SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13D
(RULE 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(a)
COMPANIA ANONIMA NACIONAL TELEFONOS DE VENEZUELA (CANTV)
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(Name of Issuer)
NATIONAL TELEPHONE COMPANY OF VENEZUELA (CANTV)
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(Translation of Name of Issuer Into English)
Class D Common Shares,
Nominal Value Bs. 36.90182224915 Per Share (the "Class D Shares")
American Depositary Shares, Each Representing
Seven Class D Shares (the "ADSs")
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(Title of Class of Securities)
P3055Q103 (Class D Shares); 204421101 (ADSs)
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(CUSIP Number)
Barry J. Sharp, Senior Vice President and Chief Financial Officer,
The AES Corporation 1001 North 19th Street Arlington, Virginia 22209;
Tel: (703) 522-1315
COPY TO:
William R. Luraschi, Vice President and Secretary, The AES Corporation
1001 North 19th Street Arlington, Virginia 22209; Tel: (703) 522-1315
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(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
JUNE 21, 2001
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(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this Schedule 13D,
and is filing this schedule because of Rule 13d-1(e), 13d(f) or 13d-1(g),
check the following box [ ].
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CUSIP NO.P3055Q103 (Class D Shares) 13D PAGE 2
204421101 (ADSs)
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
The AES Corporation
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO, AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
State of Delaware
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NUMBER OF 7 SOLE VOTING POWER Class D Shares: 64,000,524
SHARES ADSs: 1,000
BENEFICALLY ---------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER Class D Shares: None
REPORTING ADSs: None
PERSON WITH ---------------------------------------------------------------
9 SOLE DISPOSITIVE POWER Class D Shares: 64,000,524
ADSs: 1,000
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10 SHARED DISPOSITIVE POWER Class D Shares: None
ADSs: None
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Class D Shares: 64,000,524
ADSs: 1,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.6% (the 64,000,524 Class D Shares and 1,000 ADSs represent
approximately 14.6% of the total Class D Shares outstanding
(including Class D Shares represented by ADSs)). See Item 5.
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14 TYPE OF REPORTING PERSON
HC
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2
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CUSIP NO.P3055Q103 (Class D Shares) 13D PAGE 3
204421101 (ADSs)
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
AES Channon Holdings B.V.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO, AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
The Netherlands
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NUMBER OF 7 SOLE VOTING POWER Class D Shares: 64,000,524
SHARES ADSs: 1,000
BENEFICALLY ---------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER Class D Shares: None
REPORTING ADSs: None
PERSON WITH ---------------------------------------------------------------
9 SOLE DISPOSITIVE POWER Class D Shares: 64,000,524
ADSs: 1,000
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10 SHARED DISPOSITIVE POWER Class D Shares: None
ADSs: None
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Class D Shares: 64,000,524
ADSs: 1,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.6% (the 64,000,524 Class D Shares and 1,000 ADSs represent
approximately 14.6% of the total Class D Shares outstanding
(including Class D Shares represented by ADSs)). See Item 5.
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14 TYPE OF REPORTING PERSON
CO
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3
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CUSIP NO.P3055Q103 (Class D Shares) 13D PAGE 4
204421101 (ADSs)
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Corporacion EDC, C.A.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO, WC
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Venezuela
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NUMBER OF 7 SOLE VOTING POWER Class D Shares: 64,000,524
SHARES ADSs: 1,000
BENEFICALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER Class D Shares: None
REPORTING ADSs: None
PERSON WITH --------------------------------------------------------------
9 SOLE DISPOSITIVE POWER Class D Shares: 64,000,524
ADSs: 1,000
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10 SHARED DISPOSITIVE POWER Class D Shares: None
ADSs: None
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Class D Shares: 64,000,524
ADSs: 1,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.6% (the 64,000,524 Class D Shares and 1,000 ADSs represent
approximately 14.6% of the total Class D Shares outstanding
(including Class D Shares represented by ADSs)). See Item 5.
