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Stock Market & Financial Investment News

News Breaks
December 11, 2012
17:08 EDTCEDCRoust Trading reports 19.5% stake in CEDC, may engage in talks
CEDC has rejected a proposal made by RTL and its principal equityholder, Tariko, to provide CEDC with access to interim and permanent capital, to bolster its leadership, and to support its operational needs. The Proposal was conditioned on CEDC promptly holding its long overdue 2012 annual stockholdersí meeting, nominating a slate for the Board of Directors of CEDC which would include a majority satisfactory to RTL, and providing responsibility for operational and financial management to Tariko that would enable him to address CEDCís well known challenges. Despite initial agreement on all material terms of the proposal, CEDCís entrenched directors who are unaffiliated with Roust ultimately rejected the Proposal, insisting that they must retain control over CEDCís financial restructuring process and finances despite the its financial failures and ongoing challenges. Repeated attempts by the Roust to address non-RTL Directorsí concerns were also rebuffed. CEDC inexplicably insists that the same directors who presided over its financial restatements and serious performance deterioration remain in control of its finances and restructuring. RTL is making plans to meet separately with key holders of the CEDC's debt and certain key stockholders in London on Thursday, December 13, or Friday, December 14, to discuss CEDC and its circumstances.
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