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March 26, 2008 |
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MAXCOM TELECOM: Holds Annual Shareholder Meeting Maxcom Telecomunicaciones, S.A.B. de C.V. held its annual shareholder meeting on March 24, 2008, in which its shareholders approved, among other, these items: -- The 2007 annual report by the Chief Executive Officer and the Board of Directors. -- The 2007 audited financial statements. -- The stock buy-back plan for 2008. -- The appointment of new directors to the board. After PricewaterhouseCoopers finished their auditing process of the 2007 financial statements, Maxcom adopted new accounting criteria to recognize the cost of stock options related to the consummation of the company's initial public offering. As a result, the cost of such options was recognized when it was granted instead of when the option was exercised, as originally stated in Maxcom's Initial Public Offering Prospectus dated Oct. 18, 2007; thereby, booking such cost in the fourth quarter of 2007 rather than beginning second quarter of 2008. This cost represented a non-cash item for the company in the amount of MXN24 million. Additionally, a stock buy-back plan was approved for up to MXN36 million. The plan will operate locally, under the Mexican Stock Exchange rules, and other than providing liquidity to the stock from time to time, it may also be used to provide shares for the different stock option plans the company has in place, partially offsetting the dilution effect of such plans. Finally, the shareholders nominated and appointed Gabriel Vazquez as director, and Efrain Ruvalcaba and Jorge Vazquez as alternate directors to the board. Therefore, the Maxcom's new board is comprised of: Directors Alternate Directors ------------------------------------------------------------ Adrian Aguirre Gomez (Chair) Maria Guadalupe Aguirre Gomez Eduardo Vazquez (Vice-Chair) Jorge Vazquez Gabriel Vazquez Efrain Ruvalcaba Perez Lauro Gonzalez Moreno (Vacant) Rodrigo Guerra Botello (Vacant) Jacques Gliksberg Marco Viola Rene S. Sagastuy F. (Vacant) Marco Provencio Munoz (Vacant) Alfonso Gonzalez Migoya (Vacant) Headquartered in Mexico City, Mexico, Maxcom Telecomunicaciones, SA de CV, is a facilities-based telecommunications provider using a "smart-build" approach to deliver last-mile connectivity to micro, small and medium-sized businesses and residential customers in the Mexican territory. Maxcom Telecomunicaciones launched commercial operations in May 1999 and is currently offering Local, Long Distance and Internet & Data services in greater metropolitan Mexico City, Puebla and Queretaro. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 4, 2008, Moody's Investors Service confirmed Maxcom Telecomunicaciones, S.A. de C.V.'s corporate family rating at B3. At the same time, Moody's confirmed its B3 rating on the company's US$200 million in Senior Unsecured notes due in 2014. Moody's said the outlook for all ratings is now positive. Moody's rating action concludes the review for upgrade initiated in November 2007. |
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