SEPI Sociedad Estatal de Participaciones Industriales

The General Assembly holds a meeting
 

• The Corporation receives the assets and liabilities transferred by the Ente RTVE, which will go into receivership on next January 1st, 2007
• The Liquidation Commission of the Ente RTVE shall be made up by 5 Members appointed by SEPI

The Corporación RTVE´s General Assembly, on the meeting which it held today, has approved an increase of its social capital for the amount of 1,510 Million Euros, through the issue of 302 Million shares, each with a nominal value of 5 euros, which shall be subscribed by the state-owned entity RTVE, wholly disbursing this amount through the contribution of assets and liabilities in the same extent. As a result of the above capital increase, the General Assembly has also authorized the modification of the Corporación RTVE´s Bye-Laws.

Equally, the state-owned entity RTVE has executed today the deed for the contribution of the assets and liabilities to the Corporación RTVE and to its Lending Companies, the state-owned mercantile companies TVE, S.A. and RNE, S.A.

All these deals for a capital increase, modification of the Bye-Laws and the execution of the deed for the contribution of assets and liabilities, have been recorded in the Trade Register, as was authorized by the Council of Ministers which took place on December 22nd, 2006.

Once all these proceedings have been completed, the Corporación RTVE and the companies in charge of the provision of the public service - the mercantile state-owned companies TVE, S.A. and RNE, S.A., will start operating on January 1st, 2007. That very day, the state-owned entity RTVE and the companies TVE, S.A. and RNE, S.A., will enter into a dissolution-winding up state, as is stipulated in the fifth transitory disposition of Act 17/2006 on the state-owned radio and television.

This Act also envisages, for the same date, the liquidation of the Board of Directors of the state-owned entity RTVE, as well as of its General Management, which will be replaced by a Liquidation Board for RTVE, which will be made up by 5 Members, who were appointed by SEPI´s Board of Directors on December 15th, 2006. The Chairman of the Liquidation Board will be the current Managing Director of the Grupo RTVE, Mr. Julio Blanco Novillo.

The Liquidation Board will be in charge of carrying out the orderly liquidation of the state-owned entity RTVE, fulfilling all and on time its commitments at the time of its entering into the liquidation, carrying out the liquidation, disposal and settlement of all the goods, rights and liabilities which make up the assets of the above entity, as well as the winding up and liquidation of the companies Televisión Española, S.A. and Radio Nacional de España, S.A. The Liquidation Board of the entity RTVE will report to SEPI every year.