OJSC Elektrosvyaz Orlov held an EGM on February 20, 2002. The main item on the agenda was whether to approve the merger of OJSC Elektrosvyaz, Orlov region with the Central Telecommunications Company.  The EGM also passed a motion to adopt the Merger Agreement merger between OJSC Elektrosvyaz, Orlov region and the Central Telecommunications Company, and the Transfer Act.  

Shareholders also passed a motion to join ISKRA, the Business Association for Federal Network Service Operators.  

On the merger issue, the voting results were as follows: 99.8% in favor  (of all those eligible to vote on the issue) and 0.1% against. 

Shareholders who voted against the merger or failed to show up for the voting are entitled to request a share buyback from the Company at the price of Rub 4.09 per common share and Rub 4.8 per preferred share.  The swap ratio recommended by the company's merger consultant, LV Finance is 5.53.  On this issue 97.9% of shareholders cast favorable votes.