Hungarian Telephone and Cable Corp. Completes Reorganization Merger
February 26 2009 - 4:41PM
Business Wire
Hungarian Telephone and Cable Corp. (NYSE ALTERNEXT U.S.:HTC)
(�HTCC�) announced today that the reorganization of HTCC as a
Danish limited liability company has been completed. Trading of the
new Danish company, Invitel Holdings A/S (�Invitel Denmark�), will
begin as of the opening of trading on the NYSE Alternext on
February 27, 2009 under the symbol �IHO.� All shares of HTCC�s
outstanding common stock have automatically been converted into the
right to receive American depositary shares of Invitel Denmark,
provided that shareholders will be entitled to elect to receive
ordinary shares in Invitel Denmark instead of Invitel Denmark ADSs.
The number of ordinary shares in Invitel Denmark owned by each
shareholder as a result of the reorganization, directly or through
ADSs, is the same as the number of shares of common stock
previously owned in HTCC immediately prior to the
reorganization.
Invitel Denmark�s exchange agent will mail to each holder of
record of HTCC common stock a letter of transmittal for use in
effecting delivery of certificates formerly representing the HTCC
shares to the exchange agent for conversion into securities of
Invitel Denmark.
ABOUT INVITEL HOLDINGS A/S
Invitel Holdings A/S, formerly Hungarian Telephone and Cable
Corp., operating under the Invitel brand name, is the number one
alternative and the second-largest fixed line telecommunications
and broadband Internet Services Provider in the Republic of Hungary
with more than 1 million customers in Hungary. In addition to
delivering voice, data and Internet services in Hungary, it is also
a leading player in the Central and Eastern European wholesale
telecommunications market.
Forward-Looking Statements
The information above includes forward-looking statements about
HTCC and Invitel Denmark. Such forward-looking statements are
subject to certain risks and uncertainties, as disclosed by HTCC
from time to time in its filings with the U.S. Securities and
Exchange Commission. As a result of these factors, HTCC�s actual
results may differ materially from those indicated or implied by
such forward-looking statements.
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