Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1

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Negative stockholders’ equity could trigger a mandatory dissolution proceeding under Article 457 of the Colombian commercial code due to shareholders’ equity representing less than 50% of share capital. At June 30, 2016 the Company has negative Shareholders’ Equity nevertheless the existence of such dissolution event would be only verified on the date the general shareholders’ meeting approves the audited financial statements for fiscal year 2016. Under Colombian law, the Company would then have an 18-month period to adopt any necessary measures to increase the shareholders’ equity to a level of at least 50% of our subscribed capital stock.

http://www.telefonica.co/documents/...6+EN.pdf/cdd2ba97-a7fd-4037-a1e9-4b1039dd4229
 
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