15th Feb 2013 12:02
February 15h, 2013
Results of the Board of Directors on February 15, 2013
JSC RusHydro announces that the Company's Board of Directors held a meeting in absentia on February 15, 2013.
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In order to implement the additional share issue the Company's Board of Directors approved participation of RusHydro in five organizations.
To execute the president's decree number 1564 of November 22, 2012 the Russian Federation represented by the Federal Agency for state property management (Rosimushchestvo) will transfer four stakes of the following companies as payment for RusHydro's shares of additional issue:
Company | Type of shares | Number of shares |
JSC Ust'-Srednekanskaya HPP | Ordinary | 2,649,171,000 |
JSC RAO Energy Systems of East | Ordinary | 1,492,472,400 |
JSC Sakhalin energy company | Ordinary | 2,478,568 |
JSC Irkutsk electronetwork company | Ordinary | 1,973,711,982 |
The Board of Directors has also approved the potential participation of RusHydro in JSC Irkutskenergo in case of interest expressed by shareholders.
RusHydro's share in the abovementioned companies after acquisition of stakes will be determined based on the results of the pre-emptive rights exercise in accordance with the Federal Law on joint stock companies and after completion of open subscription period.
The additional shares may be acquired through open subscription in terms of the pre-emptive right implementation. The price (monetary value) of property which may be used as payment for additional shares was determined by the Board of Directors based on the results of valuation done by the independent appraiser, The Institute for enterprise issues (St. Petersburg).
The increase of RusHydro's share capital by issuance and placement through open subscription of 110 bn additional ordinary shares with a par value of RUR 1 was approved by the EGM on November 16, 2012. The shares can be paid by cash or non-cash assets. According to the EGM decision the non-cash assets of the following companies can be used as means of payment for RusHydro's shares: JSC Ust'-Srednekanskaya HPP, JSC RAO Energy Systems of the East, JSC Sakhalin energy company, JSC Irkutsk electronetwork company, JSC Irkutskenergo.
For more information:
JSC RusHydro, Investor Relations Department
Tel. +7 (495) 225-3232 ext. 1319, 1394, 1607
DISCLAIMER
The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. One can identify forward-looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements.
We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia and rapid technological and market changes in our industries, as well as many other risks specifically related to RusHydro and its operations.
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