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The Regulatory Body of Social Communication (ERC) decided today “to immediately suspend the exercise of voting rights” of the new shareholders of Media Capital, such as Mário Ferreira, CIN or Biz Partners, evoking the “lack of transparency of the respective participations “.
The regulator also determined the “immediate suspension of the economic rights inherent to the qualifying participations in question” and their deposit “in an individualized account opened with a credit institution, their movement being prohibited during the suspension.” In other words, the shares must be parked in a bank and cannot be sold.
ERC also intends to suspend the general meeting (AG) for the election of the new governing bodies elected by the new shareholders, transferring effective management power to them. The big meeting is scheduled for tomorrow. Even if GA occurs, its effects will be considered null. The regulator warns that “any decision taken that may involve a change of domain of Media Capital’s radio and television operators will not be recognized by ERC, since it lacks the necessary prior authorization.” And it considers that it is the duty of the governing bodies, in particular the president of the GA board, to ensure that this resolution is respected.
This ERC decision, approved with four votes in favor and one abstention, comes after the initiation of an administrative offense against Mário Ferreira and Pluris for unauthorized alteration of the control of the owner of TVI, in violation of the Transparency Law. It should be remembered that before the CMVM considered that there was a consultation among those shareholders, which forced the Douro Azul businessman to launch a public offering.
The regulator gives Media Capital ten days to provide evidence or take measures to ensure the transparency of the rated holdings and prevent the effects described.
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