Moscow. 25 January 2007. Yesterday, the Board of Directors of RAO "UES of Russia" adopted a resolution in lieu of a Board meeting to approve the report on the acquisition of shares from shareholders dissenting from the Company's reorganization approved by its shareholders at the EGM held on 6 December 2006. According to the Board resolution dated 22 September 2006 to call the EGM, RAO UES shareholders who did not take part in the voting or voted against the Company's reorganization were entitled to tender all or some of their shares in the Company.
Based on the EGM voting results, 3,967,730 ordinary shares and 725,628 preferred shares in RAO "UES of Russia" were tendered for repurchase by the dissenting shareholders. According to the resolution of the Board of Directors of RAO "UES of Russia" of 22 September 2006, the shares are to be repurchased at RUB16.41 per ordinary share and RUB14.54 per preferred share, which means that the Company will pay RUB75.6 million to its shareholders who have tendered their shares.
The payment for the shares so tendered is to be made no later than 19 February 2007.
According to the resolutions of the Board of Directors of RAO "UES of Russia" dated 28 July, 30 August, 22 September, and 27 October 2006, the Company is to be reorganized in two phases. The first phase of the Company's reorganization was approved by RAO UES shareholders at the EGM held 6 December 2006. During this phase, two generation companies, OAO "WGC-5" and OAO "TGC-5", will be spun off from RAO "UES of Russia".
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