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14 TYPE OF REPORTING PERSON
CO
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4
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CUSIP NO.P3055Q103 (Class D Shares) 13D PAGE 5
204421101 (ADSs)
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Inversiones Inextel, C.A.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
OO
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Venezuela
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NUMBER OF 7 SOLE VOTING POWER Class D Shares: 63,999,524
SHARES ADSs: None
BENEFICALLY --------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER Class D Shares: None
REPORTING ADSs: None
PERSON WITH --------------------------------------------------------------
9 SOLE DISPOSITIVE POWER Class D Shares: 63,999,524
ADSs: None
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10 SHARED DISPOSITIVE POWER Class D Shares: None
ADSs: None
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Class D Shares: 63,999,524
ADSs: None
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
14.6% (the 63,999,524 Class D Shares represent approximately 14.6%
of the total Class D Shares outstanding (including Class D Shares
represented by ADSs)). See Item 5.
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14 TYPE OF REPORTING PERSON
CO
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5
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CUSIP NO.P3055Q103 (Class D Shares) 13D PAGE 6
204421101 (ADSs)
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Servicios EDC, C.A.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Venezuela
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NUMBER OF 7 SOLE VOTING POWER Class D Shares: 1,000
SHARES ADSs: 1,000
BENEFICALLY ---------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER Class D Shares: None
REPORTING ADSs: None
PERSON WITH ---------------------------------------------------------------
9 SOLE DISPOSITIVE POWER Class D Shares: 1,000
ADSs: 1,000
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10 SHARED DISPOSITIVE POWER Class D Shares: None
ADSs: None
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Class D shares: 1,000
ADSs: 1,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 0.1% (the 1,000 Class D Shares and 1,000 ADSs represent
less than 0.1% of the total Class D Shares outstanding (including
Class D Shares represented by ADSs)). See Item 5.
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14 TYPE OF REPORTING PERSON
CO
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6
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CUSIP NO. P3055Q103 (Class D Shares) 13D PAGE 7
214421101 (ADSs)
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1 NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
Inversiones Onapo, C.A.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ]
(b) [ ]
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3 SEC USE ONLY
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4 SOURCE OF FUNDS
AF
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO
ITEM 2(d) or 2(e) [ ]
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
Venezuela
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NUMBER OF 7 SOLE VOTING POWER Class D Shares: 1,000
SHARES ADSs: 1,000
BENEFICALLY ---------------------------------------------------------------
OWNED BY 8 SHARED VOTING POWER Class D Shares: None
REPORTING ADSs: None
PERSON WITH ---------------------------------------------------------------
9 SOLE DISPOSITIVE POWER Class D Shares: 1,000
ADSs: 1,000
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10 SHARED DISPOSITIVE POWER Class D Shares: None
ADSs: None
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
Class D Shares: 1,000
ADSs: 1,000
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES [ ]
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 0.1% (the 1,000 Class D Shares and 1,000 ADSs represent
less than 0.1% of the total Class D Shares outstanding (including
Class D Shares represented by ADSs)). See Item 5.
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14 TYPE OF REPORTING PERSON
CO
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7
Item 1. Security and Issuer.
This statement on Schedule 13D relates to:
(a) Class D shares ("Class D Shares") nominal value Bs.
36.90182224915 per share of Compania Anonima Nacional
Telefonos de Venezuela ("CANTV" or the "Issuer"), and
(b) American Depositary Shares ("ADSs") of the Issuer, each ADS
representing seven Class D Shares.
The Issuer has its principal offices at Avenida Libertador, Centro
Nacional de Telecomunicaciones, Nuevo Edificio Administrativo, Piso 1, Apartado
Postal 1226, Caracas, Venezuela. The ADSs are evidenced by American Depositary
Receipts ("ADRs") issued under a Deposit Agreement dated as of September 10,
2000, as amended, among the Issuer, Bank of New York, as depositary (the
"Depositary"), and the holders and beneficial owners from time to time of ADRs
issued thereunder. The principal executive offices of the Depositary are 101
Barclay Street, 22nd Floor, New York, New York, 10289.
Item 2. Identity and Background.
This statement is being filed jointly by:
(a) The AES Corporation ("AES"), a corporation incorporated under
the laws of the State of Delaware;
(b) AES Channon Holdings B.V. ("Channon"), a company organized
under the laws of The Netherlands and a wholly owned
subsidiary of AES;
(c) Corporacion EDC, C.A. ("CEDC"), a company organized under the
laws of Venezuela of which Channon owns approximately 87% of
the outstanding ordinary shares;
(d) Inversiones Inextel, C.A. ("Inextel"), a company organized
under the laws of Venezuela and a wholly owned subsidiary of
CEDC;
(e) Servicios EDC, C.A. ("Servicios"), a company organized under
the laws of Venezuela and a wholly owned subsidiary of CEDC;
and
(f) Inversiones Onapo, C.A. ("Onapo"), a company organized under
the laws of Venezuela and a wholly owned subsidiary of
Servicios.
