IssuerAnnouncementDetailsV2Portlet
Saudi Cable Co. Announces an update on Previous announcement of postponing the invitation to shareholders to vote on the financial restructuring proposal
Element List | Explanation |
---|---|
Introduction | With reference to the announcement of the Saudi Cable Company, which is subject to the financial reorganization procedure, on the Tadawul website on 11/25/1445 AH, corresponding to 06/02/2024 AD, related to the latest developments regarding its decision to postpone the date for shareholders and creditors to vote on the financial reorganization proposal for the Saudi Cable Company, scheduled for next Tuesday, corresponding to 04 /06/2024 AD for shareholders and 06/06/2024 AD for creditors Until the company’s objection to it is decided by the Court of Appeal, the Saudi Cable Company announces the decision of the Commercial Court in Jeddah in the session held on 11/27/1445 AH, corresponding to 06/04/2024 AD, which Through it, the court decided to reject the request to postpone the voting date and to adhere to the previously announced voting date (i.e. Tuesday 11/27/1445 AH corresponding to 06/04/2024 AD and Thursday 11/29/1445 AH corresponding to 06/06/2024 AD) in compliance with the ruling issued by the department. The fourth commercial transaction in Jeddah on 11/06/1445 AH (corresponding to 05/14/2024 AD), through which the department ruled to accept the deposit of the financial reorganization proposal of the debtor, the Saudi Cable Company, submitted by the procedure trustee. The Regulatory Secretary notes the inability of shareholders to vote and will take the necessary legal measures for shareholders’ rights in accordance with the bankruptcy law and its executive regulations. The time for creditors to vote on the proposal will be on Thursday 11/29/1445 AH corresponding to 06/06/2024 AD, in person, coinciding with an electronic meeting extending from 9 am to 10 am via the Zoom Meeting platform, to provide creditors with an overview of the company’s financial reorganization plan proposal. Allowing creditors to ask their questions regarding the proposal to conduct financial reorganization, and from 10 a.m. to 8 p.m., where creditors can vote in person or via the Deloitte Halo electronic voting platform. Please note that the same Zoom Meeting will remain synchronized with the voting period and exist only to address any technical questions that creditors have during the voting process. It is worth noting that creditors can vote in person or pursuant to a mandate certified by the Chamber of Commerce or a proxy. It should be noted that the legitimacy includes the right to vote on the condition that the mandate or proxy is presented in addition to a copy of the identity of the person authorized to vote no later than 05/06/2024 AD, corresponding to 28/ 11/1445 AH. In order to register your attendance to vote on the company’s proposal, whether in person or electronically, the creditors must provide the trustee with a copy of the creditor’s identity and the creditor or his agent must provide the trustee with a copy of the authorization/power of attorney in addition to the documents proving his eligibility to vote on behalf of the company as soon as possible (for example: The company's commercial register or creditor's identity, in addition to the agent's identity) by sending a copy of it to the email scctrustee@deloitte.com. |
Previous Announcement | Previous announcement of postponing the invitation to shareholders to vote on the financial restructuring proposal |
Date of Previous Announcement on Saudi Exchange’s Website | 2024-06-02 Corresponding to 1445-11-25 |
Hyperlink to the Previous Announcement on the Saudi Exchange Website | Click Here |
Latest Developments Of The Announced Event | The Trustee notes the inability of shareholders to vote and will take the necessary legal measures for shareholders’ rights in accordance with the bankruptcy law and its executive regulations. The time for creditors to vote on the proposal will be on Thursday 11/29/1445 AH corresponding to 06/06/2024 AD, in person, coinciding with an electronic meeting extending from 9 am to 10 am via the Zoom Meeting platform, to provide creditors with an overview of the company’s financial reorganization plan proposal. Allowing creditors to ask their questions regarding the proposal to conduct financial reorganization, and from 10 a.m. to 8 p.m., where creditors can vote in person or via the Deloitte Halo electronic voting platform. Please note that the same Zoom Meeting will remain synchronized with the voting period and exist only to address any technical questions that creditors have during the voting process. It is worth noting that creditors can vote in person or pursuant to a mandate certified by the Chamber of Commerce or a proxy. It should be noted that the legitimacy includes the right to vote on the condition that the mandate or proxy is presented in addition to a copy of the identity of the person authorized to vote no later than 05/06/2024 AD, corresponding to 28/ 11/1445 AH. In order to register your attendance to vote on the company’s proposal, whether in person or electronically, the creditors must provide the trustee with a copy of the creditor’s identity and the creditor or his agent must provide the trustee with a copy of the authorization/power of attorney in addition to the documents proving his eligibility to vote on behalf of the company as soon as possible (for example: The company's commercial register or creditor's identity, in addition to the agent's identity) by sending a copy of it to the email scctrustee@deloitte.com. |
The costs associated with the event, and if they have changed or not with indication of the reasons. | There are no costs associated with the event at the moment, the financial impact will be disclosed later if it exists. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.