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Corporate Actions

  • Financial and Managerial Rights Operations

Issuers may conduct most of their operations such as dividend distribution, redemption, capital increase, capital decrease, merger and split electronically through applications developed by MKK.

Operations such as coupons detaching and gathering, etc. that were required in physical system are completely abdicated.

Furthermore, MKK offers reporting services regarding preliminary dividend amount which will be paid to issuers.

General assembly participant lists regarding owners of dematerialized shares are arranged according to the “Shareholders Table” provided by MKK pursuant to the Turkish Commercial Code, Article 417, Section 1. The lists regarding shareholders are provided to companies in this practice which enables participation to general assembly meetings without the need for blocking shares. For participation to general assembly meetings it is sufficient to present ID cards for real persons who do not restrict access by issuers to their ID and investor account information; and to present power of attornies for proxies of legal entities.

  • Managerial Rights

Actions regarding the general assembly blockages on stocks by beneficial owners who want to exercise their voting rights by participating issuers’ shareholder general assembly meetings until 01.07.2012, the date new Turkish Commercial Code comes into effect, and arranging general assembly blockage letters in order to authenticate these blockages have been implied by MKK. Thus far, investors who want to exercise blockages on dematerialized stocks were able to do so through participants or services offered to investors by MKK.

Beginning from 01.07.2012, Articles 415 and 417 of the TCC suggests important changes on participation to general assembly meetings of joint stock corporations for those shares that are held at MKK. According to the TCC Article 415, Section 4, the right to participate to general assembly meetings and the right to vote cannot be contingent for share owners to deposit documents proving ownership of shares or share certificates to the company, a financial entity or any other entities. Pursuant to the Capital Market Law (CML) Article 10/A, general assembly meeting participant lists regarding owners of dematerialized shares are arranged according to the “Shareholders Table” provided by MKK pursuant to the Turkish Commercial Code, Article 417, Section 1. The lists regarding shareholders are provided to companies in this practice which enables participation to general assembly meetings without the need for blocking shares. For participation to general assembly meetings it is sufficient to present ID cards for real persons who don’t limit informingdo not restrict access by the issuers about to their ID and investor account information and shares in their accounts, and and to present power of attornies for proxies of the legal entities.

Furthermore, for detailed information on e-GEMS: Electronic General Assembly Meeting System offered by MKK; please click.