NEWSLETTER-2020-metin

88 NEWSLETTER 2020 the end of the day will be taken into consideration (regardless of the completion of the exchange). The list showing the shareholders who have the retirement right, and the amount of shares that may be subject to the exercise of the retirement right, would be delievered by Merkezi Kayıt Kuruluşu A.Ş. (Central Registration Agency) to the relevant corporation within one business day prior to the general assmebly meeting. Exercise Price of Retirement Rights and Timeline According to the Repealed Communiqué, the exercise price of the retirement right is the arithmetic average of the adjusted weighted average prices that occurred in the stock exchange within thirty days (excluding the date announced) prior to the disclosure of the transac- tion to the public. Unlike the previous regulation, with the amendment made in the Capital Markets Law, the fair price method is applied for the exercise price of retirement rights. Accordingly, the exercise price of retirement right is the arithmetic average of the daily adjusted weighted average prices formed in the stock exchange for the last one month prior to the date for the companies whose shares are traded on the BIST Star as of the date of the public announcement of the transac- tion, and for the other corporations within the last six months prior to this date. With the Communiqué, the timeline for using the retirement right under the previous regulations is also changed. Accordingly, the exer- cise of the retirement right starts within six business days at the latest, and the period of use is 10 business days from this date. Proposal of Shares Subject to Retirement Right to Other Shareholders or Investors With the new regulations, the Board of Directors may decide to recommend the shares subject to the retirement right to the other shareholders or investors at the exercise price of the retirement right prior to their purchase by the corporation. Shares subject to the retire- ment right are distributed to all shareholders or investors who demand to purchase on a pro rata basis, without creating inequality thereinbe-