TVB defers dispatch of share repurchase document
Broadcaster fails to get stock regulator’s approval to issue its buyback offer document on Friday
Television Broadcasts’ HK$4.21 billion (US$542 million) share repurchase plan has been further delayed, as the broadcaster failed to get the stock regulator’s approval to issue the buyback offer document on Friday.
The city’s dominant free-to-air TV broadcaster, known at TVB, said it would defer the dispatch of the offer document to a date no later than April 10. Additional time is needed, according to a filing with the Hong Kong exchange.
“We have not yet got the approval from The Securities Futures Commission,” said Tam Sik-yeung, assistant general manager at TVB’s corporate affairs office, while refusing to unveil why it had failed to get the green light.
“Once the document is issued, the company can confirm the date of an extraordinary meeting on the voting of the share repurchase proposal,” he said.
Mark Lee Po-on, TVB’s chief executive officer, had expected the repurchase offer to follow quickly after TLG Movie & Entertainment Group dropped its proposed offer on March 7 to buy a 29.9 per cent stake in the 49-year-old broadcaster.
In an interview with South China Morning Post, Lee had said the offer document would be issued this week.