There is ranking of rights for the three main classes of securities issued by a company. During insolvency proceedings, the creditors are the first to have their outstanding debts paid from the company’s assets. These are then followed by bondholders, preferred shareholders and then common shareholders.
TDC has issued 52 million common shares. Its common shareholders have several rights, including
- Voting power on major issues
- Ownership in a portion of the Company
- The right to transfer ownership
- Entitlement to a portion of dividends paid
- The right to attend Annual General Meeting (AGM)
- The right to examine the basic records of the Company, such as Articles of Association, Articles of Incorporation, Minutes of AGM and published Financial Reports.
Article 146 of the Company’s Articles of Association (available on the website) indicates that the directors may present the Statement of Income and Expenditure, Balance Sheet, Report of the Directors, and the Auditors Report in a format they determine, including electronically. These documents are provided electronically to save on printing costs and reduce the Company’s impact on the environment. However, if a Shareholder needs a hardcopy of the documents indicated, he must make a request through the Company Secretary.
Information about the Company may be accessed from different sources. A Shareholder may request copies of documents filed by the Company from the Companies Registry. These documents include Articles of Incorporation and Articles of Association. Information on the Company’s performance may be accessed on the Company’s website at www.tdcgrouplimited.com, where one will find the Annual Report and quarterly filings of the Group Consolidated Accounts. Minutes of the AGM may be requested from the Company Secretary.
Articles 168-174 of the Company’s Articles of Association (available on the website) provides for each stakeholder, including Shareholders, to interface electronically with the Company. This includes the voting, communicating at the AGM and sending to and receiving communication from the Company.