IDB prospectus reveals: UPC was "no show" at Tevel shareholders meeting

Agenda included $50 million infusion from existing shareholders, company value for purposes of cash injection

Author:: TheMarker.com Staff
Publish date:: Apr 23, 2002 12:35 PM EDT

Debt-ridden cable television company Tevel convened a shareholders meeting and United Pan-European Communications (Nasdaq:UPCOY, ASE:UPC) didn't show up, according to a prospectus submitted by IDB Development.

In March 2002, Discount Investment Corporation (TASE: DISI ) asked Tevel's board of directors to convene a special shareholders meeting to discuss raising $50 million from Tevel's existing shareholders and to determine the company value at which the cash injection would be made.

During the course of the month, UPC representatives sent letters to Discount Investments expressing various reservations concerning the request. Discount set the meeting date for April 4 but only its own representatives attended, so the meeting was disbanded for lack of the required quorum.