6th Jul 2009 11:43
This document is not a prospectus but an advertisement. Investors should not subscribe for any transferable securities referred to in this announcement except on the basis of information in a prospectus, which has been published in accordance with the Prospectus Directive.
JSC RusHydro lists on the Main Market of the London Stock Exchange
Trading in the global depositary receipts (GDRs) of JSC RusHydro - Russia's largest power generation company and the world's largest publicly traded hydro generation company in terms of installed capacity - begun today on the International Order Book of the London Stock Exchange.
RusHydro is Russia's largest power generation company and the largest publicly traded hydro generation company in the world in terms of installed capacity, which amounts to 25.3 GW.
RusHydro was established in December 2004 as part of the comprehensive reform of Russia's energy sector to help harness Russia's extensive hydro-potential through the consolidation of its largest hydro-power plants, as well as to develop its renewable energy sources.
The RusHydro Group includes:
53 hydro generation plants (HPP), 1 pumped storage hydro power plant (PSHPP), 2 geothermal power plants (GeoPP), 1 tidal power plant, and 1 windpower plant (WPP);
Three electricity retail subsidiaries consolidated in united retail holding;
In-house R & D and design institutes, together with engineering facilities;
Projects in the renewable energy field (including tidal, geo-thermal and wind)
In 2008, the RusHydro Group generated 80,273 million kWh of electric power and revenues of RUB 107.7 billion.
RusHydro on the capital markets:
The Russian Federation holds a majority stake (61.93%) in RusHydro, and the free-float is currently in excess of 30%.
RusHydro's market capitalisation as of 3 July, 2009 was USD 10.12 billion
RusHydro's shares are traded on both Russian domestic exchanges (MICEX and RTS) on the "A1" quotation lists under the ticker symbol HYDR.
In June 2008, RusHydro established a GDR programme with The Bank of New York (now The Bank of New York Mellon) as depositary, comprising a Regulation S facility and Rule 144 facility. Each GDR represents 100 ordinary shares of RusHydro. The volume of GDRs issued has increased since the program's inception from 2.13% of the Company's charter capital to approximately 6.17% of the charter capital.
RusHydro has obtained permission from the Federal Service for Financial Markets of the Russian Federation for up to 37,500,000,000 of its shares (or 14.7% of its current charter capital) to be circulated abroad in the form of depositary receipts.
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The Company also intends to establish a Level 1 American depositary receipt (ADR) programme with The Bank of New York Mellon as depositary. Subject to the receipt of regulatory approvals, it is currently expected that the programme will be launched in August 2009 and that the ADRs will be admitted to trading on the London Stock Exchange's Main Market, with holders of Regulation S GDRs receiving Level 1 ADRs in exchange for their GDRs.
The London Stock Exchange listing:
Commenting on RusHydro's listing of GDRs on the London Stock Exchange, Acting Chairman of the Management Board Vasily Zubakin said:
"Our decision to pursue a London listing reflects our desire to tap into a large potential liquidity pool by making it easier for international investors to access our securities. We think that this move will significantly boost the liquidity of our depositary receipts. We also believe that this listing will help spur our development from a Russian blue chip company into a global emerging markets blue chip."
The Company's London Stock Exchange ticker symbol is HYDR.
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Disclaimer
This announcement is only addressed to and directed at persons in member states of the European Economic Area who are "qualified investors" within the meaning of Article 2(1)(e) of the Prospectus Directive (Directive 2003/71/EC) ("Qualified Investors"). In addition, in the United Kingdom, this announcement is being distributed only to, and is directed only at, (i) Qualified Investors who have professional experience in matters relating to investments who fall within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") and Qualified Investors falling within Article 49(2)(a) to (d) of the Order, and (ii) Qualified Investors to whom it may otherwise lawfully be communicated (all such persons together being referred to as "relevant persons"). This announcement must not be acted on or relied on (i) in the United Kingdom, by persons who are not relevant persons, and (ii) in any member state of the European Economic Area other than the United Kingdom, by persons who are not Qualified Investors. Any investment or investment activity to which this announcement relates is available only to (i) in the United Kingdom, relevant persons, and (ii) in any member state of the European Economic Area other than the United Kingdom, Qualified Investors, and will be engaged in only with such persons.
Neither the shares of RusHydro or the GDRs have been, nor will be, registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold within the United States, absent registration or an exemption from registration.
This announcement may include forward-looking statements. By their nature, forwarding-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. In particular, there can be no assurance that (i) the requisite approvals for the ADR Programme will be obtained and ADRs will be issued to holders of Regulation S GDRs; and (ii) RusHydro's application to admit those ADRs to the Official List of the United Kingdom Listing Authority and to trading on the Main Market of the London Stock Exchange will be approved.
Related Shares:
92XY.L