AES, Channon, CEDC, Inextel, Servicios and Onapo are collectively
called the "Reporting Persons" and, individually, a "Reporting Person."
AES develops, owns and operates electric power generation and
distribution facilities in the United States and abroad. AES has grown
steadily since its founding in 1981 to become the world's largest
8
independent power company with operations throughout North America, South
America, Europe and Asia. The address of AES's principal business and principal
office is 1001 North 19th Street, Arlington, Virginia, 22209.
Channon is a holding company whose assets include 87% of the
outstanding ordinary shares of CEDC. The address of Channon's principal
business and principal office is Drentestraat 24, 1083 HQ, Amsterdam, The
Netherlands.
CEDC primarily holds interests in companies dedicated to the
production and distribution of electricity, telecommunications and
distribution of natural gas. The address of CEDC's principal business and
principal office is Av. Vollmer, San Bernadino, Edificio La Electricidad de
Caracas, Torre Central, Caracas, Venezuela.
Inextel is a holding company whose assets consist of the Inextel
Class D Shares (as defined in Item 3) and 136 shares of VenWorld (as
defined in Item 3). The address of Inextel's principal business and
principal office is Av. Vollmer, San Bernadino, Edificio La Electricidad de
Caracas, Torre Central, Caracas, Venezuela.
Servicios is a holding company whose assets consist of the stock
of a number of companies controlled by CEDC, including Onapo. The address
of Servicios' principal business and principal office is Av. Vollmer, San
Bernadino, Edificio La Electricidad de Caracas, Torre Central, Caracas,
Venezuela.
Onapo is a holding company whose assets consist of the Onapo Class
D Shares and the Onapo ADSs (each as defined in Item 3). The address of
Onapo's principal business and principal office is Av. Vollmer, San
Bernadino, Edificio La Electricidad de Caracas, Torre Central, Caracas,
Venezuela.
The name, residence or business address, principal occupation or
employment and citizenship of each of the executive officers and directors
of the Reporting Persons are set forth in Schedule A hereto.
None of the Reporting Persons, or, to the best of their knowledge,
any of the persons listed on Schedule A, have, during the past five years,
(i) been convicted in a criminal proceeding (excluding traffic violations
or similar misdemeanors) or (ii) been party to a civil proceeding of a
judicial or administrative body of competent jurisdiction as a result of
which any of them is or was subject to a judgment, decree or final order
enjoining future violations of, or prohibiting or mandating activities
subject to, federal or state securities laws or finding a violation in
respect to such laws.
Item 3. Source and Amount of Funds or Other Consideration.
Inextel Class D Shares
On June 21, 2001, Inextel acquired 63,999,524 Class D Shares (the
"Inextel Class D Shares") pursuant to the exercise of its redemption
rights, as a shareholder of VenWorld (as defined below), under an
Association Agreement dated as of August 1, 1991, as amended (the
9
"Association Agreement"), among GTE Corporation, T.I. Telefonica de Espana,
S.A., AT&T International Inc., C.A. La Electricidad de Caracas, S.A.I.C.A.-
S.A.C.A and Consorcio Inversionista Mercantil Cima, C.A., S.A.C.A., S.A.I.C.A.
Under the Association Agreement, any shareholder of VenWorld may, subject to
certain conditions, require that VenWorld redeem all or part of the VenWorld
shares held by such shareholder in exchange for VenWorld distributing to such
shareholder its pro rata interest in the Issuer's Class A shares held by
VenWorld. No cash consideration was used to acquire the Inextel Class D Shares.
The Association Agreement sets forth certain rights and
obligations with respect to the shareholders of VenWorld Telecom, C.A.
("VenWorld"), a company organized under the laws of Venezuela, and a holder
of Class A shares of the Issuer. In 1991, VenWorld acquired 40% of the
outstanding share capital of the Issuer from the Government of Venezuela.
