Liquidation Distribution to Shareholders and Payments to Option Holders of Former SBS Broadcasting S.A. Expected to Be Made on N
November 07 2005 - 6:57AM
PR Newswire (US)
LUXEMBOURG, Nov. 7 /PRNewswire/ -- TVSL S.A. en liquidation
(formerly SBS Broadcasting S.A.) today announced that it expects to
distribute the proceeds of its recently completed asset sale and
certain other amounts to shareholders and make payments to holders
of stock options of the former SBS on November 8, 2005. The
liquidation distribution amount to be paid to shareholders will be
equal to either euro 46.072 per share or, for those shareholders
who have previously elected to receive U.S. dollars, U.S. $55.087
per share. The aggregate amount paid to each shareholder and option
holder will be rounded down to the nearest cent prior to payment.
The payments will be made by wire transfer or by mail in the form
of a cheque to shareholders of record as of October 18, 2005, the
closing date of the asset sale, and to option holders. Shareholders
of record as of any date other than October 18, 2005 will not be
entitled to receive the liquidation distribution from the former
SBS. Shareholders who have purchased shares in the former SBS or
have become shareholders of record after October 18, 2005 will need
to make arrangements with the holder of these shares on the record
date in order to receive any proceeds of the liquidation
distribution. The former SBS's ordinary shares were delisted from
the Nasdaq market, and trading of the shares on Euronext Amsterdam
was suspended, as of the close of trading on October 13, 2005.
Delisting from Euronext Amsterdam is expected to occur on November
8, 2005, upon payment of the liquidation distribution and option
cancellation payments. If shareholders or option holders have any
questions in connection with these payments, they should contact
Georgeson Shareholder, the information agent, at the following
telephone numbers: Georgeson Shareholder Toll free in the United
States: +1 866 328 5441 Banks and Brokers: +1 212 440 9800 Callers
in Europe: 00 800 5555 6666 The former SBS's paying agent in The
Netherlands for purposes of the liquidation distribution is
Deutsche Bank AG, Amsterdam Branch, Herengracht 450-454, 1017 CA,
Amsterdam, The Netherlands (telephone: +31 20 555 4461). The
liquidation of the former SBS will be completed as promptly as
practicable following the satisfaction of its remaining liabilities
at which point the issued and outstanding shares will be cancelled.
The former SBS does not expect to make any further distributions to
shareholders. Forward-Looking Statements The statements in this
press release regarding the timing for the liquidation
distribution, payments to option holders and the completion of the
liquidation process are forward-looking. The actual timing of these
events may change. For information regarding factors that could
affect the timing for these events, please see the Shareholders'
Circular, which is available on SBS's website at
http://www.sbsbroadcasting.com/. DATASOURCE: TVSL S.A. en
liquidation CONTACT: Investors: Mike Smargiassi, or Jon Lesko, both
of Brainerd Communicators, +1-212-986-6667; or Press: Jeff Pryor of
Pryor & Associates, +1-818-338-3555, all for TVSL S.A. en
liquidation Web site: http://www.sbsbroadcasting.com/
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