Release of statutes rejected by the General Meeting
Friday, March 02, 2007
Today Portugal Telecom shareholders put an end to the takeover bid launched by Sonaecom by rejecting the release of the operator’s statutes, a fundamental condition for the success of the operation. Point 3 on the agenda, related to the voting of the release of the statutes, only within the scope of this bid was rejected by a majority of 52% of the shareholders
Watch the takeover bid on video via Sapo Vídeos
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| “The PT project won! (…) This takeover bid has come to an end and our position has been reinforced by the undoubted support of the shareholders who believe in our management capacity and in our project for future of PT. (…) Now it’s time to look ahead! It’s time to look at our company”. These were the words chosen by Henrique Granadeiro, Chairman of the PT Group, to summarize at the end of the General Meeting the rejection of the shareholders when they voted against point three on the agenda pertaining to the release of the statutes.
This was one of the conditions of the offeror for the success of the operation which has now come to an end. Although the effects of the release were only in relation to the bid, this was the clear will of the PT shareholders, who had the last word in the decision as to the future of the largest Portuguese corporate group.
The simultaneous bid launched by Sonaecom over PT Multimedia capital also comes to an end. According to CMVM (Portuguese Securities Market Commission), the effects of both offers are considered extinct as of the moment in which the shareholders decided not to let the release of the statutes go ahead.
As pertains points 1 and 2 on the agenda, both were approved by the shareholders. The first concerned the election of the Deputy Chairman of the General Meeting, Daniel Proença de Carvalho, and Secretary of the General Meeting, Francisco Barona, nominated by the Board of Directors to complete the mandate corresponding to 2006/2008, resulting from the cessation of functions of the previous officers due to the revision of the Commercial Code dated June 2006. Point 2 ratified the co-optation of Non-Executive Director, Nuno Vasconcellos, to complete the mandate pertaining to 2006/2008 of the former officer, Henrique Chaves, who resigned from functions.
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