NEWSLETTER-2020-metin

87 CAPITAL MARKETS LAW pany may have to bear will exceed the determined amount as a result of the use of the retirement right, or although the general assembly decision has been taken despite the negative vote of the shareholders who have more shares than the specified ratio, or that of the specified shareholders. In the general assembly resolutions regarding Significant Trans- actions, unless a higher quorum is stipulated in the articles of associa- tion, without seeking a meeting quorum, it is required that two-thirds of the shares that have the right to vote in the corporation general assembly meeting must vote positively. However, in the event that at least half of the shares with the right to vote representing the capital are present at the meeting, a decision will be taken by the majority of the shares with the right to vote, unless a heavier quorum is clearly stipulated in the articles of association. Retirement Right and Utilisation Process The Shareholders who have the Retirement Right and Quantity of such Shares The Board prepared a guideline containing the explanations re- garding the regulations made within the scope of the Communiqué, including determinaton of the shareholders and the methods of calcu- lating the share amounts, and announced the Application Guide for the Communiqué on Significant Transactions and the Retirement Right (“Guide”) in the press release on the same day as the Communiqué. Shareholders who have a shareholding in the corporation as of the dates specified in the Communiqué, and who have attended the general assembly meeting and voted negatively on the agenda item related to the significant transaction and recorded such opposition, have a retire- ment right by selling its shares to the corporation. 3 In accordance with the Communiqué and Guide, even if the statement on the date taken as the basis for determining the ownership of the shares and quantity of such shares is made within the session, while determining the owner- ship of the shares and quantity of such shares, all matched orders till 3 Board’s Press Release.