Until earlier this year, this interest represented approximately 43% of the
equity share capital of the Issuer. VenWorld holds its interest in the
Issuer through the ownership of Class A shares of the Issuer.
In accordance with the Issuer's bylaws, the Class A shares received by
Inextel on the exercise of its redemption rights automatically converted into
Class D Shares of the Issuer. Inextel continues to hold 136 shares of VenWorld
which may, subject to the provisions of the Association Agreement, be redeemed
at the option of Inextel for 476 Class A shares of the Issuer.
Onapo Class D Shares
On May 14, 2001, Onapo acquired 1,000 Class D Shares (the "Onapo
Class D Shares") for Bs.2,250,000 in cash, or Bs.2,250 per share, using
funds acquired from CEDC's working capital.
Onapo ADSs
On May 14, 2001, Onapo acquired 1,000 ADSs (the "Onapo ADSs") for
$22,000 in cash, or $22 per ADS, using funds acquired from CEDC's working
capital.
Item 4. Purpose of Transaction.
The Reporting Persons acquired beneficial ownership of the Inextel
Class D Shares because they considered that it was preferable to own
directly this interest in the Issuer.
The Reporting Persons may, subject to applicable law, directly or
through its affiliates, make additional purchases of Class D Shares or ADSs
or other securities of the Issuer either in the open market, in private
transactions or otherwise depending on such factors as the Reporting
Persons may deem relevant at the time, including, among others, the
Issuer's business, prospects, financial and other condition, the market
10
and prices for such securities, the availability of funds for such purchases,
other opportunities available to the Reporting Persons, prospects for the
Reporting Persons' own businesses, general economic and other conditions,
including conditions in the Republic of Venezuela, stock market conditions and
other future developments. Depending on similar factors, the Reporting Persons
may decide to sell all or part of the Class D Shares or ADSs held or hereafter
acquired, or may decide to retain such shares and ADSs. In addition, the
Reporting Persons may decide to redeem its remaining interest in VenWorld.
AES intends to review its investment in the Issuer on a continuing
basis and may directly or through its affiliates engage in discussions with the
Issuer or shareholders of the Issuer or VenWorld concerning the business,
operations, prospects and future plans of the Issuer and the Reporting Persons'
investment in the Issuer. The Reporting Persons reserve the right to change
their purpose in respect of the Class D Shares and ADSs, and take such actions
as they deem appropriate in light of the circumstances existing at the time,
including without limitation, the matters set forth above.
Except as indicated above, none of the Reporting Persons, and, to the
best of the Reporting Persons' knowledge, none of the persons listed in Schedule
A hereto, have any present plans or proposals that relate to or would result in
any of the actions described in Subparagraphs (a) through (j) of Item 4 of
Schedule 13D.
Item 5. Interest in Securities of the Issuer.
(a) AES, Channon and CEDC beneficially own 64,000,524 Class D Shares
and 1,000 ADSs respectively (being the Inextel Class D Shares, the Onapo Class D
Shares and the Onapo ADSs). Each ADS represents seven Class D Shares. The
Reporting Persons calculate that such 64,000,524 Class D Shares and 1,000 ADSs
represent approximately 14.6% of the total number of outstanding Class D Shares
(including Class D Shares represented by ADSs), or approximately 6.9% of the
total number of shares of capital stock of the Issuer.
Inextel beneficially owns 63,999,524 Class D Shares (being the
Inextel Class D Shares). The Reporting Persons calculate that such
63,999,524 Class D Shares represent approximately 14.6% of the total number
of outstanding Class D Shares (including Class D Shares represented by
ADSs), or approximately 6.9% of the total number of outstanding shares of
capital stock of the Issuer.
11
Servicios and Onapo beneficially own 1,000 Class D Shares and
1,000 ADSs respectively (being the Onapo Class D Shares and the Onapo ADSs). The
Reporting Persons calculate that such 1,000 Class D Shares and 1,000 ADSs
represent less than 0.1% of the total number of outstanding Class D Shares
(including Class D Shares represented by ADSs), and less than 0.1% of the
total number of outstanding shares of capital stock of the Issuer.
