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RAO UES to Satisfy Holders at 99 Percent
The worth of applications that RAO UES of Russia received to buy out its own stocks from the holders was 1.3 billion rubles above the sum that it is authorized to pay. So, RAO UES won’t pay a hundredth portion of stocks presented for sale. The quotes of RAO UES exceeded the buyout price first time yesterday, but the analysts doubt that the energy holding will be able to profit on reselling the stocks.
Yesterday was the last day when RAO UES of Russia accepted applications from holders that were against its reorganization. The amount totaled 103 billion rubles, but under the laws on joint-stock companies, the energy holding will be able to buy out stocks worth no more than 10 percent of its net assets, i.e. no more than for 102 billion rubles.
“When meeting applications, the respective reduction factor will be applied. All applications will be reduced in proportion to it,” said Marita Nagoga, who heads the media department at RAO UES. It is the hundredth part approximately, the official specified.
The stocks could be presented by holders that voted against or abstained from voting for RAO UES reorganization at October 26 meeting. The buyout price is 32.15 rubles per a common stock and 29.44 rubles per a preferred stock. The overall size of the stocks presented for sale accounts for roughly 7-percent stake in RAO UES.
On November 30, the BOD of RAO UES decided to make forward contracts for reselling the acquired stocks. According to Interfax, Sberbank or VTB could be such buyers.
Sberbank has no plans of the kind, said Bella Zlatkis, deputy chairman at Sberbank board. VTB declined to comment on the situation yesterday. Selling stocks to a great number of investors is the most probable scenario, said a source close to RAO UES.
www.kommersant.com
All the Article in Russian as of Dec. 12, 2007
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