| On September 21, LTON and MLB Advanced Media, Ltd. (Major League Baseball’s interactive media and Internet subsidiary) announced a joint partnership whereby LTON will be exclusively authorized to offer users, via fixed-line and mobile Internet, live MLB games as well as related video on demand, interviews and MLB news. The service will be available to users in Mainland China, Hong Kong, Macao, South Korea, Indonesia and the Philippines. Under the terms of this multi-year agreement, LTON will exclusively host and manage officially-licensed MLB websites in these countries in the appropriate native languages. Advertising and official MLB merchandise sales on these websites will also be administered by LTON. “This partnership will allow us to deliver the excitement of Major League Baseball, highlighted by its great players, especially those from Korea where the sport is very popular, and jewel events such as the upcoming postseason and World Series, to fans in these countries through Internet and mobile platforms,” according to Hary Tanoesoedibjo, LTON’s Chairman and CEO.
LTON’s annual general meeting (AGM) is scheduled to take place on October 19, 2009. Topics to be covered include the election of one Class II director, the ratification of Ernst & Young Hua Ming as LTON’s independent registered public accountants, and the approval of an amendment to the Amended and Restated Memorandum and Articles of association. The possible amendment would remove the required approval of material transactions between LTON and company affiliates or shareholders with at least 5% of share capital by a majority of disinterested board directors for transactions valued at or above US$1 million and by holders of a majority of shares held by disinterested shareholders for transactions valued at or above US$10 million. Instead, approval by a majority of disinterested directors would be required for transactions between LTON and company affiliates or shareholders with at least 5% of share capital that are valued at or above US$5 million.
Commentary prepared by Henry Sandberg | |