According to the Issuer's report on Form 20-F filed with the
Securities and Exchange Commission on May 25, 2001, as of April 30, 2001,
the Issuer had 926,037,385 shares of capital stock outstanding, of which
approximately 373,845,612 were Class D Shares (including Class D Shares
represented by ADSs). In calculating the percentages above, the Reporting
Persons have assumed that the total number of shares of Issuer capital
stock remains at 926,037,385, and have adjusted the number of Class D
Shares and Class A shares outstanding for the redemption by Inextel of its
interest in VenWorld. See Item 3. The Reporting Persons understand that
certain other shareholders of VenWorld have redeemed their interest in
VenWorld in exchange for Class A shares of the Issuer. However, the
Reporting Persons have not made any adjustments to the numbers of Class D
Shares or Class A shares outstanding which may have changed as a result of
such redemptions.
To the best of the Reporting Persons' knowledge, none of the
persons listed in Schedule A hereto beneficially owns any Class D Shares or
ADSs except as set forth on such Schedule.
(b) The Reporting Persons have, and, to the best of the Reporting
Persons' knowledge, the persons listed in Schedule A hereto as beneficially
owning the shares specified, have, the sole power to vote, and the sole power
to dispose of, such shares owned beneficially by them.
(c) In the past sixty days from the date of this Statement, none of the
Reporting Persons, nor any of the persons listed on Schedule A, acquired Class D
Shares and ADSs, except as follows:
Entity Date Number of Class D Price Per Place and Manner
Effecting of Shares or Class D of
Transaction Transaction ADSs Involved Share or ADS Transaction
----------- ----------- ------------- ------------ -----------
Inextel June 21, 2001 63,999,524 N/A Redemption of interest in
Class D Shares VenWorld for Class D
Shares (See Item 3)
Onapo May 14, 2001 1,000 Class Bs. 2,250 per share Purchase in an open
D Shares market transaction
effected on the Caracas
Stock Exchange
Onapo May 14, 2001 1,000 ADSs $22 per ADS Purchase in an open
market transaction
effected on the New York
Stock Exchange
12
(d) The Class D Shares held by Inextel are currently pledged to the
lenders under a loan agreement. In the event of a sale of such shares, the
proceeds therefrom must be used to repay the outstanding amount under such loan
agreement. Except as set forth herein, no person (other than those identified
above) is known to have the right to receive or the power to direct the receipt
of dividends from, or the proceeds from the sale of, the Class D Shares and ADSs
listed above.
(e) Not applicable.
Item 6. Contracts, Arrangements, Understandings, or Relationships With Respect
to Securities of the Issuer.
The Association Agreement provides that all decisions of VenWorld
relating to the operations of VenWorld and the Issuer will be decided by
consensus of the shareholders of VenWorld, provided that if no consensus is
reached, the views of investors holding a majority of the ownership
interests in VenWorld will prevail, provided that resolutions on the
following matters require the affirmative vote of shareholders of VenWorld
holding at least 66-2/3% of VenWorld: (i) dissolution or liquidation of
VenWorld or the decision of VenWorld to support the dissolution or
liquidation of the Issuer; (ii) change in the corporate purpose of VenWorld
or the decision of VenWorld to support a change in the corporate purpose of
the Issuer; (iii) any merger or consolidation involving VenWorld or the
decision of VenWorld to support any merger or consolidation involving the
Issuer; (iv) sale or transfer of all or substantially all the assets of
VenWorld or the decision of VenWorld to support the transfer of all or
substantially all of the assets of the Issuer; (v) increase or decrease in
the capital of VenWorld, or the decision of VenWorld to support an increase
or decrease in the capital of the Issuer or to subscribe to any such
increase; (vi) fixing of the general dividend policy of VenWorld, or the
decision of VenWorld to support a particular general dividend policy of the
Issuer; (vii) the incurrence by VenWorld of any indebtedness outside the
ordinary course of business, or the decision of VenWorld to support the
incurrence by the Issuer of indebtedness outside the ordinary course of
business; (viii) any amendment to the Charter and bylaws (estatutos) of
VenWorld; (ix) investment of VenWorld's funds in another entity or business
or the decision of VenWorld to support the investment of the Issuer's funds
in another entity or business; (x) authorizing any issuance, sale, purchase
or redemption of VenWorld's equity securities or a decision of VenWorld to
support the Issuer's authorizing any issuance, sale, purchase or redemption
of the Issuer's equity securities; (xi) entry into any new line or field of
business, other than related to telecommunications, or the discontinuance
of any line or field of business, or a decision of VenWorld to support the
Issuer's entry into any new line or field of business, other than related
to telecommunications, or the discontinuance of any line or field or
business; and (xii) appointment of auditors or VenWorld's decision to
support a proposal by the Issuer to appoint auditors.
