Le Lézard
Classified in: Science and technology, Business
Subjects: ERN, FVT

Nortel Inversora S.A. Announces Consolidated Nine Month Period And Third Quarter Results For Fiscal Year 2017

BUENOS AIRES, Argentina, Nov. 10, 2017 /PRNewswire/ -- Nortel Inversora S.A. ("Nortel" or the "Company")(NYSE: NTL) announces consolidated income of AR$ 5,675 million for the nine- month period ending September 30 of fiscal year 2017, of which AR$ 3,117 million correspond to Nortel as parent company of Telecom Argentina S.A. ("Telecom").

The sole material activity of Nortel is holding 54.74% of the capital stock of Telecom, representing a holding of 55.60% of the voting and economic rights of Telecom as a result of Telecom's holding of 15,221,373 shares of treasury stock. The holding of such shares of treasury stock has been extended for up to three additional years pursuant to the resolution of the Ordinary and Extraordinary Stockholders Meeting of Telecom held on April 29, 2016.  

 (Financial Tables below)

Nine Month Period of Fiscal Year ending December 31, 2017

(in millions of Argentine Pesos)

Consolidated Income Statement

September 2017

September 2016

Total sales and other income



Operating costs



Operating income



Financial results, net



Net income before income tax expenses



Income tax



Net income



Other comprehensive income, net of taxes



Total comprehensive income for the period                                 



Consolidated Balance Sheet  

September  2017

December  2016

Current assets



Non-current assets



Total assets



Current liabilities



Non-current liabilities



Total liabilities



Equity attributable to Nortel



Equity attributable to non-controlling shareholders



Total equity



Total liabilities and equity




Liquidity (a)



Indebtedness (b)



(a) Current assets to current liabilities

(b) Total liabilities to shareholders' equity


Relevant Matters

Call for the Ordinary General Stockholders' Meeting of Telecom

Telecom's Board of Directors, in a meeting held on November 2, 2017, resolved to summon for an Ordinary General Stockholders' Meeting to be held on November 30, 2017, for the purpose of considering the delegation of powers to the Board of Directors to decided upon the partial or total withdrawn of the "Reserve for Future Cash Dividends" and the distribution of the withdrawn funds as cash dividends, in the amounts and dates determined by the Board of Directors.

Resolutions of the Company's Common Shares Special Stockholders' Meeting

The Common Shares Special Stockholders' Meeting held on November 10, 2017 resolved to approve the exchange ratio offered to the common shares within the context of the merger of Nortel with and into Telecom , and the subsequent dilution of its voting rights as a result of such exchange ratio.

Resolutions of the Class B Preferred Shares Stockholders' Meeting

The Class B Preferred Shares Stockholders' Meeting held on November 10, 2017, resolved as follows:

a)     To approve the Merger of Nortel with and into Telecom  as surviving company;
b)     To approve the dissolution of Nortel as a result of the merger;
c)     To approve the exchanged ratio of the Class B Preferred Shares of Nortel in exchange for 
        Class B Common shares of Telecom with voting rights as established in the Preliminary 
         Reorganization Agreement dated March 31, 2017;
d)     To approve the waiver and removal of the provisions of Condition N° 9 , under the heading 
         "Commitments" of the Conditions for the issuance of the Class B Preferred Shares;
e)     To approve the legal and accounting documents related to the Merger, including the 
         Preliminary Reorganization Agreement, the special and consolidated financial statements of 
         the merger, the Supervisory Committee's report, the amendment of the bylaws of Telecom 
         Argentina S.A., and the subscription of the Final Reorganization Agreement.

María de los Angeles Blanco Salgado
Officer in Charge of Market Relations

Maria Blanco Salgado

SOURCE Nortel Inversora S.A.

These press releases may also interest you

at 18:18
The Prime Minister of Canada, Justin Trudeau, today announced that His Excellency Dr. Hage G. Geingob, President of the Republic of Namibia, will visit Canada from September 20 to 21, 2018. During the visit, President Geingob will meet with Prime...

at 18:13
As company leaders look to transform their businesses to better attune to the preferences and needs of its customers, CIOs and technology executives play a critical role in identifying how technology can be used to deliver differentiated customer...

at 18:08
Maverix Metals Inc. (the "Company" or "Maverix") is pleased to comment on recent announcements made by RNC Minerals ("RNC") regarding the significant gold discoveries RNC has made at the Beta Hunt mine in the prolific Kambalda mining district in...

at 18:06
TSX VENTURE COMPANIES CANN-IS CAPITAL CORP. ("NIS.P")BULLETIN TYPE: New Listing-CPC-SharesBULLETIN DATE: September 19, 2018TSX Venture Tier 2 Company The Capital Pool Company's ('CPC') Prospectus dated August 30, 2018, has been filed with and...

at 18:03
Altus Group Limited ("Altus Group" or "the Company") has today disposed of 10,458,142 common shares ("Common Shares") of Real Matters Inc. (the "Issuer") (being all of the Common Shares owned by Altus Group) representing approximately 11.8 per cent...

at 18:00
Hydro One Limited ("Hydro One") and Avista Corporation ("Avista") announced today that Hydro One has received a notice from Avista to extend the transaction End Date to March 29, 2019, as provided for in the merger agreement. Under the merger...

News published on 10 november 2017 at 18:05 and distributed by: