OJSC Elektrosvyaz, Vladimir region held an EGM on February 14.  The first and main issue on the agenda was as follows: "On reorganizing the open joint stock company Elektrosvyaz, Vladimir region in the form of a merger with the Central Telecommunications Company".  Other issues included approving the merger agreement and the transfer act.

According to company sources 70.9% of the total number of shareholders representing the company's common and preferred shares took part in the voting.  Of these, 93.86% voted in favor of the merger, while 0.09% voted against and 0.02% abstained.

Shareholders who cast negative votes on the merger issue, or who failed to take part in the voting, are entitled to a share buyback, the price of which has been set at Rub 0.55 per common share and Rub 0.72 per preferred share.

The swap ratio recommended by the company's merger consultant, LV Finance, is 0.4264.