On June 15, 2023, ITV Publishing Company Limited released the statement “Clarification to Shareholders”, after it was questioned by media that the report of the meeting the ITV annual shareholders was edited, differently from a video recording of that meeting on April 26, 2023, to make it appear that ITV was still operating as a mass media company.
This act was alleged to be part of an attempt to prevent Pita Limchareonrat, leader of the Move Forward Party, from becoming the 30th Prime Minister of Thailand, while Pita inherited shares of ITV as a trustee from his late father.
The ITV statement tried to clarify as the following contents:
Reference is made to the events in the media regarding the minutes of the Annual General Meeting of Shareholders for 2023 (“Meeting Minutes), the form accompanying the submission of the financial statements (For. BorChor. 3) of ITV Publishing Company Limited (“the Company”) for 2022, and the Quarter 1/2023 financial statements of the Company.
The Company would like to provide clarification of the facts as follows:
1. In the Annual General Meeting of Shareholders for 2023 (‘the Meeting”), the Company held a meeting on April 26, 2023 with a total of 9 agenda items. Agenda 1 to Agenda 8 were agendas to report on / approve and consider the normal business operations of the Company. Agenda 9 was an an agenda for other matters, in which no shareholders proposed any other agenda to be considered and approved. As such, the Company gave shareholders an opportunity to inquire about other matters.
At the Meeting, there were repetitive questions from shareholders, or questions and answers that were related to the operations of the Company, to ensure conciseness and clarity, without recording the Meeting verbatim.
Therefore, the Meeting Minuted in question are a summary of answers to several questions that were submitted by shareholders. With regards to the section concerning the legal dispute related to the rights to participate in and operate radio and television broadcasting stations, the Company has made a record of Agenda 9, page 14, that, “The results of legal case are the most important point. If the results have not been announced, it would be very difficult for the Company to conduct any operations at this time…” (translation).
With regards to the section of the Meeting Minutes which stated, “Currently, the Company continue tax statements as usual”, the Company still operates in accordance with the objectives which it registered with Department of Business Development and has not discontinued its business.
2. With regards to the form accompanying the submission of financial statements (For. BorChor. 3) of the Company for 2022 which the Company submitted to the Department of Business Development, the Ministry of Commerce on May 10, 2023, the Company would like to provide notification that revenue from the business operations of the Company is shown in Company’s financial statements for 2022 which were audited and certified by an independent auditor, and were submitted to the Ministry of Commerce.
The aforementioned financial statements show that the Company’s revenue comes from return on investment and interest income only. In addition, the aforementioned financial statements were submitted to the Office of the Securities and Exchange Commission on March 21, 2023.
3. With regards to the Quarter 1/2023 financial statements of the Company, which are posted on the website www.itv.co.th, as is currently being reported in the news, the Company would like to provide notification that aforementioned financial statements are draft financial statements for internal use and have not been reviewed or audited by an auditor. Therefore, the an aforementioned financial statements cannot be used for reference or external purposes, and are not legally binding in any regard.
The Company would like to reiterate that the organization of the Meeting, the recording of Meeting Minutes, the submission of the form accompanying the submission of the financial statements, the financial statements, and other activities undertaken by the Company are normal business activities and are in compliance with the law in every regard.