectiveness of the foreign ownership limitations imposed by the Russian Mass Media Law. We are also pleased that stockholders have approved a subsequent merger transaction that will allow us to return value in cash to stockholders, assuming receipt of a licence from the OFAC of the US Treasury Department, which is still pending.”
