Central European Media Enterprises Ltd. (CETV, Financial) filed Quarterly Report for the period ended 2010-06-30.
Central European Media Enterprises Ltd. has a market cap of $1.41 billion; its shares were traded at around $22.21 with and P/S ratio of 2. CETV is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Read the The complete Report
Central European Media Enterprises Ltd. has a market cap of $1.41 billion; its shares were traded at around $22.21 with and P/S ratio of 2. CETV is in the portfolios of Jim Simons of Renaissance Technologies LLC.
Highlight of Business Operations:
On July 27, 2010, CME Media Services Limited (“CME MS”), a wholly-owned subsidiary of the Company, entered into an amended and restated employment agreement for an indefinite term with Mr. David Sturgeon, who serves as Deputy Chief Financial Officer of the Company, in connection with his relocation to Prague, the Czech Republic. The employment agreement takes effect from August 1, 2010 (the “Effective Date”). Under the employment agreement, Mr. Sturgeon shall also serve as Chief Financial Officer of the Company s Broadcast Division. Pursuant to the employment agreement, Mr. Sturgeon shall be entitled to receive an annual salary of CZK 7,800,000 (approximately US$ 372,000). Mr Sturgeon is entitled to receive a monthly rental allowance of CZK 124,000 (approximately US$ 6,000) for a period of three years from the Effective Date (the “Allowance Period”). Mr. Sturgeon is also entitled to a payment of EUR 50,550 (approximately US$ 62,000) for school fees for the 2010-2011 school year, and thereafter to a reasonable sum in relation to fees charged in respect of subsequent school years. Mr. Sturgeon shall be entitled to earn a bonus in the amount of 50% of his annual base salary during the term of his appointment pursuant to our incentive plan for senior management and is also entitled to receive certain health and life insurance benefits. Under the terms of the employment agreement, Mr. Sturgeon may terminate his employment at any time on 12 months notice. CME MS may elect to make payment in lieu of notice and pay the portion of his annual salary for the notice period remaining at the time CME MS elects to make payment in lieu of notice. Mr. Sturgeon would also be entitled to any earned but unpaid bonus. CME MS may at any time terminate Mr. Sturgeon s employment (other than for cause) and make payment in lieu of notice. This payment would be comprised of (i) Mr. Sturgeon s annual salary for a period of twelve months from the date of termination (the “Termination Date”), (ii) the monthly rental allowance for a period equal to the lesser of (a) the number of months remaining in the Allowance Period; and (b) twelve months, (iii) an amount equal to Mr. Sturgeon s target bonus in respect of the notice period, (iv) any accrued bonus as of the Termination Date and (v) any earned but unpaid bonus. Mr Sturgeon would also be entitled to continue to receive certain health benefits for a period of twelve months following the Termination Date. In the event CME MS terminates Mr. Sturgeon s employment agreement due to cause, he is not entitled to receive any additional remuneration.Read the The complete Report
