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Unified Energy System

July 1, 2005

RAO "UES of Russia" selects investment banks to support establishment of six TGCs

Moscow. 1 July 2005. RAO "UES of Russia" has selected the investment banks to complete the establishment of the six Territorial Generation Companies (TGCs).

As a result of the tender held by RAO "UES of Russia" together with the minority shareholders of the regional generation companies (RGCs) included in the respective TGCs, the following investment banks have selected:

  • OAO "TGC-2" – ZAO "Troika Dialogue Financial Broker";
  • OAO "TGC-5" – OAO "Web-Invest Bank";
  • OAO "TGC-6" - OAO "Alfa-Bank";
  • OAO "TGC-4", OAO "TGC-8", OAO "TGC-9" - ZAO "United Financial Group" (UFG).

The investment banks are being engaged in consortia with appraisal firms. The consortia will determine the market value of RGC shares, establish fair financial terms for mergers of the RGCs with and into the respective TGCs and/or the exchange of RGC shares for TGC shares, including the setting of fair conversion and/or share exchange ratios, and to maintain relationships with the RGC shareholders in the course of formation of the target structure of the TGCs.

The investment banks have already started their work. They are to formulate proposals on the terms of mergers of the RGCs with the TGCs and/or exchange of RGC shares for shares in the TGCs, and submit them for consideration by the Board of Directors of RAO "UES of Russia" in August-November 2005; they are also to ensure that shareholder meetings of the corresponding RGCs and TGCs are held in the fourth quarter of 2005.

Investment banks for the remaining TGCs will be selected at a later date, as the relevant regional energos complete their restructuring.

______________________________________________________

Information Note: The Board of Directors of OAO RAO "UES of Russia" has approved the following approaches to the creation of the target structure of the TGCs:

  • OAO "TGC-2": merger of OAO "Arkhangelsk Generation Company", OAO "Kostroma Generation Company", OAO "Novgorod Generation Company", OAO "Tver Generation Company", OAO "Yaroslavl Energy Company" with and into OAO "TGC-2". Afterwards, shares in OAO "Vologodskaya CHPP" will be paid as consideration for additional shares in OAO "TGC-2";
  • OAO "TGC-4": establishment of OAO "Priokskaya Investment Company" as a wholly-owned subsidiary of OAO RAO "UES of Russia", and the transfer of the shares in the corresponding RGCs owned by RAO "UES of Russia" to OAO "Priokskaya Investment Company". Afterwards, OAO "Priokskaya Investment Company" and the RGCs will merge with and into OAO "TGC-4", and the "non-merging" RGCs will be invited to exchange their shares for additional shares in OAO "TGC-4";
  • OAO "TGC-5": merger of OAO "Mari Regional Generation Company", OAO "Vyatskaya Electricity and Heat Company", OAO "Udmurt Territorial Generation Company", and OAO "Chuvash Generation Company" with and into OAO "TGC-5";
  • OAO "TGC-6": merger of OAO "Ivanovo Generation Company", OAO "Vladimir Generation Company", OAO "Penza Generation Company", OAO "Nizhny Novgorod Generation Company", and OAO "Mordovia Generation Company" with and into OAO "TGC-6";
  • OAO "TGC-8": merger of OAO "Astrakhan Regional Generation Company", OAO "Volzhskaya Generation Company", OAO "Rostov Generation Company", OAO "Dagestan Heat Generation Company", and OAO "Stavropol Heat Generation Company" with and into OAO "TGC-8". Afterwards, a decision will be taken on the method to transfer the generation assets of OAO "Kubanenergo" to OAO "TGC-8";
  • OAO "TGC-9": merger of OAO "Perm Generation Company" and OAO "Sverdlovsk Generation Company" with and into OAO "TGC-9"; later on, the shares of the generation company to be spun off from OAO "Komienergo" will be paid as consideration for additional shares in OAO "TGC-9".

 

 

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