VTB 24 President Mikhail Zadornov, right, VTB Deputy Board Chairman Vyacheslav Vorobiev, left
Photo: Valery Melnikov
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RAO UES to Pay for Stocks by VTB Money
VTB loaned 20 billion rubles to RAO UES of Russia against its stocks, PRIME-TASS reported with reference to a source close to the deal. The loan was granted for six months.
RAO UES raised money to buy back stocks from the holders that opposed its reorganization. Sberbank and Gazprombank are said to have been involved in the deal in addition to VTB.
On December 14, the BOD of RAO UES approved the report with selling applications of holders. Under Russia’s laws, the worth of stocks bought back from the holders shouldn’t exceed 10 percent of the worth of company’s net assets on the last accounting date before the reorganization resolution. For RAO UES of Russia, the amount is 101,852.9 million rubles.
As the total amount required to buy back the stocks is above 10 percent of the net asset worth, RAO UES BOD will apply the ratio of 0.988480997670 to determine the actual number of stocks that it will purchase. Of 2,829,893,970 common stocks presented by holders, 2,797,296,335 will be sold in the end, while the figures for preferred stocks are 409,603,422 and 404,885,193 respectively.
RAO UES will pay 32.15 rubles per each common stock and 29.44 rubles per each preferred stock. The stocks will be bought back by January 9, 2008.
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