NEWSLETTER-2020-metin

90 NEWSLETTER 2020 Transmision Provision The non-contradictory provisions of the Repealed Communiqué will continue to apply to the Significant Transactions announced to the public prior to the effective date of the Communiqué. However, in determining the amount of persons and shares that may benefit from the retirement right to be allocated to these transactions, (i) 25.02.2020 for the transactions announced to the public prior to 25.02.2020, and (ii) the disclosure date of the respective transaction announced to the public between 25.02.2020 and 27.06.2020, when the Communiqué entered into force, will be taken as the basis. Conclusion Many innovations come with the Communiqué published in the Official Gazette dated 27.06.2020 within the scope of the amendments made to the Capital Market Law with Law No. 7222. Firstly, the cases regarded as Significant Transactions are redefined, and some of the transactions accepted as Significant Transactions with the Repealed Communiqué are excluded from the scope of the Communiqué. Apart from this, it has been regulated that the shareholders, whose shares are traded on the stock exchange, are entitled to the retirement right for the shares they hold uninterruptedly until the date of the general meeting. With the new regulation, a fair price application commences for the exercise price of the retirement right. Unlike the previous regulations, the shares subject to the retirement right are offered to other share- holders or investors at the execise price of the retirement right before they are purchased by the corporation. Finally, the cases that do not lead to retirement rights are reorganized, and the Board is authorized to be exempt from the obligation to exercise the retirement right.