23rd Aug 2012 07:00
RTI CONSOLIDATES 100% OF SITRONICS' SHARES UNDER THE SQUEEZE-OUT PROCEDURE
Moscow, Russia - August 23, 2012 - Sistema JSFC ("Sistema" or "the Company") (LSE: SSA), the largest diversified publicly-traded investment company in Russia and the CIS, today announces that OJSC RTI ("RTI"), a subsidiary of Sistema, as a result of squeeze-out procedure, has completed and fully paid for the acquisition of 49,139,078 of JSC SITRONICS ("SITRONICS") ordinary shares, including shares underlying the SITRONICS' Depositary Receipts, comprising approximately 0.52% of SITRONICS' share capital. Following the acquisition of 99.48% of SITRONICS' share capital pursuant to its Voluntary Tender Offer, (launched on March 12, 2012 and expired on May 22, 2012), RTI launched the statutory squeeze-out procedure under Russian law to acquire the remaining 0.52% of SITRONICS' ordinary shares from minority shareholders on June 26, 2012.
This brings RTI's total ownership stake in SITRONICS to 100% of SITRONICS' share capital.
As previously announced, it is anticipated that delisting of SITRONICS from the London Stock Exchange, as well as the termination of its DR programmes and Deposit Agreements, will take place today, August 23, 2012.
The Company is not an investment company, and is not and will not be registered as such, under the U.S. Investment Company Act of 1940.
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For further information, please visit www.sistema.com or contact:
| Investor Relations Evgeniy Chuikov Tel.: +7 (495) 692 1100 | Public Relations Vsevolod Sementsov Tel.:+7 (495) 730 1705 | ||||||
Sistema is the largest diversified publicly-traded investment company in Russia and the CIS, which invests in and is a major shareholder of companies serving over 100 million customers in the sectors of telecommunications, high technology, oil and energy, radars and aerospace, banking, retail, mass-media, tourism and healthcare services. Founded in 1993, the company reported revenues of US$ 7.9 billion for the first quarter of 2012, and total assets of US$ 47.3 billion as at March 31, 2012. Sistema's global depository receipts are listed under the symbol "SSA" on the London Stock Exchange. Sistema's ordinary shares are listed under the symbol "AFKS" on the MICEX-RTS Stock Exchange, and under the symbol "SIST" on the Moscow Stock Exchange (MSE). Sistema was ranked number 342 in the 2010 edition of the Fortune Global 500 list. Website: www.sistema.com
Some of the information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of Sistema. You 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. 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, rapid technological and market change in our industries, as well as many other risks specifically related to Sistema and its operations.
This document does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities of JSFC Sistema and/or any of its subsidiaries and affiliated companies, nor shall any part of it nor the fact of its distribution form part of or be relied on in connection with any contract or investment decision relating thereto, nor does it constitute a recommendation regarding the shares or securities of JSFC Sistema and/or any of its subsidiaries and affiliated companies.
Copyright Business Wire 2012
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