Oi Case: Amec published a Market Communication some days before CVM’s decision

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On March 18th, Amec published a Market Communication addressing Oi case (the association had already officially manifested itself about the case in December, 2013). This time, the association questioned the difference in the treatment given to the company’s shareholders in Brazil and abroad. In the document submitted to SEC (Brazilian Securities and Exchange Commission), for example, Portugal Telecom does not use the expression “firm guarantee” by banks for the capital increase, as set forth in CVM’s circular.
In the document, the entity states that “…[the] supporting material to the Extraordinary Stockholders’ General Meeting scheduled for March 27th, 2014, is clearly contrary to the decisions taken by Superintendência de Acompanhamento de Empresas (Office of the Superintendent for the Follow-up of Companies) in the ongoing process about the mentioned corporate operation, already confirmed on appeal and for which the only pending issue is the confirmation by CVM’s committee with respect to the acceptance of the right of withdrawal of common stock in the transaction.”
In view of CVM’s decision about Oi case, which surprised the association’s members, and considering the relevance of the topic, Amec calls its Technical Commission for an Extraordinary Meeting to analyze the decision taken by the regulatory entity. The debate will take place on April 4th, at Anbima’s headquarters in São Paulo and Rio de Janeiro. CVM’s decision can be accessed in www.cvm.gov.br , in Market Communications.
Click here to access the full document.
Click here to access the letter sent to CVM in December, 2013.