NEWSLETTER-2020-metin

82 NEWSLETTER 2020 other hand, with respect to the solo financial statements, the loss for the financial year means the loss for such financial year. Consequences of Removal of Priviledges Takeover Bid Obligation upon Occurrence of Change of Control It is mandatory to offer a takeover bid in a way to secure all the shareholders that held the shares of the target company if, among oth- ers , management control has been obtained through purchasing all, or a certain part of, the shares of the target company by a person or persons acting in concert, as per the Communiqué on Takeover Bids (II-26.1) 3 . If, following the Board decision on the removal of the priviledges on voting rights and/or representation on the board of di- rectors, the management control has been obtained through the own- ership of 50% of the voting rights in such company, the controlling shareholder will not be obliged to make a takeover bid to purchase the shares of the other shareholders. Therefore, a change in the man- agement following removal of the priviledges will not give rise to a takeover bid obligation. The Procedure to be Followed Upon the Board Decision for the Removal of the Priviledges If the Board has decided to abolish the priviledges, such privi- ledges cannot be used as of the date of the Board decision, and the provisions of the articles of association of the company that are to the contrary cannot be applied. In this respect, an application to the Board regarding the amendment of the articles of association of such company should be submitted, at the latest, within two months follow- ing the notification of the Board decision to the respective shareholder, and it is mandatory to insert an item for the amendments to the articles of association that have been approved by the Board on the agenda of the first general assembly meeting. If an application to amend the articles of association have not been submitted to the Board within the specified period, or the amend- 3 Communiqué on Takeover Bids (II-26.1), OG No. 28891, 23.01.2014.