Company Announcements

Sale of Bariloche TV

Source: RNS
RNS Number : 3504G
Grupo Clarin S.A.
23 July 2021
 

 

 

GRUPO CLARIN S.A.

Subsidiaries Arte Radiotelevisivo Argentino S.A. and GC Minor S.A.U. sell Bariloche TV S.A.

 

On 22 July 2021, Grupo Clarín S.A. (the "Company") informed the Argentine Securities Commission and the Buenos Aires Stock Exchange that its subsidiaries Arte Radiotelevisivo Argentino S.A. ("Artear") and GC Minor S.A.U. ("GC Minor") had received and accepted an offer from Televisión Litoral S.A. ("TLSA") and Margarita Scaglione ("MS", and together with TLSA, the "Buyers"), whereby the Buyers acquired from Artear and GC Minor (Artear and GC Minor, the "Sellers"), all of the Sellers' shares of Bariloche TV S.A. ("BTV"), in the following quantities and percentage participations: A) Artear assigned (i) to TLSA, 9,900 common, nominative, non-endorsable shares, each with a nominal value of AR$ 10 and the right to one vote, representing 99% of the capital stock and votes of BTV, and (ii) to MS, 90 common, nominative, non-endorsable shares, each with a nominal value of AR$ 10 and the right to one vote, representing 0.9% of the capital stock and votes of BTV, and B) GC Minor assigned to MS 10 common, nominative, non-endorsable shares, each with a nominal value of AR$ 10 and the right to one vote, representing 0.1% of the capital stock and votes of BTV (the shares described under A) and B), above, collectively, the "Shares").

 

In consideration for the Shares, the Buyers-collectively and according to the pro rata participation acquired by each Buyer-shall pay the Sellers an aggregate amount of USD 600,000 (the "Purchase Price").  Payment of the Purchase Price will be made by the Buyers as follows: (i) USD 300,000, no later than 2 August 2021, and (ii) the balance; i.e. USD 300,000, no later than 1 December 2022. Each of the Buyers has issued a promissory note in favor of the Sellers as guarantee for the payment of the Purchase Price.  The representations and warranties made by the Sellers are the usual ones for this type of transaction.  The Sellers have made no representations or warranties as to the situation of BTV.

 

The economic result of this transaction results from the Purchase Price, at the official Peso - U.S. Dollar exchange rate, minus the cost of the shares, resulting in an estimated profit of AR$ 11 million.  The final result will depend on the adjustments and taxes arising from the transaction.

 

Enquiries:

 

In Buenos Aires:

Samantha Olivieri / Valentina López

Grupo Clarín

Tel: +5411 4309 7215

Email: investors@grupoclarin.com 

 

In London:

Alex Money

Jasford IR

Tel: +44 20 3289 5300

Email: alexm@jasford.com 

 

In New York:

Camilla Ferreira / Marcella Ewerton Dragone

Fig Corporate Communications

Tel: +1 917 691 4047

Email: fig@fig.ooo

 

 

 

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