Trading of TV Azteca ADRs on the New York Stock Exchange Expected to Be Suspended on July 18, 2005
25 Juni 2005 - 2:20AM
PR Newswire (US)
Trading of TV Azteca ADRs on the New York Stock Exchange Expected
to Be Suspended on July 18, 2005 MEXICO CITY, June 24
/PRNewswire-FirstCall/ -- TV Azteca, S.A. de C.V. (BMV: TVAZTCA;
NYSE: TZA; Latibex: XTZA), one of the two largest producers of
Spanish-language television programming in the world announced
that, effective June 17, 2005, The Bank of New York (BONY) gave
notice of termination of TV Azteca's ADR program to the holders of
TV Azteca's American Depositary Receipts (ADRs). Upon such notice
of termination, BONY discontinued issuing new ADRs, by filing a
Post-Effective Amendment to Form F-6 with the United States
Securities and Exchange Commission. Additionally, the deposit
agreement was amended to reduce to 60 days the period during which
holders may exchange ADRs for CPOs traded on the Mexican Stock
Market (BMV). As was previously announced, at an Extraordinary
Shareholders' Meeting held on June 1, 2005, 99.85% of TV Azteca's
shareholders approved the termination of the ADR program, after an
analysis and discussion of the costs and benefits of continued
listed in the U.S. capital markets. Pursuant to the termination of
the deposit agreement, the NYSE is expected to suspend trading of
the ADRs in the United States on or about July 18, 2005. ADR
holders will have 60 days to exchange their ADRs for CPOs traded on
the BMV. Upon the expiration of the 60-day period, BONY will be
allowed to sell the CPOs underlying the ADRs that were not
surrendered and distribute the proceeds of such sale to holders.
Company Profile TV Azteca is one of the two largest producers of
Spanish language television programming in the world, operating two
national television networks in Mexico, Azteca 13 and Azteca 7,
through more than 300 owned and operated stations across the
country. TV Azteca affiliates include Azteca America Network, a new
broadcast television network focused on the rapidly growing US
Hispanic market, and Todito.com, an Internet portal for North
American Spanish speakers. Except for historical information, the
matters discussed in this press release are forward-looking
statements and are subject to certain risks and uncertainties that
could cause actual results to differ materially from those
projected. Risks that may affect TV Azteca are identified in its
Form 20-F and other filings with the US Securities and Exchange
Commission. DATASOURCE: TV Azteca CONTACT: Investors: Bruno Rangel,
+52-55-1720-9167, , or Rolando Villarreal, +52-55-1720-0041, , or
Press: Tristan Canales, +52-55-1720-1441, , or Daniel McCosh,
+52-55-1720-0059, , all of TV Azteca Web site:
http://www.tvazteca.com.mx/
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