print version 

Find company
Home About the ProjectContact usFor the Clients
Enter code or ISIN
 
alpha / industry search

Issuers' Corner
Press Releases
Annual Reports Library

Financial Statements
SEC & FFMS Filings
Corporate Presentations
GM Materials
Issues Documents
Corporate Governance Materials
Russian Company Guide
Company Profiles
Corporate Calendar
Markets Corner
Consensus Estimates
Media Corner
News Line


Get updates



Home  Issuers' Corner  Press Releases  Unified Energy System REGISTER LOG IN

Press Releases > Unified Energy System  all about the company

company search
all press releases
all Unified Energy System press releases

Unified Energy System

January 29, 2008

Common statement of WGC-5, Enel, and RAO "UES of Russia"

Moscow, 29 January 2008. OAO "WGC-5" reminds to its shareholders about the expiration of validity period of offer submitted by one of its shareholders – Italian corporation Enel. Before February 4th, 2008 all owners of WGC-5 shares interested in acceptance of the offer should fill out and send duly signed documents of acceptance to WGC-5's official register – OAO "Central Moscow Depositary"*.

The offer of WGC-5 securities purchase was submitted by Enel in accordance with the effective Russian legislation. Thus, as it is stated in the Federal Law On Joint-Stock Companies, a stockholder, becoming an owner of more than 30% of the stock has a right to submit a non-mandatory offer for purchase of all outstanding ordinary shares at the acquisition price of shares.

The price of Enel offer is RUB4.4275 per ordinary WGC-5 share. The price of the offer is defined in accordance with the price of Enel's purchase in June 2007 of 25% holding of WGC-5 stock, belonging to RAO "UES of Russia", per one share.

The General Director of WGC-5 Anatoly Bushin stressed that the Board of Directors of WGC-5 held on November 19th 2007 had unanimously approved the price of the offer and recommended shareholders to exercise their rights to sell the shares.

The Board of Directors of WGC-5 acknowledge the price of the offer as fare one. The Chairman of the Board of Directors, Managing Director of RAO “UES of Russia” Eldar Orudzhev pointed out that the price of the offer, suggested by Enel, reflects not only the real cost of the company, but also allows its shareholders to receive a profit.

WGC-5 was spun off from RAO “UES of Russia” as a result of the first reorganization of the Parent Company in September 2007. All the shareholders of RAO “UES of Russia” became the shareholders of WGC-5.

RAO “UES of Russia” believe that WGC-5 will win due to the occurrence of the supervising strategic shareholder like Enel, one of world leaders of the energy sector. Enel repeatedly confirmed, that it supports implementation of the large-scale WGC-5 investment program, and the long-term experience of Enel in power assets management in different countries will allow to increase the efficiency of the company due to introduction of advanced administrative and industrial technologies.

As Anatoly Bushin says, the constitutive cooperation with Enel provides for stable development of WGC-5 and contributes to the leading position of the generation company in the Russian power sector.


* Acceptance forms for the interested shareholders and other relevant information are placed on Enel and WGC-5 corporate web-sites: www.ogk-5.com ? www.enel.com

 

 

 

Search by industry

Agriculture, Foresty and Fishing | Chemicals | Engineering | Ferrous Metals | Financial, Insurance & Real Estate | Food & Kindred Products | General Construction | Information Technology | Media & Publishing | Non-Ferrous Metals | Oil & Gas | Pharmaceuticals | Power Industry | Precious Metals and Diamonds | Telecommunications | Transportation | Wholesale & Retail Trade

Search by alpha index

A B C D F G I K L M N O P R S T U V W X Z


Site Map
© RUSTOCKS.com
Privacy Statement | Disclaimer