19. 11. 2010

B92: Capital increase, new BoD elected

Belgrade, 18.11.2010. (B92) - B92 AD Shareholder Assembly was held on November 17, 2010, in Belgrade, the first following the implementation of the decision on capital increase.

New Board of Directors members have been appointed: Mr. Veran Matić was at the helm of the B92 BoD and he has been once again appointed to be the chairman of the new BoD. Mr. Matić will also continue discharging his duties as the company's editor-in-chief, a statement from the company said.

Other newly-appointed BoD members are as follows: Jacob Grapengiesser, Denis Vinokourov, Stefanos Papadopoulos, Tanja Stanišić, Georgios Xsantopoulos and Nebojša Samardžić.

Having performed the capital increase upon the prior receipt of the Public Broadcast Agency's approval, the Company has acquired necessary funds for its further development in the times of economic crisis which has had a strong adverse impact on the media market.

Long-standing major B92 shareholder East Capital, the Swedish investment fund, acquired additional funds via its subsidiary Salink in collaboration with a new Greek partner, Lake Bade company, owned by Stefanos Papadopoulos. These two companies formed a joint venture company Astonko d.o.o.

B92 shareholders - MDLF and NCA - made a decision to sell their B92 shares to the new shareholder.

Upon the completion of the capital increase the ownership structure of B92 is as follows: Astonko d.o.o. owns 84.99% of the company, B92 Trust - 11.35% (the shareholder run and managed by the founders and managers of B92), while small shareholders hold 3.66% of B92 shares.

B92 Trust, in its capacity as a shareholder, shall remain exclusively in charge of the B92 news programming editorial policy. The capital increase shall help preserve the continuity of the independent editorial policy deeply rooted in professionalism, accountability and high level of social responsibility as well as high level of social consciousness. B92 Trust shall also be responsible for the B92 Fund operations, its Department for Corporate Social Responsibility and Rex Cultural Center.

The new shareholder has agreed to observe consistently all the well-established B92 values, particularly the autonomy of editorial policy which shall be supported and further developed through concerted efforts of all the stakeholders in the most efficient and effective manner. the news programming editorial policy will be constantly under B92 Trust's control, i.e. the B92 founders and its editors.

This capital increase has created the right conditions for B92 media company to continue its growth and development in the third decade of its existence building on the achievements made in the past 20 years. Further growth of its programs' popularity and regional development and expansion based on credibility and professionalism of the journalists and employees shall be the focal point of new and old B92 shareholders.