The Association Agreement also contains provisions providing for
the election of directors of VenWorld and the Issuer. Pursuant to those
provisions, representatives of CEDC currently serve as a director and such
director's alternate on the Board of Directors of the Issuer.
13
Under the Association Agreement, every shareholder of VenWorld
holds a pro rata right of first refusal with respect to any transfer of
VenWorld shares by another shareholder of VenWorld. If the right of first
refusal is not exercised, the shareholder of VenWorld who intends to
transfer VenWorld shares may, subject to the provisions of the Association
Agreement, including a provision requiring unanimous approval by the
shareholders of VenWorld, which approval may not be unreasonably withheld,
transfer such shares to a third party. Each shareholder of VenWorld may
redeem all or part of its VenWorld shares in exchange for such
shareholder's pro rata interest in the Class A shares held by VenWorld,
provided that any shareholder of VenWorld wishing to exercise such
redemption option must offer to sell the Issuer shares so redeemed to the
other shareholders of VenWorld (who have a pro rata right to acquire such
shares) at a price equal to 95% of the average market price for the shares
of the Issuer during a period established under the Assocation Agreement.
The foregoing summary of the provisions of the Association
Agreement is qualified in its entirety by reference to the provisions of
the Association Agreement which is attached as Exhibit 1.1 to this Schedule
13D.
On May 28, 2001, the Comision Nacional de Valores de Venezuela (the
"CNV") issued an order to the effect that acquisitions of shares of the Issuer
pursuant to the redemption provisions of the Association Agreement are subject
to Venezuelan tender offer regulations. Among other things, these regulations
specify that acquisitions of 10% or more of the capital of a listed company in
Venezuela (such as the Issuer) must be made through a public tender offer and
that a controlling shareholder of a listed company in Venezuela may only acquire
additional shares of such company pursuant to a public tender for at least 75%
of the capital of such company. GTE Corporation has appealed this order of the
CNV to the Venezuelan First Court on Administrative Matters (Corte Primera de lo
Contencioso Administrativo). In addition, GTE Corporation has commenced an
arbitration against, among others, C.A. La Electricidad de Caracas,
S.A.I.C.A.-S.A.C.A. ("EDC") under the Association Agreement alleging breaches by
EDC of its obligations under the Association Agreement, including breaches
relating to the redemption of virtually all of Inextel's shares in VenWorld. See
Item 3.
C.A. La Electricidad de Caracas, S A.I.C.A.-S.A.C.A. has entered into a
letter agreement with Chase Securities, Inc., which provides for, among other
things, in the event of a sale of the interest of VenWorld held by Inextel, or
the Class D Shares received on redemption of such interest, a payment to be made
to Chase Securities, Inc. based on the proceeds received upon such sale in
excess of an agreed-upon amount.
Except as set forth above, there are no contracts, arrangements,
understandings or relationships (legal or otherwise) among the persons
named in Item 2 and between such persons and any person with respect to any
securities of the Issuer, including but not limited to transfer or voting
of any of the securities of the Issuer, finder's fees, joint ventures, loan
or option arrangements, puts or calls, guarantees of profits, division of
profits or loss, or the giving or withholding of proxies.
14
Item 7. Material to be Filed as Exhibits.
Exhibit No. Description
----------- -----------
1.1 Form of Association Agreement dated August 1, 1991, as amended.
1.2 Joint Filing Agreement, dated July 2, 2001 by and between
The AES Corporation, AES Channon Holdings B.V., Corporacion
EDC, C.A., Inversiones Inextel, C.A., Servicios EDC, C.A.
and Inversiones Onapo, C.A.
15
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
The AES Corporation
By: /s/ Barry J. Sharp
---------------------------------------
Name: Barry J. Sharp
Title: Senior Vice President
Date: July 2, 2001 and Chief Financial Officer
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
AES Channon Holdings B.V.
By: /s/ Steven P. Clancy
-----------------------------
Name: Steven P. Clancy
Title: Director
Date: July 2, 2001
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Corporacion EDC, C.A.
