CTC Media planned until the end of may to close the deal on its reorganization

American CTC Media expects the deal to its reorganization, involving the merger of the company with its “daughter”, will be closed until the end of may this year. This is stated in the message on the website of CTC Media.

It notes that the company plans to close the transaction promptly after receipt of the tax refund. CTC Media expects tax refunds from the internal revenue service of the United States. These revenues will go to other funds for the payment of remuneration to the shareholders.

In September 2015 “STS Media” has officially announced that it signed a definitive agreement to sell 75% of their operating business holding company UTV Alisher Usmanov and Ivan Tavrin. The transaction was closed in December, it allowed “CTC Media” to meet the new requirements of the law “On mass media”, which from 2016, prohibits foreigners from owning more than 20% in the founder of any Russian media. Up to this point, almost 38.6% of “CTC Media” owned by Swedish Modern Times Group (MTG), 36,07% of the shares were traded on NASDAQ, the remaining 25,4% — Cyprus Telcrest associated with the Bank “Russia” Yuri Kovalchuk.

The office for foreign assets control of the U.S. Treasury Department on February 29 gave the company permission to reorganize. It involves a merge with a fully owned subsidiary of society, which of these two legal entities will be only one”. All holders of shares, in addition to Telcrest will be able to receive monetary compensation for paper, after which they will be forfeited.

At the end of April “, CTC Media announced that it would pay its shareholders $239 million at the end of the reorganization. Remuneration will be at $2,05 per share is the upper rate range from USD 1.77 to $2,19 per share.