RusHydro Received 63.9% Stake in RAO ES of East
JSC RusHydro (ticker symbol: RTS, MICEX, LSE: HYDR; OTCQX: RSHYY) announces that as a result of execution of pre-emptive right by its shareholders during the ongoing share issue, the Company received stakes in JSC RAO Energy System of East, JSC Sakhalin Energy Company (SEK) and JSC Trest Hydromontazh as payment for its own shares.
The share prices of these companies were approved by the Board of Directors:
- RUR 0.5199125634647 per one ordinary and preferred share of RAO ES of East;
- RUR 722.0602526724980 per one ordinary share of SEK;
- RUR 11.3340717652817 per one ordinary share Trest Hydromontazh;
The valuation of shares was done by an independent appraiser - LLC Institute for Enterprise Issues (St. Petersburg). JPMorgan and Morgan Stanley provided their opinions to the Board of Directors of RusHydro regarding the valuations of the asset.
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 Board of Directors approved a decision on additional share issue and Prospectus of the issue on July 29, 2011.
RusHydro will publish full results of pre-emptive right execution by shareholders that ended October 28, 2011, shortly.
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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