FOR IMMEDIATE RELEASE
DIRECTOR RESIGNATION, SHAREHOLDERS’ MEETINGS
AND DIVIDENDS DISTRIBUTION
(Santiago, Chile, March 23, 2010) Madeco S.A. (“Madeco” or “the Company”) (Public, OTC: MADKY; prior NYSE ticker: MAD) reported the following information to the Superintendencia de Valores y Seguros (Chilean Securities and Insurance Superintendency, or “SVS”):
Company's Director Resignation
Mr. Jean Paul Luksic Fontbona submitted his resignation to the Board of Directors. The Company's Board accepted his resignation at its meeting held on March 22nd, 2010. On his replacement was nominated Mr. Felipe Joannon Vergara until the next Annual Shareholders’ Meeting.
Annual Shareholders’ Meeting
The Board of Directors agreed to summon an Annual Shareholders' Meeting to be held at 17:00 on April 22, 2010, at the Intercontinental Hotel located at Avenida Vitacura N°2885, Las Condes, Santiago.
The issues to be included at the Annual Shareholders' Meeting are the following:
Extraordinary Shareholders Meeting.
The Board also agreed to call to an Extraordinary Shareholders’ Meeting to be held after the Annual Shareholders’ Meeting (at the same place), which will have to resolve these issues:
Participation in the Shareholders Meetings.
The shareholders listed in the registers 5 days before the celebration of both Meetings (i.e. April 16, 2010) will have the right to participate in them.
Dividend distribution.
The Board agreed to propose to the Annual Shareholders' Meeting to distribute a dividend of US$0.0052 per share with charge to the net income of the year 2009. If the Meeting approves this dividend, it will be paid, starting from April 30, 2010, in Chilean Pesos according to the official exchange rate of April 22, 2010. Shareholders who are in the Shareholders Register of April 24, 2010, will be entitled to receive this dividend. The tax effects of this dividend will be informed once known.
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Madeco, previously Manufacturas de Cobre MADECO S.A., was incorporated in 1944 as an open corporation under the laws of the Republic of Chile, and today has operations in Chile, Peru, and Argentina. Madeco is considered, a Latin American leader, in the manufacture of finished and semi-finished products in copper, copper alloys and aluminum. The Company is also a leader in the production of flexible packaging used in packing mass consumption products like foods, sweets and cosmetics.
Readers are warned not to place too much reliance on the future declarations contained in the above text, which are based on the position today. The Company is under no obligation to announce publicly the results of revisions to those declarations about the future which might be made to reflect events or circumstances after today including, but without limitation, changes in the Company’s strategy or in its capital expenses, or to reflect the occurrence of unforeseen events.