29.08.2011
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Results of the Board of Directors Meeting

JSC RusHydro (ticker symbol: RTS, MICEX, LSE: HYDR; OTCQX: RSHYY) announces the results of the Board of Directors meeting that was held August 26, 2011.

The Board of Directors approved the valuation of the following assets that can be used as payment for shares of RusHydro of the new issue:

 

Company

Type of shares

Price per share (RUR)

JSC RAO Energy Systems of East

Ordinary

0.5199125634647

JSC RAO Energy Systems of East

Preferred

0.5199125634647

JSC Far-Eastern Energy Company (JSC DEK)

Ordinary

0.2126298529112

JSC Yakutskenergo

Ordinary

0.6032273765104

JSC Yakutskenergo

Preferred

0.6032273765104

JSC Sakhalin Energy Company

Ordinary

722.0602526724980


The valuation of shares was done by an independent appraiser - LLC Institute for Enterprise Issues (St. Petersburg). JPMorgan and Morgan Stanley provided opinions to the Board of Directors of RusHydro regarding the valuations of the assets.

 

The Annual General Meeting of shareholders of RusHydro approved an increase of the Company's authorized share capital by issuing 89,000,000,000 additional ordinary shares with a par value of RUR 1 per share on June 30th, 2011. Later, the Board of Directors approved the price of additional ordinary shares of RusHydro (including for pre-emptive buyout) at RUR 1.65 per share and also approved valuations of shares of the following joint stock companies and non-cash assets that will be accepted as payment for shares of the new issue:

 

-  JSC Boguchanskaya HPP (ordinary and preferred shares);

-  JSC Geoterm (ordinary shares);

-  JSC Zaramagskiye HPPs (ordinary shares);

-  JSC KamGEC (ordinary shares);

-  JSC Pavlodolskaya HPP (ordinary shares);

-  JSC Ust'-Srendekanskaya HPP (ordinary shares);

-  JSC Kolymaenergo (ordinary shares);

-  JSC Trest Hydromontazh (ordinary and preferred shares);

-  JSC Irkutskenergo (ordinary shares)

-  right-bank dam of Bratskaya HPP

-  left-bank dam of Bratskaya HPP

-  am of Ust'-Ilimskaya HPP

-  right-bank dam of Irkutskaya HPP

-  left-bank dam of Irkutskaya HPP

 




 

 

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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