Bangkok--3 May--SET
An interest group, calling itself “Retail Shareholders of ITV”, has complained to The Stock Exchange of Thailand (SET) that they were damaged by the dispute between ITV PCL (ITV) and the Prime Minister’s Office (PMO)’s Office of the Permanent Secretary following the Central Administrative and Supreme Administrative Courts’ ordering ITV to pay fines to PMO. Furthermore, the group, claiming to represent retail shareholders, complained that SET did not fully inform investors of the case’s implications.
In response, the Exchange reiterates that it has operated in accordance with its commitment to ensuring that trading and related services proceed smoothly and efficiently, and that listed companies disclose information completely and clearly, so that investors are fully briefed. The events detailed below confirm this:
1. SET has been following the case closely, including urging ITV to disclose dispute-related information since February 2004, when the Arbitration Tribunal published its judgment.
2. When the case was brought to court in 2006, the Exchange continued to advise ITV to clarify and publicly disclose what it would do and potential consequences for investors. Extensive information relevant to the case was made available, including the Central Administrative Court (CAC)’s judgment in May 2006, ITV’s appeal to the Supreme Administrative Court (SAC) in June 2006, ITV’s announcement regarding the date the SAC would make a judgment, and, finally, the judgment of the SAC in December 2006.
3. After SAC reached its verdict, ITV clarified to investors that the court’s ruling upheld the judgment of the CAC affecting the revocation of the Arbitration Award. Consequently, ITV was bound to adhere to the terms and conditions of the “Concession Agreement for UHF Television Stations”. This entailed changing its television programs to comply with that agreement and paying the concession fee to PMO.
SET strongly affirms that it has met its obligations by securing the company’s disclosure of information which might affect its operations at each stage of the dispute, thus ensuring that investors have had full access to all the facts required for effective decision-making.
For more information, please contact the Corporate Communications Dept.:
Ladawan Kantawong Tel: 0-2229-2036 / Sarinluck Jitkawong Tel: 0-2229-2037 /
Nattaporn Boonprapa Tel: 0-2229-2049 / Watsamon Saowakhonsathien Tel: 0-2229-2797