By: /s/ Steven P. Clancy
-----------------------------
Name: Steven P. Clancy
Title: Chief Financial Officer
Date: July 2, 2001
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Inversiones Inextel, C.A.
By: /s/ Steven P. Clancy
-----------------------------
Name: Steven P. Clancy
Title: Director
Date: July 2, 2001
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Servicios EDC, C.A.
By: /s/ Paul Hanrahan
-----------------------------
Name: Paul Hanrahan
Title: Director
Date: July 2, 2001
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Inversiones Onapo, C.A.
By: /s/ Steven P. Clancy
---------------------
Name: Steven P. Clancy
Title: Director
Date: July 2, 2001
SCHEDULE A
The AES Corporation
The business address of each executive officer and director of The AES
Corporation is c/o The AES Corporation, 1001 North 19th Street, Arlington,
Virginia 22209.
(a) Executive Officers
Name Principal Occupation Citizenship
---- -------------------- -----------
Michael N. Armstrong Vice President United States
The AES Corporation
Richard A. Bulger Vice President United States
The AES Corporation
Dennis W. Bakke Chief Executive Office, President and United States
Director
The AES Corporation
Shahazad S. Qasim Vice President United States
The AES Corporation
Dan Rothaupt Vice President United States
The AES Corporation
Robert Ruccius Vice President United States
The AES Corporation
Mark S. Fitzpatrick Executive Vice President United States
The AES Corporation
Paul T. Hanrahan Senior Vice President United States
The AES Corporation
Lenny M. Lee Vice President United States
The AES Corporation
Garry K. Levesley Vice President United States
The AES Corporation
William R. Luraschi Vice President, Secretary and United States
General Counsel
The AES Corporation
John Ruggirello Executive Vice President United States
The AES Corporation
J. Stuart Ryan Executive Vice President United States
The AES Corporation
Barry J. Sharp Executive Vice President United States
and Chief Financial Officer
The AES Corporation
Sarah Slusser Vice President United States
The AES Corporation
Paul D. Stinson Vice President United States
The AES Corporation
David Luis Travesso Vice President United States
The AES Corporation
Thomas A. Tribone Executive Vice President United States
The AES Corporation
Kenneth R. Woodcock Senior Vice President United States
The AES Corporation
Ann D. Murtlow Vice President United States
The AES Corporation
Roger F. Naill Senior Vice President United States
The AES Corporation
(b) Directors
Alice F. Emerson Senior Advisor United States
The Andrew W. Mellon Foundation
Robert F. Hemphill, Jr. Managing Director United States
Toucan Capital Corporation
Frank Jungers Director United States
The AES Corporation
Phil Lader Chairman of the Board United States
WPP Group
John H. McArthur Senior Advisor to the President United States
World Bank Group
Hazel R. O'Leary Director United States
The AES Corporation
Roger W. Sant Chairman of the Board United States
The AES Corporation
Thomas I. Unterberg Managing Director United States
C.E. Unterberg, Towbin
Robert H. Waterman, Jr. Chief Executive Officer United States
The Waterman Group, Inc.
Dennis W. Bakke Chief Executive Officer and President United States
The AES Corporation
AES Channon Holdings B.V.
The business address of each director of AES Channon Holdings B.V. is
Drentestraat 24, 1083 HQ, Amsterdam, The Netherlands, except for Steve
Clancy whose business address is c/o C.A. La Electricidad de Caracas, AV.
Vollmer, San Bernadino, Edificio La Electricidad de Caracas, Torre Central,
Caracas, Venezuela.
(a) Executive Officers
None
(b) Directors
Name Principal Occupation Citizenship
---- -------------------- -----------
Steve Clancy Chief Financial Officer United States
C.A. La Electricidad de Caracas
Stefan Dijkers Team Leader at ELSTA The Netherlands
Edwald C.H. Segers Safety Co-ordinator at ELSTA The Netherlands
Corporacion EDC, C.A.
The business address of each executive officer and director of Corporacion
EDC, C.A. whose principal occupation is with The AES Corporation is c/o The
AES Corporation, 1001 North 19th Street, Arlington, Virginia 22209. The
business address of each other executive officer and director of
Corporacion EDC, C.A. is c/o Corporacion EDC, C.A., Av. Vollmer, San
Bernadino, Edificio La Electricidad de Caracas, Torre Central, Caracas,
Venezuela.
