03.07.2008
printable version
RSS

JSC RusHydro launches the Global Depositary Receipts programme

One of the most significant steps of the Russian power sector reform came to an end on the 1st of July 2008. The worlds largest power monopoly RAO "UES of Russia" ceased to exist.

The formation of the target model of JSC RusHydro was completed on 1st of July 2008. JSC RusHydro has since become one of the key successors of RAO "UES of Russia", both in terms of energy production (JSC RusHydro’s share of the Russian power sector is 15%), and as an equity issuer: JSC RusHydro’s shares are traded on the Russian stock exchanges MICEX and RTS. JSC RusHydro is the leading Russian power generating company and the worlds largest quoted hydropower generating company with the capacity of 25GW including 50 power generating assets. The Company is the leading provider of renewable energy in Russia, including hydro, tidal, wind and geothermal energy.

At the final stage of the reorganisation of RAO UES, on the 18th of June 2008, JSC RusHydro launched the Global Depositary Receipts ("GDRs") programme to improve liquidity of the Company’s shares and to enforce compliance with the rights of RAO UES’s shareholders. The Bank of New York is the Depositary Bank.

The GDR Reg S will be traded on the over-the-counter market outside of the United States. One GDR represents 100 shares of JSC RusHydro. It was determined by the FSFR, the Russian financial markets authority, that number of the JSC RusHydro shares offered outside of the Russian Federation through the GDRs will not exceed 37.5 billion shares, representing 15% of the issued share capital of JSC RusHydro after the reorganization.

At the first stage the depositary bank will provide the issue and distribution of GDRs of JSC RusHydro to the existing shareholders of RAO UES. Due to the shceduel of GDR programe the existing shareholders of RAO UES will be able to apply for the GDRs of JSC RusHydro until the 7th of July 2008. The allocation of the GDRs to the existing shareholders of RAO UES is expected to be completed by the end of July.

­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­­For Further Information:

Additional information can be obtained on the website of The Bank of New York Mellon: http://www.adrbny.com/dr_profile.jsp?cusip=44880R202

 
JSC Rushydro contacts:
          

Evgeniy DruzyakaHead of Communications Department

Tel: +7 495 540 30 12 (ext. 1019)

 

Irina VolodinaInvestor Relations

Tel: +7 495 540 30 12 (ext. 1077)

 

       

About RusHydro:

          The leading Russian power generation company and the worlds largest quoted hydropower generating company by installed capacity.

          JSC RusHydro is Russia’s leading producer of renewable energy based on the alternative sources, including small and micro hydro, tidal, wind and geothermal energy .

          The total installed capacity of JSC RusHydro is 25,01GW.

          The production of electric power reached 82.3 TWh in 2007, the consolidated revenue was US$1.96bn.

          In February 2008 JSC RusHydro’s shares started trading on the Russian stock exchanges MICEX and RTS.

          As a result of reorganisation of JSC RusHydro’s shareholding structure, the Government of the Russian Federation will hold 59.9% of JSC RusHydro’s shares, and minority shareholders will hold 40.1% of the shares (Forecast).

          JSC RusHydro has been awarded the following credit ratings: Baa3 by Moody’s and BBB by  Standard&Poors and Fitch (investment grade).    

 

This document is not for publication or distribution in the United States, Canada, Australia or Japan. This document does not constitute an offer of securities or an invitation to subscribe for or purchase any securities, as the case may be, in any jurisdiction where such offer or invitation would be unlawful. This document is not an offer of any securities of JSC RusHydro for sale into the United States. Securities of JSC RusHydro may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. JSC RusHydro has not registered and does not intend to register any portion of any offering in the United States or conduct a public offering of any securities in the United States.

This document does not constitute an invitation or inducement to engage in investment activity within the meaning of the UK Financial Services and Markets Act 2000. To the extent that this document induces to engage in investment activity, this document is directed only at (i) persons who are outside the United Kingdom or (ii) persons who are investment professionals within the meaning of article 19(5) of the UK Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or (iii) high net worth entities and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(2) of the Order (all such persons together being referred to as "relevant persons"). The securities are available only to, and an invitation or offer may be directed at, or any agreement to subscribe for, purchase or otherwise acquire, any securities will be engaged in only with relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

In any EEA member state that has implemented Directive 2003/71/EC (together with any applicable implementing measures in any member state, the "Prospectus Directive"), this document should not be construed as an invitation or inducement to engage in investment activity, it is only addressed to and directed at persons in that member state who are qualified investors within the meaning of the Prospectus Directive (or who are other persons to whom the document may lawfully be addressed) and must not be acted on or relied on by other persons in that member state.

Your application has been accepted. The answer will be prepared and sent within 20 calendar days. ok