RusHydro Announced Beginning of Open Subscription for Shares of Additional Issue
On July, 2th, 2010, according to the requirement of point 8.3 of the "Decisions on the Additional Share Issue", JSC RusHydro has invited indefinite range of persons to submit offers to purchase shares of current additional share issue (state registration number of additional shares 1-01-55038-Е-038D from 19.11.2009).
Offers to purchase shares (hereinafter — offers) could be submitted no later than in ten days, beginning with the date of publication of the Invitation to submit offers on Interfax wire and on the Company website: 12.07.2010 (inclusive).
The offers will be simultaneously collected by JSC RusHydro Registrar — JSC Central Moscow Depositary and Sberbank of Russia (JSC).
In the context of the issue functions of Sberbank as the broker are limited to collection and registration to submitted offers. The broker does not act either as underwriter or as market-maker in respect to securities of the issue.
JSC RusHydro is organizing the placement of securities independently.
In accordance with the requirements point 8.3 "Decisions on the Additional Share Issue" JSC RusHydro will make decisions on satisfaction or non-satisfaction of offers at its own discretion. Due to the fact that the price of placement (1.15 RUR per share) is significantly lower than quotes, JSC RusHydro is going to exercise its right not to satisfy offers in order to avoid value dilution for current shareholders.
The issue reference: the decision on issue volume of 19 billion shares (the registration number 1-01-55038-Е-038D from 19.11.2009) was adopted by AGM of JSC RusHydro in June 2009. Details of additional issue of securities is available on the website: www.rushydro.ru
Shares / ADR