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Est Media board to meet in order to determine details of capital injection

The board of Hungarian media company Est Media will meet on September 14 to discuss issues related to a capital injection announced during the summer, Est Media said on Friday.

Est Media also announced that the deadline for an installation payment on a transaction related to the acquisition of a further stake of Sziget Festival operator Sziget Kft has been extended further, from September 9 to September 15.

The company noted that one element and goal of the capital increase to be decided on September 14 is to prevent the drop of Est Media's voting rights in Sziget below 51%.

Est Media shareholders unanimously approved in June a reorganization plan to be implemented in the second and third quarters of this year aimed at generating operating profit, excluding the results of its event unit, in the second half of 2011.

Est Media sustained after-tax losses of HUF 311.5 million in the second quarter of 2011, up from after-tax losses of HUF 288.4 million in Q2 of 2010.

Est Media is an A-category issuer at the Budapest Stock Exchange.