Moscow. 30 October 2007. RAO "UES of Russia" has announced the results of its EGM held by absentee voting on 26 October 2006. The EGM considered matters relating to the final (second) phase the Company's reorganization*.
Record date: The list of shareholders entitled to vote was made as of 23 August 2007. The closing date for receipt of ballots was 26 October 2007. The RAO UES vote-counting commission completed the tally of votes and signed its Minutes containing the official results of the EGM.
According to the Minutes, shareholders holding 33,396,122,096 shares, or 77.46% of all RAO UES shares took part in the meeting. Over 95.43% shareholders who took part in the EGM voted FOR the resolution on the key issue (No. 1) related to the Company's final reorganization.
The model for the final phase of the RAO UES reorganization provides for asset restructuring of the energy company, with all companies of the final intended sector structure to be separated from RAO "UES of Russia": OAO "WGC-1", OAO "WGC-2", OAO "WGC-3", OAO "WGC-4", OAO "WGC-6", OAO "TGC-1", OAO "TGC-1", OAO "TGC-2", OAO "Mosenergo", OAO "TGC-4", OAO "TGC-6", OAO "Volzhskaya TGC", OAO Southern TGC-8", OAO "TGC-9", OAO "TGC-10", OAO "TGC-11", OAO "Kuzbassenergo", OAO "Yeniseyskaya TGC (TGC-13)", OAO "TGC-14", OAO "HydroWGC", OAO "UES FGC", OAO "Sochinskaya TPP", and the newly established OAO "IDC Holding" (which will consolidate the distribution grid assets), and OAO "RAO Energy Systems of the East" (which will consolidate the energy assets of the Far Eastern and Islanded Energy Systems).
As a result of the reorganization, RAO UES shareholders will receive shares in these companies and the Company will cease to exist. In the course of the reorganization, the Company's DR holders will receive either GDRs representing shares in the spin-off companies of the final intended sector structure, or shares in these companies, or proceeds from their sale (the so-called "cash-out").
The restructuring of RAO UES assets is scheduled to be completed on 1 July 2008.
* The reorganization OAO RAO "UES of Russia" has been implemented in two phases. During the first phase, which was completed on 3 September 2007, two generation companies, WGC-5 and TGC-5, were spun off from RAO "UES of Russia". After the first phase of the reorganization, RAO UES shareholders acquired shares in OAO "WGC-5" and OAO "TGC-5" in proportion to their stakes in RAO "UES of Russia".
This announcement was disclosed as a notice of material facts in the Interfax newswire at 09:23 and 9:31 hours Moscow time on 30 October 2007 in compliance with the requirements of the Federal Service for Financial Markets of Russia.
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