PHAROL SGPS : informs on Announcement by Oi, S.A. – Request for call of general meeting of shareholders of Oi, S.A. to replace directors
July 08, 2016 at 03:40 pm EDT
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Announcement by Oi, S.A. - Request for call of general meeting of shareholders of Oi, S.A. to replace directors
PHAROL, SGPS S.A. ('PHAROL') had knowledge and communicated to the market the relevant information yesterday disclosed by Oi, S.A. - In Judicial Recovery ('Oi' or 'Company') pursuant to which it informed that shareholders holding approximately 6,6% of the share capital have requested the board of directors of Oi to call an extraordinary general meeting of shareholders to resolve on the replacement of the directors of the Company, among other matters. The announcement of Oi further informed that the board of directors of the Company will analyse the request in order to express an opinion on the request in due time.
As a shareholder, PHAROL has been acting in accordance with the interests of Oi and is of the opinion that the board of directors of the Company has been implementing the necessary actions to protect the assets of Oi and to overcome the economic and financial crisis that the Company is facing. The recent judicial recovery request by Oi is part of this strategy: the search for an organized process of restructuring its debt and the legal protection of all stakeholders of the Company.
PHAROL is persuaded that all members of the board of directors of Oi are compliant and will comply with their fiduciary duties and will act in the best interests of the Company, will resort to the governance measures set out in Oi's by-laws and the voting rights of shareholders, as legally established, in order to proceed with the existing strategy and plans, with the sole purpose of enabling its financial recovery.
In addition, PHAROL expects that the members of the board of directors of Oi remain alert to the possible appearance of investors - on the side of equity or on the side of the creditors - focused on the opportunistic return of their investments and who may act in order to obtain an advantageous negotiating position at the expense of the interests of companies going through financial difficulties. As a consequence, any measures that create unsteadiness, in breach of Oi's by-laws and interests may cause major material damage to Oi and to its image and should therefore be avoided by all shareholders.
Pharol SGPS SA published this content on 08 July 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 08 July 2016 19:40:08 UTC.
Original documenthttp://pharol.pt/en-us/press-releases/comunicados-legais/Pages/2016/Com08Jul16.aspx
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PHarol, SGPS S.A. is a holding company that specializes in owning shares in companies operating in the telecommunication field.
At the end of 2023, the company owns 0.18% of Oi S.A. (Brazil).
PHAROL, SGPS S.A. 
