On August 11, 2010 OJSC “Uralsvyazinform” Board of Directors approved the report on results of shareholders presentation of requirements about the repayment of shares belonging to them. According to the legislation, the repayment of shares will be accomplished not later than September 8, 2010.
On June 23, 2010 the Annual General Meeting of Shareholders of OJSC “Uralsvyazinform” issued the decision on reorganisation of OJSC “Uralsvyazinform” in the form of joining to OJSC “Rostelecom”. According to the legislation of the Russian Federation, those shareholders who voted against acceptance of the issued decision or did not participate in voting, there was a right to demand for the repayment from the company of all or part of shares belonging to them. The expiry date on requirements reception of shareholders on the repayment — August 09, 2010.
The total of redeemed shares according to the report will make up 715 189 119 pieces (1,8 % of the charter capital of the company), including ordinary shares — 214 854 899 pieces, preferred shares of ‘A’ type —— 500 334 220 pieces.
The total sum, directed to the repayment of shares, will make RUR 700 885,3 thousand or 2,4 % from cost of net assets of OJSC “Uralsvyazinform” at the date of decision-making on reorganisation (on the legisla-tion on the repayment can be directed to 10 % from cost of a net assets). The shown shares will be redeemed at the price approved by Board of Directors — RUR 0,98 per one ordinary share and RUR 0,98 per one preferred share of ‘A’ type. Payment of redeemed shares will be made in money resources till September 8, 2010.
First deputy to General Director of OJSC “Uralsvyazinform” Sergey FROLOV noted: “Overwhelming majority of shareholders decided not to sell the securities that speaks about their support of forthcoming reorganisation. I think, shareholders divide our confidence that created on ‘Rostelecom’ base the uniform national communication operator will have a powerful impulse of development, strengthen market positions, raise economic efficiency. As a result, the shares of the incorporated company will have good prospects on the securities market, enter into number of ‘blue chips’. The additional argument for shares retaining is Company’s intention for the first time to pay intermediate dividends (following the results of 9 months 2010). According to the preliminary forecast, the amount of intermediate dividends will be above the approved dividends following the results of all 2009”.