SEPI Sociedad Estatal de Participaciones Industriales

The current holder of the shares is Ente Público Radio Televisión Española, in liquidation

The Council of Ministers resolved to authorize the state-owned industrial holding company Sociedad Estatal de Participaciones Industriales (SEPI) to purchase 302,000,000 shares of the Corporación RTVE, S.A., and which until now were in the hands of Ente Público Radio Televisión Española, which currently is in liquidation.

Besides, the Ente Público RTVE has also been authorized to sell to SEPI those shares which are owned by it.

Corporación RTVE and the companies which provide the public service (the State-Owned Enterprises TVE, S.A. and RNE, S.A.) began their respective ordinary activities on January 1st, 2007, once they had completed the capital increase proceedings for the amount of € 1,510M, which was subscribed by Ente Público RTVE, and this disbursement was wholly made through the contribution of assets and liabilities for the same amount, had amended their Articles of Association, executed the deed for the contribution of assets and liabilities and its corresponding recording in the Mercantile Registry. On the same day, the Ente Público RTVE went into winding up/liquidation proceedings.

Liquidation proceedings

According to that stipulated by the Act for state-owned radio and television 2006, the Ente Público must proceed to the orderly termination of all the legal relationships which might exist on the date on which it enters into the liquidation proceedings, as well as to liquidate, divest and terminate, as the case may be, the assets, rights and liabilities which make up the estate of the above mentioned Ente Público. Once the liquidation proceedings have concluded, the Act contemplates the dissolution of the Ente Público RTVE.

In the above mentioned liquidation proceedings, the Ente Público RTVE, in liquidation must dispose of all of its assets and rights, among which are included the shares of Corporación RTVE which it might hold, so that with the proceeds obtained from those disposals it might obtain the financial means which allow it to pay off the liabilities incurred.

In any case, Act 2006 stipulates that the Government will provide the Ente Público with the funds required for its carrying out, in an orderly way, the above mentioned liquidation proceedings.

The sum of the shareholding sale and purchase transaction authorized amounts, on this date, to €1,197 M, as a result of setting the purchase price at the same net value in books which those shares have in the Ente Público, in liquidation. The sale and purchase process for the shares can take place in a number of stages, until its complete conclusion, on the basis of the requirements of the Ente Público and of the resources available in the Sociedad Estatal de Participaciones Industriales.