MOEX suspends trading of RAO ES of the East shares
PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the trading of ordinary and preferred shares of PJSC RAO ES of the East will be terminated from May 16, 2016, as per decision of Moscow Exchange (MOEX) in accordance with the Listing rules of MOEX as a result of mandatory squeeze-out procedure initiated by Vostok-Finance LLC (100% subsidiary of PJSC RAO ES East).
As a result of the voluntary offer for purchase of PJSC RAO ES of the East shares, Vostok-Finance LLC acquired ordinary and preferred shares comprising in aggregate 11.11% of PJSC RAO ES of the East voting shares, enabling RusHydro Group to consolidate over 95% in share capital of PJSC RAO ES of the East.
The squeeze-out price determined by an independent appraiser amounts to RUB 0.35 per ordinary share and RUB 0.22 per preferred share (vetted by an independent appraiser), which totally complies with the Russian legislation and equals the price of the tender offer held from November 3, 2015 to January 18, 2016.
In accordance with the Russian legislation the legal entity which has acquired over 95% of shares in the public joint-stock company as a result of the voluntary offer should exercise a squeeze-out right of the public joint-stock company in relation to the remaining shares. Shareholders should submit 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.
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.
The information in this press release may contain projections or other forward-looking statements regarding future events or the future financial performance of RusHydro. You can identify forward looking statements by terms such as "expect," "believe," "anticipate," "estimate," "intend," "will," "could," "may" or "might," the negative of such terms or other similar expressions. We wish to caution you that these statements are only predictions and that actual events or results may differ materially from these statements. We do not intend to update these statements to reflect events and circumstances occurring after the date hereof or to reflect the occurrence of unanticipated events. Many factors could cause the actual results to differ materially from those contained in our projections or forward-looking statements, including, among others, general economic conditions, our competitive environment, risks associated with operating in Russia, rapid technological and market change in our industries, as well as many other risks specifically related to RusHydro and its operations.
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