The price of RAO UES of Russia shares to be redeemed from the shareholders who disagree with the energy holding company's reorganization will not be changed, RAO CEO Anatoly Chubais told journalists. According to Chubais, the value of shares submitted by shareholders for redemption is about 1% higher than the limit of 10% of the company's net assets fixed by the law. The redemption price for the shareholders who have not supported the energy holding company's reorganization has been set at RUR 32.15 per ordinary share and RUR 29.44 per preferred share. It became known the day before that RAO UES had received requests for redemption of shares worth RUR 103.039 billion from the shareholders who have not supported the energy holding company's reorganization. According to RAO UES spokesperson Margarita Nagoga, the value of ordinary shares requested to be redeemed is RUR 90.980 billion, while that of preferred shares is RUR 12.058 billion. The energy holding company will redeem by 9 January the shares submitted for redemption worth 10% of its net assets value as of the date of the meeting, which decided on the reorganization. One tenth of RAO UES net assets as of the date of the meeting is equal to RUR 101.853 billion. Thus, the value of submitted shares is somewhat higher than RAO UES is required to redeem by the law. Accordingly, a corresponding reduction factor will be applied to all shareholders' requests on a pro rata basis. The Board of Directors of RAO UES of Russia is to consider on 14 December a report summarizing the call for redemption of shares owned by shareholders and to approve the reduction factor. Following that, the company will proceed with redemption. RAO UES authorized capital is equal to RUR 21.558 billion. Its shareholders are the state (52.68%), OJSC Gazprom (11.6%), SUEK (6%) and MMC Norilsk Nickel (3.5%). |
