Telenet Group - EGM 03 December 2020
Telenet convenes a Special Shareholders' Meeting: under Belgian law, this is a meeting convened on a different date than the AGM, but it deliberates under the same quorum and majority conditions.
It is possible that the company makes use of derogations permitted by law or Royal decree from the rules of convening, operation of and participation in the special shareholders'meeting (including possible restrictions to the exercise by shareholders of their rights to participate in the special shareholderssmeeting), depending on the evolution of Covid-19 in Belgium or in the region of the place of the general meeting during the period between the moment of this convocation and the date of the special shareholders'meeting. The company will further communicate in that case.
Under Items 1-2 concerning the approval of an intermediate dividend per share of EUR 1.375 (in total EUR 150.1 million), as for the last AGM, in light of the Company's high net debt to EBITDA ratio (4.0x, Q3 2020) and negative equity (- 1 392 million €, Q3 2020), ECGS recommends to refrain from dividend payments, also considering the worsening of the ongoing health crisis. By the deduction of the interim dividend from the company's reserves, it seems to us that company is going in the opposite direction. Accordingly, ECGS recommends to OPPOSE.
Telenet Group Holding is a holding company. Through its subsdiairies and its broadband network, Co. is engaged in the provision of cable television, including television services, broadband internet and telephony services to residential subscribers in Flanders and certain communes in Brussels as well as broadband internet, data and voice services in the business market throughout Belgium and parts of Luxembourg. In addition, Co. is engaged in the provision of mobile telephony services through a mobile virtual network operator partnership with Mobistar NV.
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