AZTR receives NYSE delisting warning over equity requirement
PARIS - Eutelsat Group (EPA:ETL) shareholders approved all resolutions related to a planned capital increase and board appointments during the company’s General Meeting held on Tuesday.
The satellite communications provider received shareholder approval for five new appointments to its Board of Directors, including Michel Combes, Lucia Sinapi-Thomas, Eric Labaye, Jean-Baptiste Massignon, and Jérémie Gué, with the latter two appointments subject to certain conditions being met.
Shareholders also approved several capital raising measures, including the issuance of ordinary shares without preferential subscription rights to multiple strategic investors. The approved measures include a €137.7 million allocation to the French State, €7.5 million to Bharti Space Limited, €22.5 million to the UK Government, €25 million to CMA CGM Participations, and €14.4 million to Fonds Stratégique de Participations.
Additionally, the meeting authorized the Board to issue ordinary shares with maintained shareholder preferential subscription rights and approved a measure to allocate the deficit in retained earnings to the reserves account. The resolution also approved a share capital reduction resulting from losses by reducing the nominal value of shares.
One resolution regarding share capital reduction not resulting from losses was not submitted to shareholders for voting, as noted in the Board of Directors’ report.
Eutelsat, formed through the 2023 combination with OneWeb, operates a fleet of 34 geostationary satellites and a low Earth orbit constellation of more than 600 satellites. The company serves customers in video distribution and connectivity markets across more than 75 countries.
The voting results will be published on the company’s website in accordance with regulatory requirements, according to the press release statement.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.