Press Releases

Budapest, December 9, 2009 08:15

Magyar Telekom informs its shareholders about a recent development in the law suit regarding the shareholders resolutions of April 25, 2008, and its relating position, as follows:

In the law suit filed by two minority shareholders on May 23, 2008, the first instance decision dated May 13, 2009 rendering the resolutions (except for one procedural resolution) passed by the AGM on April 25, 2008 ineffective becomes final and enforceable, as the request for acceptance of the late appeal filed by the law firm representing Magyar Telekom was rejected by the second instance Court in its order dated November 2, 2009 and received by Magyar Telekom on December 8, 2009. As previously disclosed, we will address the ruling by passing confirmatory shareholders' resolutions with respect to the resolutions in question.

As also disclosed previously, the above mentioned first instance ruling renders the shareholders' resolutions in question (including the resolution on dividend) ineffective from July 7, 2009. As a result, the dividend for year 2007 paid by July 6, 2009 continue to qualify as dividend, and the ruling does not result in any obligation of, nor requires any action by, the shareholders.

We cannot fully exclude that Magyar Telekom will be required to take other time-consuming and/or expensive corrective actions. Also, we cannot exclude that the matter would have other unforeseen detrimental effects on Magyar Telekom.

About Magyar Telekom
Magyar Telekom is Hungary's biggest provider of telecom services. It provides a full range of telecommunications and infocommunications (ICT) services including fixed line and mobile telephony, data transmission and non-voice as well as IT and systems integration services. The business activities of Magyar Telekom are managed by two business units: Consumer services (the home-related services brand T-Home and the mobile communications brand T-Mobile) and Business services (T-Systems brand). Magyar Telekom is the majority owner of Makedonski Telekom, the leading fixed line and mobile operator in Macedonia and it holds a majority stake in Crnogorski Telekom, the leading telecommunications operator in Montenegro. Magyar Telekom's majority shareholder (59.21%) is MagyarCom Holding GmbH, fully owned by Deutsche Telekom AG.
For further information visit www.telekom.hu.