NTL Nortel Inversora SA, Adr (delisted)

BUENOS AIRES, Argentina, Oct. 31, 2013 /PRNewswire/ -- Nortel Inversora S.A. (NYSE: NTL) whose sole material activity is holding 54.74% of the stock of Telecom Argentina S.A. ("Telecom") informs that Telecom has repurchased 10,784,154 of its own stock as of September 30, 2013. As a result, the political and economic rights of Nortel have increased to 55.35 % of Telecom's outstanding stock as of such date.

Nortel announces consolidated income of Ps. $ 2,344 million for the nine month period ending on September 30 of fiscal year 2013, of which Ps. 1,259 million correspond to Nortel as controlling shareholder. Please note that Nortel's only material source of cash income is dividends and other distributions received from Telecom.

Relevant matters

The Annual and Extraordinary General Stockholders' Meeting held on April 26, 2013 approved, among others matters:

• The Annual Report and Financials Statements as of December 31, 2012
• To create a Special Reserve resulting from the Adoption of the IFRS of AR$ 204 million and to allocate an amount of AR$1,466 million to the already existing Voluntary Reserve for the Future Distribution of Dividends, authorizing the Board of Directors to approve the timing and amounts to be deducted –and their subsequent distribution- from the Voluntary Reserve for the Future Distribution of Dividends, taking into account Nortel's future liquidity.

SOURCE Nortel Inversora S.A.