FSFM of Russia Registered Additional Share Issue of RusHydro
The Federal Service for Financial Markets (FSFM) of Russia registered an outstanding additional share issue of 89,000,000,000 ordinary shares of JSC RusHydro (ticker symbol: RTS, MICEX, LSE: HYDR; OTCQX: RSHYY) with a par value of RUR 1.
The additional share issue has a state registration number 1-01-55038-Е-040D. The shares can be paid for by cash or non-cash 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.
The FSFM also granted authorization for the placement and circulation of 44,500,000,000 additional shares of RusHydro outside the Russian Federation.
The placement of the share issue will begin after all the corporate procedures to evaluate assets, that can be used as payment for shares. The Board of Directors already approved the valuation of a number of assets. Valuations of shares of JSC RAO Energy Systems of East, JSC DEK, JSC Yakutskenergo, JSC Sakhalin Energy Company that will be accepted as payment for shares of the new issue, will be approved by the Board at one of the next meetings following the completion of independent valuation of these assets.
The Board of Directors approved the price of additional ordinary shares of RusHydro (including for pre-emptive buyout) at RUR 1.65 per share. The valuation of shares was done by an independent appraiser - LLC Institute for Enterprise Issues (St. Petersburg).
In accordance with the laws, shareholders of RusHydro have a pre-emptive right to acquire additional shares in the amount pro rata their shareholdings in the Company (as at May 23, 2011).
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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