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Latest Satellite News Discussion, New Premiere capital increase approved at General Satellite News forum; Premiere capital increase approved Shareholders in Premiere have approved a capital increase of 412 million, despite initial objections from some ...

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New Premiere capital increase approved - 28-February-2009, 11:00

Premiere capital increase approved

Shareholders in Premiere have approved a capital increase of 412 million, despite initial objections from some of the satcasters smaller investors. In the end the measure was approved by 99.6% of the companys capital base.

The refinancing was needed after Premiere came close to breaching covenants attached to earlier credit agreements. Last Decembers settlement with the banks was dependent on a 450 million increase in company equity. News Corp injected a further 38.4 million in January when it raised its stake from 25.01% to 29%.

No mandatory offer is required to be made to minority shareholders, should News Corps stake exceed 30% during the restructuring, folliwing an exemption granted by BaFin, the German Federal Financial Supervisory Authority.
   
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