(a) Executive Officers
Name Principal Occupation Citizenship
---- -------------------- -----------
Richard A. Bulger Vice President United States
The AES Corporation
Roger W. Sant Chairman of the Board United States
The AES Corporation
Julian Nebreda Legal Counsel Venezuela
C.A. La Electricidad de Caracas
(b) Directors
Richard A. Bulger Vice President United States
The AES Corporation
Dennis W. Bakke Chief Executive Officer, President and United States
Director
The AES Corporation
Paul T. Hanrahan Senior Vice President United States
The AES Corporation
Cira Romero Member of the Board of the Caracas Chamber Venezuela
of Commerce
Michele Goguikian Executive President Spain
Banco de Venezuela
J. Stuart Ryan Executive Vice President United States
The AES Corporation
Roger W. Sant Chairman of the Board United States
The AES Corporation
Gustavo Julio Vollmer President Venezuela
Corporacion Palmar, S.A.
Lorenzo Mendoza (1) Director of the Board of Directors and Venezuela
Executive Committee
Empresas Polar
----------------------
(1) Owns 42,066 Class D Shares, which represent less than 0.1% of the
outstanding Class D Shares (including Class D Shares represented by ADSs),
and less than 0.1% of the total number of outstanding shares of capital
stock of the Issuer.
Inversiones Inextel, C.A.
The business address of each executive officer and director of Inversiones
Inextel, C.A. whose principal occupation is with The AES Corporation is c/o
The AES Corporation, 1001 North 19th Street, Arlington, Virginia 22209. The
business address of each other executive officer and director of
Inversiones Inextel, C.A. is c/o Inversiones Inextel, C.A., Av. Vollmer,
San Bernadino, Edificio La Electricidad de Caracas, Torre Central, Caracas,
Venezuela.
(a) Executive Officers
Name Principal Occupation Citizenship
---- -------------------- -----------
Richard A. Bulger Vice President United States
The AES Corporation
Julian Nebreda Legal Counsel Venezuela
C.A. La Electricidad de Caracas
(b) Directors
Richard A. Bulger Vice President United States
The AES Corporation
Steven Clancy Chief Financial Officer United States
C.A. La Electricidad de Caracas
Julian Nebreda Legal Counsel Venezuela
C.A. La Electricidad de Caracas
Servicios EDC, C.A.
The business address of each executive officer and director of Servicios
EDC, C.A. whose principal occupation is with The AES Corporation is c/o The
AES Corporation, 1001 North 19th Street, Arlington, Virginia 22209. The
business address of each other executive officer and director of Servicios
EDC, C.A. is c/o Servicios EDC, C.A., Av. Vollmer, San Bernadino, Edificio
La Electricidad de Caracas, Torre Central, Caracas, Venezuela.
(a) Executive Officers
Name Principal Occupation Citizenship
---- -------------------- -----------
Richard A. Bulger Vice President United States
The AES Corporation
Julian Nebreda Legal Counsel Venezuela
C.A. La Electricidad de Caracas
(b) Directors
Richard A. Bulger Vice President United States
The AES Corporation
Paul T. Hanrahan Senior Vice President United States
The AES Corporation
Andres Gluski (2) President Venezuela
Gener, S.A.
------------------------
(2) Owns 7,587 Class C shares of the Issuer.
Inversiones Onapo, C.A.
The business address of each executive officer and director of Inversiones
Onapo, C.A. is c/o Inversiones Onapo, C.A., Av. Vollmer, San Bernadino, Edificio
La Electricidad de Caracas, Torre Central, Caracas, Venezuela.
(a) Executive Officers
Name Principal Occupation Citizenship
---- -------------------- -----------
Steven Clancy Chief Financial Officer United States
C.A. La Electricidad de Caracas
Julian Nebreda Legal Counsel Venezuela
C.A. La Electricidad de Caracas
(b) Directors
Steven Clancy Chief Financial Officer United States
C.A. La Electricidad de Caracas
Andres Gluski (3) President Venezuela
Gener, S.A.
Manuel Perez Dubuc Treasury Manager Venezuela
C.A. La Electricidad de Caracas
--------------------
(3) See footnote (2) on preceding page.