Shareholders' meeting of 30 June 2010
On 30 June 2010, at 10:00 a.m., a General Shareholders' Meeting of Portugal Telecom, SGPS, S.A. was held at Centro de Congressos de Lisboa, Praça da Industrias, in Lisbon, to resolve on the following agenda:
To resolve on the proposal received from Telefónica on 1 June 2010 regarding the acquisition of shares held by companies of Portugal Telecom Group in Brasilcel, N.V., under the terms and at the price of the current offer or at a higher price presented.
A number of 615,639,437 shares representing 68.7% of Portugal Telecom share capital was present or duly represented at the General Meeting, of which 563,988,187 shares representing 62.9% of the share capital were admitted to vote.
The votes were cast as indicated in the table below:
| Votes * |
No. of de votes |
% of votes |
No. of shares corresponding to the votes cast |
| Votes in favour of the Offer |
748,952 |
73.9% |
374,476,000 |
| Votes against the Offer |
264,354 |
26.1% |
132,177,000 |
| Abstentions |
114,293 |
- |
- |
| Class A shares** |
1 |
- |
- |
* Each vote corresponds to 500 shares
** Included within the votes against the Offer
The Portuguese State, through its 500 Class A shares, voted against the proposal presented under the sole point of the agenda. As such, Telefónica's offer was rejected in accordance with the interpretation of the Chairman of the Board of the Shareholders' Meeting, Mr. António Menezes Cordeiro, of Portugal Telecom bylaws.