Special Occasions Communique 19 February 2018

Special Occasions Communique 19 February 2018

THE COMMUNIQUE ON THE AMENDMENTS ON SPECIAL OCCASIONS COMMUNIQUE
The Communiqué on the Amendments on Special Occasions Communiqué (“Communiqué”) is published in the Official Gazette on 13.02.2018.
The following paragraph (paragraph 4) is added to the Article 12 of Special Occasions Communiqué (II-15.1) which was  published in the Official Gazette numbered 28891 and dated 23.01.2014:
“In case of any decline or arrival of a natural or legal person’s share in capital of an issuer whose shares are publicly traded, to %5, %10, %15, %20, %25, %33, %50, %67 or %95, or going down below the aforementioned rates; the statement which has to be made by those persons shall be done by the Central Registry Agency (CRA). Making a statement in this context shall not terminate the other obligations of explanation of Central Registry Agency (CRA) within the scope of this Article.”
The old and new versions of the related article are as follows:

OLD VERSION
Amendments on Capital Structure and Management Control

Article 12 – (1) The obligation of explanation is fulfilled by;
a) In case of any decline or arrival of a natural or legal persons or the ones acting in concert with these person’s share in capital of an issuer whose shares are publicly traded, to %5, %10, %15, %20, %25, %33, %50, %67 or %95, or going down below  the aforementioned rates; by those persons,
b) In case of any decline or arrival of investment funds or the share in the capital of issuer or the total voting power , directly or indirectly, to %5, %10, %15, %20, %25, %33, %50, %67 or %95, or going down below the aforementioned rates; by the founder.
(2)In the statements on capital structure and management control of publicly – traded (thereby capital market instruments being offered to public) close corporations, from the above mentioned rates in the paragraph 1, sub clause (a), only  %25, %50 and %67 shall be taken into account.

(3) All the voting rights connected to shares, including the circumstances in which the voting right is frozen (frozen?) shall be taken into account in the calculation of the rates mentioned in paragraph one and two. This calculation shall be done separately, and in a manner that includes the shares in different groups and the voting rights connected to them.

NEW VERSION
Amendments on Capital Structure and Management Control

Article 12 – (1) The obligation of explanation is fulfilled by;

a) In case of any decline or arrival of a natural or legal persons or the ones acting in concert with these person’s share in capital of an issuer whose shares are publicly traded, to %5, %10, %15, %20, %25, %33, %50, %67 or %95, or going down below  the aforementioned rates; by those persons,

 

b) In case of any decline or arrival of investment funds or the share in the capital of issuer or the total voting power , directly or indirectly, to %5, %10, %15, %20, %25, %33, %50, %67 or %95, or going down below the aforementioned rates; by the founder.

 

(2)In the statements on capital structure and management control of publicly – traded (thereby capital market instruments being offered to public) close corporations, from the above mentioned rates in the paragraph 1, sub clause (a), only  %25, %50 and %67 shall be taken into account.

 

(3) All the voting rights connected to shares, including the circumstances in which the voting right is frozen (frozen?) shall be taken into account in the calculation of the rates mentioned in paragraph one and two. This calculation shall be done separately, and in a manner that includes the shares in different groups and the voting rights connected to them.

(4) n case of any decline or arrival of a natural or legal person’s share in capital of an issuer whose shares are publicly traded, to %5, %10, %15, %20, %25, %33, %50, %67 or %95, or going down below the aforementioned rates; the statement which has to be made by those persons shall be done by the Central Registry Agency (CRA). Making a statement in this context shall not terminate the other obligations of explanation of Central Registry Agency (CRA) within the scope of this Article.

 

EFFECTIVE DATE
The Communiqué shall enter into force on 13.02.2018.

RELATED LINK
http://www.resmigazete.gov.tr/main.aspx?home=http://www.resmigazete.gov.tr/eskiler/2018/02/20180213.htm&main=http://www.resmigazete.gov.tr/eskiler/2018/02/20180213.htm

2018-02-20T07:17:00+00:00