PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that Vostok-Finance LLC (100% subsidiary of PJSC RAO ES of the East) has completed a mandatory squeeze-out procedure in respect of the remaining shares of PJSC RAO ES of the East. During the squeeze-out period 887,233,672 ordinary and 312,687,580 preferred shares of PJSC RAO ES of the East were acquired by Vostok-Finance. It completes the consolidation of 100% of RAO ES of the East initiated 8 months ago by RusHydro Group.
The consolidation process of RAO ES of the East started with the voluntary offer effective from November 2015 till February 2016 which resulted in acquisition of 11.11% of PJSC RAO ES East ordinary and preferred shares from shareholders.
In accordance with the Russian legislation acquisition of over 10% and consolidation of over 95% of RAO ES of the East shares allowed RusHydro Group to exercise a squeeze-out right of the public joint-stock company in relation to the remaining shares. Shareholders should have submitted to the registrar of PJSC RAO ES of the East – JSC “STATUS” their applications containing bank or broker account details to receive payment for shares till May 16, 2016. All calculations were completed on June 1, 2016.
The full consolidation of RAO ES of the East ordinary shares is a part of the long-term development program of RusHydro Group aimed to improve the efficiency of control over RAO ES of the East holding.